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The Daily Brief: China’s Evergrande Threatens to Sink International Markets

China’s Evergrande Threatens to Sink International Markets

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Katrina.Tuliao, CC BY 2.0, via Wikimedia Commons

Summary:

  • Evergrande, a Hong Kong based property development group that made the 2021 Global Fortune 500 list, has warned of defaulting on its $300 billion debt causing shockwaves throughout financial markets.
  • Fear of contagion from Evergrande has caused uncertainty among investors as many look to liquidate their assets.
  • US stocks fell sharply on Monday reflecting unease regarding the Evergrande crisis.
  • The Dow plunged 885 points (2.57%) on Monday accompanied with a 2.56% fall in the S&P 500 and a 3.14% fall in the Nasdaq Composite.
  • Bitcoin and other digital assets such as EOS and Ether also faced a sharp drop on Monday morning with Bitcoin sinking as low as 10.7%.
  • The White House has assured the public that they are monitoring financial markets, however they stressed that Evergrande’s business was “overwhelmingly centered in China.”
  • European financial markets have been hit by the Evergrande crisis as well, with London’s FTSE 100 down 0.8%, Germany’s DAX down 2.3%, and France’s CAC down 1.74%.
  • El Salvador’s President Nayib Bukele welcomed the drop in Bitcoin, buying 150 additional coins for his country during the slump.
  • Sources:

CNN

Al Jazeera

Yahoo

  • Tweets:

US Eases Travel Restrictions for Vaccinated Visitors

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Ballota, CC BY-SA 4.0 , via Wikimedia Commons
  • US President Joe Biden intends to lift travel restrictions for those fully vaccinated against Covid-19 starting in November.
  • White House COVID-19 coordinator Jeff Zients announced the new policy on Monday, detailing that all foreigners entering the US must provide proof of full vaccination and a negative COVID test taken within 72 hours of their flight to the US.
  • The new policy is projected to help ease relations with Europe and boost the US tourism industry which was severely impacted by the pandemic and resulting 18 month travel ban from 33 countries including members of the EU, China, and India.
  • Sources:

NYT

Al Jazeera

  • Tweets:

School Shooting Leaves Six People Dead in a Russian University 

  • A student at a university in the Russian city of Perm opened fire on students and staff on Monday at 11 AM local time.
  • Six people were killed and an additional two dozen were wounded.
  • The attacker used a hunting rifle that he purchased in May, leaving many questioning the ‘strict’ gun laws of Russia.
  • Before the shooting the assailant stated “I’ve thought about this for a long time, it’s been years and I realised the time had come to do what I dreamt of..” on his now removed social media page.
  • Sources:

https://www.bbc.com/news/world-europe-58623160.amp

https://www.wsj.com/amp/articles/shooting-at-russian-university-kills-eight-11632132441

  • Tweets:

Paul Rusesabagina, Hotel Rwanda Star, Convicted on Terrorism Charges

  • 67-year-old Paul Rusesabagina was charged for terrorism after backing a rebel group responsible for deadly attacks in 2018 and 2019.
  • The film star will now face 25 years in prison, though his family claims the trial is a sham and that he was unjustly taken to Rwanda by force.
  • The US, where Rusesabagina resides, stated that they are concerned by the conviction.
  • The US said that “the reported lack of fair trial guarantees calls into question the fairness of the verdict”.
  • Rusesabagina was highlighted after speaking out about human rights abuses and claiming that Rwanda’s government was targeting Hutus, the Bantu-speaking people of Rwanda and Burundi.
  • Sources:

https://www.bbc.com/news/world-africa-58624691.amp

https://www.wsj.com/amp/articles/hotel-rwanda-hero-found-guilty-of-terrorism-related-charges-may-face-life-imprisonment-11632138741

  • Tweets:

Volcano Eruption on the Canary Islands Devastates Thousands

  • The Cumbre Vieja volcano on La Palma in the Spanish Canary Islands erupted Sunday sending lava downhill.
  • 5,500 residents have had to evacuate the area and roughly 100 homes have been destroyed.
  • Thankfully, no casualties have been reported yet, however mandatory evacuations for four villages have gone into place.
  • Sergio Sarti, a resident on the island stated “I fear further big eruption of the volcano…It’s like 200 metres altitude of fire, and then a big river of lava that is going closer and closer to the coast. I saw how many houses were covered by lava, and families crying. We didn’t expect this to happen now. I was walking near the volcano when it exploded. I didn’t expect it.”
  • Sources:

https://www.bbc.com/news/world-europe-58620555.amp

https://www.nytimes.com/2021/09/19/world/europe/thousands-evacuated-as-canary-island-volcano-erupts.html

  • Tweets:

https://twitter.com/cleavon_md/status/1439748640298385415?s=21

Bee Swarm Kills 63 Endangered Penguins 

  • In what is being called a ‘fluke’ occurrence more than 60 penguins from the Boulders African penguin colony in Simon’s Town, south of Cape Town, were found dead.
  • The group appeared to have been attacked sometime between Thursday September 16 and Friday September 17 by a swarm of Cape honey bees.
  • The already limited 2,200 endangered penguins have now lost 63 healthy and likely breedable adult penguins.
  • David Roberts, a clinical veterinarian, stated “This is a very rare occurrence…We do not expect it to happen often, it’s a fluke…The penguins…must not die just like that as they are already in danger of extinction. They are a protected species.”
  • Sources:

https://gizmodo.com/bee-swarm-kills-63-endangered-penguins-in-fluke-occur-1847707457/amp

https://www.cnn.com/2021/09/20/africa/bees-kill-penguins-south-africa-scli-intl-scn/index.html

  • Tweets:

Tensions Over License Plates Rise at Kosovo-Serbian Border

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l&d, CC BY-SA 4.0 , via Wikimedia Commons
  • Tensions are rising at the Kosovo-Serbian border with Serbians protesting Kosovo authorities forcibly removing license plates of Serbian registered cars. 
  • Media officials have stated that Kosovo authorities have fired tear gas at Serbian protestors. 
  • Formerly, Serbian authorities have removed license plates from Kosovo registered cars for years. It now seems that the same is being done to enforce a tit-for-tat rule. 
  • Kosovo, a former province of Serbia, is not recognized by Serbia as a separate government and country of its own, rather as an administrative border. 
  • Sources:

https://apnews.com/article/europe-belgrade-serbia-kosovo-630abd36f11bbebed43f72f6f0482273

https://www.aljazeera.com/news/2021/9/20/kosovo-deploys-police-serbs-protest-amid-border-tension

  • Twitter:

Biden Administration Aims to Deport Haitian Immigrants to South Texas 

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Oxfam East Africa, CC BY 2.0 , via Wikimedia Commons
  • The Trump administration called the Haitians “aliens” and similarly by the Biden administration they are referred to as “irregular migrants”. 
  • As for the Haitian immigrants, thousands are waiting at the border in Del Rio, Texas for the Biden administration to create policies for immigrants regarding Title 42 asylum policies. 
  • The Department of Homeland Security has stated that about another  2,000 immigrants have been transferred to the Del Rio immigrant camp causing camp population to double to 14,600. 
  • Sources:

https://www.texastribune.org/2021/09/18/texas-immigration-border-deportations/

https://www.thedailybeast.com/trump-biden-its-all-the-same-for-haitians-getting-booted-from-texas

  • Twitter: 

Cuba Approves Vaccine for Children Ages Under 12 

  • As of Thursday Cuba will seek approval from the WHO for three COVID-19 vaccines.
  • Rolando Perez Rodriguez, the head of the research development at BioCubaFarma states that the vaccine campaign aims to vaccinate more than 90% of the population by November. 
  • Currently, more than 65% have received one dosage of the vaccine and 37% are fully vaccinated with three shots. 
  • Cuba created its own vaccine called the Soberana 2 along with a booster shot Soberana Plus. 
  • According to the CECMED, after authorizing the trials for ages 2-18 clinical trials stated that it was well tolerated amongst children and adolescents. 
  • Sources: 

https://www.ctvnews.ca/health/coronavirus/cuba-seeks-who-approval-of-covid-19-vaccines-as-toddlers-next-for-shot-1.5586429

https://www.verywellhealth.com/cuba-covid-vaccine-toddlers-5200687

  • Twitter: 

Anti-Vaccine Protests in Canada 

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Felton Davis, CC BY 2.0 , via Wikimedia Commons
  • Canadians for the most part have favored vaccine and mask policies 
  • Recently, anti-vaccine and mask protestors have been protesting outside hospitals and healthcare facilities.
  • Health care workers have been assaulted verbally and physically and extreme scenarios have included cancer patients being forced to walk through the mobs unmasked. 
  • Sources:

https://www.nationalobserver.com/2021/09/19/analysis/shocking-anti-vaccine-protests-plagued-canadas-election-spawned-resurgent-far

  • Twitter:

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Daily Brief

Salman Rushdie Severely Stabbed due to his Publication of the Book “The Satanic Verses”

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Salman Rushdie 2014
  • Salman Rushdie, an author, was severely stabbed in his neck and abdomen on stage by a suspect named Hadi Matar, causing him to be on a ventilator and potentially losing an eye.
  • An Iranian leader back in the 20th century wanted Rushdie killed because of his novel, Satanic Verses, that many Muslims found disrespectful. This led Salman to go into hiding for almost a decade.
  • Translators from different countries reading this book were harshly stabbed to death when the book came out and Iranian leader, Ayatollah Khomeini called for Salman’s execution for three million dollars.
  • The Iranian government has not yet responded to this issue, but many Iranians in the media claim him to be an apostate who later became an atheist.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

China Threatens Consequences if Pelosi Visits Taiwan

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800px Nancy Pelosi 47998984512
  • US House of Representatives Speaker Nancy Pelosi has landed inTaiwan. Prior to the visit, China’s Foreign Ministry has voiced their disapproval, stating that “China will take resolute responses and strong countermeasures to defend its sovereignty and territorial integrity.”
  • US Secretary of State Antony Blinken emphasized in response  that “The speaker will make her own decisions about whether or not to visit Taiwan,” and that the US is looking to Beijing to “act responsibly and not to engage in any escalation going forward.”
  • The US has made it clear that members of Congress routinely visit Taiwan and that this trip is non-threatening and has precedent. Even so, some officials have expressed concern that China may invade Taiwan’s air defense zone or send missiles near Taiwan in retaliation.
  • Pelosi has criticized China’s leadership and vocalized support for Taiwan in the past. She is currently on her tour of Asia, with scheduled visits to Singapore, Malaysia, South Korea and Japan.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

First Grain Ship Departs Ukraine After Six Months of Russian Blockade

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Odesa pristav
  • The first shipment of grain departed the port of Odesa on Monday after Russia’s blockade of Ukrainian ports for the last six months trapped around 20 million metric tons of wheat and corn.
  • Russia recently made a deal with Ukraine, brokered by the UN and Turkey, allowing grain exports to resume, appeasing fears of a global food supply crisis and rising prices.
  • Ukrainian Foreign Minister Dmytro Kuleba celebrated the shipment, calling it a “day of relief for the world, especially for our friends in the Middle East, Asia, and Africa.”
  • Ukrainian President Volodymyr Zelensky was more hesitant to celebrate the shipment, stating “it is too early to draw any conclusions and make any forecasts” and he wants to “see how the agreement works and whether security will be really guaranteed.”

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

Concerns Rise As US Teeters on the Brink of Recession

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US Stock Market Investing in the United States
  • The US economy declines for the second quarter in a row, causing, what other countries would consider, an economic recession. 
  • The prices for groceries, gas, and other basics are rising at the fastest pace since 1981. The US Central Bank is quickly trying to raise borrowing costs in order to cool the economy and ease the prices on goods, but with the contraction, at the annual rate of 0.9% in the 3 months to July, many are still getting concerned. 
  • President Biden struggles to convince the public that the economy is sound, with the unemployment rate at a low 3.6%. But with inflation in the US hitting 9.1% in June, the fastest price appreciation in 4 months, consumer spending has slowed at an annual rate of 1%. 
  • Many other countries, such as China and the UK, have been hit harder by the surge in energy prices and the War in Ukraine, causing risks from abroad. Other countries are facing much more serious problems and once they’re hit, their problems can spill over and affect the US. 

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

North Korea Could Possibly Be Preparing another Nuclear Test

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North Koreas ballistic missile North Korea Victory Day 2013 01
  • North Korea could be preparing a seventh nuclear test, especially after Mr. Kim announced that the country is fully ready for any military confrontation with the US at a Korean War Anniversary event. 
  • A US special representative in North Korea states that Jong-Un has tested an unprecedented number of missiles this year—31 to 25. Jong-Un also stated that threats from the US required North Korea to achieve the urgent historical task of strengthening its self-defense. 
  • Jong-un also stated that South Korea is reviving a plan to counter North Korea’s threat by mounting precautionary strikes; in June alone, South Korea launched 8 missiles of its own.
  • The North Korean regime is especially angry with South Korea’s new president Yoon Suk-yeol and his so-called Kill Chain strategy. This strategy allows South Korea to launch ballistic missiles and air strikes on North Korean targets if it ever feels threatened. 
  • North Korea has also not been getting as much engagement with Washington ever since Biden replaced Trump, and could be hinting at some sort of deliberate escalation by the North, and preparations have been underway at the Punggye Ri test site since March.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

Russia Limits Gas Supply to Germany

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Black Sea port of Theodosiya panoramio
  • Gazprom, a major Russian energy provider, has stated it will reduce the supply of gas to Germany by half via the Nord Stream 1 pipeline due to repair work. 
  • Germany has said that they see no technical reason for the decrease in gas supply. The European Union continues to accuse Russia of weaponizing energy, with Ukrainian President Volodymyr Zelensky stating, “This is an open gas war that Russia is waging against a united Europe.”
  • Ukraine and Russia signed an agreement to allow the export of grain via the Black Sea after Russia continued to block millions of tonnes from being exported. The next day, Russia struck missiles at the port, some of which hit the infrastructure of the port.
  • The US and Ukraine are optimistic that the agreement will still be implemented, with the US State Department stating, “Despite these attacks, we do understand that the parties are continuing preparations to open Ukraine’s Black Sea ports for food and fertilizer exports…we also continue to expect that the Black Sea agreement will be implemented.”

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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