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Category: Економіка

Сівбу зернових в Україні провели на 75% від минулорічних показників – Мінагрополітики

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На 19 травня на підконтрольній Україні території засіяли 14 158,4 тисяч гектарів. Це на 2 757,9 тисячі гектарів менше за показники минулого року

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Країни G7 виділять понад 15 мільярдів доларів для економіки України – міністерка фінансів США

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Лідери фінансових відомств G7 також обговорили механізми скорочення доходів Росії від експорту нафти до Європи

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Stocks End Lower but Not Quite in Bear Market

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Another volatile day on Wall Street ended with more losses for stocks Thursday, drawing the S&P 500 closer to its first bear market since the beginning of the pandemic. 

A bear market means that an individual stock or a stock index, like the S&P 500, has fallen at least 20% from a recent high point. 

The index, a benchmark for many funds, fell 0.6% Thursday after easing off a deeper stumble. The latest decline came a day after the S&P 500 had its biggest drop in nearly two years. It’s now down 18.7% from the record high it set early this year.

The Dow Jones Industrial Average fell 0.8% and the Nasdaq slipped 0.3%. 

The indexes remain in a deep slump as investors worry that the inflation that’s hurting people as they are shopping for groceries and filling their cars with fuel is also walloping profits at U.S. companies. 

“There’s just still a significant amount of uncertainty,” said Lindsey Bell, chief markets and money strategist at Ally Invest, “especially in regard to what the [Federal Reserve] is going to do, how that’s going to impact growth in the future, and additionally, where the heck is inflation going from here.”

The S&P 500 fell 22.89 points to 3,900.79. The Dow dropped 236.94 points to 31,253.13. The Nasdaq slid 29.66 points to 11,388.50. The three indexes are on pace to extend a string of at least six weekly losses. 

Gainers

Smaller-company stocks held up better than the broader market. The Russell 2000 rose 1.38 points, or 0.1%, to 1,776.22. 

Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to pay for a wide range of stocks, from high-flying tech companies to traditional automakers.  

Wall Street is also worried about the Federal Reserve’s plan to fight the highest inflation in four decades. The Fed is raising interest rates aggressively, and investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly. 

The 10-year Treasury pulled back to 2.85% from 2.88% late Wednesday, but it has been generally rising as investors prepare for a market with higher interest rates. That has also pushed up mortgage rates, which is contributing to a slowdown in home sales. 

The pile of concerns on Wall Street has made for very choppy trading and big swings between gains and losses within any given day. 

Technology stocks have been some of the most volatile holdings. The sector includes heavyweights like Apple that have lofty valuations, which tend to push the market more forcefully up or down. Technology stocks fell Thursday, accounting for a big share of the S&P 500’s drop. 

Household goods companies, grocery store operators and food producers fell broadly. General Mills fell 2.1% and Clorox fell 5.3%. 

Retailers and other companies that rely on direct consumer spending mostly rose. Amazon added 0.2% and Expedia climbed 5.3%.

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New Zealand Hands Out Extra Cash to Fight ‘Inflation Storm’

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New Zealand’s government said Thursday it will hand out an extra few hundred dollars to more than 2 million lower-income adults to help them navigate what it describes as “the peak of the global inflation storm.” 

The payments are part of a package of new measures announced in the government’s annual budget. Other plans include increasing health spending by a record amount, putting more money into reducing greenhouse gas emissions and boosting defense spending. 

A report by Treasury painted a rosy picture of the nation’s economy through next year but warned growth would slow markedly from 2024 due to rising interest rates, a reduction in the government’s pandemic spending, and supply issues made worse by Russia’s invasion of Ukraine. 

A Treasury report forecast unemployment would hit a low of 3.1% this year before rising to 4.7% by 2026. It predicted inflation would fall from its current 30-year high of 6.9% to 2.2% over the next four years. 

The inflation payments of 350 New Zealand dollars ($220) over three months begin in August and are targeted at the half of all adults who earn less than 70,000 New Zealand dollars ($44,000) per year. The government also decided to extend other temporary measures aimed at combatting spiraling living costs, including a cut to gas taxes and half-price public transportation fares. 

“Our economy has come through the COVID-19 shock better than almost anywhere else in the world,” said Prime Minister Jacinda Ardern in a statement. “But as the pandemic subsides, other challenges both long-term and more immediate have come to the fore.” 

Ardern has been isolating at her Wellington residence this week after catching the virus. Her office said she’d experienced moderate symptoms and was improving, and at this point still planned to travel to the U.S. next week for a trade trip and to give the commencement speech at Harvard University. 

The record 1.8 billion New Zealand dollars ($1.1 billion) boost to health spending next year comes as New Zealand overhauls its publicly funded system by getting rid of a patchwork of 20 district health authorities in favor of a single system. The extra money will help pay off the debts of the district authorities, rebuild three hospitals, and boost medicine spending. 

“This is going to make a massive difference to every New Zealander, in terms of the health care that they get,” said Finance Minister Grant Robertson. 

Treasury predicted the government’s books would return to the black by 2025 after it borrowed heavily during the pandemic. New Zealand’s net government debt is forecast to remain much lower than in most developed nations, peaking at 20% of GDP in 2024 before dropping to 15% two years later. 

Earlier this week, the government announced a new initiative to help pay for lower-income families to scrap their old gas guzzlers and replace them with cleaner hybrid or electric cars as part of a sweeping plan to reduce greenhouse gas emissions. 

The budget plan also included a boost of 660 million New Zealand dollars to defense spending over four years to cover the cost of depreciating assets. 

Conservative opposition leader Christopher Luxon said the governing liberal Labour Party had an addiction to spending and the budget plans would put the economy into reverse, with New Zealanders experiencing the worst cost-of-living crisis in a generation. 

The budget plan was expected to be quickly approved by lawmakers since the Labour Party holds a majority of seats in the Parliament. 

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US Stocks Fall Sharply on Renewed Inflation Fears

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Stocks closed sharply lower Wednesday on Wall Street as dismal results from Target renewed fears that inflation is battering U.S. companies.

The S&P 500, the benchmark for many index funds, fell 4%.

Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked. That comes a day after Walmart cited inflation for its own weak results.

The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasdaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.

“A lot of people are trying to guess the bottom,” said Sam Stovall, chief investment strategist at CFRA. “Bottoms occur when there’s nobody left to sell.”

Retailers were among the biggest decliners after Target plunged following a grim quarterly earnings report.

The weak reports stoked concerns that persistently rising inflation is putting a tighter squeeze on a wide range of businesses and could cut deeper into their profits.

Technology stocks, which led the market rally a day earlier, were the biggest drag on the S&P 500. Apple lost 5.9%.

All told, more than 95% of stocks in the S&P 500 were down. Utilities also weighed down the index, though not nearly as much as the other 10 sectors, as investors shifted money to investments that are considered less risky.

The disappointing report from Target comes a day after the market cheered an encouraging report from the Commerce Department that showed retail sales rose in April, driven by higher sales of cars, electronics and more spending at restaurants.

Stocks have been struggling to pull out of a slump over the last six weeks as concerns pile up for investors. Trading has been choppy on a daily basis and any data on retailers and consumers is being closely monitored by investors as they try to determine the impact from inflation and whether it will prompt a slowdown in spending. A bigger-than-expected hit to spending could signal more sluggish economic growth ahead.

The Federal Reserve is trying to temper the impact from the highest inflation in four decades by raising interest rates. On Tuesday, Fed Chair Jerome Powell told a Wall Street Journal conference that the U.S. central bank will “have to consider moving more aggressively” if inflation fails to ease after earlier rate hikes.

Investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly. Worries persist about global growth as Russia’s invasion of Ukraine puts even more pressure on prices for oil and food while lockdowns in China to stem COVID-19 cases worsens supply chain problems.

The United Nations is significantly lowering its forecast for global economic growth this year from 4% to 3.1%. The downgrade is broad-based, which includes the world’s largest economies such as the U.S., China and the European Union.

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Шмигаль закликав країни G7 підготувати закони для конфіскації активів Росії на користь України

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«Це питання справедливості, адже не можна допустити, щоб агресор зруйнував половину економіки України і не заплатив за це»

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Nigeria Becoming Destination for Africa’s Promising Tech Startups

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In February, the Nigerian technology startup CrowdForce announced a big break: It had received $3.6 million from investors to expand its financial services operations to many more underserved communities.  

Co-founder and Chief Executive Officer Tomi Ayorinde said new funding will boost its mobile agent network from 7,000 to 21,000 this year.

“We were looking to scale faster and really gain market share,” Ayorinde said. “And what we’re doing is also very impact-related because we’re creating jobs, avenues for people to make extra income in their communities. So, it was also very interesting for impact investors to be part of what we’re trying to do.” 

When Ayorinde helped launch CrowdForce seven years ago, he intended it to be a data collection company. But after about two years, the company overhauled its business model when Ayorinde realized it could fill a need for bank accounts.   

“When we collected data of 4.5 million traders what we saw was, a lot of them didn’t have bank accounts and the ones that have bank accounts had a very tough time accessing the cash that was sent to them,” said Ayorinde.”That’s when we kind of realized that there’s a bigger problem to solve here.”

Experts say about 60% of Africa’s 1.2 billion people lack access to banks or financial services. Technology startups in Africa are trying to fix that, said the African Private Equity and Venture Capital Association known as AVCA.   

In a recent report, the industry group said African startups attracted $5.2 billion in venture capital last year, and that West Africa – led by Nigeria – accounted for the largest share of investments.    

AVCA research manager Alexia Alexandropoulou said investors are looking to tap into Africa’s huge population of young people.    

“Africa is the world’s most youthful population, so as the proportion of skilled labor increases, then the result will be more human capital in order to power African businesses and also the industrial development within the continent,” said Alexandropoulou.

AVCA’s report also cites increased internet penetration in Africa and more favorable government policies as contributing to increased investments in financial technology services knwoFintech.  

But Fintech Digital Marketing Expert Louis Dike said there are obstacles to overcome, such as weak currencies and policies.  

“Africa is not a perfect place because it’s still made up of virgin markets,” said Dike. “The standard of living is quite low, our regulations are not consistent, today the government will say this and tomorrow they will change the law and restrict some startup activities.”  

But with new talents emerging in technology, more startups with big dreams are emerging in Nigeria and elsewhere in Africa. 

 

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Зеленський доручив уряду утворити комісію для аудиту збитків, завданих агресією РФ

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Збитки від російського вторгнення в Україну оцінюють у сотні мільярдів доларів, порахувати їх точно наразі неможливо, оскільки російська агресія і руйнування, які вона завдає, не припиняються

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US Calls for More Economic Support for Ukraine

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U.S. Treasury Secretary Janet Yellen is calling on allies to boost their economic support for Ukraine, saying the support pledged so far will not be enough to meet the country’s basic needs.

In comments prepared for the Brussels Economic Forum, Yellen says while Ukraine will eventually need “massive support,” for now it needs “budget funding to pay soldiers, employees and pensioners, as well as to operate an economy that meets its citizens’ basic needs.”

Yellen adds that Ukraine’s “financing needs are significant,” while crediting the bravery and ingenuity of the country’s officials to keep its economy going.

Help could come Wednesday with the European Union expected to propose a set of loans that would help Ukraine both with short-term financing and its rebuilding effort in the longterm.

Some information came from Reuters.

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Americans Return to the Office With Willingness and Trepidation 

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As cases of coronavirus continue to decline in the United States, many businesses have told their employees it’s time to return to the office.  

Some people are already doing the daily grind, while others are splitting their time between home and the office as part of a hybrid plan.  

The office routine was normal for millions of Americans before the pandemic. Now, some two years later, it is regarded as a new normal, after those employees worked full-time from their residences. 

Morning Consult, a global business intelligence company, has been polling U.S. consumers about returning to the workplace.  

Charlotte Principato, a financial services analyst for the organization, said the latest poll showed 73% of remote workers felt comfortable returning to the office. The remaining 27% wanted to remain at home where, they said, they work more efficiently.  

“The return to the office is experienced differently depending on each person’s situation,” and introverts may have a harder time getting used to it than extroverts, said Debra Kaplan, a therapist in Tucson, Arizona.  

She told VOA many people will experience stress adjusting to an office environment after working from home. 

Mark Gerald, a psychoanalyst in New York, likens it to a child going to school for the first time.  

There’s almost childlike anxiety that’s related to change and fears of going into the world, he said. 

The fears include contracting the coronavirus, as well as being away from family during the workday. 

That’s true for Imani Harris, a federal government employee in Washington who has two young children. 

“I wear a mask at work because I don’t feel safe being at the office,” she said. “I’d rather be at home because I accomplish more, and get to spend quality time with the kids — plus it’s harder financially since I have to spend money on child care.” 

Another drawback is exhaustion.  

“At first, returning to the office can be really draining because you haven’t seen the people you work with in person for a long time,” said Karestan Koenen, a psychiatric epidemiology professor at Harvard University’s School of Public Health. 

“Psychologically and emotionally, the transition is not comfortable but should eventually become more comfortable as time goes on,” she added.  

Still, many workers favor a hybrid approach in which they work more at home than in the office.  

“We tend to see that younger folks are more likely to want a hybrid environment where they feel they’re more productive and have more flexibility and control,” Principato said.  

They also don’t think their jobs need to be done in the office and want to work in a way that feels better for them, Kaplan said.  

For Ethan Carson, who is in his 20s and works for a technology firm in Falls Church, Virginia, going to his office “is more of a bother” than working from home. “I don’t need to be in my building to do my job,” he said, “and the commute is difficult with the horrible traffic.” 

Other employees, however, think it’s easier for them to get their job done around their peers than at home, where there may be more distractions.  

For some, the office makes them feel they are part of a community again.  

“There is a hunger for human connection and sometimes the human touch,” Gerald said.  

“People have realized that socializing is helpful for their mental health,” Kaplan said. “They often feel positive about seeing their colleagues,” talking to them face-to-face, and not just on Zoom, she explained.  

Angela Morgensen, a communications consultant in Bethesda, Maryland, is relieved to be back at the office. 

“I’m enjoying talking to the people I work with and feel more like I’m part of the company again,” she said. “I used to hate meetings, but I’m finding it stimulating to share ideas.” 

Gerald points out that the pandemic has made people think more about a better work-life balance, including how many hours they want to spend in the office. 

“They are not returning as the same person they were before the pandemic happened. Some wonder, ‘Is this job fulfilling and the workplace a good environment for me?'”  

And that’s reflected in seeing hybrid work becoming more of the norm, he said. 

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Україна арештувала майно російського олігарха на майже 12,5 мільярдів гривень – Офіс генпрокурора

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«Це – цінні папери, які знаходилися на рахунках банку, що входить в десятку найбільших фінансових установ України»

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Convicted Killer Turned Tech Whiz Confronts His Sordid Past

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When he was 20 years old, Harel Hershtik planned and executed a murder, a crime that a quarter of a century later is still widely remembered for its grisly details.

Today, he is the brains behind an Israeli health-tech startup, poised to make millions of dollars with the backing of prominent public figures and deep-pocket investors.

With his company set to go public, Hershtik’s past is coming under new scrutiny, raising questions about whether someone who took a person’s life deserves to rehabilitate his own to such an extent.

“When I was young, I would say that I was stupid and arrogant,” said Hershtik, now 46. “You can be a genius and yet still be very stupid and the two don’t contradict each other.”

Today, Hershtik is the vice president of strategy and technology at Scentech Medical, a company he founded in 2018, while behind bars, which says its product can detect certain diseases through a breath test.

In a three-hour interview with The Associated Press, he repeatedly expressed remorse for his crime.

Hershtik was convicted of murdering Yaakov Sela, a charismatic snake trapper he met when he was 14. The two had a bumpy relationship.

Sela was known for having numerous girlfriends at once, one being Hershtik’s mother. Hershtik said he felt uneasy with how Sela treated some of the women, including his mother.

In early 1996, Sela discovered that Hershtik had stolen 49,000 shekels (about $15,000 at the time) from him, and the two agreed that instead of involving the police, Hershtik would pay him back double that amount. Court documents say Hershtik instead planned to murder Sela.

Pulled over during a drive to gather the money, an accomplice of Hershtik’s fired three shots at Sela, using Hershtik’s mother’s pistol. He then handed Hershtik the gun, according to the documents, and Hershtik shot Sela in the head at close range.

The pair shoved Sela’s body into the trunk and buried it in a grove in the Golan Heights, according to the documents. Weeks later, hikers saw a hand poking up from the earth, and Sela’s body was found.

The sensational crime gripped the nation.

In court documents, prosecutors say Hershtik lied repeatedly in his attempt to distance himself from the murder.

Hershtik said he was compelled to lie so that he could protect the others involved in the scheme, which included his mother.

Hershtik was sentenced to life in prison for premeditated murder and obstructing justice, among other crimes.

He would serve 25 years, during which time Hershtik earned two doctorates, in math and chemistry, and got married three separate times. He said he established 31 companies, selling six of them.

But prison was also a fraught time for Hershtik. He said he spent 11 years in quarantine because of health issues. He was punished twice for setting up internet access to his cell, in one case building a modem out of two dismantled DVD players.

Last year, a parole board determined he had been rehabilitated and no longer posed a danger to society.

As part of his early release and until 2026, he is under nightly house arrest from 11 p.m. to 6 a.m. He must wear a tracking device around his ankle at all times and is barred from leaving the country.

A free man, Hershtik sat recently with the AP in his office in the central city of Rehovot, Israel.

His start-up is waiting for regulatory approval to merge with a company called NextGen Biomed, which trades on the Tel Aviv Stock Exchange and would make Scentech public.

Hershtik said the company’s product is being finalized for detecting COVID-19 through a patient’s breath, and it is working to add other diseases such as certain cancers as well as depression. The product is meant to provide on-the-spot results in a non-invasive way.

The company has received a patent for its technology in Israel and said it is preparing to apply for FDA approval soon.

Hershtik said the merger values the company at around $250 million and that he has raised more than $25 million in funding over the last two years through private Israeli investors. A large part of the investment is from Hershtik’s own money, although he won’t say how much. Prisoners in Israel aren’t barred from doing business, but

Hershtik’s success is rare.

His company is backed by prominent Israeli names, including Yaakov Amidror, who chairs NextGen and is a former chief of the country’s National Security Council.

“According to the rules of the country, the man is allowed to rehabilitate. He paid his price and he rehabilitated. So there is no reason not to help him rehabilitate,” Amidror, who testified to the parole board on Hershtik’s behalf, told the AP.

But Hershtik’s past is already haunting him. Hershtik was demoted from CTO earlier this year to his current position, in part because he didn’t want his crime to scare away investors.

“Harel has always said if for some reason his presence is a problem and the company would be better off without him, that he’s willing to leave the company,” said Drew Morris, a board member and investor.

As Scentech seeks to take its product to market, investors will need to decide whether Hershtik’s rap sheet influences where they put their money.

Ishak Saporta, a senior lecturer at Tel Aviv University’s Coller School of Management, said he believed investors would be drawn to the company’s potential for profit rather than deterred by Hershtik’s history.

“What concerns me here is that he became a millionaire. He paid his debt to society in jail. But does he have a commitment to the victim’s family,” Saporta asked.

Tovia Bat-Leah, who had a child with Sela, suggested he help fund her daughter’s education or create a reptile museum in Sela’s name.

“He served his time but he should also make some kind of reparation,” she said.

Hershtik sees the good that could come about from the company as the ultimate form of repentance. He said he could have used his smarts to create any sort of company with no benefit to society but chose health tech instead.

“Trust me, this is not for the money,” he said.

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