Top News in Finance for June 22, 2023

KEY POINTS

Dive into this week’s key financial happenings with our succinct, easy-to-understand summaries of the most crucial economic events. Designed to keep you up-to-date, our roundup empowers you to navigate the week ahead and seize unfolding opportunities

• Artificial intelligence titans Google and Microsoft are embroiled in a feud over alleged unfair licensing restrictions in the cloud computing industry.
• The Federal Reserve signals a prolonged commitment to interest rate hikes, amidst high inflation rates.
• Significant breakthroughs in India-U.S. relations are expected as Prime Minister Narendra Modi meets with President Joe Biden.
• The Bank of England surges rates to 5%, the highest since 2008, due to persistent high inflation in the UK.
• Online retailer Overstock.com has acquired Bed Bath & Beyond’s digital assets and intellectual property.

Google Accuses Microsoft of Unfair Cloud Licensing Restrictions

Google’s CEO, Sundar Pichai, has levied accusations against Microsoft, asserting that the latter uses unjust licensing constraints to corner clients and stifle competition in the cloud computing industry. This skirmish among industry titans might lead to shifts in the cloud computing landscape.

Fed Chair Jerome Powell Indicates More Rate Hikes to Counter High Inflation

In an effort to control persistent inflation, Federal Reserve Chair Jerome Powell has signaled that the trend of hiking interest rates is set to continue. This outlook can potentially impact investor strategies and the overall economic climate.

Indian Prime Minister Modi’s U.S. Visit Signals Strengthening of Bilateral Ties

A slew of deals aimed at bolstering military cooperation and tech-trade collaboration is on the horizon, as Indian Prime Minister Narendra Modi visits the United States. These developments reflect India’s growing influence on the global stage and could present new investment opportunities.

Bank of England Increases Interest Rates Amid High Inflation

The Bank of England has taken significant measures against persistent inflation, raising interest rates to 5%, a level unseen since 2008. These changes could influence global economic trends and investment patterns.

Overstock.com Takes Over Bed Bath & Beyond’s Digital Assets

In a deal worth $21.5 million, online retailer Overstock.com has acquired the digital assets and intellectual property of Bed Bath & Beyond. This acquisition could lead to changes in the retail sector and offers potential opportunities for digital-focused investments.