Wednesday, August 17, 2022

GameStop Reddit bros, polarized American media and $ 55 million space bills | Climate news

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Happy friday! You’ve been through what looks like the 8,000th week of January. If you’ve been criticized too much for keeping (or giving up) your well-meaning New Year’s resolutions as February 1 approaches, don’t beat yourself up.

We’ve rounded up the biggest economic and business news of the week to keep you up to date and give you something to read during that weekend cup of coffee.

$ 469.42

The crazy price that the electronics retailer GameStop Stock hit this week. Last week, the price per share was literally a tenth of that amount – $ 42.59 – and the brick and mortar video game store was battling the pandemic like the rest of the retail industry.

Some users of the Robinhood trading app have taken legal action against the company after halting trading on GameStop this week amid major volatility. [File: Bloomberg]

But in a bizarre turn of events, GameStop’s action became ground zero in an epic battle between professional Wall Street hedge funds that had bet its price would drop and Reddit-fueled day trader bros who pushed it up. the value of GameStop shares. , burning the pros big time.

The GameStop turmoil is now subject to close scrutiny by U.S. lawmakers after Robinhood and other trading platforms on Thursday imposed restrictions that prevented small retail investors from buying shares from the video game retailer – a move the U.S. Democratic MP Alexandria Ocasio-Cortez called “unacceptable”.

(Psst… if you think Robinhood belongs to Sherwood Forest and have no idea what’s going on, we’ve got you covered here.)

Less than 50 percent

There is no doubt that Americans are divided when it comes to politics. But they are also increasingly polarized when it comes to where they receive their news. A 2020 study by the Pew Research Center asked Republicans and Democrats how much they trust or distrust 30 different news sources, including TV stations, newspapers, websites and talk shows.

Democrats polled said they trusted 22 of 30 news sources, while Republicans distrusted more than 20 of those same news sources. Tellingly, “none of the 30 sources are trusted by more than 50% of all American adults,” the researchers found.

US President Joe Biden has vowed to bring healing and unity to the country’s fractured partisan landscape. He has already shown that he won’t be the middle of the night tweeter his predecessor was, and his announcements so far have been more political than scandalous.

So what will his administration mean for media that profit from political news – and is there any hope of bridging the American media divide? Discover our deep dive here.

1.2 million

The number of people who weighed on a cutting-edge United Nations survey on climate change – while playing Angry Birds. No seriously. UN researchers used ads in mobile game apps to get 1.2 million people to share their views on climate change in 17 languages.

The popular climate vote revealed that 64% of people believe climate change is an ’emergency’ and needs to be addressed urgently, but only 10% believe world leaders are doing enough. Ahem, heads of state reading this – take note.

$ 5.5 billion

Three major European banks appear to be doing just that. BNP Paribas, Credit Suisse and ING have announced their stopping funding of Ecuador’s Amazonian oil trade after pressure from environmental groups Amazon Watch and

Indigenous activist leader Marlon Vargas was one of many critical actors pushing banks to stop funding the Amazon oil trade. [File: Ivan Castaneira/Agencia Tegantai]

The banks’ decisions come months after a critical report released last August by the two groups revealed how a handful of European financial institutions provided $ 10 billion in financing for more than 155 million barrels of oil exported from ‘South America to the United States.

In total, this fuel produced about 66 million metric tonnes of carbon dioxide, equivalent to the annual emissions of 17 coal-fired power plants. It also puts indigenous communities and the wildlife that inhabit the Amazon at major risk.

$ 55 million

If the Earth as a whole has shot you down, why not fly into space? It’ll cost you $ 55 million, but you might be able to make the trip.

Axiom Space announced the lineup for its first private space crew this week. The team will be led by former NASA astronaut Michael Lopez-Alegria and will include an American real estate and technology entrepreneur, a Canadian financier and an Israeli businessman. The three men will spend $ 55 million each to venture to the International Space Station aboard a SpaceX rocket next year.

While Lopez-Alegria is a seasoned space traveler, “the other three guys are just people who want to be able to go into space, and we are providing that opportunity,” said Axiom CEO and President Mike Suffredini. , to the Associated Press.

Take lots of pictures, guys!


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