Newsletter Jan 27, 2023

3 things you must know

GDP grows 2.9% in Q4 as economy looks to avoid recession
The U.S. economy grew by 2.9% over the fourth quarter of 2022, easing concerns of a pending recession and instilling a new level of faith for the year ahead. Economists had projected a reading of 2.8%. Still, the 2.9% overall growth was a cool-down from the 3.2% increase seen in the previous quarter. Consumer spending, which accounts for roughly 68% of GDP, contributed to the strong fourth-quarter showing, especially given the slumps entrenching large parts of the economy, such as housing and manufacturing.
WHAT THE GDP DATA MEANS FOR A POSSIBLE RECESSION

Intel stock dips due to glut of chips, declining data centers
Intel Corp said it expects to lose money in the current quarter, surprising investors with a darker outlook for both the PC market and slowing growth in its key data center division. The company's shares fell 7% in trading as two of Intel's biggest markets show signs of weakness. The PC industry is struggling with a glut of chips after demand for consumer electronics fell off a cliff and business customers are slowing spending on data centers.
FIND OUT HOW OTHER PC, MICROCHIP COMPANIES FARED

Airlines banking on continuation of increased travel demand
U.S. airlines expect strong travel demand that drove record fourth-quarter revenues to continue into 2023, but economic uncertainty and rising labor and operations costs could cloud their outlooks. Airlines are cashing in as consumers return following a pandemic-induced slump, making the industry a rare bright spot as markets cope with inflation, rising interest rates and economic uncertainty.
FIND OUT WHICH AIRLINES SCORED STRONG Q4 PROFITS

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Markets

DJIA	33,949.41	0.61%
S&P 500	4,060.43	1.10%
Nasdaq Composite	11,512.41	1.76%
Japan: Nikkei 225	27,363.58	0.00%
UK: FTSE 100	7,761.11	0.21%
Crude Oil Futures	81.22	0.26%
Gold Futures	1,930.90	0.05%
Yen	129.71	-0.39%
Euro	1.09	0.01%
* As of market close

Biden weighs Trump-era immigration policy

The U.S. is poised to start using fast-track asylum screenings at the Mexico border, part of President Joe Biden's efforts to address a record number of illegal crossings. The move is likely to upset immigration advocates, some fellow Democrats and asylum officers who criticized similar programs under former President Donald Trump. A group of Biden administration officials visited the U.S.-Mexico border this week in preparation for the move, but it was unclear when the plan will begin.

SEE HOW BIDEN'S TRUMP-ERA PLAN WOULD BE IMPLEMENTED

Five officers charged; Memphis awaits video

Five former police officers were charged with murder on Thursday over the fatal beating of a Black man in Memphis, where the city braces for possible civil unrest when body-cam video of the incident is released to the public today. Tyre Nichols, 29, was pulled over on Jan. 7 for alleged reckless driving when the stop turned violent. The five officers, who are also Black, were fired after an internal investigation found them to have deployed excessive use of force and to have failed to render aid.

WHY THE VIDEO IS BEING LIKENED TO THE RODNEY KING CASE

FBI shuts down 'Hive' ransomware gang

The FBI has seized a website from a notorious ransomware gang that extorted millions of dollars from more than 1,500 victim organizations worldwide. The dark-web website of the so-called "Hive" ransomware group displayed a message Thursday that it had been taken over "as part of a coordinated law enforcement action" against the group by the FBI, Secret Service, and numerous European government agencies.

SEE HOW THE FBI INFILTRATED THE DARK-WEB ORGANIZATION

Cyber pioneer

Who perpetrated the first major cyber attack in U.S. history and when?

Thursday's answer: Former President Barack Obama has the most Twitter followers with 133.3 million, edging CEO Elon Musk's 125 million.

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