Because the stock market continues to plummet

After Warhol, the next biggest prize of this auction season is likely to be a Basquiat. In orange 1982 untitled work of the expressionist it is expected to go up to $ 70 million. The seller, Japanese entrepreneur Yusaku Maezawa, bought it just six years ago from Christie’s for $ 57.3 million. Next week Sotheby’s will offer a 1969 Cy Twombly chalkboard paint and Francis Bacon’s “Study of the Red Pope 1962, 2nd Version 1971”, estimated at between $ 40 million and $ 60 million, respectively. Those two come from the rest of the Macklowe collection, the fruits of the bitter divorce between real estate developer Harry Macklowe and his ex-wife Linda.

– Elina Ribakova, deputy chief economist of the Institute of International Finance, an industrial group in Washington, on Elvira Nabiullina, head of the Russian central bank, which was praised for its ability to lead the Russian economy in wartimebut also criticized for becoming a key aide in Putin’s war against Ukraine.

The war in Ukraine could transform the dynamics of the international race for innovation. The Biden administration, which is growing in patient with the supply chain slowdowns and it is anxious for China’s technological riseis fish to attract scientists Other technicians flying to Russia. Acquiring that talent now would serve two major US needs, robbing Russia of innovators and helping the US compete with China for technological leadership.

President Biden says the United States must “raise the bar”. on Fridays, Biden told the workers with an Ohio metal producer that investing in innovation would improve economic and national security. He urged Congress to pass the Bipartisan Innovation Act, which aims to strengthen US manufacturing and includes $ 52 billion for domestic semiconductor manufacturing in a chip shortage pandemic. “Getting products faster, cheaper and more reliably and outperforming the rest of the world. That’s what it’s all about, “Biden said. The House and Senate will reconcile the differences between their versions of the legislation this week.

Russia offers the opportunity to catch up. The Russian Electronic Communications Association said it expects around 10 percent of the industry’s workforce, or 150,000 to 170,000 people, to have fled the country by the end of the month. The Biden administration hopes to take advantage of the exodus. In a congressional funding proposal, he asked to do so loosen visa barriers for Russians with advanced degrees, with the aim of attracting experts in artificial intelligence, cyber security, semiconductors and robotics.