Russia’s invasion of Ukraine on February 24th, 2022, has had a rippling effect across the world. On a global level, one of the most talked-about and impacted resources is oil. Even though Russia only makes up 2% of the global economy, its stake in global energy is far more significant. Russian wells are responsible for 11% of global oil consumption, and an even higher 17% of natural gas consumption.
globalEDGE Blog Archive March 2022
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Imagine taking a walk down a busy street and asking everyone you see what they think of NFTs. Some will be unfamiliar with the term, some will claim they’re a revolutionary asset class, and some will roll their eyes and claim they’re a complete scam. While their long-term significance and utility within the global economy remain relatively unknown, one thing is for certain – They’re growing in popularity and sales volume at an exponential rate. This year’s sales of NFTs on trading platforms, valued at $27 billion, have already surpassed that of 2021.
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“Breaking up” is the latest trend for large corporations. This trend is not isolated in one single industry; companies such as Johnson & Johnson, GE, Toshiba, and many others have all decided to split up into two smaller companies. This trend began in 2021, has continued through 2022, and is likely to continue to expand for some time to come.
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Have you ever googled “dress clothes in the area”, or mentioned how you need to grab new food for the dog, then the next day or even hours later an ad for Macy's or a dress shop you have never heard of appears on your phone? Amazon all of a sudden is suggesting dog food ahead of any other typical suggestion, and the same with Facebook. Last Thursday the EU agreed on a new law that has the potential to change that.
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Since Thursday, February 24th, when Russia invaded Ukraine, tons of companies, from clothing companies such as Nike to media services such as Netflix, have decided to cut ties with Russia and suspend their services. The reason behind the decision to close their stores in Russia is to express their disapproval of Russia invading Ukraine. Apple, who just expanded into Russia with a brand-new office building in Moscow, Russia, was hiring people to work in the building right before the invasion, so they didn’t just cut off their products in the country, but also the use of the brand new building.
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In March 2020, a COVID-19 outbreak in China forced the rest of the world to shut down for the first time in a century. The COVID-19 pandemic swept the earth leaving detrimental effects on the world, with supply chain bottlenecks occurring in every industry. Two years later, China is ordering another lockdown on its country, implementing its Zero-Covid policy with large effects on the global market.
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Following its invasion of Ukraine, Russia enacted a law that threatens prison time for anybody who publishes what officials believe to be misleading or false information regarding the invasion. This law states that people found guilty of knowingly disseminating what Moscow deems false information about using Russia’s armed forces would face up to 15 years in prison or a fine of up to 1.5 million rubles, roughly equivalent to $14,000. After this, TikTok blocked new material from Russia on Sunday, and Netflix Inc. paused its service there.
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Telecommunications companies worldwide have invested hundreds of billions into the development of 5G expecting to recoup that investment with further benefits. However, this process has taken longer than expected and has brought a dilemma on what to do next. These large companies, including Alphabet, Amazon, and Microsoft, are hoping that high-tech industries will depend on this new development that will allow them to make a profit. 5G market revenue forecasts worldwide predict that revenues will reach $58.8 billion this year and $1.69 trillion by 2030. Will these predictions hold or will have these telecommunications companies invest in a losing project?
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“Did you see this on TikTok?” seems to be one of the most popular conversation starters nowadays, as most of our favorite social media platforms feature these short video clips that capture users’ attention. TikTok has a widespread influence as it publishes funny moments, advertising campaigns, and global news to 1 billion users. Such substantial power over media content comes with great responsibility, which TikTok is noticing as conflict between Russia and Ukraine intensifies both in the field and in their app.
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The past two years have been crazy for many industries, including the oil market. Crude oil was sliding into the negatives early on in the pandemic; however, the price has surpassed $100 per barrel recently. The global benchmark, Brent crude oil, was trading above $130 per barrel this past week. Since gas prices primarily depend on oil prices, there has been a significant increase in gas prices worldwide. Many reasons led to this increase, some weighing more than others.
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Wheat is an ingredient in a wide range of goods, including bread, pastries, pasta, and more. This essential ingredient is at a 14 year high, and it is estimated that it will soon face a shortage due to recent events of the Russian-Ukrainian War.
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As the globalEDGE team returns from our short break, we have just one question for you: how much do you think you know about international business? The globalEDGE team has recently updated the International Knowledge Quiz with the latest data. Test your knowledge with a ten-question quiz covering everything from "which country has the highest export rate" to "which country is home to the largest seaport?". You will receive ten different questions each time you take the quiz, coming from our extensive question bank of over 100 hand-selected questions. Once you answer, you will receive more information after that question and a place to read more about the topic! So, if you think you're up to the task of seeing how much international business knowledge you know, take the quiz!
To find the quiz, go to our "Tools and Data" tab at the top of globalEDGE, click on "Test Your Knowledge," and then "International Business Knowledge Quiz." Or, click the link here.
Good luck!
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While a major investment, real estate has always been considered a safe investment as it comes with benefits in the long run. Passive income, equity, monthly rents, and tax breaks are just some of the benefits of investing in real estate. The luxury real estate market is specific in the real estate industry as it consists of the industry’s high-end buyers. Luxury real estate is not called luxury just because it’s expensive. Still, the exclusivity and unique attributes of the property make these properties desirable to high-end buyers.
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It’s safe to say that the global economy has been relatively trouble-ridden since the beginning of the pandemic. Many countries are struggling to find solutions to economic issues like high inflation, depreciating value of native currencies, and shortages. Unfortunately, with the ongoing Russia-Ukraine conflict, these issues are expected to intensify for the time being. Many western countries, including the U.S., Canada, UK, and European Union are imposing sanctions on Russia, further contributing to economic turmoil both in Russia and domestically.
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The Super Bowl has been one of the most lucrative earning events each year making this year's game no different. For years it has brought in major profits through media coverage, ad revenue, and ticket sales. The extravagant Super Bowl LVI featured the Los Angeles Rams battling with the Cincinnati Bengals leading to a 23-20 victory in favor of the Rams. On top of the nail-biting game, was the all-time great halftime performance by artists Kendrick Lamar, Mary J. Blige, Snoop Dogg, Dr. Dre, Eminem, and 50 Cent.