Wednesday, May 12, 2021

Chaos on the Capitol, soaring Bitcoin, Neil Young and Iraq’s time keeper | Arts and Culture News

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If you feel like the first week of 2021 was seven years instead of seven days, you are far from alone.

People around the world were glued to their screens as scenes of chaos, violence and civil unrest unfolded in the United States Capitol during what was supposed to be a formality to certify the victory of the president-elect Joe Biden.

Take a deep breath. You arrived on Friday. Read up on some of the biggest economic and business news you may have missed this week, then unplug your phone and go to bed early like your mom told you.

35.2 million

The number of followers of President Donald Trump on his Facebook page, which the CEO of the company announced been suspended “indefinitely” in the wake of Trump-instigated violence and chaos on Capitol Hill on Wednesday.

“We believe the risks of allowing President Trump to continue using our service during this time are just too great, so we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks. “, Facebook CEO Mark Zuckerberg announced Thursday.

At least four people died in post-election riots on Capitol Hill Wednesday and dozens were arrested.

Trump has frequently used social media platforms Twitter, Facebook and Instagram to speak directly to his followers and make political decisions, unlike former US presidents. Twitter and Snap Inc, owner of Snapchat, temporarily shut down the accounts of the president and e-commerce giant Shopify Trump stores deleted from its platform.

This is the first time Trump has been without his megaphone on social media. Stay tuned.

787,000

The number of Americans who filed an initial jobless claim last week, a drop of just 3,000 from the previous week’s level, the US Department of Labor said Thursday.

But despite the slight slowdown, unemployment in the United States remains stubbornly high as COVID-19 restrictions continue to hamper the job market recovery.

Although weekly jobless claims – a proxy for layoffs – are well below their pandemic highs, they are still nearly four times higher than pre-pandemic levels, indicating that the labor market still has a lot of healing ahead. make.

Bitcoin Doubled In Value In The Last Month Alone, Helping The Cryptocurrency Market To Surpass $ 1 trillion In Value [File: Dado Ruvic/Reuters]

$ 40,000

However, Wall Street didn’t seem embarrassed by the chaos and grim numbers. All three major U.S. stock indexes posted gains through Thursday, and Bitcoin cryptocurrency climbed above $ 40,000 For the very first time.

Bitcoin has doubled in value in the last month alone, helping the cryptocurrency market to surpass $ 1 trillion.

$ 2.5 billion

Boeing has agreed to pay more than $ 2.5 billion to settle a criminal investigation into its handling of safety concerns with the 737 MAX, which was grounded after two crashes in Indonesia and Ethiopia killed 346 people.

As part of its settlement with the US Department of Justice, Boeing will not have to plead guilty to criminal charges but will pay big. That includes $ 243.6 million in criminal penalties, $ 1.77 billion in compensation for airline customers and $ 500 million in a fund she is to create to support heirs, parents and legal beneficiaries. passengers who were killed in crashes.

50 percent

The part of his songbook Canadian rocker Neil Young sold to British company Hipgnosis Songs Fund Ltd, including hits like Heart of Gold. Young is the latest musician to sell some of his back catalogs as the pandemic continues to wipe out concert revenue.

As part of the deal, which gives Hipgnosis half the copyright and revenue for Young’s 1,180 songs, the company will be able to cash in whenever someone plays one of Young’s most popular hits, Bloomberg News reported.

In December, rocker Bob Dylan sold his music rights to Universal Music Group Inc. But rock n ‘roll isn’t dead – maybe it just needs a revival.

Youssef Abdelkarim presents an old Omega pocket watch as he sits in his workshop [File: Ahmad Al-Rubaye/AFP]

Three

The number of generations of the family of trader Youssef Abdelkarim who have kept Baghdad running on time in repair the watches of its citizens.

Abdelkarim started working in the store with his father at the age of 11 and suspects his family of even repairing a watch belonging to the late dictator of the country, Saddam Hussein.

“It was a rare watch brought to me by the presidential palace, with Saddam’s signature on the back,” he told AFP news agency.

And while times have changed, some things just never change.

“A man’s elegance begins with his watch. And his shoes, ”he pointed out.



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