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News - December 23, 2022

7 Biggest News of the Year 2022

In 2022, inflation rates were unusually high in many nations. Prices in the US and the UK both reached peaks in October and June of over 9.1% and 11.1%, respectively.

This has led to a crisis in the cost of living, with many families being forced to choose between feeding and heating this winter, even in some of the richest countries in the world.

While the 2022 World Cup in Qatar has brought some ease, there have also been difficult days for some of the most illustrious people in the world.

The year 2022 has been an eventful year, so without further ado, let’s take a look at seven of the biggest news the year gave to us.    


Why Russia is at War with Ukraine and Consequences for Africa

1. IT companies cut ties with Russia 

Russia stunned the world on February 24 when it attacked the neighboring Ukraine, starting a conflict that has lasted more than six months.

Since the start of the Russian invasion of Ukraine in 2014, which has resulted in the largest armed conflict in Europe since World War II and the eviction of 15.7 million Ukrainians (8 million internally displaced and 7.7 million as refugees), hundreds of businesses have withdrew from Russia, and Russia has been banned from major sporting events.

The U.S., Canada, and European nations led the wave of condemnations, economic sanctions, and other responses to the invasion.

2. IT Companies lay off 

This year, the workforces of some IT firms including Netflix, Dell, Microsoft, Twitter, and Meta were reduced.

The tech behemoth Netflix cut back on staff this year, with some blaming the COVID-19 outbreak and others blaming overhiring during times of strong expansion.

The long-running reports that Meta planned to make significant layoffs were also confirmed. Mark Zuckerberg acknowledged in a statement that 11,000 positions, or 10% of the company’s staff, would be eliminated.

Those affected will get 16 weeks of severance compensation in addition to two additional weeks of salary for each year of employment. Additionally, they will benefit from more career and health advantages.

3. The world population increased by eight billion

A significant milestone in human growth will be reached when the world’s population reaches 8 billion on November 15, 2022.

This unheard-of expansion is the result of incremental increases in human lifetime brought about by advancements in diet, personal cleanliness, public health, and medicine. It is also a result of some countries’ high and persistent fertility rates.

While it took 12 years for the world’s population to increase from 7 to 8 billion people, it will take roughly 15 years—until 2037—for it to reach 9 billion people, indicating that the population’s overall growth rate is slowing.

4. The Queen died

Elizabeth II, the longest-reigning monarch of the United Kingdom and other Commonwealth realms, passed away at Balmoral Castle in Scotland on September 8, 2022, at 15:10 BST, due to old age. She was 96 years old.

At 18:30, the Queen’s passing was made known to the public. Charles III, her oldest son, succeeded her.

A 10-day period of national mourning was observed in the United Kingdom. Approximately 250,000 people stood in line to pay their respects during the Queen’s lying in state, which took place at Westminster Hall from September 14 to September 19.

The formal funeral service took place at Westminster Abbey on September 19, and a committal service was performed at Windsor Castle’s St. George’s Chapel the same day.

5. Nigeria released new naira notes

Nigeria introduced new banknotes in November in an effort to combat forgery and the funding of islamist organizations.

The new naira bank notes, according to Nigerian President Muhammadu Buhari, would assist manage liquidity in a country where the majority of the currency is kept outside of banks.

The notes being replaced include the 200 (5 U.S. cents), 500 ($1.10), and 1,000 naira ($2.20) notes. The president stated at the launch of the new notes at the presidential Villa that the notes have new security features and are produced in Nigeria by the Nigeria Security Printing and Minting.

6. Argentina won the World Cup 

After defeating France on penalties in the championship match in Qatar, Argentina won the World Cup for the third time in 2022.

For Lionel Messi, who is regarded as one of the all-time great players, it was a significant competition.

The 35-year-old had been plagued by a lack of international success for years, spending a major amount of his tenure with Argentina without ever raising an international trophy.

That changed in 2021 after he won the Copa America, shattering the myth and demonstrating his ability to triumph at the top level.

And at the Qatar 2022 tournament, that narrative was ultimately changed for good as Messi won the top award in international football when Argentina defeated France in a thrilling penalty shootout following a 3-3 draw.

7. FTX fraud

The well-known and often used cryptocurrency exchange FTX allowed users to trade coins and tokens as well as enter into derivative contracts.

Sam Bankman-Fried, a billionaire in the cryptocurrency sector, went from being the industry’s leader to its villain in less than a week, lost the majority of his wealth, watched his $32 billion company go bankrupt, and was the subject of investigations by the Securities and Exchange Commission and the Justice Department.

A run on deposits left Mr. Bankman-crypto Fried’s exchange, FTX, with a $8 billion shortfall, prompting the company to file for bankruptcy. The empire he had constructed, once compared to financial heavyweights like John Pierpont Morgan and Warren Buffett, came crashing down last week.

The harm has extended throughout the sector, bringing down other cryptocurrency businesses and fueling broad skepticism of the technology.


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