World News: Dollar Surges, Apple’s Mega Store, Climate Fund, English Film Tax Relief, Barkley Marathons Triumph
World News:
Stay informed with the World’s impactful headlines. Here we bring to you what transpired that has significance in shaping the world and affecting the people across the globe. Read on to update yourself.
Dollar Gains For A Second Consecutive Week
The dollar was poised for a second consecutive week of gains following a marginal rate hike in Japan, which eased pressure on the yen on March 22. A surprise rate reduction in Switzerland underscored the disparity in interest rate policies among central banks, particularly against the Federal Reserve. This week saw shifts in global monetary policy, with the Swiss National Bank and several developing country central banks either cutting rates or signalling intentions to do so. The dollar strengthened against all G-10 currencies except the yen, driven by the robust U.S. economy and comparatively high interest rates. The Federal Reserve maintained its overnight rate at 5.25%-5.5%, anticipating three cuts by year’s end pending sustainable inflation decline toward its 2% target.
Apple Inaugurates Its Second Largest Store In Shanghai
Apple inaugurated a new flagship store in Shanghai, showcasing its iconic grandeur on March 21. CEO Tim Cook’s charismatic opening drew large crowds, reflecting Apple’s enduring popularity in China. This store marks Apple’s second-largest flagship globally, underscoring its commitment to the Chinese market amidst challenges like declining iPhone sales, down 24% year over year in the first six weeks of 2024. Despite this, Apple’s net sales in Greater China, including mainland China, Hong Kong, and Taiwan, dropped year over year. Cook’s visit to China, documented on social media, included meetings with industry leaders like BYD’s chairman. He is slated to attend the China Development Forum in Beijing, signalling Apple’s strategic engagement in the region.
Europe’s Largest Climate-dedicated Fund By Berlin-based World Fund
Berlin-based World Fund announces a €300M commitment to climate tech founders, marking Europe’s largest climate-dedicated fund yet. With 25-30 investments planned, focusing on decarbonizing industries, the fund targets startups like ENOUGH Food, Space Forge, and Customcells. It aims to tackle the Series B ‘Valley of Death’, a common barrier in the energy sector and supports startups navigating the evolving regulatory landscape. Notable backers include EIF, KfW Capital, and PwC Germany, reflecting strong investor confidence. World Fund emphasizes its mission to foster a regenerative world and invites founders to engage, highlighting its commitment to driving impactful climate solutions.
Big Tax Relief For Eligible Film Studios In England
In the latest Budget announcement, Chancellor Jeremy Hunt revealed a 40% tax relief on gross business rates for eligible film studios in England until 2034, targeting independent films with budgets under £15 million. Notable British filmmakers including Christopher Nolan, Richard Curtis, and Emerald Fennell welcomed the move, emphasizing its potential to bolster the industry and nurture new talent. Additionally, a devolution deal between the Government and northeast England aims to establish Crown Works Studios in Sunderland, projected to create over 8,000 jobs with an investment of up to £120 million. However, concerns persist over support for sectors like festivals, awaiting VAT reductions.
Jasmin Paris Become First Woman To Conquer Barkley Marathons
British ultrarunner Jasmin Paris made history by becoming the first woman to conquer Tennessee’s notorious Barkley Marathons. Paris completed the gruelling 100-mile course in Frozen Head State Park, finishing in 59 hours, 58 minutes, and 21 seconds, just under the 60-hour cut-off. Ihor Verys secured the fastest time, while Americans John Kelly and Jared Campbell also completed the race. Paris, a veterinarian and research scientist from Edinburgh, previously attempted the Barkley Marathons in 2022 and 2023. Known for its brutal terrain and extreme challenges, the Barkley Marathon stands as one of the world’s toughest ultramarathons, boasting 16,500 m of vertical climb and descent.
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