Amazon turns 30 this year. Its market value has surpassed $2 trillion, placing it among the elite group of companies that includes Alphabet, Apple, Microsoft, and Nvidia. Originally launched as an online bookseller in Seattle on July 5th, 1994, Amazon now delivers $850 billion worth of goods worldwide annually and generates $100 billion in annual revenues from its cloud computing business. Curious about the returns on an investment made during their 1997 IPO? Here's a look at how much you would have made:
Central banks have made significant progress in reducing inflation, with annual rates now at 2.6% in the U.S. and 2.5% in the Eurozone, following substantial price increases from 2021 to 2023. Leaders like Christine Lagarde of the ECB and Jerome Powell of the Federal Reserve have expressed cautious optimism. However, despite these achievements, future challenges loom due to supply-side constraints and the resurgence of populist politics, which could lead to fiscal excesses and renewed inflationary pressures. Thus, while the battle against inflation is being won, the broader war is just starting.
U.S. inflation cooled to 3% in June, a sharper slowdown in the pace of inflation than economists had expected. Federal Reserve officials have been watching for evidence that inflation is still coming down as they contemplate when to begin cutting interest rates.
BYD boosted its plans to expand in Europe by sealing an agreement to build a factory in Turkey that will churn out its electric vehicles. The Chinese carmaker expects production to start at the end of 2026 at the plant, which will produce 150,000 EVs a year. The cars would avoid potential punitive EU tariffs on imported Chinese EVs, because Turkey is part of the EU’s customs union.
Robotaxis continued their relentless drive to become a feature of everyday life. Shanghai is now allowing the driverless cars to accept non-paying passengers in a testing area (the cars previously had to have a safety supervisor behind the wheel). A handful of Chinese cities, including Beijing, have already started charging fees for robotaxis.
Former President Donald Trump survived an assassination attempt yesterday at a campaign rally, sparking widespread condemnation of political violence. The sight of Trump, blood brushing his face, as he was being rushed from the stage was a shock to an American public already on edge from a series of menacing turns in politics.