By Lambert Strether of Corrente Bird Song of the Day This is Lyre Bird week at Naked Capitalism. The sound visualization does not disappoint! * * * Politics “But what is government itself, but the greatest of all reflections on human nature?” –James Madison, Federalist 51 “They had learned nothing, and forgotten nothing.” –Charles Maurice de Talleyrand-Périgord “When the going gets weird, the weird turn pro.” –Hunter Thompson Biden Adminstration “Biden has told Obama he’s running again” [The Hill]. “President Biden has told former President Obama that he is planning to run for reelection in 2024, two sources tell The Hill. The admission to Obama is the latest indication that Biden is likely to run for a second term, something the president has spoken about… [Read More...]

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Good morning.This article is our live version First FT communication.Sign up for our Asia, Europe/Africa or America Get it straight to your inbox every weekday morning China’s economy faster-than-expected growth In the first quarter, but official data showed consumer activity contracted as lockdown measures to combat the spread of Covid-19 weighed on the country’s outlook. After growing 4{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1} in the final three months of 2021, China’s GDP grew by 4.8{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1} year-on-year. On a quarterly basis, GDP grew 1.3{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1}. Retail sales, a measure of consumer spending, fell 3.5{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1} in March, the first contraction since July 2020, as authorities tightened restrictions in response to the country’s worst coronavirus outbreak in more than two years. The figures will add pressure to… [Read More...]

A vessel docked at a dock on the Louisiana coast is claiming its LNG cargo. Ice forms on pipelines when refrigerated fuel extracted from fields as far as Texas or Pennsylvania is sent to the insulated cargo holds of tankers for shipment overseas. Cheniere Energy’s Sabine Pass export terminal is one of seven export terminals operating in the United States, all of which are working at full capacity to meet the demands of an energy-hungry global market. Europe’s goal of reducing its reliance on Russian gas in response to Moscow’s war in Ukraine should be a bonanza for U.S. LNG exporters, the world’s largest gas producer. Investors in these specialty companies are bullish, which is reflected in Cheniere’s recent all… [Read More...]

The risk of prolonged stagflation in Britain increased after consumer prices surged more than expected and economic growth slowed to a crawl. Recent official and informal economic data fell short of analysts’ expectations, prompting many to warn of stagflation and even economic contraction in the second quarter of the year. Some experts say the government is not doing enough to help families with their problems. cost of living crisis due to soaring consumer price inflation. Opposition parties in parliament have also accused Chancellor Rishi Sunak of insufficient support for Britons dealing with rising energy and food bills. Stagflation, which refers to slow gross domestic product growth combined with high inflation, is a relatively rare economic condition that can put enormous pressure on consumers and businesses. Last week… [Read More...]

British households have canceled a record number of video subscriptions as they curb non-essential spending in response to a tightening cost of living, fueling fears that the pandemic-fueled streaming boom is over. In the first three months of this year, consumers left about 1.5 million video-on-demand accounts such as Disney Plus, Apple TV Plus and Now, according to analytics group Kantar. While 58{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1} of households retain at least one streaming service, down just 1.3{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1} from the end of 2021, the termination shows that viewers have become pickier About subscribing to multiple platforms. The desire to save money was the most important reason for programme cancellations, the researchers found, and young people were particularly wary of paying for TV on top of the £159 a year… [Read More...]

China’s economic outlook was already challenging at the start of the year, as President Xi Jinping’s crackdown on real estate and other high-growth industries rippled through the world’s second-largest economy. But that view has soured ahead of the April 18 release of estimates for first-quarter gross domestic product growth by the National Bureau of Statistics.At the same time, Xi Jinping’s government is grappling with Covid-19 nightmare The situation has swept through some of the country’s largest cities over the past month. Statistics released on Monday will contain only a fraction of the Shanghai closed cityChina’s most populous city and most important financial and manufacturing center, did not become a full-blown crisis until the end of March. Previously, large… [Read More...]

A Biden administration will restart oil and gas leasing on federal lands as it faces mounting pressure to reduce high oil prices, withdrawing from a freeze that had angered industry executives. About 144,000 acres of public land will be sold next week, the Interior Department said on Friday, marking the end of a moratorium on new leases imposed by the president during one of his earliest terms.In June last year, a federal court in Louisiana ordered the Biden administration Restart the rental program. The new leases will charge oil and gas producers higher royalties than before – 18.75 per cent compared to 12.5 per cent previously – and will significantly reduce the amount of land to be auctioned compared to the amount required by the industry. Interior Secretary Deb… [Read More...]

Good morning.This article is our live version First FT communication.Sign up for our Asia, Europe/Africa or America Get it straight to your inbox every weekday morning Happy Friday. How did you pay attention to the news this week?take our test. Singapore Finance Minister Huang Xuncai Prime Minister’s heir, The ruling People’s Action Party seeks to restore public support and cement the city-state’s status as an international financial hub. Prime Minister Lee Hsien Loong, who has been prime minister since 2004, announced on social media late Thursday that ministers backed Wong with “overwhelming support” to lead the so-called “fourth generation team” of the ruling PAP. The fourth-generation team is a group of young ministers lining up to… [Read More...]

The Texas governor faces growing calls to drop a vehicle inspection program that has led to blockades and long queues at the Mexican border, threatening billions of dollars in trade at an already strained supply chain. Mexican truckers have blocked major border crossings since Monday in protest against Governor Greg Abbott two paragraph letters last week. Transit times for commercial shipments have slowed to 10, 20 or even 30 hours in some cases, Mexican industry bodies said. The dispute has jeopardized the movement of goods worth billions of dollars between the two countries.total more than $440 billion Annual trade flows through U.S. states through the Texas-Mexico border crossing, according to data from the Texas Frontier Economic and Enterprise Development Center at Texas A&M International University. The… [Read More...]

In the spring of 2020, many pharmaceutical companies faced supply chain disruptions as the Covid-19 pandemic spread. The chemicals used to make key pharmaceutical ingredients are often sourced from only a handful of suppliers in China—sometimes from just one. The pandemic has revealed how reliant the global pharmaceutical supply chain is on China, even for the most basic ingredients. This is the final installment in a series of articles by Nikkei Asia about Beijing’s goal of becoming the center of the global pharmaceutical industry. This issue focuses on China’s market dominance of active pharmaceutical ingredients – a dominance that is being challenged by some Western countries as Covid-19 and geopolitical tensions expose supply chain vulnerabilities. read more here. a version of this article First published by… [Read More...]

The UK is now more populated worry about their financial situation Soaring inflation has become the top public concern, a large university study shows. In March, 38{da2ef7ff2781dfb5887db3e3a6cf03c7c894e23a27536de3f64bd799872794d1} of UK adults said they were worried about their finances, the highest percentage since the launch of the Covid Social Study by UCL in March 2020. By contrast, fear of contracting or contracting the coronavirus fell to 33 percent from 40 percent in January. All age groups report increases worry about their financial situation, but this figure reaches nearly half of the 30- to 59-year-old group, twice as many as the elderly. Of this middle-aged group, only about a third are concerned about the coronavirus. Lead author Professor Daisy Vancourt said the result “has been a cost-of-living crisis”. Vancourt… [Read More...]