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Lockdown Blamed As Knife Deaths In England And Wales Reaches Record Level

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Lockdown Blamed As Knife Deaths In England And Wales Reaches Record Level

Authored by Chris Summers via The Epoch Times (emphasis ours),

A forensic investigator recovers knives after man was arrested on Whitehall in Westminster, central London, on April 27, 2017. (Toby Melville/Reuters)

The number of deaths with a bladed instrument—mostly knives—in England and Wales was the highest since records began in 1946, with 282 people losing their lives between April 2021 and March 2022, according to a report by the Office for National Statistics (ONS).

The number of homicides using a knife or other sharp instrument went up by 19 percent from the previous year.

The increase was driven by an 18 percent increase in the number of young men dying, with the number of male victims aged 16 to 17 years jumping from 10 to 24.

One of those teenage victims was Levi Ernest-Morrison, 17, who was stabbed to death in Sydenham, southeast London after being chased by a gang armed with knives and a machete.

Alex Sprules, 17, was jailed for life for murder and Tyreese Ulysses, 19, was jailed for 13 years for manslaughter. Ulysses’s mother, Nichola Leighton, 36, was also jailed for life for murder. The trial heard she was outraged when Ernest-Morrison and his friends banged on her front door, rang her son, and then drove him and Sprules to hunt down the group.

Undated images of 17-year-old Levi-Ernest Morrison (L), who was stabbed to death by Alex Sprules (R), who was jailed for life for murder, in Sydenham, London, on April 10, 2021. (PA/Metropolitan Police)

The figures showed 177 knife homicide victims were white—an increase of 36 compared with the previous year—and 59 were black, of whom 25 were aged 16 to 24.

The ONS said black people had higher rates of victimisation—”the average rates per million population were around four times higher for black victims than white victims or victims of other ethnicities.”

The report did not analyse the ethnicity of perpetrators, as many of the homicide cases have not yet come to court.

The ONS report pointed out knives and machetes were used in 75 percent of teenage murders compared with just 40 percent of adult homicides.

Patrick Green, chief executive of the Ben Kinsella Trust, an anti-knife crime charity, blamed the COVID-19 pandemic and the lockdowns for making young people feel more “vulnerable.”

Green said: “As we emerged from COVID restrictions and those restrictions were lifted, we were seeing more evidence of young people made more vulnerable by COVID. Gangs are particularly good at picking up on vulnerabilities, are quick to pick them up and indeed lure young people and exploit them in criminal acts. We think there could be a link there.”

Green said he had carried out education workshops in London and Nottingham and had seen a “notable difference” in interactions with young people after the pandemic.

‘Some Feel Less Secure in Their Community Spaces’

He said: “Some feel less secure in their community spaces, more worried. We know that fear is a factor … in terms of carrying a knife. It’s one of the motivations. They feel safe carrying a knife and that alleviates the fear.”

Green said there were “a range of drivers for knife crime that reach deep into our society.”

We’ve got to not only tackle drugs and gangs, we’ve also got to tackle school exclusions, we’ve also got to tackle mental health provisions for young people,” he added.

Bruce Houlder, founder of Fighting Knife Crime London, said the rise in male teenage knife victims was “highly disturbing” and he said: “The long term failure of all governments in the last few decades to get to grips with social deprivation and the loss of hope among many young people needs to be heeded. As a nation we need to be ashamed that it has come to this.”

In March 2022 Tyler Hurley, 16, was stabbed to death with a zombie knife on a bus in Chadwell Heath, east London.

His killer, Carlton Tanueh, 18, was jailed for life for murder. The trial heard that Hurley and his friends had uploaded a music video to YouTube mocking a number of Tanueh’s friends.

A spokesman for the Mayor of London said: “Homicides, knife, and gun crime continue to fall in the capital, bucking the national trend. However, the mayor is clear that one death is one too many and the level of violence in London remains too high.”

“That’s why he continues to take action by investing in policing, expanding neighbourhood policing teams, and investing record amounts in early prevention and support programmes for young Londoners through London’s Violence Reduction Unit as we work to build a safer London for everyone,” he added.

The ONS analysed data held by the Home Office Homicide Index, which contains detailed information about each killing recorded by police in England and Wales.

It said “kicking or hitting” accounted for 116 homicides—17 percent of the total—and “strangulation or asphyxiation” was the cause of 14 percent of murders in which women were the victims.

There were 28 homicides by shooting, seven fewer than the previous year and 30 percent lower than a decade ago.

Tyler Durden
Sun, 02/12/2023 – 08:10

Mapping Europe’s Biggest Sources Of Electricity By Country

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Mapping Europe’s Biggest Sources Of Electricity By Country

Energy and electricity supply have become vital for nearly every European nation over the past year, as the region shifts away from its dependence on Russian fuel imports.

While many countries have been making progress in their energy transition away from fossil fuels, nearly half of European countries are still dependent on them as their primary source of electricity generation.

In the graphic below, Visual Capitalist Niccolo Conte maps out European countries by their top source of electricity generation using data from Electricity Maps and the IEA, along with a breakdown of the EU’s overall electricity generation by source in 2021.

Europe’s Electricity Generation by Energy Source

Europe has been steadily transitioning towards renewable sources of energy for their electricity generation, making considerable progress over the last decade.

In 2011, fossil fuels (oil, natural gas, and coal) made up 49% of the EU’s electricity production while renewable energy sources only made up 18%. A decade later, renewable energy sources are coming close to equaling fossil fuels, with renewables making up 32% of the EU’s electricity generation compared to fossil fuels’ 36% in 2021.

 

The expansion of wind and solar generation have been the primary drivers in this shift towards renewables, going from only generating 8% of the EU’s electricity in 2011 all the way to 19% in 2021. While this might still seem small, the EU’s share of wind and solar electricity generation is tied for first alongside Oceania when compared to other regions around the world.

While hydropower doesn’t make up as big of a share as other sources, it’s the most common primary source of electricity generation in Europe, playing an important role in providing renewable energy.

Nuclear energy is the largest single source of electricity generation in the EU and across Europe despite its decline over the past couple of decades. Back in 2001, nuclear energy made up one-third (33%) of the EU’s electricity generation, and in the following 20 years fell down to 25%.

The Primary Electricity Sources of Europe’s Major Nations

When looking at individual nations, the majority of Europe’s largest countries have fossil fuels as their largest primary single source of electricity.

Germany remains heavily reliant on coal power, which from 2017 to 2021 generated 31% of the nation’s electricity. Despite the dependence on the carbon intensive fossil fuel, wind and solar energy generation together made up more of Germany’s electricity generation at 33% (23% for wind and 10% for solar).

France is Europe’s largest economy that primarily relies on nuclear power, with nuclear power making up more than half of the country’s electricity production.

Italy, the UK, and the Netherlands are all primarily natural gas powered when it comes to their electricity generation from 2017 to 2021. While Italy is the most reliant of the three at 42% of electricity generated by natural gas, the Netherlands (40%), and the UK (38%) aren’t too far off.

Spain is an outlier among major European nations and a success story in a transition towards renewable energy sources. While in the period from 2017-2021 the country was primarily dependent on natural gas (29%), in 2022 natural gas’ contribution to electricity generation fell to 14% as wind rose up to become the primary electricity generator with a 32% share.

Accelerating the EU’s Energy Transition

Since Russia’s invasion of Ukraine, energy independence in the EU has become of utmost importance, and countries have taken the opportunity to accelerate their transition towards renewable energy sources.

A new report from Ember highlights how the transition made considerable progress in 2022, with solar and wind power (22%) overtaking natural gas (20%) in electricity generation for the first time ever.

While 2022 did see an increase in fossil fuel electricity generation for the EU, Ember is expecting it to decline in 2023 by as much as 20%. If the EU can sustain this accelerated shift away from fossil fuels, this map of primary energy sources of electricity generation could feature many more renewable and low-carbon energy sources in the near future.

Tyler Durden
Sun, 02/12/2023 – 07:35

Germany: ‘Last Generation’ Climate Protesters Miss Court Date Because They Flew To Bali

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Germany: ‘Last Generation’ Climate Protesters Miss Court Date Because They Flew To Bali

Authored by John Cody via Remix News,

Two climate activists who blocked traffic in the German city of Stuttgart earlier this year missed their court date because they flew to Bali and Indonesia, for a round trip of 23,000 kilometers producing 7.9 tons of CO2 emissions.

In September 2022, Yannick S. and his girlfriend Luisa S., both members of the Last Generation activist group, blocked commuter traffic in Stuttgart. The two were cited by police, but when their court date arrived, it was revealed that neither could attend because they were on the other side of the planet on vacation.

The two climate activists are now being held up as an example of the hypocrisy of many such activists who come from wealthy families that can afford the type of backpacking trip typical of this social class. At the same time, many of these same individuals have blockaded airports, arguing that airplanes are responsible for a significant amount of CO2 emissions and are only available to the “wealthy” percentage of the population.

Both individuals were summoned to the district court in Bd Cannstatt, where the 24-year-old and his 22-year-old girlfriend were supposed to be tried. When the judge asked the other defendants in the case where the couple was, they replied they were on vacation in Thailand, with plans to then travel on to Bali.

The case prompted a spokesman for Last Generation to say that they are permitted to take a vacation as “private individuals.”

They booked the flight as private individuals, not as climate protectors. You have to keep that separate,” he said.

Yannick S. and his girlfriend Luisa S. are not the only two climate activists who have been called out for their double standards. World leaders, academics, and CEOs who arrived at the latest World Economic Forum in Davos on a fleet of private jets were harshly ridiculed for their relentless focus on climate change despite their own personal consumption habits.

In addition, Luisa Neubauer, the spokeswoman for “Fridays for Future,” has also been accused of hypocrisy for her travels to Indonesia, China, Hong Kong, Namibia, Canada, and Morocco when she was 26. The German climate activist has been nicknamed “long-distance Luisa” on social media.

Tyler Durden
Sun, 02/12/2023 – 07:00

Censorship Operations: COVID, War, And More…

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Censorship Operations: COVID, War, And More…

Authored by William Spruance via The Brownstone Institute,

Wednesday, Congress held a hearing on Twitter’s censorship of The New York Post and its coverage of Hunter Biden’s laptop. While House Republicans focused on issues like shadowbanning and government collusion with Big Tech, Rep. Jamie Raskin and other Democrats advocated for increased censorship from Silicon Valley companies.  

Raskin argued that the committee would be better served focusing on “the real threats of massive Russian disinformation and white nationalist violent incitement on social media.” 

Like the Biden Administration’s usurpation of the First Amendment, Raskin’s cohort’s goal is censorship and the accompanying augmentation of state power, not challenging the veracity of opponents’ arguments or claims.

In “Shouting Covid in a Crowded Theater,” I discuss how officials in the Biden Administration use wartime rhetorical strategies to slander dissidents. In doing so, they conflate dissent with threats to public safety to censor critics. 

When discussing public health, the regime consistently uses labels of “misinformation” and “disinformation.” But the more we learn about government operations, the more it appears that these labels are references to inconvenience, not falsity. 

This strategy extends beyond the country’s COVID response. 

Wednesday morning, Seymour Hersh published “How America Took Out The Nord Stream Pipeline.” 

The Nord Stream 1 and 2 Pipelines exploded in September 2022. The Nord Stream 1 has delivered natural gas from Russia to Europe for over a decade, and Russia was developing the Nord Stream 2 at the time. Outlets like The New York Times called the explosions “a mystery.” 

The sabotage presented a major energy crisis for the United States’ European allies. Europe imports nearly 40% of its gas from Russia, and the Nord Stream 1 was responsible for delivering approximately one third of that supply

Now, Hersh reports that “the United States executed a covert sea operation” with Navy divers to sabotage Russia’s pipelines with explosives. 

For a less obsequious press corps, this should have been an easy story to crack. 

In the weeks leading up to Russia’s invasion of Ukraine in 2022, President Biden announced his intention to act against the pipelines in the event of war. 

“If Russia invades… there will be no longer a Nord Stream 2,” he told reporters. “We will bring an end to it.” 

“How will you do that exactly?” a reporter asked. 

“I promise you we will be able to do it,” President Biden said with a slight smile. 

Under Secretary of State for Political Affairs Victoria Nuland was equally as explicit. 

“I want to be very clear to you today,” she told reporters in January 2022.

“If Russia invades Ukraine, one way or another Nord Stream 2 will not move forward.” 

In September, Russian President Vladimir Putin blamed “Anglo-Saxons” in the West for “terror attacks” on the pipelines. “Those who profit from it have done it,” Putin told the press.

President Biden chastised Putin’s accusation for “pumping out disinformation and lies.” 

“Just don’t listen to what Putin’s saying,” Biden added.

“What he’s saying we know is not true.”

White House National Security spokeswoman Adrienne Watson backed up Biden’s claim, referring to Putin’s accusation as “Russia’s disinformation.” 

Russia’s U.N. ambassador also implied that the United States had been involved in the sabotage. Richard Mills, U.S. deputy ambassador to the U.N., responded by calling the claims “conspiracy theories and disinformation.”

Despite the Commander and Chief’s explicit announcement that he would take action against the Nord Stream pipeline, a credulous press corps has dutifully parotted government talking points that accusations of western involvement in the sabotage are “baseless” “misinformation,” “disinformation,” and “conspiracy theories.” 

This all follows a similar pattern to the informational warfare of the Covid era: an inconvenient narrative arises, the government and lemmings in the media slander it as false and dangerous, and, months later, the dispute in question turns out to be true (or at least highly plausible). 

Arguments over natural immunity, vaccine efficacy, masks, the lab leak hypothesis, school shutdowns, lockdowns, and the scientific basis of social distancing are just a few examples that followed this cycle of reporting. 

This was the same pattern as The New York Post’s coverage of the Hunter Biden laptop. Now, at hearings to investigate corruption that implicated Big Techintelligence officials, and the federal government, Raskin and his cohorts return to their familiar censorship ploys. 

For censors, augmentation of power, not truth, remains the chief objective. To achieve this goal, they conflate dissent with domestic terrorism.

For example, the Department of Homeland Security’s “National Terrorism Advisory Service” listed misinformation and disinformation as terrorism threats in February 2022. The memo identified these threats as efforts to “undermine public trust in government.” 

Regarding both Covid and Ukraine, the most powerful forces in the country have repeatedly lied and misled the American public. They censor critics to protect their delicate narratives of fiction, and they attack others for the public’s waning trust in government. 

Hersh’s article pierces through the hegemonic narrative; hopefully, exposing their lies and warmongering will disrupt their ploys for censorship and power. 

Tyler Durden
Sat, 02/11/2023 – 23:55

Japan’s Government Adopts Nuclear Energy Policy In Major Turnaround Amid Energy Crisis

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Japan’s Government Adopts Nuclear Energy Policy In Major Turnaround Amid Energy Crisis

Authored by Aldgra Fredly via The Epoch Times,

Japan’s government on Feb. 10 adopted a policy seeking to maximize the use of nuclear power in a bid to stabilize the country’s energy supply amid soaring energy costs fueled by the prolonged war in Ukraine.

The new policy marks a major turnaround from Japan’s previous policy of reducing its reliance on nuclear energy and shutting down most of its nuclear reactors in the aftermath of the 2011 Fukushima disaster.

Under the new policy, the government will set up a final disposal site for the proper disposal of radioactive waste generated during nuclear energy production. It also calls for the development of advanced reactors.

In addition, it will allow extending the lifespans of nuclear reactors beyond the current maximum of 60 years and replacing aging nuclear reactors with new ones to ensure a stable power supply.

The government also aims to issue green transformation bonds to raise 20 trillion yen ($15.789 billion) to procure funds for decarbonization projects, Kyodo News reported.

The plan includes a target of raising about 150 trillion won ($118.35 billion) in public and private investments over the next 10 years for such projects.

Japan had only allowed 10 of the 33 operable nuclear reactors to restart after the Fukushima nuclear disaster. But rising energy prices, along with Russia’s invasion of Ukraine, and power outages during the summer and winter pushed the government to revive some nuclear plants.

The stark policy turnaround comes after Prime Minister Fumio Kishida said in August last year that Japan would look at developing next-generation reactors and ordered the industry ministry to set up a policy plan to widen the use of nuclear energy.

“In order to overcome our imminent crisis of a power supply crunch, we must take our utmost steps to mobilize all possible policies in the coming years and prepare for any emergency,” Kishida said.

On June 27, 2022, the government issued a warning about the tight power supply as Japan endured an extreme heat wave. It also issued an energy warning in March 2022 due to cold weather and power plant outages caused by an earthquake near Fukushima Prefecture.

South Korea’s Nuclear Energy Plan

Governments across Europe and Asia are also extending the life of their aging nuclear fleets, restarting reactors, and dusting off plans to resume projects shelved after the Fukushima disaster.

South Korea’s nuclear power reactor under construction at the time—Shin-Kori 3 and 4 called APR-1400—in Gori near the southern port of Busan, on Feb. 5, 2013. (Jun Yeon-Je/AFP via Getty Images)

South Korean President Yoon Suk-yeol has reversed the previous administration’s plan to phase out nuclear energy and pledged to boost investment in the industry and revive its status as a key exporter of safe reactors.

“If the people who were pushing the nuclear phaseout had actually seen the industrial ecosystem for themselves, I doubt they could have made that decision,” he was quoted as saying by local outlet Hankyoreh.

The government said on July 5, 2022, that it will restart construction on two nuclear reactors at the Shin-Hanul nuclear plant, which had been stalled since 2017 under the previous administration, and continue to operate nuclear energy facilities that are already running.

Restarting construction reactors and exporting nuclear power are part of the South Korean Energy Ministry’s plan to achieve the nation’s policy goals of ensuring energy security and attaining “carbon-neutral goals” amid global energy supply chain pressures.

Yoon’s administration also plans to increase the contribution of nuclear power in the country’s energy mix to 30 percent or more by 2030.

Nuclear power currently makes up roughly 27 percent of the country’s energy mix. According to the World Nuclear Association, South Korea currently has 25 nuclear reactors in operation. It also constructed four nuclear reactors in Barakah, the United Arab Emirates.

Tyler Durden
Sat, 02/11/2023 – 22:45

Biden Administration Ready To Unleash A $27 Billion Green Slush Fund

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Biden Administration Ready To Unleash A $27 Billion Green Slush Fund

Authored by Mike Shedlock via MishTalk.com,

Biden slush fund money is now looking for a home. A battle is on over who gets to waste it…

Biden’s $27 Billion Clean Energy Catalyzer Slush Fund

Competition is stiff over who gets first access to Biden’s $27 Billion Clean Energy Catalyzer slush fund.

The US government is getting ready to unleash $27 billion to fund projects in disadvantaged communities that cut greenhouse gas emissions and boost clean energy. The cash infusion from last year’s sweeping climate and tax law is meant to drive the deployment of solar panels, heat pumps and electric vehicles in underserved places around the nation.

But even before the government formally seeks funding applications, hundreds of potential recipients are jockeying for the money. The competition pits credit unions and community development institutions against a national not-for-profit organization that says it should collect much of the haul and be a clearinghouse for the taxpayer dollars, making it the first-ever US-government-minted green bank. 

At stake is the fate of an unprecedented effort by the US government to fight climate pollution and environmental injustice at the same time

States and tribes are set to get $7 billion. The remaining $20 billion is available for “eligible” nonprofits to provide financial assistance to national, regional, state and local projects, with at least 40% of the funding put to work in low-income and disadvantaged communities.

The law offers little guidance on who those eligible recipients might be. 

The Coalition for Green Capital, a nonprofit that supports regional green banks, argues it should be the main repository for the $20 billion, making it a nationwide clearinghouse for the funding. 

The money “will not reach low-income and disadvantaged communities unless funding is provided to financial institutions with specialized expertise in serving them,” said the Rural Community Assistance Corporation, which supports organizations serving low-income people living in the rural West.

Environmental Justice Now

This “green bank” meme is so much BS I hardly know where to begin. 

At least half of this money is sure to go to obviously absurd boondoggles. Most of the rest will be wasted in ordinary graft. 

We don’t know who the recipients are yet, but fancy names are sure to help. 

I have come up with perhaps the perfect name for a company competing for slush money: Green Solutions Trust Fund 

In practice, it will not be green. It certainly will not solve anything. And if there is any trust, it will be seriously misplaced

*  *  *

Please Subscribe to MishTalk Email Alerts.

Tyler Durden
Sat, 02/11/2023 – 22:10

Rep. Chip Roy To Roll Out Bill Aimed At Cutting Manufacturing Reliance On China

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Rep. Chip Roy To Roll Out Bill Aimed At Cutting Manufacturing Reliance On China

Authored by Eva Fu via The Epoch Times (emphasis ours),

A group of Republicans led by Rep. Chip Roy (R-Texas) is set to introduce a bill aimed at bringing manufacturing back to the United States and restoring economic independence from China.

Rep. Chip Roy (R-Texas) speaks at a press conference about the National Defense Authorization Bill at the U.S. Capitol in Washington on Sept. 22, 2021. (Kevin Dietsch/Getty Images)

Despite rising political tensions between the world’s top two economic powers, U.S. trade with China has steadily grown, setting a new record last year.

At $690.6 billion, according to official U.S. data released on Feb. 9, the level of bilateral goods trade between the countries was a demonstration of how commercially intertwined the countries are, though unfair trade practices from Beijing have for years been an eyesore for the United States.

The Texas lawmaker said he wants to change that by proposing what he dubbed the “BEAT CHINA Act.” By modifying the tax code, the lawmaker aims to give tax advantages to manufacturers moving to the United States from abroad, cutting down U.S. overdependence on China, the global manufacturing hub that in 2021 made up nearly a third of the world’s manufacturing output in 2021.

The Chinese Communist Party is the single greatest foreign threat to U.S. national security,” Roy told The Epoch Times ahead of the legislation’s release. “As long as we depend on China and the rest of the world to keep our shelves stocked, our economic prosperity, our political liberty, and our national security are all in grave danger.”

In 2020, the supply chain disruptions resulting from the COVID-19 pandemic put the world’s economic dependence on China under the spotlight. China’s dominance in the global production of medical supplies amplified shortages in the United States and around the world, prompting many experts to call it a “national security risk.” Since then, the severe lockdowns in China under the regime’s now-abandoned zero-tolerance virus policy frequently brought production to a standstill, intensifying supply chain woes for companies that source some of their components from China, such as Microsoft and Apple.

Read more here…

Tyler Durden
Sat, 02/11/2023 – 21:35

Scientists Fear Impending ‘Environmental Nuclear Bomb’ From Drying Great Salt Lake

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Scientists Fear Impending ‘Environmental Nuclear Bomb’ From Drying Great Salt Lake

Utah’s Great Salt Lake is facing unprecedented danger. Without a significant increase in water flow over the next several years, the lake might turn into dust. That’s where things could get dangerous for the 2.5 million residents around the lake. 

Recall we’ve already informed readers that declining water levels in the Great Salt Lake have created new challenges as dust laden with toxic metals threaten the region. It’s just now the worsening megadrought in the western half of the US has brought forward what some folks refer to as an impending ‘environmental nuclear bomb.’ 

In recent months, the lake level dropped to a historic low, exposing 800 square miles of lakebed that contain natural and artificial toxins, such as arsenic, mercury, and selenium.

As the drought situation deteriorates, the lakebed turns to dust and is whipped up into the air, which is ingested by the millions of residents surrounding it. Scientists told CNN the lake could evaporate within five years and trigger a “Great Toxic Dustbowl.” 

“This is an ecological disaster that will become a human health disaster,” warned Bonnie Baxter, director of the Great Salt Lake Institute at Westminster College in Salt Lake City, Utah. 

“We know about dust storms, we know about particulate pollution, we know about heavy metals and how they’re bad for humans,” Baxter told CNN. “We see a crisis that is imminent.”

Here are the latest images showing the Great Salt Lake water levels in 1987 on the left and 2022 on the right. 

Most alarming, if water inflows aren’t increased naturally or artificially, then the air surrounding Salt Lake City will eventually turn poisonous. That development could severely impact the local economy. Let’s hope that doesn’t happen. 

Tyler Durden
Sat, 02/11/2023 – 21:00

Shanghai Container Index Falls Into Triple Digits

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Shanghai Container Index Falls Into Triple Digits

By Gautham Krishnan of Container News

The Shanghai Containerized Freight Index (SCFI) issued after Chinese New Year 2023 saw the index fall into the triple digits, closing at US$995 for the week ending 10 February 2023.

This was a level last annexed in January 2020, the opening days of the pandemic phase. However, that wasn’t a first. These levels were seen in 2012, 2015 and 2017, indicating that the spot rates at least have now hit pre-pandemic levels.

The manufacturing struggle in China is still imminent as the latest figures for February suggest that the factory gates prices for Jan 2023 in China are still lower, hinting that the green shoots that were seen in early Jan 2023 owing to the relaxation of the Chinese Zero-Covid policy may have been a possible one-off.

Even as inflation in Europe sees recovery from the trough at the end of the third quarter of 2022, growth estimates in the global set-up for 2023, remain muted and hawkish. Add to that the scenario of the shipping world as 2023 stepped in 2022 January saw some of the highest congestions, while 40 days into 2023 seldom saw ports reporting 10+ waiting days, barring some, say the Baltimore port in the United States.

A string of new container ships will see joining the existing fleet in 2023, with the total growing by about 10% by the year’s end, should the delivery timelines remain intact. The fleet growth will be a little over a fourth of the existing fleet capacity, if one were to also account for the possible scrapping of older vessels, by 2027, given the robust order book activity across the yards.

The world’s largest vessel operator, MSC has a size of about 39% of the existing fleet capacity in various stages of a new building. All these could look to tame inflation in the medium term, but also put resistance on prices, indicating that while we aren’t sure of the extent of the fall coming, there could be upside resistance.

According to Chris Bryant, a Bloomberg οpinion columnist, Maersk foresees global container demand for the year to fall by 2.5%. It is also foreseeing the contract rates to fall and settle in line with the spot market. (It must already be seen that the long-term rates on Xeneta took a 13% dive, the previous month to register the fifth straight month of consecutive losses.) This could be a big hit in terms of the overall yield.

Rightly so, even the guidance numbers for the logistics giant stipulate the same. Its operating profit numbers for 2023 are seen somewhere between US$2-5 Billion for 2023, just about 6-15% of its 2022 numbers at US$31 billion. In fact, they are just a tad better than the 2019 numbers of US$1.7 billion.

On the flip side though, the rate of falls has come down significantly, at least on trade lanes which have borne the bigger brunt. The sharper falls in recent weeks have been attributed to the China-US East Coast and the Transatlantic trade.

While the former didn’t correct much in line with the China-Europe and China-USWC trade, thanks to the shift in cargo lanes from US West Coast to East Coast owing to port waiting times, the latter hit a high in terms of rates in the fourth quarter of 2022.

We also saw the Chinese Containerized Freight Index (CCFI), the cousin of the SCFI, pulling up a weekly gain post the Chinese New Year thanks to rates across China-Japan, China-South America and the Mediterranean & Persian Sea trade. Intelligent contracting measures and batching seem to be what the shippers should look out for in the near-term while also cautiously approaching the rate movements.

Tyler Durden
Sat, 02/11/2023 – 20:25

Decoding Google’s AI Ambitions (And Anxiety)

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Decoding Google’s AI Ambitions (And Anxiety)

Anyone who’s experimented with ChatGPT can get a sense of the potential of generative AI – even in the technology’s earliest stages.

As Visual Capitalist’s Nick Routley details below, the hype around AI was rising throughout 2022, and has reached a fever pitch today.

We’ve seen hype cycles swell around specific technologies before. Blockchain, Metaverse, NFTs, the list goes on. It remains to be seen what tangible value is created after the heat dies down, but in the meantime, some of the world’s biggest companies are taking it very seriously.

Google—which internally reoriented itself around AI years ago—is at the forefront of this movement, so the recent letter published by Google CEO Sundar Pichai is consequential.

After all, billions of people use Google Search to learn about the world, and Alphabet is one of the world’s most valuable, powerful tech companies. But before we “read between the lines” of the letter, it’s worth revisiting the larger context that this letter addresses.

OpenAI Has Entered The Chat

Artificial intelligence has been chalking up a number of wins in recent months, but it was DALL-E Mini and ChatGPT that really allowed generative AI to burst into the public consciousness. In fact, ChatGPT became so popular in a short amount of time, that Google declared an internal “code red” to address the issue. Leaders at Google were well aware of the disruptive power of conversational AI because they were already testing their own models internally.

Microsoft recognized the potential as well, and invested $10 billion in OpenAI, which runs ChatGPT as well as a number of other publicly-accessible AI tools. Microsoft’s intention was to bring the magic of ChatGPT over to their Bing search engine—and perhaps steal market share away from Google.

This sets the stage for what we’re seeing today. Essentially every big tech firm is singing AI’s praises, and Microsoft and Google appear to be entering into an AI race.

The AI Race is Heating Up

If there were any questions about how seriously Google was taking Microsoft’s new partnership with OpenAI, recent messaging should remove all doubt. The letter above, by Sundar Pichai speaks volumes while never straying far from official talking points. First, here is the high-level messaging in Pichai’s letter:

  • Google has already been in the AI game for years now

  • Bard is going to make Google search more ChatGPT-like

  • Google is only late to the party because they’ve been careful

On this last point: a message from the CEO, which reaffirms the company’s commitment to AI would normally coincide with a product launch, not one that will be released to the public “in the coming weeks”. This messaging highlights a key barrier that Google is facing. Fearing the “reputational damage” that could come from rolling products out prematurely, the company has been forced to move slower than the market now expects.

Google has already endured a painful misstep after reporters discovered an incorrect answer in a promotional video touting the conversational AI service, Bard. This simple mistake cost Alphabet $100 billion in market value—demonstrating how high the stakes are now that Big Tech’s AI progress is under the microscope.

The timing of this letter is also very telling. The letter was published the day before Bing rolled out new AI-enabled features to the public.

Let the jockeying for position begin.

Nobody Wants to be Left Behind

Google and Microsoft may be the biggest players battling it out in the AI space, but there are indicators all over that AI represents a massive technological shift that will impact a number of industries. From Fiverr’s “Open Letter to AI” to Baidu’s recent AI chatbot announcement, it seems that every day brings fresh news that fuels AI hype.

One thing’s for sure: AI will be integrated into digital tools in more noticeable ways. And for better or worse, we’ll all be participating the experiment.

Tyler Durden
Sat, 02/11/2023 – 19:50