#55 Bank of England & US Fed hike interest rates
To highest level in several years
Welcome to another edition of Business News for Kids 🙇♂️. Special ask: if you love this newsletter please share it around 🤗. We’re trying to reach 500 readers 😱.
Busy business this week 💼
The central banks of the UK 🇬🇧 and US 🇺🇸, the Bank of England and the US Federal Reserve respectively, both hiked interest. The UK saw rates increase by 0.25% to 1% while the US saw an increase of 0.5% to control Inflation 📈. Discuss with a big person how increasing interest rates controls inflation. And read this.
UK’s 10% price increase may sound trivial when compared to Turkey 🇹🇷 where inflation just hit ~70% - can you imagine prices increasing by 70% in ONE YEAR. 😱
While the virtual world is experiencing Inflation of a different kind 😆!? NFT creator Bored Ape Yatch club launched its virtual world, Otherside, where it sold ‘virtual’ land as NFTs and made a cool $320 million in.. wait for it.. 3 hours 🤣🚀🚀🚀 - they also crashed the Ethereum blockchain (not something that happens everyday 🤷).
And seems Elon Musk is feeling the inflation pinch.. deciding to reduce the amount he would directly invest from his own wealth to buy Twitter. He raised $7bn from likes of Oracle founder Larry Ellison, and investment firms Sequoia, Andreessen Horowitz amongst others.
But Audi and Porsche are clearly not feeling the pinch.. they plan to enter Formula1. It costs a cool $150+ million to run a F1 team after all.
Wait, what is..
Central Bank: Central Bank: The Central Bank or Reserve Bank of a country is the main (and only) financial institution that decides rules and regulations that govern the production 💰 and distribution 💸 of money (monetary policy).
NFT & more Wait, What Glossary.
Woah 😱 Weird 🥴?
Woah.. movies are back on the big screen! Doctor Strange in the Multiverse of Madness 🦹♂️ raked in $121 million 🤩 pre-weekend including $36 million with Thursday Previews and $86 million in Friday International releases 👇👇👇.
Inspiring business people to know 🙏
Meet Walter Orthmann, our inspiring business person of this week
Mr.Orthmann, all of 100 years old just set a Guinness World Record for the “longest career in the same company”. Hailing from Brazil, Walter joined Industrias Renaux S.A. as a shipping assistant in 1938 😱. Yes, 1938.. and has worked with them since.. or for 84 years and 9 days at the time of setting the record. How cool is that 😎.
About BNFK
Knowledge is at the heart of being. To be more, we must know more.
BNFK distills the latest, most interesting, Business News 📰 .. to an emoji filled, ultra informative, and fun Newsletter for Kids. Delivered every Sunday. Previous editions here. Forwarding this? Ask them to hit 👇 & subscribe for FREE.
Stocks, stonks and.. ⚡️
India hit 100 Unicorns - i.e. startups that are valued >= $1 billion. It added 56 this year alone, with 2021 numbers at 44. Collectively they are worth a whopping $333 billion 😱. Read this report by Inc42 and also checkout this cool graphic by them with all the co’s 👇.
Source: Inc42
Mental models.. whaaaat! 🤯
My dad insisted we put this section in here, even though I protested saying its going to be a while before kids need to apply mental models. Mental models are nothing but ways of thinking, you can use as a framework, to take decisions or solve problems. Who knows, they might just be useful!
Do you know what kept Walter at the same company for 84 years. As Guinness puts it "Walter has always been very enthusiastic when it comes to learning something new".
Basically, Walter had a Learning Mindset. A Learning Mindset, is a state where you are constantly keen to learn i.e. always inquisitive and curious about things and the want to know or learn more about them. Being this way immensely enhances knowledge.. and we already know.. to be more we must know more :) Interesting Harvard Business Review article here. Read with a big person.
Tech, products, toys ++ 🤖
Is it a human 🕺, is it a dog 🐕.. well ofcourse its a robot 🤖 that can ‘walk’ like both 😆. We so love this future delivery robot that can ride on two wheels up right, or zip around on 4 wheels to get you that Pizza in no time ⚡️.👇
Pro Tip: The magic of learning is in curiosity. Don’t shy away from clicking those hyperlinked texts to read and learn more. We mostly hyperlink to text we have read ourselves to make sure it is safe, but please be aware that comments and ads shown on these pages are beyond our control. We recommend using a kids friendly browser to view the links. Please read all Disclaimers.
Take care. See you next week. Pray for Ukraine and for Russian citizens. 🙏