The market recognizes the underestimation! The U.S. Texas snowstorm has evolved into a global economic storm
Oriental Daily News reported that a record-breaking snowstorm in Texas has become a global crisis! Initially, the financial markets thought that only a short-lived natural disaster, but now increasingly found that its impact is difficult to quickly resolve, but also disrupted the world’s energy, chips, automotive supply chain, foreshadowing a “super Inflation” may therefore be ready to kill, debt interest rates are the first to rise, dragging down the stock market adjustment, while provoking intense debate on the development of new and old energy.
Several regions in the U.S. extremely cold and snowy weather, the most serious disaster in the shale oil town of Texas, more likely to turn into a global energy crisis, the news stimulated Brent oil Thursday exceeded $ 65 per barrel, for the first Time since January last year; the U.S. central region of the spot price of natural gas, more than 100 times more than last week’s explosion. The market is watching the sharp decline in U.S. oil supply, whether the Organization of the Petroleum Exporting Countries and allies (OPEC +) next month to relax the members of the decision to cut production quotas.
As one of the major industrial towns, the United States Texas is one of the rare cold spell blowing and facing huge economic losses of the state. Due to the low temperature, local power plants could not operate normally, resulting in massive power outages. Austin Energy has asked a number of local chip factories to completely suspend operations, the potential chip shortage is further exacerbated.
The latest report points out that the Austin power outage will affect the global supply of semiconductors, the famous factory Samsung, NXP Semiconductors and Skorpios Technologies are set up in the local plant, experts pointed out that the sudden power outage will have a significant impact on the wafer plant, the production of wafers may have to be scrapped.
The United States suffered a blizzard, extreme weather led to a number of states in the economic activity came to a halt, the automotive industry supply chain is also no match for natural disasters. Ford (Ford), General Motors (GM) and other automakers have not been able to resolve the lack of “core” crisis, and now due to the snowstorm and the closure of a number of plants, the global automotive industry is really disaster-prone in the near future, I am afraid it will take a longer time to return to normal.
Due to the shortage of upstream parts, Ford announced earlier this month that its best-selling vehicle in the United States, the F-150 farmer’s car to cut production. The snowstorm, forcing its F-150 assembly plant in Kansas City, temporary shutdown of more than a week, is expected to resume work on the 22nd of the same month. Ford said the decision is “to ensure that the company will minimize the use of natural gas, so as not to sacrifice the amount of heating for local residents.” The plant employs about 7,300 hourly-paid workers, who will receive about 75 percent of their usual wages during the shutdown.
The storm triggered a major power outage in Texas, where millions of homes faced the cold snap without electricity. Part of the reason for the blackout is that new energy generation equipment, such as wind and photovoltaic, could not operate as usual under the snowstorm. At the same time, a large number of U.S. refineries also ceased operations due to power outages, and global refineries also saw export opportunities brought about by supply gaps.
White House economic adviser wrote to Taiwan government hoping to help solve the auto chip shortage
Reuters reports that White House economic advisor Dickey Dees (right) wrote to Economic Secretary Wang Meihua (left) to thank Taiwan for its contribution to solving the U.S. automotive semiconductor shortage problem.
Due to the global shortage of automotive chips, the automotive industry production in a difficult situation. According to several foreign media reports, the U.S. White House economic adviser Deeds has directly asked the Republic of China government for assistance, hoping to continue to help solve the global automotive semiconductor shortage that has led to the U.S. auto industry shutdown.
According to the letter obtained by Reuters, White House economic advisor Brian Deese personally wrote to Taiwan’s Minister of Economic Affairs Wang Meihua, expressing his heartfelt gratitude for the Republic of China government’s earlier offer to help solve the U.S. automotive semiconductor shortage problem. At the same time also expressed concern about the future, hoping that Taiwan can continue to assist the United States to obtain chips.
Citi remitted the wrong $500 million, the odd Southern District of New York court ruled that the recipient does not have to pay back
Citigroup, a U.S. company that provided a loan to cosmetics company Revlon, mistakenly remitted an extra $504 million. Judge Jesse Furman of the U.S. District Court for the Southern District of New York ruled Tuesday, Feb. 16, that the 10 asset managers representing the lenders do not have to pay back the money that Citi mistakenly over-remitted when it paid interest on the loan last August.
According to the judge, the recipients should not be considered at fault for the transfer. Citi mistakenly remitted more than $900 million before some of the lenders returned the overpayment. Although some of the creditors returned the money, $504 million still has not returned to Citi, so Citi filed a lawsuit to have its funds returned.
In a statement, Citigroup said, “We strongly object to this judgment and intend to appeal. We believe we are entitled to the money back and will continue to recover the full amount.”
Intelligence report from a small country ruffles feathers in Communist China
The Estonian intelligence agency issued a report stating that it should be wary of China’s growing international influence to avoid “a Beijing-led muted world,” and was met with protests from Chinese Communist Party officials who demanded that the report be revised, which the Estonian Foreign Ministry refused to do.
Deutsche Welle reported that the Estonian Foreign Intelligence Service’s annual report, released Feb. 12, said global dependence on Chinese technology is increasing and that this “poses a significant security threat” to the rest of the world.
The report lists technologies in which China already plays or will soon play a key role globally: next-generation 5G mobile networks, advanced satellite navigation technology, cloud services and artificial intelligence. The report said China’s “leadership has a clear goal of making the world dependent on Chinese technology.”
The agency also said that Estonia, a member of NATO and the European Union, previously banned Chinese company huawei from supplying technology and equipment to its government agencies, citing security concerns.
The report also noted the potential for Beijing to expand its increased influence in the West through economic leverage, surveillance of Chinese citizens abroad and propaganda techniques including the dissemination of disinformation.
The report argues that “the implementation of Chinese foreign policy principles, or the creation of a so-called ‘community of Destiny,’ would lead to a world dominated by Beijing that is muted. Faced with growing confrontation with the West, China’s main goal is to create a divide between the United States and Europe.”
The Chinese Embassy in Estonia issued a statement Feb. 14 expressing “strong opposition” to the China section of the report, saying it was full of “ignorance, prejudice and cold war thinking.
The Estonian Foreign Ministry refused to amend the report, which the Chinese Communist Party requested.
Beijing Supports Burmese Army, Chinese Under Siege, Communist Party Blocks Information
On February 17, local workers besieged a Chinese-owned company in Yangon. The Chinese Communist Party’s propaganda ministry has ordered the media to stop reporting on the siege of Chinese companies in Myanmar.
Recently, it is widely rumored that the Chinese government has been secretly providing material support to the Burmese military and providing disconnected technicians and equipment, which has provoked the anger of the Burmese and angered the local Chinese. On the morning of February 17, local time, Jiangsu Guotai, a Chinese state-owned enterprise, was besieged by local Burmese workers at a garment industrial park in Yangon’s ShwePyiThar township.
Mr. Chen, a businessman who runs a garment production business in Myanmar, disclosed in an interview with Radio Free Asia on Thursday that the previous day, there were physical attacks at several companies owned by Guotai. The situation remained unabated until the afternoon, but the follow-up situation is unknown because information is blocked.
A former reporter for the Chinese Communist Party’s official media confirmed to Radio Free Asia that the Chinese Ministry of Propaganda has ordered the media to prohibit reporting on the siege of Chinese companies in Myanmar, and has asked all Chinese media to report in a uniform manner, claiming that the Communist Party has no knowledge of the military coup in Myanmar.
Japan Follows China: Announces Weapons Availability, Escalates Diaoyu Standoff
On February 17, Japan’s Maritime Security Agency chief Takahiro Oshima announced at a press conference that in response to the Chinese government’s announcement of the Marine Police Law, The Japanese government would also allow police forces patrolling Japan’s territorial waters to “use weapons” when necessary, in accordance with international law.
Previously, on February 1, Chinese officials announced the implementation of the Maritime Police Law, which allows the CCP’s maritime police to mount weapons and use force against foreign vessels in areas that Beijing determines to be Chinese waters.
He Si-shen, a professor of Japanese studies at Fu Jen Catholic University in Taiwan, said in an interview with Radio Free Asia on 17 February that if Japan replaces the Maritime Security Agency, which is now patrolling, with the Maritime Self-Defense Force, then it means the status quo has been changed.
Facebook declares war on Australia, Australia hits back hard
Yesterday 18, Facebook blocked some Australian media platforms, including Australia’s key public health website, just hours after the Australian parliament passed what the government says is the world’s first law forcing social media companies to pay media outlets for the use of their content. Some believe democracy is being undermined after the pages of Western Australia’s opposition leaders were purged just three weeks after election day.
Watch China compiled the British newspaper The Times, which reported that Facebook began restoring partial access to emergency and health services content late on the 18th, following a harsh reaction from Australian Treasurer Josh Frydenberg. Frydenberg told reporters that Facebook’s move was wrong and demonstrated “the enormous market power of these digital giants.
Prime Minister Morrison said Facebook had “cancelled its friendship with Australia” and that its actions were arrogant and bullying and only served to amplify international concerns about the power of mega-tech companies.
In a statement, Morrison said, “We will not be deterred by this bullying behavior by big tech companies, (tech companies like Facebook) seeking to pressure Parliament as it votes on our important News Media Bargaining Code.”
He added, “These actions, only confirm that more and more countries are expressing concern about the behavior of big tech companies that think they are bigger than the government and that the rules shouldn’t apply to them. They may be changing the world, but that doesn’t mean they should be running it.”
Peter Lewis, director of Australia’s Centre for Responsible Technology, said Facebook’s decision to remove fact-based journalism from the global Wuhan virus pandemic was a breathtaking act of corporate arrogance. In an act of corporate arrogance, he noted that nearly a third of Australians use Facebook as their primary news source.
We are a sovereign nation and Zuckerberg is not our prime minister,” an Australian reader wrote to a news organization. Who does this sissy think he is, holding the Australian government hostage as if Facebook is the final approver of our laws and regulations, or what?”
One user said, “Well done, Australia! If we want to read the news, we’ll buy the newspaper. The shift from pushing news to pulling news is long overdue and it would reduce a great deal of anxiety.”
Also a Brit said, “We need to do the same in the UK. Too much fake news can be put on Facebook. Leave the news to the regular news outlets.”
Canada follows Australia’s push to vow not to back down on Facebook bill
Canada announced on February 18 that it will require Facebook to pay for news content in the future, showing solidarity with Australia in the media controversy with the tech giant, and also vowing not to back down even if Facebook shuts down news in Canada.
World Journal reports that Facebook has closed all Australian news content on its service because of proposed legislation in Australia that would require Facebook and Google to pay Australian publishers for citing news links.
Canadian Cultural Assets Minister Steven Guilbeault, who drafted a similar bill, condemned Facebook’s move, saying it would not stop Canada from moving forward with the legislation.
The bill will be published in the next few months. He told reporters, “Canada is on the front lines of this battle… We are really one of the first countries in the world to do this.”
Gilbert said Canada will adopt the Australian model of requiring Facebook and Google to enter into pay-to-play agreements with news outlets, or to reach agreement on prices through mandatory arbitration.
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