Baltic Dry Index. 1872 -23 Brent Crude 99.28
Spot Gold 1774 US 2 Year Yield 2.89 Fri.
Coronavirus
Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 02/08/22 World 583,185,107
Deaths 6,422,121
"War is
the continuation of politics by other means."
Carl von Clausewitz.
The big
news today is U.S. House Speaker Nancy Pelosi’s visit to Taiwan and if it
happens, China’s reaction to it.
China has
already threatened a military response.
With
terrible timing, yesterday President Biden announced the success of a drone
strike in central Kabul that killed Ayman al-Zawahiri, giving Beijing ideas and
cover.
We await
the day’s fraught outcome, but while the Pelosi visit might be good domestic
politics in far away America, it’s rattling all of Asia’s stock casinos and at
its worst might lead to a military skirmish between the USA and China.
Hollywood
couldn’t make this up.
Hong Kong shares
down nearly 3%, Asia markets drop as geopolitical tensions rise over Pelosi
visit
SINGAPORE — Hong Kong and mainland China markets
led losses in Asia on Tuesday as geopolitical tensions rose over U.S. House
Speaker Nancy Pelosi’s visit to Taiwan.
The fell
2.94%, with heavyweights like and falling
2.83% and 2.96% respectively. The Hang Seng Tech index slipped 4.18%.
Mainland China’s lost
2.93% and the shed
3.11%.
Local media reports citing unnamed
sources said Pelosi
would go ahead with her visit to Taiwan, a democratic
self-ruled island that China sees as a runaway province.
Regarding Pelosi’s trip, Beijing
warned that its army would “never sit idly by” and will “uphold China’s
sovereignty and territorial integrity,” Foreign Ministry spokesperson Zhao
Lijian said at a press conference on Monday.
Taiwan Semiconductor Manufacturing Company’s shares fell 2.58%, compared with a 1.86% loss in the wider index.
Elsewhere in Asia,
the Nikkei 225 in Japan slipped 1.59%, and the Topix index lost
1.81%.
In South Korea,
the Kospi shed 0.9% and the Kosdaq declined around 1%.
Consumer prices in
South Korea rose 6.3% in July compared with the same period in 2021, official
data showed on Tuesday. That’s in line with expectations and the fastest
acceleration in prices since November 1998, Reuters reported.
The Bank of Korea
raised rates by 50 basis points in July.
Australia’s S&P/ASX
200 was 0.36% lower.
The Reserve Bank of
Australia is expected to hike by 50 basis points after official data showed
prices in Australia rose 6.1% in the second quarter compared with a year ago.
MSCI’s broadest index
of Asia-Pacific shares outside of Japan declined 1.55%.
More
Asia markets: China, Hong Kong stocks drop ahead of Pelosi visit (cnbc.com)
China warns its military
will 'not sit idly by' if Pelosi visits Taiwan
BEIJING (Reuters) - China said on
Monday that its military "not sit idly by" if U.S. House of
Representatives Speaker Nancy Pelosi visits Taiwan.
The latest warning was issued during
a Chinese foreign ministry regular briefing. Spokesperson Zhao Lijian also said
that because of Pelosi's status as the "No. 3 official of the U.S.
government", a visit to Taiwan, which China claims as its own, would
"lead to egregious political impact".
Pelosi was set to kick-off a tour of
four Asian countries on Monday in Singapore amid intense speculation that she
may risk the wrath of Beijing by also visiting self-ruled Taiwan.
China
warns its military will 'not sit idly by' if Pelosi visits Taiwan (yahoo.com)
Al Qaeda leader Ayman
al-Zawahiri killed in CIA drone strike
Ayman
al-Zawahiri was the leader of al-Qaeda and one of the world’s most-wanted
terrorists, who oversaw the attacks of Sept. 11, 2001.
By ROMAN
MEITAV, REUTERS
Published: AUGUST 2, 2022 00:15
Updated: AUGUST 2, 2022 07:46
Al Qaeda leader Ayman
al-Zawahiri killed in CIA drone strike - The Jerusalem Post (jpost.com)
In
better news, one away, many more needed ASAP.
First grain shipment leaves Ukraine in test of food export
deal
Sierra Leone-flagged Razoni
carrying 26,000 tonnes of corn departs from Black Sea port of Odesa
01 August, 2022
A vessel carrying corn has left the port of Odesa for the first time in months, in a crucial test of a grain-export deal between Russia and Ukraine intended to alleviate soaring global food prices.
The Sierra Leone-flagged Razoni, carrying 26,000 tonnes of Ukrainian corn, left the Black Sea Port at 9:48am local time, the ministry of infrastructure said, after weeks of negotiations brokered by Turkey and the UN. Turkey’s defence ministry, which led the negotiations that produced last month’s grain deal, said the Razoni would take its cargo to Tripoli in Lebanon.
It is the first such vessel to depart from Odesa since late February, when Russia invaded Ukraine. The Russian navy blockaded Ukraine’s commercial sea routes, launched missile strikes on its ports and grain storage infrastructure, and attacked civilian grain transport ships.
The vessel was due to arrive in Istanbul on Tuesday, according to a statement by the Joint Co-ordination Centre established as part of the UN-led grain agreement. After reaching Turkey’s biggest city, it was expected to undergo checks at the centre, which is staffed by Russian, Ukrainian, Turkish and UN officials.
Another 16 ships are awaiting departure, the Ukrainian government said, carrying a tiny fraction of the more than 22mn tonnes of wheat, corn and other grains that are in the country. The conflict has left as many as 47mn people globally at risk of acute hunger, according to the World Food Programme.
Long known as the breadbasket of Europe,
Ukraine is the world’s fifth-largest exporter of the cereal. It
accounts for 80 per cent of Lebanon’s wheat imports and is a big supplier for
countries including Somalia, Syria and Libya.
First grain shipment leaves Ukraine in test of food export deal | Financial Times (ft.com)
“War is such a dangerous business that mistakes that come from kindness are the very worst.”
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its
own.
Exclusive:
UK small businesses on high recession alert
MONDAY 01 AUGUST 2022 6:00
AM
British sole traders and small
businesses are battening down the hatches in preparation for a looming
recession, exclusive research shared with City A.M. reveals.
Over three quarters of small firms
are fretting over the UK economy steering into reverse, according to fintech
firm iwoca.
Firms are scrambling to boost their
cash reserves to help weather the economic downturn. Nearly half of business
loan brokers have filed more applications for credit for their clients, the
research found.
Steven Scoufarides, head of broker
channel at iwoca , said: “The current economic outlook for small businesses is
precarious – we are seeing signs of an increasing number of SMEs searching for
finance solutions to manage their cash flow and brace for the potential of a
recession.”
Higher loan demand can be sign of
businesses struggling to cover their fixed costs due to a reduction in revenue
caused by shrinking demand.
The UK economy has been plunged into
a slump by inflation surging much higher than expected at the beginning of the
year. Prices are up 9.4 per cent, the quickest acceleration since 1982, spiking
households and businesses.
Output unexpectedly jumped in May by
0.5 per cent, while purchasing managers’ indexes have indicated the UK economy
is healthier than the US and eurozone.
Separate research published by
insurance broker Gallagher found over one in 10 are worried a reduction in cash
flow will knock their bottom line.
Exclusive: UK
small businesses on high recession alert (cityam.com)
Retail’s ‘Dark Side’: As Inventory Piles Up, Liquidation
Warehouses Are Busy
PITTSTON,
Pa. — Once upon a time, when parents were scrambling to occupy their children
during pandemic lockdowns, bicycles were hard to find. But today, in a giant
warehouse in northeastern Pennsylvania, there are shiny new Huffys and Schwinns
available at big discounts.
The
same goes for patio furniture, garden hoses and portable pizza ovens. There are
home spas, Rachael Ray’s nonstick pans and a backyard firepit, which promises
to make “memories every day.”
The
warehouse is run by Liquidity Services, a company that collects surplus and
returned goods from major retailers like Target and Amazon and resells them,
often for cents on the dollar. The facility opened last November and is
operating at exceptionally high volumes for this time of year.
The
warehouse offers a window into a reckoning across the retail industry and the
broader economy: After a two-year binge of consumer spending — fueled by
government checks and the ease of e-commerce — a nasty hangover is taking hold.
With consumers cutting down on discretionary purchases
because of high inflation, retailers are now stuck with more inventory than
they need. While overall spending rebounded last month, some
major retailers say shoppers are buying less clothing, gardening equipment and
electronics and focusing instead on basics like food and gas.
Adding to that glut
are all the things people bought during the pandemic — often online — and then
returned. In 2021, shoppers returned an average of 16.6 percent of their
purchases, up from 10.6 percent in 2020 and more than double the rate in 2019,
according to an analysis by the National Retail Federation, a trade group, and
Appriss Retail, a software and analytics firm.
Last year’s
returns, which retailers are not always able to resell themselves, totaled $761
billion in lost sales. That, the retail federation noted, is more than the
annual budget for the U.S. Department of Defense.
More
Retail’s ‘Dark
Side’: As Inventory Piles Up, Liquidation Warehouses Are Busy – DNyuz
Below,
why a “green energy” economy may not be possible, and if it is, it won’t be
quick and it will be very inflationary, setting off a new long-term commodity
Supercycle. Probably the largest seen so far.
The
“New Energy Economy”: An Exercise in Magical Thinking
https://media4.manhattan-institute.org/sites/default/files/R-0319-MM.pdf
Mines,
Minerals, and "Green" Energy: A Reality Check
https://www.manhattan-institute.org/mines-minerals-and-green-energy-reality-check
"An
Environmental Disaster": An EV Battery Metals Crunch Is On The Horizon As
The Industry Races To Recycle
by Tyler Durden Monday, Aug 02, 2021 - 08:40 PM
Covid-19
Corner
This
section will continue until it becomes unneeded.
With Covid-19 starting to become only endemic,
this section is close to coming to its end.
Three types of long COVID
each with different symptoms, researchers say
Alexa Phillips
There appear to be three different types of long COVID, each
with their own symptoms, researchers have discovered.
One group experiences neurological symptoms
including fatigue, brain fog and headache, which most often affect those who
contracted the virus when the Alpha and Delta variants were most prevalent,
according to experts at King's College London.
A second group suffers from
respiratory issues, including chest pain and severe shortness of breath, which
could point to lung damage.
These symptoms were common
among those infected during the first wave of the pandemic.
The final group is grappling
with a diverse range of symptoms including heart palpitations, muscle ache and
pain, and changes in skin and hair.
The three sets of symptoms
were seen in all variants, researchers added.
Two million people in the UK
are estimated to be suffering from
long COVID, the Office for
National Statistics (ONS) reported in June, based on self-reports from a
representative sample.
Of that two million, 1.4
million said they first had coronavirus, or suspected they had the illness, at
least 12 weeks previously, while 826,000 first had it at least a year earlier.
Another 376,000 said they
first had COVID-19 at least two years previously.
To draw
their conclusions, researchers studied 1,459 people living with long COVID who
were taking part in the Zoe Health study and are still dealing with symptoms at
least 12 weeks after infection.
More
Three types of
long COVID each with different symptoms, researchers say (msn.com)
Japan reports most weekly COVID-19 cases in world, including
record 233,100 daily
JULY 31, 2022 / 11:58 AM
July 31 (UPI) -- Japan reported one-fifth of the
world's COVID-19 cases in the past week, including a record
233,100 Thursday, as infections dropped 12% and deaths 7% globally.
On Sunday, Japan announced 197,792 infections for a total of 12,796,261
in 12th place. Deaths were 82 for a total of 32,626 in 30th. Japan surpassed
200,000 for the first time the previous week.
In the past week, Japan added a world-high 1,358,248 infections, a 54%
percent gain.
As the BA.5 Omicron subvariant spreads worldwide, infections dropped to
6,216,102 with a daily average of 888,015 and passing 1 million the last time
on April 13, according to tracking by
Worldometers.info. On Jan. 21,
the daily record was set at 3,842,371. The total is 581,999,281, including
671,131 Saturday when Japan added 221,938.
Fatalities in the past week were down to 13,912. That daily average is
1,987 with the recent low 1,235 on July 4, the lowest since 1,075 on March 21,
2020, 10 days after the World Health Organization declared COVID-19 a pandemic.
The total is 6,419,467, including 1,207 Saturday. It was last under 1,000 on
June 19 with 908.
Some nations do not report data on weekends.
Other case increases in the past week with more than 25,000 in
descending order were South Korea 31% with 556,281 in third, Russia 65% with
64,489, Iran 33% with 61,977, Romania 39% with 56,906, Serbia 49% with 38,284.
RELATEDReformulated
COVID-19 booster shots could be delivered by September
The United States reported the second most cases, 709,166 but a 23%
drop, No. 4 Germany at 522,181 with an 18% decline, No. 5 Italy at 393,916 with
a 26% decrease, No. 6 France 345,810 with a 36% drop, No. 7 Australia 312,056
with a 5% decrease.
More
Japan reports most weekly COVID-19 cases in world,
including record 233,100 daily - UPI.com
Next, some vaccine links
kindly sent along from a LIR reader in Canada.
NY Times Coronavirus Vaccine
Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Regulatory Focus COVID-19
vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus
resource centre
https://coronavirus.jhu.edu/map.html
Centers for Disease Control
Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The
Spectator Covid-19
data tracker (UK)
https://data.spectator.co.uk/city/national
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
Blowhole wave energy
generator exceeds expectations in 12-month test
Loz Blain July 31, 2022
Wave Swell
Energy's remarkable UniWave 200 is a sea platform that uses an artificial
blowhole formation to create air pressure changes that drive a turbine and feed
energy back to shore. After a year of testing, the company reports excellent
results.
As we've
discussed before, the UniWave system is a floating device that can be towed to
any coastal location and connected to the local energy grid. It's designed so
that wave swells force water into a specially designed concrete chamber,
pressurizing the air in the chamber and forcing it through an outlet valve.
Then as the water recedes, it generates a powerful vacuum, which sucks air in
through a turbine at the top and generates electricity that's fed into the grid
via a cable.
As a
result, it draws energy from the entire column of water that enters its
chamber, a fact the team says makes it more efficient than wave energy devices
that only harvest energy from the surface or the sea floor.
WSE's key
innovation here is that one-way generation; other devices that harvest the same
effect use bi-directional turbines, requiring the ability to reverse blade
pitch or redirect the airflow. WSE says its design allows for far cheaper and
more simplistic turbines, that should also last longer since they're not
getting as much salt water splashed through them when a big wave hits. Indeed,
all this device's moving parts are above the waterline, a fact that should help
extend its service life as well as making it completely harmless to marine
life.
Interestingly,
the UniWave's design also makes it easy to incorporate into breakwaters and
seawalls, where it can take a coastal erosion protection project and turn it
into a clean energy source. You can see an animation showing how it works in
the video below.
More
Blowhole wave
energy generator exceeds expectations in 12-month test (newatlas.com)
“No one starts
a war--or rather, no one in his sense ought to do so--without first being clear
in his mind what he intends to achieve by the war and how he intends to conduct
it.”
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