Robinhood’s IPO, Tunisia’s turmoil and Jupiter’s moon landing | Business and Economic News

Dear reader, happy Friday! Since we brought you the biggest economic and business news report of the week, one minute has passed.

But don’t be afraid, we have everything you need to know to surprise you this weekend or become the smartest person at Sunday brunch. Without further ado, here are the most important stories you might miss this week.

$2.1 billion

The amount raised by Robinhood, the favorite of retail traders, in Wednesday’s IPO The lackluster Nasdaq debut Thursday. After selling the stock for $38-at the low end of its range-Robinhood saw its stock price plummet in the first two days of trading.

This was a difficult start for the US-based stock trading app, as first-time investors, including young people, used the lock-in time of the coronavirus pandemic to sneak into the stock market through free transactions and gained fame.

Dominic Fitzsimmons writes that while it is certainly beneficial to start investing at a young age (hello, compound!), educators and experienced investors alike urge caution.Read the full text here.

On Thursday, Vlad Tenev (left) and Baiju Bhatt (right), the founders of online brokerage firm Robinhood, walked on Wall Street after their company’s stock market debut. [File: Spencer Platt/Getty Images]

4.9%

According to data from the International Monetary Fund, the expected growth of the global economy next year is slower than the 6% expected this year.

Although growth is expected to slow across the board, not all countries will feel the same. According to the latest World Report released by the International Monetary Fund, advanced economies are expected to achieve 4.4% growth in 2022-down from 5.6% in 2021-while the growth of emerging and developing economies is expected to increase from 2021. The expected rebound of 6.3% slowed down to the 5.2% economic outlook for 2022.

Moreover, Al Jazeera’s Radmilla Suleymanova wrote that “vaccine inequality is seen as the main driver of the widening recovery gap between developed and underdeveloped economies”.Read the full text here.

People are flocking to extract funds from Chile’s pensions to survive the economic recession caused by the coronavirus pandemic, but experts worry that this move may leave some people with insufficient retirement savings in the future [File: Esteban Felix/AP Photo]

$49.9 billion

As of June, Chileans have withdrawn from pension funds to protect against the economic impact of the coronavirus. Forty years ago, during the dictatorship of Augusto Pinochet, Chile’s private pension system was hailed by free market supporters as a model for emerging markets.

However, it is now facing a “survival” crisis. After the government authorized three rounds of withdrawal of up to 10% of funds, Chileans struggled to make ends meet.

Al Jazeera’s Odette Magnet delved into the looming retirement crisis in this South American country and why pension reform is supported among Chileans Drafting work A new constitution.Read her full report here.

8.6%

According to government data, Tunisia’s economy shrank in 2020, and it shrank another 3% at an annual rate in the first three months of this year.

Patricia Sabga of Al Jazeera examines the country’s lack of opportunities—especially for young people—combined with punitive debts, broken social contracts and pandemic pressures that make Tunisia Become the latest country to be in turmoil after being pushed to the point of collapse.

“It was Tunisian young people who planted and nurtured the Arab Spring. This year, a new generation took to the streets to protest against political inefficiency, corruption, and long-term lack of opportunities,” Sabga wrote.Read her complete editorial analysis here.

A poster with photos of Mexico’s first five presidents urged Mexicans to vote “yes” in Sunday’s referendum and conveyed a message that “authorities that judge the past, present, and future will think twice” [Ann Deslandes/Al Jazeera]

Fives

If the referendum held on Sunday is successful, one day the number of former Mexican presidents suspected of corruption during his tenure may be held.

The referendum covered the governments of Carlos Salinas de Gortari, Ernesto Zedillo Ponce de Leon, Vicente Fox Quesada, Felipe Calderon Hinojosa and Enrique Pena Nieto, who ruled the country from 1988 to 2018. It is a method proposed by current Mexican President Andres Manuel Lopez Obrador to ask public citizens whether they want their former leaders to be prosecuted for actions taken during their tenure.

According to the Mexican Constitution, 40% of voters must prove that the results are valid. It is not clear whether the statute of limitations and other legal obstacles will make it feasible to actually prosecute the former president. But activists say this issue is important in a country ravaged by corruption and violence.Al Jazeera’s Anders Landes broke the stakes here.

NASA chose SpaceX and its Falcon Heavy rocket (pictured above) to launch the Europa Clipper spacecraft, which will explore Jupiter [File: Joe Skipper/Reuters]

$178 million

NASA awarded Elon Musk’s SpaceX the value of the contract to explore Jupiter’s largest moon Europa.

If everything goes according to plan, the US$4.25 billion Europa Clipper spacecraft will be launched from NASA’s Kennedy Space Center in Florida in October 2024 on a SpaceX Falcon Heavy rocket and arrive at Jupiter in April 2030.Al Jazeera’s Amy Thompson has more information on the Jupiter mission here.

This news is another victory for SpaceX, and it has become NASA’s favorite. In the same week, one of NASA’s other major contractors, the aerospace company Boeing, was forced to postpone the test flight of its Starliner capsule to the International Space Station after Russia’s Nauka module briefly de-orbited the International Space Station. . .

Starliner’s highly anticipated test flight is now scheduled for Tuesday, and Al Jazeera will have all the details about the stakes.



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