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Fashion has been an age-old expression of culture, style, and art. For two weeks, cities hold fashion shows where they display an array of styles to spread awareness about new arrivals in trends. The primary fashion weeks worldwide are Paris Fashion Week, New York Fashion Week, London Fashion Week, and Milan Fashion Week. Most of these have wrapped up this past week, and Paris Fashion week has just started. To the public it is flashy lights, supermodels, and an influx of new trends, but what does it look like behind the scenes? How does this affect the economy and the environment? Is it worth it?

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Inflation indicates how the costs of a particular set of goods or services have increased over time, most frequently in terms of a year regardless of the environment. The United States is very familiar with the concept of inflation, as seen by the Federal Reserve addressing what is known to be "the sharpest price surge in 40 years." This inflation is broad with no single condition to blame, as the global recession is forcing higher rates and an increasing debt market. 

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An energy crisis brewing in Europe could end many businesses and lead to a global supply chain disaster for an already struggling system. Two large industries affected by this will be the metals sector and the agricultural sector. With these significant sectors at risk, European governments are attempting to face this problem every day to see how they may be able to stop this issue as fast as possible.

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The Clarion-Clipperton Zone (CCZ) is the most captivating place on earth for deep-sea mining contractors and the electric automotive industry alike. The CCZ is a giant international seabed stretching over 4.5 million kilometers from Hawaii to Mexico. The reason that the CCZ is seen in such high regard is that it is packed with tons of precious metals needed in the battery and electric production field. The only other option to get these resources is through terrestrial mining which is both labor and environmentally inefficient. Many companies are noticing how fruitful this venture is and are investing in it before extraction has been approved by international authorities.

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The European Union has recently decided to expand its regulation into U.S. companies that interact with European countries. The most recent example is the blockage of the merging between American company Illumina Inc. and European company Grail Inc. Grail’s technology aims to help detect cancer early through blood testing, which Illumina was looking to accelerate as a leading competitor in genetic variation and function technologies. The blocking of this $7.1 billion acquisition demonstrates the emphasis the EU is putting on extending its power.

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India is facing a major economic boom that few are talking about. Over the globe, there has been a decrease in total economic growth. The U.S., China, and Russia are getting the majority of the attention right now, yet while the rest of the world is declining, India is projected to grow more than double the projections for total global growth with a yield of  7%+ overall growth. There are many reasons why the global economy is down right now, including the outbreak of COVID-19, Russia’s invasion of Ukraine, and overall rising energy prices.

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As the Ukraine and Russia conflict continues, the surrounding nations are feeling the full effect of the consequences. In retaliation for the European Union's support for UkraineRussia is reducing the natural gas supply to most EU countries. As of today, gas is trading at 10 times what it was at this time last year, and as a result, a sense of urgency is arising from many prime ministers that are demanding to address these problems right away.

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Electric vehicles (EVs) are a hot topic in today's news. As the globe continues to battle climate change, the technology of electric vehicles shows promise to help build a more sustainable future. EVs are a thriving industry in this year's depressed market. What started as an electrified wagon in the 1890s is now an industry that offers a variety of models, from sedans to luxury cars.

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The United States housing market has been on a steady increase over the past few years. There has been a major increase in the number of new homes being bought and sold across the nation. During the start of the pandemic, the interest rates on houses were lowered to help revive the economy and keep it afloat during hard times. This year, there is a steady rise in mortgage rates outside of slight dips here and there. This rise in mortgage rates combined with an already high-priced housing market is making the market even less affordable. However, there recently has been a change in the amount of time houses have been sitting on the market. For the first time in almost two years, the first annual increase in the amount of time a house spends on the market is being noticed. This extra time on the market is also reflecting the steady drop in the asking prices of houses seen by many owners.

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As we reflect on the pandemic, conflict between Russia and Ukraine, and fluctuating economic conditions that all continue to impact communities across the globe, countries are seeing the long-lasting effects of these situations as inflation rates hit record highs. The United States, Spain, and France are only a few fighting inflation rates as the cost of living burdens citizens never like before.

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Welcome back to the globalEDGE blog! The globalEDGE team is returning to our regular Monday through Thursday blog schedule.

Our student authors have returned to the Michigan State University Campus from their summer breaks and are ready to bring you more stories about the latest international business news. Keep checking in to find new stories regarding international topics, including specific market overviews, current events in business, breaking news, and more!