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Post by mhbruin on Oct 5, 2022 8:00:47 GMT -8
I periodically make bad science puns.
The Chinese Juggernaut Is Slowing Down. It's a Sino of the Times
China's economy is slowing down as it adapts to a punishing zero-Covid strategy and weakening global demand.
Official growth figures for the July to September quarter are expected soon - if the world's second-largest economy contracts, that increases chances of a global recession. Beijing's goal - an annual growth rate of 5.5% - is now out of reach although officials have downplayed the need to meet the target. China narrowly avoided contraction in the April to June quarter. This year, some economists do not expect any growth.
1. Zero Covid is wreaking havoc
Covid outbreaks in several cities, including manufacturing hubs like Shenzhen and Tianjin, have been hurting economic activity across industries.
People are also not spending money on things like food and beverages, retail or tourism, putting major services under pressure.
2. Beijing isn't doing enough
Beijing has stepped in - in August it announced a 1 trillion yuan ($203bn; £180bn) plan to boost small businesses, infrastructure and real estate.
But officials can do a lot more to trigger spending to meet growth targets and create jobs.
3. China's property market is in crisis
Weak real estate activity and negative sentiment in the housing sector has undoubtedly slowed growth.
This has hit the economy hard because property and other industries that contribute to it account for up to a third of China's Gross Domestic Product (GDP).
4. Climate change is making matters worse
Extreme weather is starting to have a lasting impact on China's industries.
A severe heatwave, followed by a drought, hit the south-western province of Sichuan and the city of Chongqing in the central belt in August.
As the demand for air conditioning spiked, it overwhelmed the electricity grid in a region that almost entirely relies on hydropower.
Factories, including major manufacturers like iPhone maker Foxconn and Tesla, were forced to cut hours or shut altogether.
5. China's tech titans are losing investors
A regulatory crackdown on China's tech titans - which has already lasted two years - is not helping.
Tencent and Alibaba reported their first drop in revenue in the most recent quarter - Tencent's profits fell by 50%, while Alibaba's net income fell by half.
A residential housing site under construction in Nanjing, Jiangsu Province, China, Sept 1, 2022.
The crisis in China's real estate market is severely hurting growth
Tens of thousands of young workers have lost work - adding to a jobs crisis where one in five people aged 16 to 24 are unemployed. This could hurt China's productivity and growth in the long run.
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Post by mhbruin on Oct 5, 2022 8:06:35 GMT -8
Aren't Swiss Banks Supposed to Be Safe?
Credit Suisse is at the centre of market turmoil amid rumours the bank could be on the brink of collapse.
Investors have rushed to sell the Zurich-based bank’s shares amid concerns about its financial health as it prepares to unveil a costly restructuring plan due later this month.
The lender has been embroiled in a raft of scandals in recent years that have battered its image and balance sheet.
The controversies include trading jobs for business in Hong Kong, hiring private detectives to spy on employees, laundering money for a criminal organisation in Bulgaria, and facilitating corrupt loans in Mozambique, over which the bank agreed to pay $475m in fines.
The bank also racked up billions of dollars in losses from the collapse in 2021 of hedge fund Archegos and financial services firm Greensill.
Amid the turmoil, the lender has lost nearly 60 percent of its market value this year alone.
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Post by mhbruin on Oct 5, 2022 8:11:06 GMT -8
Get Ready For Higher Gas Prices
The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump.
In its statement announcing the cuts, the OPEC+ alliance cited the "uncertainty that surrounds the global economic and oil market outlooks.”
It represents the largest cut in production since the start of the pandemic.
U.S. gas prices had already been trending higher in recent weeks amid increased demand and refinery issues in the U.S. The average price of a gallon of gas on Wednesday was $3.83, the highest since late August.
“The regional differences in gas prices are stark at the moment, with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas,” Andrew Gross, an AAA spokesperson, said in a statement Monday.
At least six California refineries are undergoing maintenance, Gross said, and there is limited pipeline supply to the West Coast from locations east of the Rockies.
Political analysts have observed a strong correlation between gas prices and Biden's approval rating, as voters home in on gas prices as a proxy for inflation and thus the state of the economy.
Wall Street analysts say the Biden administration could counter OPEC's move by releasing stocks from the U.S.'s strategic petroleum reserve, and even boosting the so-called NOPEC bill that would penalize other oil producing states by opening them up to antitrust suits.
OPEC+, whose de facto leader is Saudi Arabia, is comprised of 13 oil-exporting countries and 11 nonmember allied countries, including Russia
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Post by mhbruin on Oct 5, 2022 8:13:19 GMT -8
Benjamin, I Have Just Two Words to Say To You, "Wax Worms"
Two substances in the saliva of wax worms — moth larvae that eat wax made by bees to build honeycombs — readily break down a common type of plastic, researchers said on Tuesday, in a potential advance in the global fight against plastic pollution.
The researchers said the two enzymes identified in the caterpillar saliva were found to rapidly and at room temperature degrade polyethylene, the world’s most widely used plastic and a major contributor to an environmental crisis extending from ocean trenches to mountaintops.
The study builds on the researchers’ 2017 findings that wax worms were capable of degrading polyethylene, though at that time it was unclear how these small insects did it. The answer was enzymes — substances produced by living organisms that trigger biochemical reactions.
For plastic to degrade, oxygen must penetrate the polymer — or plastic molecule — in an important initial step called oxidation. The researchers found that the enzymes performed this step within hours without the need for pre-treatment such as applying heat or radiation.
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Post by mhbruin on Oct 5, 2022 8:15:00 GMT -8
Bigots Attack Hospitals
Oklahoma Gov. Kevin Stitt signed a bill Tuesday that will withhold Covid relief funds from one of the state's largest hospital systems unless it stops providing gender-affirming medical care to minors.
The bill signed by the first-term Republican, who is up for re-election next month, authorizes more than $108 million in federal funds from the American Rescue Plan Act for health services at the University of Oklahoma Medical Center.
But the health system can only receive the funds if it ceases all gender-affirming medical care on those under 18. Oklahoma Children’s Hospital at OU Health currently offers medical services related to gender identity for those up to age 24, including puberty blockers, gender-affirming hormone therapy, and help finding surgeons who perform gender-affirming surgeries, according to its website.
Stitt also called for the GOP-controlled Legislature to ban some of those gender-affirming treatments statewide when it returns in February, saying in a statement that he wanted a prohibition on “all irreversible gender transition surgeries and hormone therapies” on minors.
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Post by mhbruin on Oct 5, 2022 8:18:54 GMT -8
Maybe Breakfast is the Most Important Meal of the Day
Eating relatively early may be beneficial for weight loss, and keeping meals within a 10-hour period could improve blood sugar and cholesterol levels, according to two small studies published Tuesday in the journal Cell Metabolism.
The first study found that eating on a later schedule made people hungrier over a 24-hour period than when they consumed the same meals earlier in the day. Late eating also led the study participants to burn calories at a slower rate, and their fat tissue seemed to store more calories on a later eating schedule than an early one. Overall, the study suggests that eating later can increase a person's obesity risk.
The second study, done among a group of firefighters, found that consuming meals within a 10-hour window shrunk "bad cholesterol" particles — suggesting a potential reduction in risk factors for heart disease. That eating window also improved blood pressure and blood sugar levels among firefighters with underlying health conditions such as diabetes, high blood pressure and high cholesterol.
The two studies add to existing evidence that there may be optimal times to start and stop eating, according to Courtney Peterson, an associate professor of nutrition sciences at the University of Alabama at Birmingham who wasn’t involved in either study.
"You have this internal biological clock that makes you better at doing different things at different times of the day. It seems like the best time for your metabolism in most people is the mid- to late morning," Peterson said
Maybe I Shouldn't Be Writing Stories About Food on a Day I Am Fasting for Yom Kippur
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Post by mhbruin on Oct 5, 2022 8:23:59 GMT -8
They Were Asleep At the Wheel
Federal drug agents and prosecutors in Colorado held a news conference in July to tout their work taking fentanyl off the streets amid a string of highly publicized overdose deaths.
“I wanted to give you guys something different today — not just a doom and gloom story,” Brian Besser, the special agent in charge of the Drug Enforcement Administration’s Denver Field Division, said. “I wanted you to see that behind the scenes there is aggressive and tenacious police work being done and prosecution being done to save lives and to bring people to justice.”
Among the cases Besser highlighted was the seizure of 114 pounds of pure fentanyl in June — enough, he said, to kill more than 25 million people. He described it as the largest fentanyl bust on a U.S. highway in history.
“We are not asleep at the wheel,” Besser said.
It was a curious turn of phrase given what had happened just after the record fentanyl seizure — a stunning blunder that went unmentioned during the July 6 news conference.
The DEA lost track of the man who was transporting the massive amount of fentanyl.
The suspect, David Maldonado, 27, had agreed to cooperate with federal agents and help them arrest the drug traffickers in South Bend, Indiana, where he said the fentanyl was headed, according to the Colorado State Patrol. But on the way to do the deal, Maldonado managed to lose the DEA agents and remove the tracker they had placed on his car.
He’s now considered a fugitive.
The case represents an embarrassing episode for the DEA at a time when drug cartels are flooding the U.S. with fentanyl, a synthetic opioid 50 times stronger than heroin, and the overdose rate is soaring.
A spokesman for the Colorado State Patrol, which made the initial discovery of the fentanyl, provided a blunt account of the botched operation.
“DEA was working with us and they made a deal with the driver,” Master Trooper Gary Cutler said. “He ran on them after they worked the case, and that was their debacle.”
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Post by mhbruin on Oct 5, 2022 8:37:43 GMT -8
Ukraine Keeps CrushingSince Sunday, Ukraine has liberated over 50 locations in northern Kherson, along with over 1,600 square kilometers (600 sq miles). It crushed not just Russia’s front-line positions, but the positions that had been provisioned as fallbacks. Along the whole front, Ukraine is now 30 km south of the positions it held a few days ago, and less than 30 km from reaching Russia’s ultimate fallback positions at Beryslav, just across the damaged bridge from Nova Kakhovka. That location at Beryslav is not just the point where Russian forces are expected to gather in a last attempt to hold something of northern Kherson, it’s also the site of an exfiltration camp, where Ukrainian citizens kidnapped from their homes across the region have been taken for sorting, processing, and shipment to unknown sites in Russia. The liberation of Beryslav would give the first opportunity for the world to see what one of these camps is like. There are already reports suggesting that an army that has been fighting with World War II-style tactics is fully capable of World War II-level horrors. On Tuesday, the northern advance moved so far that it actually overran the long-fought-for town of Davydiv Brid, connecting the area acquired in the north to the bridgehead across the Inhulets River that had been one of Ukraine’s biggest counteroffensives in the area until this week. Most of the locations along Russia’s new defensive line are not great. Like most of this area, the terrain is flat, and Russia hasn’t done a lot to prepare the area for fighting because it never expected to be there. Snihuivka" Russia Finds Another Way to Describe Getting Their Asses KickedFurther south, on the other side of where the infinitely twisty Inhulets River turns north-south to divide the Kherson area in half, there were reports on Tuesday evening that Snihurivka had been liberated. This would be an enormous deal as this has been one of Russia’s most heavily fortified, reinforced, and fought over locations, similar to Vysokopillya in the north except that Snihurivka guards a direct approach into the city of Kherson. The best information on Wednesday morning is that Snihurivka is mostly liberated. The majority of Russian forces have been pushed out, Ukrainian troops have moved in, but there still appear to be pockets of Russian resistance left within the town. With a pre-invasion population of over 12,000, Snihurivka is a significant location with an industrial sector in the southwest and a large number of housing blocks to be investigated and cleared. Even if the vast majority of Russians have fled the area, it may be some time before Snihurivka is officially liberated. The official position out of Russia this morning: “The Russian army has completed a regrouping action in Kherson in order to gather forces for a strike.” All of pro-Russian Telegram and Twitter is applauding the way Russia has maneuvered Ukraine into a trap and “the jaws are about to close.” Actual Russian sources are too busy plotting ways to escape across the river. There have also been reports of Russian surrenders in Kherson, though it’s not clear if this has happened in large numbers. In The North, Approaching SvatoveJust because things have been moving so rapidly in Kherson doesn’t mean they’ve stalled in the north. Ukraine has now pushed to within 20 km of the Russian hub at Svatove from multiple directions. Along the road coming north from Lyman, Ukraine has pushed north of Makiivka and there was a reported fight at Novovodyane on Wednesday. Also launching out from Makiivka is a new thrust to the east, this time along the road that runs through Ploshchanka to Krasnorichenske. Securing these two locations would cut the strategic P66 highway. Ploshchanka is likely liberated, but there has been no announcement or images to confirm this. Holding these two locations would not only position Ukraine to continue north toward Svatove, but threaten Russia’s already besieged position in Kreminna. To the west, Ukraine liberated the town of Horlivka. However, it’s unclear which way they’ll go from there. They might continue to move northeast from that position along a series of unpaved roads in spite of muddy conditions, or they could shift forces east to Makiivka or west to join in fighting that was already underway at a series of Russian-occupied villages. The topography at Svatove sucks … for Russia. If Ukraine can reach the area of that highway junction just west of the city, they will be on high ground that commands a view across the entire city. If Russia chooses to make a stand in this location, it will not go well. This Just In: The western edge of Russia’s defensive line may be unravelingThere are reports that Ukrainian forces ranging out from Davydiv Brid have liberated the villages of Ishchenka, Bezvode, and Sadok. If true, this punches a hole through that defensive line on the west and makes Bruskynske extremely vulnerable. Russian sources have reported that a second line of defensive positions is being built across the highway between the small villages of Stepove and Nova Kuban.
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Post by mhbruin on Oct 5, 2022 8:45:00 GMT -8
Psst! Want a Cheap Russian Uniform? Perfect for Halloween.
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Post by mhbruin on Oct 5, 2022 8:48:31 GMT -8
Will the QOP Roll On with a Ban? Will They Stick With It?
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Post by mhbruin on Oct 5, 2022 8:52:09 GMT -8
Some in the QOP Decide to Attack Herschel's Son
National Republicans are standing by [GA Sen. candidate Herschel] Walker and promise to continue supporting his campaign. “Georgians can see through the nonsense from the Democrats and the media and will vote accordingly,” a spokesman for the Senate GOP campaign apparatus told reporters Monday night.
But privately, some Republicans worry that this could be the final nail in the coffin for Walker’s campaign. “This could be it for Walker,” one Republican told me on the condition of anonymity. “This is definitely the kind of stuff that can sink a Senate campaign, and in an already close race, this puts Warnock in the driver's seat.”
Somehow, I Think This Articulate Kid Will Win Over Slimy QOP Attack Dogs. (I Am Sure Oz Wishes I Wouldn't Mention Dogs.)
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Post by mhbruin on Oct 5, 2022 8:54:29 GMT -8
Heard About How Europe Is Getting Tired of Supporting Ukraine? Nor So Fast My Friend.
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Post by mhbruin on Oct 5, 2022 8:57:13 GMT -8
According to 538's Polling Average, Tillis is Up by 0.1%
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Post by mhbruin on Oct 5, 2022 9:04:03 GMT -8
Newt Sounds Like the One With Brain Damage
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Post by mhbruin on Oct 5, 2022 9:06:06 GMT -8
Now Elon Does Want Twitter
Elon Musk wants Twitter again — and Twitter is game. The billionaire Tesla CEO has proposed to buy the company at the originally agreed-on price of $44 billion, bringing the tumultuous, monthslong saga another step closer to a conclusion.
Twitter said it intends to close the transaction at $54.20 per share after receiving the letter from Musk. But the company stopped short of saying it's dropping its lawsuit against the billionaire Tesla CEO. Experts said that makes sense given the contentious relationship and lack of trust between the two parties.
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