Newsletter Apr 29, 2022

3 things you must know

US economy shrinks by 1.4%, lowest since start of pandemic
The U.S. economy experienced its sharpest contraction in GDP since the start of the COVID-19 pandemic after growth declined by 1.4%. Thursday's government data showed that the economy stumbled in Q1 after posting a far stronger 6.9% annual growth in the fourth quarter of 2021. This decline was worse than the meek growth projections of 1% expected by forecasters and comes amid a trifecta of trouble -- the war in Ukraine, the Federal Reserve hiking interest rates, and the continuing rise in inflation.
FIND OUT WHAT THE GDP DIP MEANS FOR THE ECONOMY

GOP moves to block Biden's moratorium on student debt
Senate Republicans are working to bring student debt payments back to life by the end of the most recent moratorium. This comes at a time when President Joe Biden is coming under renewed pressure to take broader action on tackling student debt. Five GOP lawmakers introduced a bill called the Stop Reckless Student Loan Actions Act that would require Congress' approval before suspending or canceling federal student loan debts.
SEE HOW THE BILL WOULD IMPACT STUDENT DEBTORS

Ford cuts 580 jobs after reporting $3.1 billion loss in Q1
As Ford reported a $3.1 billion revenue loss for the first quarter of 2022, the automaker also announced that it would be cutting 580 employees from its workforce as part of a restructuring plan it put in place in early March. The cuts will impact salaried and agency positions at the company, primarily engineers, as Ford separates its EV business and internal combustion engine-power vehicle business into two entities. All the cuts came on the ICE side.
SEE HOW FORD'S EV SHIFT IS IMPACTING ITS WORKFORCE

Markets

DJIA	33,916.39	1.85%
S&P 500	4,287.50	2.47%
Nasdaq Composite	12,871.53	3.06%
Japan: Nikkei 225	26,847.90	1.75%
UK: FTSE 100	7,529.20	0.27%
Crude Oil Futures	106.51	1.09%
Gold Futures	1,916.90	1.35%
Yen	130.37	-0.34%
Euro	1.06	0.69%
* As of market close

Twitter posts mixed results amid Musk deal

Twitter released mixed first-quarter results Thursday, with revenues missing estimates but active users rising, three days after agreeing to be acquired by Elon Musk. The micro-blogging platform reported profits of $513.3 million, more than seven times the year-ago level following a one-time gain from a divestiture. Revenues rose 16% to $1.2 billion, a bit below the $1.22 billion expected by analysts. Twitter's count of active users rose to 229 million, a bit above analyst expectations.

SEE HOW MUSK'S BID TO BUY TWITTER IMPACTED COMPANY

Moderna submits vax for ages 6 and under

Moderna said Thursday it had submitted a request for an emergency use authorization in the U.S. for its Covid vaccine for children aged 6 months to under 6 years -- the only age group that has yet to gain access to a Covid-19 vaccine in the U.S. and in most countries. In March, the company announced results from a trial that showed the two-shot regimen was safe and produced a strong immune response.

HOW SOON CAN YOUNGEST AMERICANS GET VACCINATED?

States sue USPS over gas delivery vehicles

Sixteen states, four environmental groups and the United Auto Workers union filed suits seeking to block a U.S. Postal Service's plan to buy mostly gas-powered next-generation delivery vehicles, arguing that the agency failed to comply with environmental regulations. Democratic-led states New York and California were joined by the District of Columbia and New York City in a suit accusing USPS of using a flawed analysis and signing contracts before completing a draft environmental review.

FIND OUT WHAT THE USPS IS RESPONDING TO THE LAWSUIT

Air mail

When was the first shipment of U.S. mail delivered via air from the East Coast to the West Coast? Who made the historic flight and what year?

Thursday's answer: Concorde co-pilots Micheal Dupont and Claude Hetru circumnavigated Earth in 31 hours, 27 minutes and 49 seconds.

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