Can power producers keep up with the demand for electricity if supporters of electric vehicles get their wish and transition the American fleet to electrical power? Elon Musk told utility executives they'll need to triple power production by 2045 to handle the buildup in demand for electricity. The Wall Street Journal's Rebecca Elliott reports: AUSTIN, Texas—Tesla TSLA 0.46%increase; green up pointing triangle Chief Executive Elon Musk said the company doesn’t expect to begin producing its new electric semitrailer truck in larger volumes until the end of next year, citing battery-supply … [Read more...]
Can Soaring Aerospace Demand Be Met This Year?
According to French jet engine manufacturer Safran, soaring demand for aerospace supplies can't be met in 2023 and likely will last until 2024. High demand from airlines is pushing supply chains beyond their capacity. The Financial Times reports: French jet engine maker Safran has warned that the “unprecedented crisis of supply” in the aerospace industry will stretch into next year as aircraft manufacturers struggle to source the parts and staff they need to keep up with resurgent demand. Safran’s chief executive Olivier Andriès told the Financial Times there had been no let up in supply … [Read more...]
Are Cardboard Sales Signaling a Consumer Spending Decline?
Paper mills are slowing down their production of cardboard as big box stores curtail purchases. The moves could indicate a slowdown in consumer spending. Tarso Veloso Ribeiro and Dayanne Sousa report in Bloomberg: US paper mills are scaling back production as big-box retailers buy less cardboard, signaling a slowdown in consumer spending. Cardboard boxes are present at nearly every step of a good’s journey through the supply chain, which makes the paper industry a key indicator of how consumer demand is faring. The US corrugated products industry is reporting slumping sales, with shipments … [Read more...]
Is China’s Era of Extraordinary Growth Over?
The Chinese economy has been growing rapidly for decades in what seemed at times like a never-ending expansion. Now the country is having a difficult time reigniting that rapid growth after emerging from harsh COVID-19 lockdowns. Joel Mathis reports in The Week: Is the era of China's explosive economic growth coming to an end? Analysts have long believed China would someday overtake the U.S. as the world's biggest economy, the Economist reported, but the country's shrinking workforce and slowing productivity raise questions about whether the goal is attainable. If China can't catch up to the … [Read more...]
Will Congress Allow the Saudis to Buy the PGA?
In 2006, only a few years after 9/11, the House Appropriations Committee effectively killed the acquisition of six ports in the United States by Dubai Ports World, a logistics company based in Dubai, a predominantly Muslim country. Now, Saudi-run LIV Golf wants to buy the PGA Tour, and already there are those in Congress against the idea. Golf doesn't carry the same security concerns as some of the nation's busiest ports, but that isn't preventing senators and congressmen from hating the idea of Saudi Arabia's sovereign wealth fund owning America's premier golf property. Will congress kill the … [Read more...]
TROUBLE IN CHINA? People’s Bank of China Cuts Rate in Surprise Move
China's central bank, the People's Bank of China, cut its seven-day reverse repo rate by ten basis points in a move that surprised the market. The rate cut signals that China's economy isn't doing as well as was thought. Bloomberg reports: China’s central bank surprised most economists and market participants by cutting a short-term policy interest rate, a sign that officials are increasingly concerned about faltering growth and are stepping up stimulus to boost the recovery. The People’s Bank of China lowered the seven-day reverse repurchase rate by 10 basis points to 1.9% on Tuesday, the … [Read more...]
Is this the Dawn of the Ex-China Investment Age?
Investors are looking for investment opportunities in Asian markets that exclude China. Fear of geopolitical risks surrounding China has created the demand for investment opportunities in countries deemed safer. Hudson Lockett and Leo Lewis report in the Financial Times: Global fund managers say they are rushing to meet client demand for new Asian investment products that exclude China, as investor appetite for the region’s largest economy is hit by slowing growth and mounting geopolitical risk. Fund managers said requests for “ex-China” products included the possibility of “Asian allies” … [Read more...]
America Still Isn’t Ready for Electric Vehicles
According to Christopher Mims in The Wall Street Journal, America is not ready for electric vehicles. He took a 1,000 mile trip in a Lucid Air Grand Touring and found America's electric vehicle infrastructure lacking at best. Mims also had serious concerns about the variability in the actual range electric vehicles can go compared to what is advertised. He writes: After my latest immersion in EVs, I have a list of issues that need to be tackled for the average car buyer to feel ready to go electric. 1. EV makers need to level with drivers about the true range of vehicles I have never … [Read more...]
U.S. Senator Warns Against CBDCs
Sen. Bill Hagerty of Tennessee has warned against the dangers of implementing a central bank digital currency. Bitcoin.com reports: U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase, which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws. Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central … [Read more...]
The End Has Come for Credit Suisse
UBS has completed its takeover of embattled bank Credit Suisse. The consolidation of the two Swiss banks is the biggest banking deal since the financial crisis, reports Noele Illien in Reuters. She writes: UBS (UBSG.S) on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. Announcing the biggest banking deal since the 2008 global financial crisis, UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said it would create … [Read more...]
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