Russia’s economy is on the brink of collapse as sanctions take their toll
Russia’s economy is on the brink of collapse this year after the US and its European allies slapped a series of crippling fines at the Kremlin for their unprovoked invasion of Ukraine.
Russian manufacturing activity slumped in March, shrinking the most since May 2020, as firms faced a sharp rise in prices and a sharp drop in new orders. Western sanctions have effectively isolated Russia from the international financial system and prevented access to new technologies.
Experts believe this is just the beginning of a major downturn for the Russian economy this year.
Broadway theaters extend mask mandate through May 31
The owners and operators of the 41 Broadway theaters in New York City will extend a mask mandate for audiences through at least May 31.
“Since performances resumed last fall, over five million viewers have seen a Broadway show, and the safety of our cast, crew and audience has been our top priority,” Charlotte St. Martin, president of the Broadway League, said in a statement . “Our intention is that we continue this track record of keeping everyone safe by maintaining strict audience masking at least until May.”
As the Broadway League urges viewers to get vaccinated, they noted that many theaters will no longer require proof of vaccination after April 30. Customers should consult each show’s website or point of sale for vaccination record information.
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NY Manufacturing is catching up
The closely watched regional manufacturing report from the New York Fed rose thirty-six points to 24.6 in April.
“New orders and shipments increased sharply and open orders increased. Delivery times were lengthening, albeit at a slower pace than in recent months, and inventories were rising…” the bank explained in its Empire State Manufacturing Report.
The markets pause on Good Friday
The US stock markets and the bond market will remain closed on Friday. The futures markets will also be closed, meaning no trading in stocks or commodities such as oil or metals.
Read the full story: Good Friday: Stock and bond markets, what you need to know
Russia may have defaulted on its debt for the first time in 100 years: Moody’s
Russia may have defaulted on foreign debt for the first time since the years following the 1917 Bolshevik revolution. Russia attempted to service the debt in rubles when it was mandated that payment be made in dollars. Continue reading
Bitcoin recovers after falling to $40,000
Bitcoin is back around $40,000 after falling below it on Thursday. Bitcoin is down more than 12% month-to-date and more than 13% year-to-date. Continue reading
Gasoline price changed little
The average price of a gallon of gasoline in the US fell marginally lower to $4,073 on Friday, according to the latest figures from AAA. Thursday’s price was $4,074. The previous record high was $4.33 and was set on Friday March 11, 2022.
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