Author: pratiti

The Pfizer covid vaccine for children is up for approval from the US FDAQ. The makers of the vaccine – Pfizer and BioNTech revealed that their covid vaccine for kids aged between 5-11 years has been submitted for initial review to the US Food and Drug Administration for emergency authorization. The company plans to submit the formal EUA approval draft proposal in the coming weeks. Along with the FDA, they will be also submitting the draft to other regulatory authorities like the European Medicines Agency. First COVID Vaccine for Kids This is pathbreaking as it’s the first covid vaccine approval…

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Peurto Ricans are hit by electricity shut down as LUMA Energy is short of power generation.Earlier today, the company announced on social media that they have started with service interruptions over the ‘limited generation’ issue. Severe Electricity Shortage Meanwhile, the Puerto Rico Electric Power Authority PREPA informed the media that over 100,000 people in Puerto Rica have been affected. LUMA Energy is in charge of energy transmission and distribution in the country. People in Caguas, Ponce, San Juan and Mayagüez are the most affected. The situation has worsened further as PREPA reported a break in one of their Palo Seco…

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Shockwaves from the Evergrande crisis could lead to energy shock in China, as the financial system of Asia’s largest economy jostles. A surge in coal and gas prices fueled by Beijing’s strict regulation to cut emissions has shot up the demand for electricity as the power consumption crackdown continues. The first in line for damage are the manufacturing industries. Everything, from aluminium to textile to soybean, will be affected as factories reduce activity or shut down. Chinese Economy To Shrink? Half of China is under pressure to reduce power consumption as they missed the Government’s emission targets. Regions like Jiangsu,…

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EV carmaker, Polestar is going for a $20 bn merger with a blank-check company. The automaker is backed by the Volvo Car Group and Hollywood superstar and environmentalist Leonardo DiCaprio. The company has agreed to merge with Gores Guggenheim Inc., a special purpose acquisition company, to help bring its new car models into the market. The merger will ensure a revenue of $1.05 billion for Polestar, who is expecting to use it for its recent car model sales in the coming 3 years. A Coup To Draw Investors? This merger is viewed as a coup by Eric Li, the Volvo and Geely…

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The week ended on a sad note for the crypto market as China declared a blanket ban on cryptocurrency, deeming it illegal. Moments later, major digital currencies like Bitcoin and Ethereum started tumbling. On Friday, Chinese regulators said that all types of cryptocurrency activities would be banned in the country. This includes crypto transactions and mining. The decision has put more pressure on the already nervous blockchain and crypto stocks. China has been a harsh regulator regarding cryptocurrencies, but this blanket ban is the pinnacle of all other crackdowns done in the past. The Most Comprehensive Crackdown All major financial…

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Elon Musk thinks that the chip shortage problem will end soon as new semiconductor plants are under construction. Major automobile companies like Tesla have been facing the heat this year over chip shortage. New Chip Plants To Fulfill Capacity At a joint conference with Stellantis and Ferrari at the Italian Tech Week in Turin, the Tesla CEO said the current chip shortage issue is short-term. Many chip fabrications are being built, which will fulfil next year’s capacity, Musk added.  Nuclear Energy Crucial The automobile giants spoke about nuclear energy meeting the energy demands of the sector. Musk expressed his surprise…

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On Thursday, the cryptocurrency was back on track over the football club PSV’s paid sponsorship with Bitcoin. In the past week, the market was down over the Evergrande crisis. Cryptocurrency A Promising Alternative The Dutch football club PSV announced today that they have signed a deal with Anycoin Direct for bitcoin exchange. This is the first club in the EU to do a paid Bitcoin partnership. PSV’s Commercial Director, Frans Janssen, revealed how this fits for the club that finds cryptocurrency promising with far-reaching possibilities in the future. Bitcoin was upbeat on this news and traded at the $44k level…

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On Wednesday, the stock market started on a positive note as investors awaited Fed’s decision on its monetary policy as the stock market plunged in the beginning of the week. The press conference from Fed Chair Jerome Powell Wednesday afternoon laid the groundwork for a near-term announcement and start to tapering of the Fed’s crisis-era asset purchase program. This currently comprises purchases of $120 billion per month in agency mortgage-backed securities and U.S. Treasuries. In its statement Wednesday afternoon, the Fed said that if economic progress continues “broadly as expected, the Committee judges that a moderation in the pace of…

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Hollywood star and environmentalist Leonardo DiCaprio has joined the advisory board of the cultivated meat startup Axios. He is investing in the technology that makes meat from animal cells. Investment To Change the Food System Although some climate activists have criticized this technology, DiCaprio’s investment might inform people of its ecofriendly nature. The actor is also investing in cell-based hamburger firm Aleph Farms and Dutch startup Mosa Meat. Aleph Farms is the first cell-based hamburger producer in the world. Earlier, they had produced the world’s first cell-based steak. Why Is It Needed? The 2013 UN’s Food and Agriculture Organization (FAO)…

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After the stock market, now the crypto market is facing the Evergrande heat, as Bitcoin went down to 43k level. 20% Fall in Stocks Likely The situation started worsening after Evergrande stocks fell by 15%, owing to investors uncertainty over the non-payment of debt. The financial world reacted fast to the Evergrande sell-off, with the stock market going down, followed by cryptocurrency. A Bloomberg article quoted Morgan Stanley’s Wilson predicting a 20% downfall of the US Stocks as the Evergrande crisis deepens. Crypto Falls by 10% In the last 24 hours, the world’s most popular digital currency, Bitcoin, fell by…

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