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7th of February 2024 Top Business Updates


Today’s top business news covers a wide range of topics, including the oil market, electric vehicle (EV) market, stockpicking hedge funds, lifestyle trends, and global developments. Here are some of the key highlights:

  • Oil Market: Open interest in oil futures contracts has risen to the highest level since March 2022, even though prices are stuck in a narrow range.
  • EV Market: There are concerns about tanking used values in the EV market, as evidenced by Polestar’s stipulations for relieving Hertz of buying requirements.
  • Stockpicking Hedge Funds: Investors have pulled $150 billion out of stockpicking hedge funds over the past 5 years, as equity long-short funds have underperformed the US stock market.
  • Wealthy Couples: Couples with two incomes and no kids, known as DINKs, are living affluent lifestyles.
  • Zimbabwe’s Death Penalty: Zimbabwe has abolished the death penalty nearly two decades after the last execution.
  • Biden Administration: The Biden administration has implemented a new rule to crack down on soot pollution, projected to prevent up to 4,500 premature deaths in 2032.
  • Global Economy: The US Naval Institute reported that the CEO of French luxury giant LVMH, Bernard Arnault, has become the world’s richest person, surpassing Elon Musk.
  • Technology and AI: There are ongoing developments in AI and technology, including Baidu’s focus on generative AI and the potential for a symbiotic relationship between humans and artificial intelligence.

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