The past week has been a whirlwind of news, with developments spanning from the White House to the world of cryptocurrency. Here’s a quick recap of the top stories you might have missed.
US Readies New Nuclear Bomb
The Department of Defense (DoD) announced its plans to develop a new variant of the B61 gravity bomb, a weapon first produced amid Cold War tensions in the 1960s. This move signals a resurgence in the US’s nuclear weapons production, which had largely remained stagnant since the Cold War's end. Read the full article here.
Hertz Hit by Tesla EV Costs
Meanwhile, Hertz Global Holdings Inc HTZ disclosed during its third quarter earnings call that the costs associated with Tesla EVs, particularly in terms of collision and damage repair, have negatively impacted the company’s EBITDA. The company’s CEO, Stephen Scherr, elaborated that the declining MSRP of EVs in 2023, primarily driven by Tesla, led to a significant loss when a car is salvaged. Read the full article here.
See Also: US Banks Witness Whopping $100 Billion Deposit Drop In Just Three Weeks, Fed Survey Raises Alarm
Bitcoin’s Rise Amid Nasdaq’s Fall
In the realm of investment, diverging market trends were observed with the Nasdaq’s slump, Bitcoin’s BTC/USD surge, and Gold’s upward momentum. Bitcoin’s bullish momentum extended to the broader crypto market, gaining over 14% and hitting fresh yearly highs at $35,000. Read the full article here.
Biden and Xi Jinping Eye High-Level Meeting
On the diplomatic front, the U.S. and China are reportedly working towards a high-level meeting between President Joe Biden and Chinese leader Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in San Francisco. This follows meetings between White House National Security Advisor Jake Sullivan and Chinese Foreign Minister Wang Yi. Read the full article here.
Gold Soars Past $2,000 Level
Finally, gold closed the week with a significant spike, reaching $2,016.30 an ounce, up 0.89% from the previous session. Economist and gold bull Peter Schiff suggested that gold might never trade below $2K again, giving rise to speculations of a new era for the precious metal. Read the full article here.
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