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Meta and others tech titans create the metaverse standard body

Meta, Microsoft, and other tech titans racing to build the emerging metaverse concept have formed a group to encourage the development of industry standards that will make the companies' nascent digital worlds compatible with one another.

The World Wide Web Consortium (W3C), as well as other well-known standards-setting organizations, are among the participants in the Metaverse Standards Forum, according to a statement released by the group on Tuesday announcing its formation.

MACROECONOMIC DATA ANALYSIS

According to the Bank of Japan's April meeting minutes, some board members were worried that excessive currency volatility could upset corporate business plans, illustrating the difficulty for policymakers posed by the yen's rapid drops. The minutes, which were made public on Wednesday, showed that many board members did not believe it was necessary to adjust Japan's extremely low-interest rates in order to stop the yen's decline. Instead, they emphasized the importance of maintaining the BOJ's massive stimulus program to support a still-fragile economy.

The Brazilian central bank's "aggressive" action is required for inflation to converge to the government's official target, according to Fernanda Guardado, the central bank's director of international affairs, on Tuesday. Speaking at an event about the country's relationship with the OECD, she predicted that the global economy would slow in the coming quarters, while Brazil would experience more moderate growth.

CURRENCIES

The safe-haven dollar outperformed most of its rivals on Wednesday, as investors once again became concerned about the prospects for global growth. In contrast, the yen hit a new 24-year low as high bond yields in the U.S. and Europe contrasted with low-interest rates in Japan. At 104.290, the dollar index was 0.07 percent higher.

GOLD

Gold futures fell on Wednesday, as the U.S. dollar strengthened ahead of the U.S. Federal Reserve Chair's two-day hearing, where investors are anticipating finding further hints on monetary policies. Gold futures edged 0.22% lower to $1,834 per ounce.

OIL

Oil prices dropped more than $4 per barrel on Wednesday, as US President Joe Biden pushed for lower fuel prices, including pressure on the country's major energy companies to help drivers during peak summer consumption. Brent futures fell 4.01% to $110.05 per barrel, while WTI futures were down by 4.46% to $104.64 a barrel.

INDICES

USA: S&P500 +2.45%, Dow Jones Industrial Average +2.15%, Nasdaq Composite +2.49%

Europe: FTSE 100 -1.27%, DAX -1.91%, CAC 40 -1.66%

Asia: Nikkei 225 -0.37%, Hang Seng -2.56%, CSI 300 -1.27%, Nifty 50 -1.44%

Newest

Tim Cook makes the most direct indication yet that Apple is creating a headset.

Tim Cook, the CEO of Apple, has provided the closest thing to a confirmation that the company is developing a headset.

In a recent interview with China Daily USA, Cook was questioned about what, in his opinion, are the essential elements for augmented reality, or AR, to be successful in the consumer market.

“I am incredibly excited about AR as you might know. And the critical thing to any technology, including AR, is putting humanity at the center of it,” he said, echoing comments he’s made in the past about how important AR is to the company.

Honda China begins Guangdong EV plant project

Honda Motor Co Ltd and Guangzhou Automobile Group Co. have made an initial investment of $3.49 billion yuan ($522 million) in the construction of an electric vehicle factory in the province of Guangdong.

The Japanese manufacturer stated in a statement that it planned to open the factory in 2024. A total of 120,000 units can be produced at the new factory per year.

In China, where competition for battery-powered vehicles is intensifying, the specialized EV plant will assist Honda's "core operation" of EV manufacture.

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