Economy
GM, Ford halt some production as chip shortage worsens – ABC
The global shortage of computer chips is getting worse, forcing automakers to temporarily close factories including those that build popular pickup trucks.
General Motors announced Thursday that it would pause production at eight of its 15 North American assembly plants during the next two weeks, including two that make the company’s top-selling Chevrolet Silverado pickup.
China’s Alibaba to invest $15.5 bln for “common prosperity” – Reuters
China’s Alibaba Group (9988.HK), will invest 100 billion yuan ($15.5 billion) by 2025 in support of “common prosperity”, it said, becoming the latest corporate giant to pledge support for the initiative driven by President Xi Jinping.
Beijing has been encouraging companies to share wealth as part of the effort to ease inequality in the world’s second-largest economy. Other companies that have made similar announcements include Tencent Holdings (0700.HK), which also pledged 100 billion yuan, and Geely Automobile (0175.HK).
Gold & Crypto Jump As Dollar, Bonds, & Stocks Dump After Big Jobs Miss – ZeroHedge
The dismally disappointing payrolls print has prompted some serious kneejerk moves in the market.
Environment
The “solar cavalry” is coming to the rescue in New Orleans – Quartz
Utility workers are slowly bringing electricity back to Louisiana and Mississippi after Hurricane Ida wiped out much of the region’s power grid in the dawn hours of Aug. 30. But much of the region remains in the dark: 843,000 homes and businesses were without power as of the evening of Sept. 1, only about 11% less than immediately after the storm.
The meager progress so far is attributable to the restarting of a new natural gas-fired power plant in New Orleans which began operating in March 2020. It was designed as a backstop when a storm like this cut the city off from the regional power grid. Although offline for two days after Ida, the power plant is now a few thousand utility customers in the city. But for those in New Orleans across the region reliant on the thousands of power transmission poles knocked down by the storm, full restoration of electricity could take weeks or longer.
German carmakers reject environmental groups’ climate demand – Star Tribune
German automaker Daimler on Friday dismissed a “cease and desist” demand from two environmental groups to commit to ending the sale of combustion engine vehicles by 2030.
Lawyers for Greenpeace and the group Deutsche Umwelthilfe have threatened to sue Daimler, BMW and Volkswagen unless they sign a legal pledge not to put new gas-fueled vehicles onto the market from the end of this decade.
Health
Regulatory Capture in the Age of COVID-19 – Liam Cosgrove
Our healthcare system is broken, a fact nobody would have disputed in pre-COVID days. Regulatory capture is a reality, and the pharmaceutical industry is fraught with examples. Yet we trusted private-public partnerships to find an optimal solution to a global pandemic, assuming a crisis would bring out the best in historically corrupt institutions.
Teachers Not At Increased Risk From COVID-19: New Study Finds – ZeroHedge
Teachers are not at greater risk of hospitalisation as a result of COVID-19 infection than the rest of the population, a newly published study in the UK suggests.
“Compared with adults of working age who are otherwise similar, teachers and their household members were not found to be at increased risk of hospital admission with COVID-19 and were found to be at lower risk of severe COVID-19,” concluded the study that was published in the medical journal BMJ.
Researchers from Public Health Scotland and the University of Glasgow examined data on the pandemic in Scotland from March 2020 to June 2021, and found no evidence that the risk of hospitalisation with COVID-19 was higher among teachers than among other adults of working age in the general population.
The post Daily Digest 9/3 — GM, Ford Halt Some Production as Chip Shortage Worsens; China’s Alibaba to Invest $15.5 Bln for “Common Prosperity”… appeared first on Peak Prosperity.
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