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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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Philippine stock market board

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

Credit Suisse Found Guilty for Involvement in Money Laundering Scheme

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800px Credit Suisse Zurich
  • Switzerland’s Federal Criminal Court found Credit Suisse, Switzerland’s second largest bank, guilty for its involvement in a money laundering scheme involving a Bulgarian drug trafficking gang.
  • The bank is being fined 21 million Swiss francs ($22 million) due to its poor monitoring and implementation of anti-money laundering rules. More than 12 million francs worth of assets are also being confiscated due to their connection with the criminal group.
  • Credit Suisse has denied any wrongdoings and stated that it has been “continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards.”
  • This case originated from actions taken by a former employee in 2007 and 2008, and two other Bulgarian citizens’ actions in 2005 and 2009. Some of their sentences and fines were suspended due to the amount of time passed since the crimes took place.

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

Chlorine Gas Leak in Jordan Port City Kills Thirteen People

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Port Of Aqaba City
  • A gas leak in Aqaba, Jordan killed at least thirteen people and injured more than 250. A storage container carrying between 25 and 30 tonnes of chlorine gas fell as it was being exported to Djibouti, releasing the gas.
  • A video of the incident on state TV shows the container being dropped onto the deck of the ship and a yellow colored gas spreading through the air as people try to evacuate. The accident seems to be a result of the crane malfunctioning.
  • If chlorine is inhaled at high levels, it can cause life-threatening damage. A nearby beach in Aqaba was evacuated as a safety precaution, and residents who live in the nearest residential area, about 25 kilometers (15 miles) away, were advised to stay inside and close windows.
  • Jordan’s Prime Minister Bisher al-Khasawneh traveled to Aqaba and visited some of the injured at the hospital. He also formed a team led by the interior minister to investigate the incident.

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

Russian Missile Sets Ukraine Shopping Center on Fire

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781px Nevsky Centre Shopping Mall in Russia
  • A busy shopping center in Ukraine was set on fire by Russian missiles on Monday, killing at least thirteen people and injuring dozens. The total number of casualties is still unknown.
  • Ukrainian President Volodymyr Zelensky stated that “The number of victims is impossible to imagine” and that there could have been up to 1,000 people in the mall.
  • The attack came during the G7 summit, where world leaders condemned recent atrocities and promised to support Ukraine “for as long as it takes” in a joint statement. President Zelensky spoke to the leaders at the summit and stated that he wants the war to end before winter.
  • NATO has decided to increase the number of troops in its rapid reaction force from 40,000 to 300,000, more than eightfold. NATO Secretary-General Jens Stoltenberg stated this move is part of the “biggest overhaul of collective defense and deterrence since the Cold War.”
  • The United States has announced that it will provide Ukraine with advanced medium and long-range air defense capabilities.

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

World Watches as the United States Supreme Court Abolishes a Woman’s Right to an Abortion

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Defend Roe v Wade 0035 52061678896
  • The United States’ top justices voted to eliminate the constitutional right to an abortion, a law that had been in place for over 50 years.
  • The closely watched decision was heralded by some and derided by others, depending on their position on the controversial concept of a woman’s right to choose for her own body.
  • With the abolition of the constitutional right, it is expected that many states in the U.S. will implement near total bans of abortion rights, while other states such as California, Oregon and Washington have reaffirmed their commitment to preserve the right to an abortion.
  • Planned Parenthood, the advocacy face for abortion rights, is mobilizing around the country to bolster and increase services in those states that will preserve the right, and engage voters in those states that plan to abolish the right.

Tweets

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

The EU Approves Ukraine for Candidacy

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Munster Stadtweinhaus Beflaggung Ukraine und EU 2022 0219 scaled
  • The EU has finally approved the application of Ukraine to become a candidate country for admission to the 27- country organization. Ukraine will now join the official candidate list, which already includes Albania, the Republic of North Macedonia, Montenegro, Serbia, and Turkey. 
  • The US is expected to provide an additional $450m in security assistance to Ukraine. Which includes four more High Mobility Artillery Rocket Systems. 
  • The EU and Norway have agreed to cooperate and provide the EU’s 27 countries with gas from Western Europe’s biggest provider. The EU imports roughly ⅕ of its gas from Norway compared to the 40% it was receiving from Russia. Currently, Russia has been cutting gas supplies to countries refusing to pay for it in roubles. 
  • Melbourne is considering utilizing its largely vacant $200m Center for National Resilience building to house hundreds of refugees fleeing war-torn Ukraine and Afghanistan. The center will only be able to temporarily house about 500 refugees from Afghanistan and about 200 from Ukraine. 
  • Ukrainian Defense Minister Oleksii Reznikov thanked US Defense Secretary Lloyd Austin after receiving and welcoming the High Mobility Artillery Rocket Systems (HIMARS) from the United States. 
  • Nike joined other leading Western brands by formally making a full exit from Russia, three months after suspending its operations. Telecoms equipment maker Cisco is also planning to wind down business in Russia and Belarus as well.

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

US Supreme Court Expands Gun Carrying Rights Causing National Outrage 

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Open Carry of a 9mm Browning Hi Power in Eagle Colorado scaled
  • The US Supreme Court expanded gun carrying rights after a New York law denied the plaintiffs Robert Nash and Brandon Koch from carrying a concealed weapon in public, despite them having licenses for recreational gun ownership. 
  • The US court ruled that the New York law requiring residents to prove “proper cause” to carry a concealed weapon is unconstitutional. Justice Clarence Thomas, who represented the 6 justices who ruled in favor of the decision, stated that Americans have the right to carry “commonly used” firearms in public for personal defense. 
  • This decision comes amid an intense national debate over gun violence, and could possibly challenge the  outcome of similar regulations in other states, such as California and New Jersey, and affect a quarter of Americans by allowing more people to carry guns legally. 
  • Three liberal justices, Elena Kahan, Sonia Sotomayor, and Stephen Breyer, were against the majority decision, and Justice Breyer noted that “since the start of this year alone (2022), there have already been 277 reported mass shootings – an average of more than one per day.”
  • While the National Rifle Association (NRA) celebrated the judgment, President Biden stated that he was “deeply disappointed” by the court’s decision and that the ruling “contradicts both common sense and the Constitution, and should trouble us all.” 
  • New York Mayor Eric Adams also agreed with Biden and stated that he would review other ways to restrict gun access by restricting the application process for buying guns and looking into bans of firearms at specific locations. 

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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