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In the second quarter of 2022, Meta's net income amounted to 6.68 billion U.S. dollars, decreasing by over 34 percent when compared to the same period in 2021. After internal restructuring, Facebook Inc. rebranded itself in late 2021 into Meta Platforms, and operates as Meta.
Facebook company information
Facebook is the biggest social network worldwide. The platform generates the vast majority of its revenues through advertising – as of March 2020, 98 percent of Facebook’s revenues were derived from ad sales, making the company highly dependent on market regulations regarding digital ad sales. In 2019, Facebook was second only to Google in terms of digital advertising revenues. The company’s ad revenue during this period amounted to 69.7 billion U.S. dollars.
Facebook is still among the fastest-growing tech companies in the world. In 2020, the company increased its revenue by 21.6 percent compared to the previous year. Facebook founder Mark Zuckerberg also ranks among the richest internet billionaires with a personal net worth of roughly 97 billion U.S. dollars.
Of the major developed and emerging economies, Japan was the country with the lowest inflation rate in June 2022, with 2.4 percent (compared to the same month of the previous year). On the other end of the spectrum, the inflation rate in Brazil spiked to 11.89 percent in the same month.
The rate of inflation reflects changes in the cost of a specified basket containing a representative selection of goods and services. It is derived from the consumer price index (CPI).
In June 2022, Artifex Mundi was the top gaming app publisher on Google Play worldwide with approximately 31.8 million U.S. dollars in app revenues. Second-ranked King generated 28.86 million U.S. dollars in Android gaming app revenues through Google Play in the measured period.
Germany have won the most UEFA European Women's Championships, winning a total of eight titles between 1982 and 2022. This is more than the combined total of all other winners. England won the women's EURO for the first time in their history in 2022, breaking a number of records along the way.
The monthly price of wheat (hard red winter) in the United States reached an all time high in May 2022, at over 520 U.S. dollars per metric ton. The unprecedented price increase began in mid-2020, due to the impact of the Covid-19 pandemic, and was later exacerbated by the Russo-Ukrainian War in March 2022. Before the war, Russia and Ukraine were among the world's five largest wheat exporters, and around one third of all international wheat imports came from these two countries.
The increase of 96 dollars per ton between February and March 2022 was the single largest price hike in U.S. history, and was only the second time that prices had exceeded 400 dollars - the first time this happened was due to the financial crisis of 2008. In the five years before the Covid-19 pandemic, the price of wheat generally fluctuated between 150 and 230 dollars per ton.
This statistic shows the American Customer Satisfaction Index (ACSI) scores for quick service restaurant chains in the United States in 2022. In that year the U.S. quick service restaurants Chick-fil-A received a the ACSI score of 83.
As a result of market disruption, gasoline and diesel prices in the U.S. have been significantly increasing since the onset of the war in Ukraine. On June 11 the price of regular gasoline soared over five U.S. dollars, and, as of March 10, the average price of diesel inflated over five U.S. dollars. By the 26th of July, the price of regular gasoline had decreased by 0.03 U.S. dollars day-over-day. June 14 was the highest recorded average regular gasoline price in the country.
A period of price instability
On February 24, 2022, Russia invaded Ukraine, and, in response to the resulting conflict, Western countries have imposed economic sanctions against Russia. On March 8, the U.S. banned Russian crude oil imports; however, despite gas and crude oil embargoes being forecast as hitting Russia the hardest, most European countries have not yet put embargoes on the trade of energy. As the war lengthens and international relations between the West and Russia further deteriorate, uncertainty over the supply of oil and gas is increasing, and the price of motor fuels may continue to rise.
Russia is the third largest crude oil-producing country worldwide, representing around 12.1 percent of the total output in 2020; that same year, Russia was the second-largest exporter of crude oil, with reported revenue of around 72.6 billion U.S. dollars. As sanctions strengthen, Russia's leading position in the global crude oil market creates the conditions for a continued increase in crude oil prices and, by extension, gasoline prices in countries depending on its exports.
The U.S.'s dependence on Russian crude oil
In 2021, one of the leading countries of origin for U.S. petroleum imports was Russia, behind only Canada, Mexico, and Saudi Arabia. However, due to the U.S.’s increase in national production through hydraulic fracking, this was not a record year for finished motor gasoline imports to the United States. The leading oil and gas companies in the country are U.S.-based, with most extraction operations conducted in the region.
The U.S.'s dependence on Russian crude oil is relative, and the increase of regular gasoline and diesel prices was pre-existing: Monthly gas prices in the United States have been steadily rising across all types through 2021 and 2022, due to the impact the COVID-19 pandemic has had on crude oil prices. However, the war in Ukraine adds another layer of uncertainty in a market that cannot be protected from price disruption. Even with adequate physical supply and self-reliance, inflation is tipped to gain steam in the following weeks.
Much like the alternatives to mainstream social media platforms, China has pioneered the production of search engines that provide an alternative to Google and Bing. Some of the most prominent Chinese search engines are Baidu and Sogou.
Baidu – China’s internet giant
Since its founding in 2000, Baidu’s revenue surged swiftly and totaled about 124 billion yuan in 2021. A majority of the revenue was generated through online marketing services. However, the operating profit reduced drastically after having peaked over 15 billion yuan three years prior to 2020. Although Baidu controlled about 70 to 80 percent of China’s online search market, a new contender Sogou emerged and is expected to close the gap in the near future. The underdog in the search engine market is a subsidiary of Chinese internet company Sohu, Inc.
Baidu versus Sogou
Sogou was ranked the third most preferred mobile search engine with about 32 percent of market shares. However, it surpassed Baidu by a wide margin in terms of the daily browsing time spent by each visitor that equaled more than 35 minutes. Furthermore, Sogou pioneered the development of apps to input Chinese characters through a multiplatform replacement keyboard and voice typing. Their latest app - Mobile Keyboard - has given stiff competition to Baidu, compelling the tech giant to aggressively expand in the artificial intelligence sector.
In 2021, the share of electricity generated by nuclear power in Japan amounted to around 7.2 percent. Shortly after the nuclear accident at Tokyo Electric Power's Fukushima Daiichi nuclear power plant in 2011, the share of nuclear energy generation dropped down to zero, since all nuclear reactors were shut down for security inspections.
Main energy sources in Japan
The nuclear disaster in 2011 had a major impact on the electricity market in Japan insofar that nuclear energy was replaced by fossil fuels. The largest share of electricity production came from natural gas and coal. Since the archipelago lacks domestic reserves of fossil fuels, it is dependent on imports. This resulted in increased electricity rates for homes shortly after the disaster. To be more independent of fossil fuel imports as well as to reduce greenhouse gas emissions and electricity power costs, Japan currently aims to replace fossil fuels with nuclear and renewable energy. In recent years, the share of renewables in electricity production increased to close to 20 percent, with solar and hydropower representing the largest renewable energy sources.
Nuclear energy in Japan
Shortly after the nuclear disaster, the share of Japanese people who supported nuclear energy dropped significantly. Nevertheless, the first nuclear reactors were put back into operation in 2015. The low carbon energy source will be necessary for Japan to meet its climate goals of reducing its greenhouse gas emissions by 46 percent until 2030, compared to the level of 2013. Furthermore, the Japanese government announced its intention for the country to become entirely emission-free by 2050. There was international criticism that Japan is unlikely to expand its renewable energy share sufficiently to achieve that goal. Therefore, the country would need to further increase its nuclear energy share.
São Tomé and Príncipe had the most expensive mobile internet in Africa as of 2022. One gigabyte cost on average 29.5 U.S. dollars in the African country, one of the highest prices worldwide. Overall, the cost of mobile data varied significantly across the continent. Botswana, Togo, and Seychelles also recorded elevated prices for mobile data, positioning among the 10 countries with the highest prices for data globally. By contrast, one gigabyte cost 0.48 U.S. dollars in Algeria, the lowest average price registered in Africa.
Determinants for high pricing
On average, one gigabyte of mobile internet in Sub-Saharan Africa amounted to 4.47 U.S. dollars in 2022, one of the highest worldwide, according to the source. In Northern Africa, the price for mobile data was far lower, 1.05 U.S. dollars on average. Few factors influence the elevated prices of mobile data in Africa, such as high taxation and the lack of infrastructure. In June 2020, around 56 percent of the population in Sub-Saharan Africa lived within a range of 25 kilometers from fiber networks.
Mobile connectivity
Over 530 million people are estimated to be connected to the mobile internet in Africa as of 2022. The coverage gap has decreased in the continent but remained the highest worldwide in 2020. That year, 19 percent of the population in Sub-Saharan Africa lived in areas not covered by a mobile broadband network. Additionally, the adoption of mobile internet is not equitable, as it is more accessible to men than women as well as more spread in urban than rural areas.
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