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Turkish Foreign money Hits a New Low, Once more

ISTANBUL — The Turkish lira hit new lows on Thursday after the Central Bank reduced interest rates for the fourth successive month in what has become President Recep Tayyip Erdogan’s increasingly personal battle to turn an ailing economy around.

The lira plunged to 15.60 against the dollar in the hours after the rate cut, down 5 percent in the day. The cut was widely expected since Mr. Erdogan announced his intention last month to lower rates despite soaring inflation of more than 20 percent.

Mr. Erdogan has resisted following generally accepted policy of raising interest rates to contain inflation, choosing instead to drive rates down in an effort to encourage growth with an eye on elections 18 months away. He has promised to increase production and employment in what he casts as an “economic war of independence.”

Driving the lira down in value appears to be part of a policy to make Turkey more competitive in export markets. The lira has lost nearly 50 percent of its value this year.

Yet the currency crash has hit Turkish citizens with almost daily price increases and inflation rates of 21 percent, although analysts say unofficial rates are double that.

In a sign of how urgent the economic situation has become, soon after Thursday’s rate cut, Mr. Erdogan announced in a televised news briefing at the presidential palace that he would be raising the minimum wage in the new year by 50 percent.

“With this raise, we proved our determination to prevent our employees being crushed by price increases,” he said. He promised to prevent speculation on the currency and to end the volatility. “There is no need for such speculation. Our money is here, and it is the Turkish lira. We will not allow it to crash.”

Mr. Erdogan has taken increasing personal control over the country’s economy and monetary policy, changing the head of the Central Bank several times in recent years and explaining that because he was responsible to voters for the economic performance of the country, he should be involved in the decision making.

Yet it is his repeated interference and unorthodox policies that have scared investors and rattled markets.

Nureddin Nebati, the Turkish finance minister, reiterated Mr. Erdogan’s announcements in his own comments on Twitter. “We said, ‘We will not subjugate the minimum wage earner to inflation.’ We did not, we do not,” he wrote. The government was also reducing the tax burden on employers, he wrote.

But Mr. Erdogan’s political opponents were quick to cast criticism, while analysts pointed to the contrast with Britain and Norway, which both raised interest rates on Thursday to counter rising inflation in their economies, moves that were met favorably by the markets.

“This is now a deliberate evil,” Ugur Gurses, a financial analyst and former central banker, tweeted about the latest government moves. “It’s a shame for the country.”

A former prime minister, Ahmet Davutoglu, in light of the day’s crushing fall of the lira, derided the increase in the minimum wage. The wage had decreased in value by 110 U.S. dollars, which was more than the increase was worth, he said. “The word for taking $110 out of people’s pockets by pretending to give them 1,425 TL is ‘stealing’!” he said.

Mustafa Murat Kubilay, a financial analyst, said Mr. Erdogan’s latest moves were aimed at bolstering production and exports in the first quarter of next year to put him ahead for elections.

“As imports decrease because of increasing poverty, there would be a current account surplus,” Mr. Kubilay said. “The Central Bank reserves will increase, and, in the medium term, the aim is for currency price to stabilize.”

“Sacrificing income tax and the increase in the minimum wage is an indication that we have entered the election process,” he said.

The thinking was that if the pandemic were finished, along with Turkey’s drought, by next summer, and with the tourism and the construction sectors reviving with low-interest-rate loans, then conditions would be set for snap elections, Mr. Kubilay said.

But the plan was fraught with weaknesses, he said. He warned that there could be significant money flows out of the country, difficulty procuring imports needed for the country’s exports, and even a possible social explosion as people experienced deepening poverty.

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Russia might invade Ukraine ‘within the blink of a watch’: Ukrainian international minister

If Russia decides to invade Ukraine, as feared by Western officials and experts, it could happen very quickly, said the Ukrainian Foreign Minister.

“Putin has not yet decided whether to conduct a military operation,” Dmytro Kuleba told CNBC on Thursday. “But if he does, things will happen in no time.”

In recent months, concerns have increased that Russia is planning military action against Ukraine. It follows Russian troop movements on the border and increasingly aggressive rhetoric against Kiev from Moscow.

However, Putin pointed his finger the other way and said in late November that Russia was concerned about military exercises in Ukraine near the border that threatened Moscow.

He has insisted that Russia be free to move troops into its own territory and has denied claims that the country may be preparing to invade Ukraine, calling such notions “alarmist”.

Ukraine and its allies in the US and Europe, as well as the NATO military alliance, disagree. All have warned Russia against aggressive action against Ukraine, but there are few signs of tensions easing.

“We [still] have Russian troops on our border. We have them in our occupied areas of Crimea and Donbass, and according to our assessments and assessments by our partners, and they agree, Russia already has the capacity to conduct offensive operations in the region … and we see that they continue to build up their forces “Kuleba told CNBC’s Hadley Gamble.

Ukrainian soldiers participate in a rehearsal of an official ceremony for the handover of tanks, armored personnel carriers and military vehicles to the Ukrainian Armed Forces as the country celebrates Army Day in Kiev, Ukraine, Dec. 6, 2021.

Gleb Garanich | Reuters

He added that Ukraine “was attacked by Russia at the lowest point of our strength in 2014,” referring to Russia’s annexation of Crimea from Ukraine, a move of international condemnation and far-reaching sanctions against Russian business and state officials triggered. Russia is also accused of supporting pro-Russian uprisings in the Donbass region of eastern Ukraine. However, it denies playing any role there.

Last week, US President Joe Biden spoke to his counterpart Vladimir Putin and warned the Russian head of state of an attack on Ukraine.

Experts say the US is running out of time to prevent further hostilities between neighboring countries, but how far the West will go to defend Ukraine is uncertain: Ukraine is not a member of NATO and not a member of the EU, despite it this strives to join both.

Russia vehemently rejects Ukraine’s possible future NATO membership and sees this as an expansion of the military alliance to its doorstep.

At his meeting with Biden, Putin was expected to ask the U.S. president for assurances that NATO – which has expanded greatly in the past 25 years to include many countries in Europe, including the former Soviet states in the Baltic States – would never expand would become Ukraine. No such assurances were given.

Kuleba said that if Ukraine had been a member of NATO in 2014 then “Putin would take care of his affairs” and there would have been “no war, no destruction” in the Donbass region of eastern Ukraine and thousands of people living in the Eastern Ukraine died the conflict could have been spared.

When asked if Ukraine’s allies did enough to help, Kuleba said, “As long as Russian troops stay in Crimea and Donbass, neither of us is really doing enough. We can only judge by the bottom line. And that bottom line should be the trigger. ” Russia from Ukraine. However, it would have been much worse if we hadn’t had these relationships with our partners and our partners hadn’t changed their attitude towards Russia, “he said.

The EU is also concerned about Russia’s “aggressive” stance towards Ukraine and has warned Moscow that if invaded, it will pay a “heavy price”.

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On Wednesday, Estonian Prime Minister Kaja Kallas told CNBC that “the military build-up around Ukraine is underway. So the big question is, what are they really up to?”

“Is it something you are trying or planning to attack Ukraine? Or is it just a bluff to negotiate a deal out of this situation? And we have to look very carefully at that.” She said.

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Most Chinese language firms might delist from US, says TCW Group

Chinese companies listed on Wall Street are likely to be cut off from US capital markets for the next three years as tensions between Beijing and Washington persist, a global asset management company says.

“I think the game is essentially over for many Chinese companies listed in US markets,” David Loevinger, managing director of emerging markets research at TCW Group, told CNBC on Wednesday. “This is a problem that has been hanging out there for 20 years – we couldn’t solve it.”

As of September 30, 2021, TCW Group had assets of $ 265.8 billion under management, according to the company’s website.

The US Securities and Exchange Commission this month finalized rules to implement a law that would allow the US market regulator to prohibit US-listed foreign companies from trading if their auditors fail to comply with requests for information from US regulators.

The law was passed in 2020 after Chinese regulators repeatedly denied requests from the Public Company Accounting Oversight Board to review audits of Chinese companies that are listed and do business in the United States.

Given the current mistrust between the US and Chinese governments and the fact that bilateral relations are not going to improve anytime soon, there is no way we will resolve this in the next few years, Loevinger said.

“So the reality is that by 2024, most Chinese companies that are listed on US stock exchanges will no longer be listed in the United States. Most will return to Hong Kong or Shanghai, “he told CNBC to” Street Signs Asia. “

Less than six months after going public, Chinese ride-hailing giant Didi announced that it would begin delisting from the New York Stock Exchange and instead make plans for a Hong Kong listing.

When a company delists from a stock exchange like the Nasdaq or the New York Stock Exchange, it loses access to a broad pool of buyers, sellers, and brokers.

I just don’t think China’s government will give US regulators full access to internal audit documents for Chinese companies.

Chinese regulators have reportedly been dissatisfied with Didi’s decision to be listed in the US without addressing outstanding cybersecurity concerns. Regulators reportedly asked company executives to come up with a plan to delist from the United States amid concerns about the data leak.

In addition to Didi, many of the leading Chinese internet companies listed in the US have already double-listed Hong Kong. Some high profile names include e-commerce giant Alibaba, its rival JD.com, search engine giant Baidu, game company NetEase, and social media giant Weibo.

“We have already reached the turning point,” said Loevinger, pointing to Didi’s delisting announcement. “I just don’t think China’s government will give US regulators unrestricted access to internal audit documents for Chinese companies.”

“And if US regulators can’t get access to these documents, they can’t protect US markets from fraud,” he added.

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Britain Breaks Every day File for New Virus Instances

LONDON — Britain reported 78,610 new coronavirus cases on Wednesday, the highest number of infections in a single day since the start of the pandemic, and stark confirmation that the Omicron variant is rampaging across the country.

New cases spiked by a third since Tuesday; the number is more than 10,000 higher than the previous worst day for infections, Jan. 8, when the Alpha variant was ravaging the country. The seven-day average of new cases is 65,008, a 19.1 percent increase over the previous seven-day period. Officials didn’t specify what share of the new cases might be Omicron, though they said a majority in London were from the variant.

Chris Whitty, the chief medical officer for England, warned that further records would be broken in coming days, with the Omicron variant doubling at a rate of less than every two days in parts of the country. While the effect on hospitalization and mortality rates remains unclear, he warned that Britain’s National Health Service would face a deluge of patients simply because the growth in cases was so explosive.

“This is a really serious threat,” Dr. Whitty said at a news conference, alongside Prime Minister Boris Johnson and the medical director of primary care for N.H.S. England, Nikki Kanani. “It is moving at an absolutely phenomenal pace.”

Mr. Johnson redoubled his campaign for people to get vaccine booster shots. About 650,000 people received shots on Tuesday, another record-breaking day. Mr. Johnson has set a goal of delivering boosters to all adults by the end of the month, a target that would require administering more than 1 million shots a day.

While Mr. Johnson did not announce any additional restrictions on Wednesday, he urged the public to be judicious in socializing during the holidays. Parliament on Tuesday passed the government’s plan to impose a system of vaccine certification to enter nightclubs and large indoor venues, though nearly 100 members of Mr. Johnson’s Conservative Party voted against the measure.

“We’re not canceling people’s parties,” Mr. Johnson said. “What we are saying is, think carefully before you go.”

The prime minister has been under fierce political pressure in recent weeks after reports that his staff held holiday gatherings at Downing Street last year, at a time when the government was instructing people not to meet with friends or even family members. A report on those allegations is expected to be released in coming days, and Mr. Johnson said he welcomed the investigation.

While there is preliminary evidence from South Africa that the Omicron variant is less severe than previous variants, Dr. Whitty cautioned against over-interpreting the data.

In Britain, 774 people were admitted to hospitals on Wednesday, a 10.4 percent increase over the last seven-day period, while 165 people died, a 5 percent decline over the seven previous days.

Omicron’s spread has been particularly dramatic in London, where the vaccination rate is lower than other parts of the country. The prime minister said hospitalization rates in London were up by a third.

“We’ve got two epidemics on top of each other,” Dr. Whitty said, “a flat Delta epidemic and a rapidly growing Omicron epidemic.”

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Ford poaches high tech govt Doug Subject who helped lead Apple’s top-secret automobile mission

Ford Motor Co. displays a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, September 17, 2020.

Rebecca Cook | Reuters

DETROIT – Ford Motor has hired former Tesla and Apple executive Doug Field to lead its emerging technology efforts, a key focus for the automaker under its new Ford+ turnaround plan.

Field, who led development of Tesla’s Model 3, most recently served as vice president of special projects at Apple, which reportedly included the tech giant’s Titan car project.

The hire is a major new addition for Ford, while a big hit to Apple and its secret car project, which the company has yet to confirm exists.

“I think any time you lose a well-respected, experienced executive who, as best we can tell, was really directing the automotive efforts at Apple, it’s a blow to any company,” Bernstein analyst Toni Sacconaghi, who covers the iPhone maker, said Tuesday on CNBC’s “Closing Bell.” 

Ford on Tuesday said Field will serve in the new position of chief advanced technology and embedded systems officer. He will lead Ford’s vehicle controls, enterprise connectivity, features, integration and validation, architecture and platform, driver assistance technology and digital engineering tools.

“His talent and commitment to innovation that improves customers’ lives will be invaluable as we build out our Ford+ plan to deliver awesome products, always-on customer relationships and ever-improving user experiences,” Ford CEO Jim Farley said in a statement. “We are thrilled Doug chose to join Ford and help write the next amazing chapter of this great company.” 

Field, who will report to Farley, actually began his professional career at Ford in 1987, according to his LinkedIn profile. He then held positions at Johnson & Johnson, Deka Research & Development and Segway before starting at Apple in 2008. After more than five years with the tech giant, he moved to Tesla before returning to Apple in 2018.

– CNBC’s Kevin Stankiewicz contributed to this report

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Taliban Crush Protest as Ladies March for Rights

KABUL, Afghanistan – Despite threats of violent strikes and retaliatory attacks, hundreds of women marched through the streets of Kabul Tuesday morning, urging the Taliban to respect their rights and making it clear that they would not easily give up on their accomplishments – the last two Decades.

But as the crowd grew and hundreds of men joined the women, demonstrators were beaten with rifle butts and sticks, according to witnesses. Then shots rang out. The crowd dispersed and for the second time in less than a week the Taliban used force to crush a peaceful demonstration.

Even as the Taliban continued to fight to destroy the armed opposition in the country, taking control of the troubled Panjshir Valley on Monday and announcing a new government that they promised would involve everyone, the demonstration broke up on Monday Tuesday another indication that they would stifle peaceful dissent with a heavy hand.

It was also a remarkable feat by women who were brutally subjugated the last time the Taliban were in charge. Those who have taken to the streets in the past few days fear the group has not changed.

The protests came as the Taliban were consolidating their military hold in the country. They announced their intention to integrate members of the former Afghan army into the country’s new security forces and wanted to provide further details on this process at a press conference on Tuesday afternoon.

While the Taliban have a near monopoly of violence, the demonstrations underscored the challenges ex-insurgents face in trying to win the hearts and minds of a generation of Afghans who have never lived under Taliban rule, especially in urban areas .

In the midst of a worsening humanitarian crisis, the Taliban are facing an uphill battle for legitimacy, not only domestically but also abroad. Basic services like electricity are threatened while the country is plagued by food and cash shortages.

And thousands of Afghans are still desperately trying to flee the country as the United States evacuates dozens of its citizens.

At a news conference in Doha, Qatar, Foreign Secretary Antony J. Blinken said Tuesday that US officials were “working around the clock” to ensure that charter flights with Americans can safely leave Afghanistan.

Mr Blinken, who appeared with Defense Secretary Lloyd Austin and her Qatari counterparts, said Taliban leaders had recently reaffirmed their commitment to allowing American citizens and others with valid travel documents to travel freely.

But the Taliban have objected to charter flights that combine people with and without valid travel documents, Blinken said.

He added that he was not aware of any “hostage-like” situation at Mazar-e-Sharif airport, where some stakeholders and members of Congress say the Taliban are blocking charter flights. Mr Blinken added that he believes there are around 100 American citizens remaining in Afghanistan, including “a relatively small number” who want to leave Mazar-e-Sharif.

Updated

9/2/2021, 5:49 p.m. ET

For the vast majority of Afghans, there is no escape. Just uncertainty.

But the fact that women have been prominently involved in many of the recent protests has underscored their willingness to stand up for their rights in the face of rifle butts, tear gas and retaliation.

In the two decades before the Taliban came to power, women were active in Afghanistan, holding political offices, joining the military and the police, playing in orchestras and taking part in the Olympic Games.

Many Afghan women, who have benefited from education and freedom of expression over the past twenty years, fear a return to the past when women were banned from leaving the home without a male guardian and were publicly flogged when they opposed violate morality, for example by not covering their skin.

Since taking power last month, the Taliban have tried to call themselves more moderate, inviting women to join the government and saying that women can work and girls can get an education.

But the group has not yet codified new laws or given details of their government plans. Initial signs from across the country were not promising, including the Taliban’s warning to stay home until the Taliban militants’ grassroots learned not to harm them.

Understanding the Taliban takeover in Afghanistan

Map 1 of 6

Who are the Taliban? The Taliban emerged in 1994 amid the unrest following the withdrawal of Soviet forces from Afghanistan in 1989. They used brutal public punishments, including flogging, amputation and mass executions, to enforce their rules. Here is more about their genesis and track record as rulers.

Who are the Taliban leaders? These are the top leaders of the Taliban, men who for years have been on the run, in hiding, in prison and dodged American drones. Little is known about them or how they plan to rule, including whether they will be as tolerant as they say they are. A spokesman told the Times that the group wanted to forget their past but had some restrictions.

Tuesday’s protests marked the second women’s demonstration in less than a week in the country’s capital, and it was also the second to be violently suppressed.

Rezai, 26, one of the coordinators and organizers of the recent protest, only gave her first name out of fear of retaliation. She said the demonstration was organized in close coordination with the national resistance forces.

“We invited people who use social media platforms,” ​​she said. “And there were more people than we expected. We expect more rallies tonight because the people don’t want terror and destruction. The Taliban have achieved no accomplishments since they came to power other than killing people and spreading terror. So it was a completely self-motivated protest, and we just coordinated and invited people to participate. “

When they marched on Tuesday morning, they carried a banner with a single word: “Freedom”.

The women sang the same word as they walked while the Taliban watched closely. They were joined by men, many of whom condemned Pakistan for its support for the Taliban and meddling in Afghan affairs.

“We are not defending our right to a job or a position in which we will work, we are defending the blood of our youth, we are defending our country, our country,” said one woman, according to a video posted on social media.

Witnesses reported Taliban fighters beat protesters with clubs and rifle butts. Tolo TV, a leading Afghan broadcaster, said one of its cameramen covering the protests was briefly arrested by the Taliban.

As a Times photographer approached the demonstration on a street outside the presidential palace known as Arg, a convoy of at least a dozen Taliban pickups raced toward it.

As soon as the Taliban fighters got off their trucks, they started firing – mostly into the air, it seemed. There were no immediate reports of serious injury or death.

The people – there seemed to be several hundred – ran off.

The big meeting was over. A short time later, when some of the male demonstrators gathered in a small group and began shouting slogans for the resistance, the Taliban chased them away.

After the crowd broke up, Jamila, 23, said it was a peaceful demonstration.

“People just took to the streets and protested,” she said. However, she feared that the Taliban’s tactics to disperse the crowd could lead to bloodshed.

Michael Crowley, Sahak Sami, Walid Arian and Farnaz Fassihi contributed to the coverage.

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China’s exports in August beat expectations

SINGAPORE – Asia Pacific stocks were mixed in trading on Tuesday as data showed China’s August trading data was above expectations.

The Shanghai composite in mainland China gained 0.77%, while the Shenzhen share rose 0.398%.

China’s exports rose 25.6% yoy in August, customs data on Tuesday showed – above analysts’ expectations in a Reuters poll of 17.1%.

Hong Kong’s Hang Seng index gained 0.61%.

The stocks of retailers listed in the city surged after Bloomberg reported that Hong Kong will allow quarantine-free entry to mainland visitors from September 15. Chow Sang Sang rose 3.8% while Giordano International rose 2.6% and Sa Sa International rose 5.26%.

Japan’s Nikkei 225 rose 0.86% while the Topix index rose 1%, with the country’s stocks continuing to climb after two consecutive days of trading with solid gains. This comes as investor sentiment is bolstered by the prospect of further stimulus reportedly being called for by Prime Minister candidate Fumio Kishida.

Elsewhere, the South Korean Kospi lost 0.7% while the S & P / ASX 200 in Australia lost 0.24%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was below the flatline.

Elsewhere, the South Korean Kospi lost 0.7% while the S & P / ASX 200 in Australia lost 0.24%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was below the flatline.

RBA rate decision

The Reserve Bank of Australia announced on Tuesday that it would stick to its cash rate target.

In a statement, Australia’s Central Bank Governor Philip Lowe also said the RBA will buy bonds at a price of A $ 4 billion (about $ 2.98 billion) a week until at least February 2022.

In August, when the plan was announced to reduce bond purchases from A $ 5 billion to A $ 4 billion in early September, Lowe had announced that the new weekly bond purchases would last at least until mid-November.

Following that announcement, the Australian dollar changed hands at $ 0.7449 from an earlier low of $ 0.7431.

CNBC Pro’s Stock Picks and Investment Trends:

Markets in the US were closed on Monday for a public holiday.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its peers, came in at 92.126, still off the 92.4 level it hit last week.

The Japanese yen was trading at 109.78 the dollar, stronger than the 110.1 levels seen against the greenback last week.

Oil prices were mixed on the afternoon of Asian trading hours, with the international benchmark Brent crude oil futures rising 0.47% to $ 72.56 a barrel. U.S. crude oil futures declined 0.19% to $ 69.16 a barrel.

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Your Tuesday Briefing – The New York Instances

We deal with the controversial Taliban claim to the Panjshir Valley and a conviction of a Belarusian opposition leader.

The Taliban claimed Monday that they had conquered the Panjshir Valley and hoisted their flag over Bazarak, the last provincial capital of Afghanistan not firmly under their control, despite opposition forces there saying they would continue fighting from the mountains.

The Taliban never managed to control Panjshir, a rugged area 70 miles north of Kabul, when they last ruled Afghanistan from 1996 to 2001. It was the starting point for the US-led invasion following the September 11, 2001 attacks on New York and the Pentagon.

Soviet forces invaded the territory at least nine times during their occupation of Afghanistan in the 1980s, but were repulsed each time.

Details: Taliban militants posted pictures online of militants hoisting the flag of the Islamic emirate of Afghanistan, as the Taliban call the country, and of their troops speaking to local leaders.

Uncertainty: The National Resistance Front opposition group denied the Taliban’s claims to have conquered the entire province, but conflicting reports on what was going on on the ground were difficult to verify as internet and telephone connections to the region were cut.

A Belarusian court sentenced Maria Kolesnikova to eleven years in prison on Monday after a closed trial in the capital Minsk.

Kolesnikova tried to run for president last year. She and her colleague Maksim Znak, another opposition activist and lawyer, were charged with extremism, illegal seizure of power and damage to state security. Znak was sentenced to ten years in a high-security penal colony.

This was yet another sign of President Alexander Lukashenko’s relentless crackdown on dissent after an election widely condemned as a hoax by many Western governments. An estimated tens of thousands of opposition supporters have fled Belarus since the raid last year.

“This judgment is illegal and unfounded,” said the lawyer of the two, Yevgeny Pylchenko, and announced an appeal. “It’s not based on evidence. During the trial, neither her guilt nor the commission of the crimes of which she was charged was confirmed. “

Context: Kolesnikova became one of the most prominent opposition leaders in Belarus last year after the candidate she campaigned for was arrested and excluded from running. She threw her support behind Svetlana Tikhanovskaya, who competed in the race after her husband was also banned from running and jailed. She and a third candidate, Veronika Tsepkalo, drew tens of thousands of supporters to their pre-election rallies.

New Zealand announced on Monday that it would ease restrictions outside of Auckland, ending a series of lockdowns that began in August.

Residents outside of Auckland will be allowed to return to work and school, and the nationwide alert will be lowered to Level 2 from Wednesday morning, Prime Minister Jacinda Ardern said at a news conference.

Auckland, a city of around 1.7 million people, will stay at level 4, which means that everyone but the most important workers will have to stay at home. Schools will reopen on Thursday morning.

Context: New Zealand is one of the last countries to pursue a so-called Covid Zero strategy and enforce strong restrictions on movement and activity. Other governments that have used this strategy, including Hong Kong and Singapore, have announced that they will be easing their measures.

Data: The average number of new cases every day remains relatively low at 36, but New Zealand’s vaccination campaign has got off to a slow start: only 49 percent of the population have received at least one dose, less than 62 percent in the US and 72 percent in the UK.

Here are the latest updates and maps of the pandemic.

For other developments:

News from Asia

Little ringed plover, an endangered species of bird in the United States, has a defender when roaming the beaches of New York: the plover patrol. Volunteers monitor the area and ensure that people stay away, keep their dogs off the sand, and protect the chicks from harm.

Steven Pinker, the Harvard cognitive psychologist, advocates positivity in an uncertain age. Our talk columnist asked him about his latest book, which takes on rationality.

Your new book is driven by the idea that it would be good if more people thought more rationally. What mechanisms would get more people to test their thinking for rationality? Ideally, our norms of conversation would change. Relying on an anecdote, arguing ad hominem – that should be humiliating.

The most powerful way to get people to behave more rationally is by not focusing on people. We achieve rationality by implementing community rules that make us collectively more rational than any of us individually. People subject their beliefs to empirical tests.

Are there aspects of your own life where you are consciously irrational? The answer is almost certainly yes. I probably do things that I can’t justify morally, like eat meat. I am likely taking risks that, if I did the expected consumption calculation, could not be justified, like cycling. But I still like to ride my bike.

What about love There is nothing irrational about love. Ultimately, our values ​​are neither rational nor irrational. They are our values; these are our goals.

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VW, Ford, Daimler concern chip scarcity may persist for a while

Technicians work in the assembly line of the ID electric car. 3 car in Dresden, Germany, 8 June 2021.

Matthias Rietschel | Reuters

Automakers like Ford, Volkswagen, and Daimler are still grappling with the impact of global chip scarcity, with executives warning each of the companies that a silicon shortage is likely to remain a problem.

Volkswagen CEO Herbert Diess, Daimler CEO Ola Kallenius and Ford Europe CEO Gunnar Herrmann told CNBC’s Annette Weisbach on Monday at the Munich Motor Show that it is difficult to say when the complex problem will be solved.

Germany’s Volkswagen, Europe’s largest car manufacturer, has lost market share in China due to the chip shortage, said Diess.

“We are relatively weak because of semiconductor shortages,” he said. “In China we are more affected than the rest of the world. That is why we are losing market share.”

Diess said his colleagues in China had pushed for more semiconductors and called the shortage of chips a “really big concern”.

The Wolfsburg-based company expected an improvement in the semiconductor situation after the summer vacation, but that was not the case. Malaysia, where many of Volkswagen’s suppliers are based, has been hit hard by the coronavirus in recent weeks, which has led to several plant closings.

Diess said he believes chip scarcity issues will gradually resolve as countries reduce Covid-19 transmission, but he anticipates there will be a generalized semiconductor shortage for some time. “We will face a general shortage of semiconductors because the Internet of Things is growing so fast that there will be constraints that we are trying to address,” he said.

Commodity crisis

Ford Europe’s Herrmann, meanwhile, estimates the chip shortage could last until 2024, adding that it’s difficult to say exactly when it will end.

The shortage is said to have been exacerbated by the switch to electric vehicles. For example, a Ford Focus typically uses around 300 chips, while one of Ford’s new electric vehicles can have up to 3,000 chips.

Aside from chips, there are now other bottlenecks to contend with. Ford is facing a “new raw material crisis,” said Herrmann.

“It’s not just semiconductors,” he said, adding that lithium, plastics, and steel are relatively scarce. “You find bottlenecks or restrictions everywhere.”

Car prices will rise with rising raw material prices, said Herrmann.

Despite the imbalances, Herrmann said the order intake from Ford Europe was “fantastic” and “the demand is indeed extremely strong”.

No longer functional

Kallenius from Daimler hopes that the third quarter will be the “low point” of the disruptions. “That seems to be the quarter that will be hardest hit,” he said.

“We hope to get promoted again in the fourth quarter,” said Kallenius. “But there is a certain uncertainty that we have to deal with in our production system. It has to remain flexible.”

The chip shortage has affected the automotive industry like no other. Assembly lines have been shut down and some cars are now shipped without functions based on semiconductors.

In the UK, auto production hit a new low in July, marking the worst July performance for the industry since 1956.

The German technology and mechanical engineering group Bosch, the world’s largest automotive supplier, considers semiconductor supply chains in the automotive industry to be out of date.

Harald Kroeger, member of the Bosch board of directors, told CNBC last month that supply chains collapsed last year as the demand for chips in cars, PlayStation 5s and electric toothbrushes increased worldwide.

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Jacob Zuma of South Africa Is Granted Medical Parole

Jacob Zuma, the former president of South Africa, has been released on medical parole a little over two months after he was ordered imprisoned on contempt charges, triggering violent protests that devolved into deadly clashes and looting.

The government’s department of correctional services said in a statement on Sunday that Mr. Zuma’s parole had been “impelled by a medical report,” but it provided no details about the nature of his illness. Mr. Zuma was admitted to a hospital to undergo the first of several medical procedures last month, the department said then.

Mr. Zuma will serve the remainder of his 15-month sentence under supervision in the community corrections system, the department said, adding that he would be subjected to “supervision until his sentence expires.” But it gave no details about where exactly he would serve his parole.

His release comes after his staggering downfall as a once-celebrated freedom fighter who fought against apartheid alongside Nelson Mandela and was a powerful figure in the governing African National Congress.

Mr. Zuma, 79, was forced to step down in 2018 after being rejected by the A.N.C., threatened by a no-confidence vote in Parliament and abandoned by millions of voters. He was taken into custody on July 7 after South Africa’s highest judicial body found him guilty of contempt for refusing to appear before a commission investigating sweeping corruption allegations during his nine years as president.

John Steenhuisen, the leader of the Democratic Alliance, South Africa’s opposition party, said in a statement on Sunday that Mr. Zuma’s medical parole was “entirely unlawful” and made a “mockery” of the country’s correctional law.

“Jacob Zuma publicly refused to be examined by an independent medical professional, let alone a medical advisory board,” Mr. Steenhuisen said, adding that such an assessment was required under law in order for a prisoner to be granted medical parole.

Under South Africa’s correctional law, those eligible to be released for medical reasons include terminally ill inmates serving 24 months or less, those who are physically incapacitated and inmates suffering from an illness that severely limits their daily activity or capacity to care for themselves. The risk of reoffending must also be low.

“We appeal to all South Africans to afford Mr. Zuma dignity as he continues to receive medical treatment,” the correctional department said.

A foundation named after Mr. Zuma, which posted on Twitter that it welcomed the decision, said that he was still in the hospital.

But the One South Africa Movement, which focuses on policy solutions to South Africa’s development challenges, said in a statement on Twitter that the government’s decision had been questionable and lacked transparency.

When Mr. Zuma was detained in July, supporters denounced the arrest, arguing that he had been treated unfairly and that sentencing him to prison without a trial was unconstitutional. Some called for a shutdown of his home province, KwaZulu-Natal.

Protests led to several deaths, tens of millions of dollars in damage and the disruption of the nation’s coronavirus vaccination program.

President Cyril Ramaphosa deployed the military to curb the civil unrest, describing it as some of the worst in the country’s history.