Just musings, is all

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:


“U.S. feeling impact of China COVID changes, can ‘power through it’ -Treasury’s Adeyemo says”

By Andrea Shalal and Trevor Hunnicutt

December 20, 2022

WASHINGTON, Dec 20 (Reuters) – The U.S. economy is “already being impacted” by China’s latest COVID developments and energy shortages in Europe, Deputy Treasury Secretary Wally Adeyemo said on Tuesday, but it is in better shape than in the past to withstand such pressures.

Adeyemo, in a phone interview with Reuters, said he was feeling confident about the state of the U.S. economy after his trip to Europe last week, given continued momentum in job creation and economic growth, easing inflation and huge investments that would help reduce supply chain shortages in coming years.

“We’re already being impacted by those headwinds … but we’re more able to withstand that and power through it because of the policy choices we’ve made,” he said.

President Joe Biden enters the new year atop a mixed-picture economy that investors and CEOs warn could wither under global pressure and domestic price spikes, while facing a slim Republican majority in the U.S. House of Representatives likely to block major economic proposals.

He said he “definitely” hoped to join Vice President Kamala Harris on a visit to Africa next year, but gave no details.


We’re already being impacted by those headwinds but we’re more able to withstand that and power through it because of the policy choices Joe Biden and his pack of “BORROW REAL BIG AND SPEND LAVISHLY ON YOUR FRIENDS” Democrats have made?

Do tell, Wally, do tell:

“GlobalFoundries laying off about 220 at Fab 8 in Malta – Company is expecting revenue to drop in 2023, leading to cost cutting measures”

Larry Rulison, Albany, New York Times Union

Dec. 20, 2022

MALTA — GlobalFoundries is laying off roughly 220 employees at its Fab 8 campus at the Luther Forest Technology Campus.

The terminations are part of its ongoing company-wide cost-cutting program.

GlobalFoundries, which employs 14,000 people worldwide, announced earlier this year that it would be laying off about 800 people as it seeks to reduce annual spending by $200 million.

Although the company had just revealed record revenue and profit for the third quarter of 2022, the company is expecting key customers will be reducing its chip orders in the next six months as consumer spending on things like smartphones has suffered during record inflation.

There is also a risk of recession in 2023.

Since chip factories can cost between $5 billion and $15 billion to build and equip with manufacturing equipment, chipmakers can easily start losing money if their factories are not at full capacity.

The GlobalFoundries layoffs are awkward not only because they are being done around the holidays, but because GlobalFoundries and other chipmakers have been campaigning for the past year for Congress to pass the $52 billion CHIPS Act that provides the industry with billions of dollars in subsidies to expand their manufacturing operations in the U.S. as a counterweight to China’s rise and to re-establish the domestic semiconductor supply chain that has increasingly been moved overseas to Asia.

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:

One has to wonder what version of reality Wally Adeyemo, a Nigerian-American government official serving as the United States deputy secretary of the treasury under goofy old Joe Biden, himself a short-sighted, shallow thinker, who was the first president of the Obama Foundation and the director of African American outreach for the John Kerry 2004 presidential campaign, inhabits with his rosy predictions of our economic future, because the dude seems clueless as to what is happening in the real world outside of Washington that Wally has never really been in, being the political creature that he is, like Joe Biden, feeding off the American taxpayers like a parasite while being rewarded with a sinecure for political services rendered to the party:


“Micron sets 10% job cuts in 2023 due to ‘supply-demand mismatch'”

By Akash Sriram and Jane Lanhee Lee

December 21, 2022

Dec 21 (Reuters) – Chipmaker Micron Technology Inc on Wednesday forecast a much steeper-than-expected second-quarter loss and said it will lay off 10% of its workforce next year, citing a nagging glut in the semiconductor market.

“Due to the significant supply demand mismatch entering calendar 2023, we expect that profitability will remain challenged throughout 2023,” Micron chief executive Sanjay Mehrotra said.

Micron’s shares fell over 1% in extended trading.

They have fallen about 45% so far this year.

Red-hot inflation, rising interest rates, geopolitical tensions and COVID-19 lockdowns in China have led businesses and consumers to rein in expenses, hitting the PC and smartphone market and in turn the business of chip makers.

The situation was a quick U-turn from chip shortages last year that hit everything from laptops to car makers.

Micron, the first major chip maker to alert the market of the downturn over the summer, previously said it would be cutting investments in 2023.

It was not clear what its previous 2024 investment plans were.

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:

I’m thinking that if Wally and Joe can pony up another TRILLION of borrowed money with a “SAVE THE PROFITS OF THE CHIP FAB OPERATORS ACT,” which funds they can use to make a STRATEGIC CHIP RESERVE where they guarantee to purchase ALL the chips these CHIP FABS are producing, regardless of whether there is a use or need for them anywhere, you know, keep them on storage in government warehouses until the day comes when they can be used for something, that Joe and Wally can perform a real economical miracle and turn not only the industry around and make them profitable, which will be good for their shareholders, including Nancy and Paul Pelosi, but give the stock market a real good goose, as well, which takes us to the reality we all live in who are outside of the NEVER-NEVER LAND of Washington, D.C., also known as CLOUD CUCKOO LAND where everything is rosy all the time because Joe Biden and Wally say it is so, to wit:


“Wall Street tumbles on rate, recession worries, bleak chipmaker outlook”

By Sinéad Carew and Ankika Biswas

December 22, 2022

Dec 22 (Reuters) – Wall Street’s major averages closed sharply lower on Thursday with the technology-heavy Nasdaq leading declines amid investor worries that data showing a resilient economy would lead the U.S. Federal Reserve to keep hiking interest rates for longer than feared.

Micron Technology Inc’s glum forecast added to the downbeat mood and caused the semiconductor index to sharply underperform the broader market.

By 4:00PM ET, the Dow Jones Industrial Average fell 348.26 points, or 1.04%, to 33,028.22, the S&P 500 lost 55.84 points, or 1.44%, to 3,822.6 and the Nasdaq Composite dropped 233.25 points, or 2.18%, to 10,476.12.

The Philadelphia SE Semiconductor index sold off sharply while Micron’s equipment supplier Lam Research was leading the sector’s declines throughout the session.

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:

Is it a sign that I am not “open minded” because I happen to think Joe Biden’s declaration of economic war against China that is hurting American businesses by stripping them of access to global markets is a sign of madness and insanity on the part of Joe Biden?

Would I be “open minded” if I thought it was a good thing that Joe Biden was hurting American businesses with his economic war on China?

Or just stupid?

The Register

“US pressures Asian allies to join crusade against Chinese chipmakers”

Story by Tobias Mann

9 January 2023

US efforts to starve China’s semiconductor and tech industry of chips has entered a new phase: pressuring its allies to join its cause.…

Speaking with Japanese Prime Minister Fumio Kishida Sunday, US ambassador Rahm Emanuel emphasized the importance of a unified front restricting semiconductor exports to China, Bloomberg reports.

The talks come days before President Joe Biden is scheduled to meet with Kishida during a summit on Friday.

The US may be a major source of semiconductor intellectual property and patents, but the majority of chip manufacturing remains centered in the Asia Pacific.

As such, any efforts by the US to cut off China’s semiconductor industry will require the support of its allies.

In addition to Japan, the ambassador also reportedly highlighted the importance of South Korea — home to Samsung Electronics, the second-largest contract semiconductor manufacturer — and the Netherlands — home to ASML, which produces chipmaking equipment used in leading edge manufacturing.

Since the passage of the $280 billion US Chips and Science Act this summer, the Biden administration has stepped up its efforts to stifle China’s semiconductor industry.

Last fall, the US Commerce Department barred equipment vendors LAM research, KLA Corp, and Applied Materials from exporting their goods to Chinese chipmakers without explicit licensing.

In addition to denying access to chipmaking equipment, the Biden administration has also targeted Chinese chipmakers directly.

Last fall the Commerce Department added China’s largest memory manufacturer Yangtze Memory Technologies Company (YMTC) along with 35 other companies to its “Entity List.”

The move effectively banned the sale and export of US goods to these companies.

The Commerce Department has had some success cutting off Chinese access to foreign fabs and equipment vendors.

Under pressure from the US, the Dutch government blocked ASML from selling both its extreme-ultraviolet (EUV) and deep ultraviolet (DUV) lithography machines in China.

It’s unclear how ASML’s revenues could be affected by the decision.

The company’s China business accounts for roughly 15 percent of its annual revenues.

Some quick back-of-napkin math shows that cut off from the Middle Kingdom, ASML stands to lose more than $3 billion in annual revenues.

US sanctions have also hampered TSMC’s ability to do business with Chinese chipmakers.

Late last year, TSMC was reportedly forced to halt production of new GPUs for Chinese Alibaba and Biren because they exceeded performance limits set by US trade restrictions.

The US trade war against China certainly hasn’t been popular with TSMC.

During an industry event last month its CEO CC Wei complained that US efforts had hamstrung the company’s ability to do business.

His comments echoed those of TSMC founder Morris Chang who recently claimed globalization was on its last leg.

US sanctions are also expected to cost US equipment vendors billions in revenues over the next 12 months.

Following a ban on chipmaking equipment last fall, Lam Research warned investors that lost business in China would cost the company as much as $2.5 billion in revenues in 2023.

And in November, Applied Materials told investors US sanctions could end up costing the company as much as $2.5 billion in 2023, or about 10 percent of the company’s revenues in 2022.

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:

According to accounts, the Penn Biden Center for Diplomacy and Global Engagement, the location where some of the classified documents Joe Biden has stashed here and there, has or had a mission of engaging “fellow citizens in shaping this world, while ensuring the gains of global engagement are widely shared.”

Who exactly those “fellow citizens” might in fact be is never mentioned, nor is mention made of the world they are trying to shape the way Joe Biden wants it shaped.

But from Joe’s unceasing and unrelenting economic war on China that Joe is trying to get other countries to be stupid and join, China isn’t allowed to be a part of the “CLUB,” to wit:


“U.S. talks with Japanese, Dutch to yield no immediate China chip export curbs – source”

By Alexandra Alper

January 12, 2023

WASHINGTON, Jan 12 (Reuters) – The White House will discuss a recent crackdown on exports of chip-making tools to China with Japanese and Dutch officials during upcoming visits, but they will not result in “immediate” pledges from the two countries to impose similar curbs, a person familiar with U.S. officials’ thinking said on Thursday.

The Biden administration in October published a sweeping set of export controls, including measures tightly restricting Chinese access to U.S. chipmaking technology, as part of a bid to slow Beijing’s technological and military advances.

But it has not yet convinced key allies to put in place similar equipment curbs seen as essential to making the restrictions effective, since Japanese and Dutch firms Tokyo Electron Ltd and ASML Holding NV also are top producers of chipmaking equipment.

Upcoming meetings between U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida and Dutch Prime Minister Mark Rutte at the White House on Friday and next Tuesday, respectively, will provide forums to discuss the issue, said a person briefed on U.S. officials’ thinking.

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:

And it is not enough for him that the shallow-thinking, short-sighted Joe Biden has declared economic warfare on Russia and China, so he had to add Europe to his list of targets to attack, as well, which is leading to this backlash from Joe’s ostensible “allies,” to wit:

The Associated Press

“EU seeking to offset Biden’s green plans with own subsidies”

Story by Raf Casert

16 January 2023

BRUSSELS (AP) — From Paris to Stockholm and Brussels, European Union leaders and member nations were putting forward moves Monday to ensure the 27-nation bloc would not be left behind by the United States in the green industry race.

Talk of huge subsidies to prop up companies at home and fears of a race to the bottom that allows domestic production to muscle out competition are set to dominate the EU’s political agenda right up to a special economic summit Feb. 9-10.

The tipping point came when the $369 billion U.S. Inflation Reduction Act was approved last summer, which EU leaders see as an attempt to cut European firms out of the lucrative American market for clean energy technology like electric vehicles and excessively favors a “made-in-America” approach that discriminates against European multinationals.

Ever more forceful, EU nations want to counter it.

“We need to send a strong message that we will act to safeguard our industrial base.”

“It is crucial that the EU remains an attractive place to invest, innovate and produce,” EU Council President Charles Michel said Monday in Stockholm.

Not only does France want speed, it also wants much bigger subsidies.

“We want state aid that can be much more massive for certain sectors that we clearly identify — hydrogen, electric batteries, solar panels, semiconductors,” Le Maire said.

“There is not a moment to lose.”

Ever since the IRA was approved, the EU has been seeking to dull its sharpest measures, especially enticements offered for the production of electric vehicles on U.S. soil.

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Re: Just musings, is all

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Paul Plante says:

And let’s take a look at the subsidy war Joe Biden has triggered with his declaration of isolationism, nationalism, Jingoism and economic war against Europe, where European nations are now going to bribe U.S. chip makers to build their chip fabs in Europe, not here, by offering them bigger bribes, er, sorry, “economic subsidies,” than the bribes Joe Biden can pay them to build here instead by going to this Reuters article titled “Intel is committed to Germany chip plant, working with government – exec” by Jane Lanhee Lee and Hakan Ersen on January 17, 2023, where we have as follows on that subkiect, to wit:

HALF MOON BAY, Calif/FRANKFURT, Jan 17 (Reuters) – U.S. chip giant Intel Corp is committed to building its chip fabrication plant, or fab, in Magdeburg, Germany and is working out funding details with the government, according to Chief Global Operations Officer Keyvan Esfarjani.

end quotes

“Funding details” is a modern-day euphemism for “how big a bribe will you pay me to build here instead of in the US?”

Getting back to the story:

“We are committed to making the Magdeburg project successful,” Esfarjani told Reuters on the sidelines of Industry Strategy Symposium, a chip conference by Semi last week in Half Moon Bay, California.

“While we have to pace ourselves in this current environment, we can’t take our eye off the ball.”

The comments come after regional newspaper Volksstimme reported last month that Intel has backed away from its original target of starting chip factory construction in the eastern German city in the first half of 2023, saying the semiconductor giant wanted more public subsidies.

end quotes

“More public subsidies” is another modern-day euphemism for “how big a bribe will you pay me to build here instead of in the US?”

Going back to Reuters, we have more on that story of who can now pay the biggest bribes to get a chip fab built near them, to wit:

When asked about Intel’s investment, Germany’s economy ministry’s spokesperson told Reuters the government was in “constant exchange with Intel and the European Commission” about the project.

“The type and (maximum possible) amount of funding depends on approval by the EU Commission – and for this, clear benchmarks and data on the company’s project are needed.”

The newspaper report said inflation was increasing costs.

Esfarjani declined to comment on that but said, since the announcement, “geopolitical challenges have become greater, semiconductor demand has declined and inflation and recession are disrupting the global economy.”

end quotes

The statement about “geopolitical challenges have become greater” is of course a direct reference to the global disruption the isolationist and nationalistic policies of the Jingo Joe Biden has caused, and make note as well of the statement “semiconductor demand has declined,” which takes us back to Reuters once again, to wit:

He pointed out that Intel already purchased the land where the fab will be built late last year.

In March Intel announced Magdeburg as the site for its new mega chip manufacturing complex, a key part of its $88 billion investment drive across Europe.

Governments in Europe are still jockeying for Intel’s investments.

Last week Italy’s government also reiterated that it was determined to secure an investment by Intel.

end quotes

And that is the news!

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Re: Just musings, is all

Post by thelivyjr »


Paul Plante says:

So, by way of review here, on July 28, 2022, Joe Biden published his “Statement from President Biden on House Passage of CHIPS and Science Act to Lower Costs, Create Good-Pay Jobs and Strengthen Our National Security,” where Joe told us as follows, to wit:

“Today, the House passed a bill that will make cars cheaper, appliances cheaper, and computers cheaper.”

“It will lower the costs of everyday goods.”

“And, it will create high-paying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the future at the same time.”

end quotes

Of course, that was then and this is now which takes us to this Reuters article titled “Intel sees more losses as PC makers sharply cut chip buying; shares slump” by Jane Lanhee Lee and Chavi Mehta on January 26, 2023, where we have reality as it exists in the real world, not the dream world of Joe Biden, to wit:

Jan 26 (Reuters) – Intel Corp said on Thursday it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division.

Two of Intel’s most important markets are showing signs of weakness after two years of strong growth as remote work boomed during the pandemic.

Now, the PC industry is struggling with a glut of chips after demand for consumer electronics fell off a cliff and business customers wary of a recession are slowing spending on data centers.

end quotes

So what is Joe Biden’s solution for that – build more chip fabs with taxpayer money because in a falling market, we obviously need to spend taxpayer dollars on the ability to make even more chips, which is insane, which takes us back to Reuters for more, as follows:

“We expect some of the largest inventory corrections literally that we’ve ever seen in the industry taking place that’s affecting the Q1 guide in a meaningful way,” Intel Chief Executive Pat Gelsinger told Reuters.

“Everything hinges on the PC market recovery.”

“AMD isn’t immune to this either,” said Wayne Lam, an analyst at CCS Insight about Intel rival Advanced Micro Devices Inc.

“Don’t think we’ve seen the bottom for INTC…”

“They are not running a sustainable business model.”

Intel expects profit margins to fall further after dropping from 58.4% in the fourth quarter of 2020 to 39.2% in the fourth quarter of 2022.

“Its safe to say that ambitions to return to a 60% margin in the future is light years away,” said CFRA Research analyst Angelo Zino.

Shares of other microchip companies fell as well, with AMD down 2.6% and Nvidia Corp down 2%.

PC shipments fell 16.5% to 292.3 million units in 2022, per data from research firm IDC, forcing chipmakers to cut back production and slash revenue forecasts.

Shrinking PC demand also pressured Microsoft Corp’s More Personal Computing segment, which includes Windows, devices and search revenue, leading to a 19% drop in the segment in its second quarter.

Meanwhile, the data center market has also slowed from double-digit growth as businesses cut costs to ride out an economic slowdown.

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Re: Just musings, is all

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Paul Plante says:


“Intel’s ‘historic collapse’ erases $8 billion from market value”

By Aditya Soni and Nivedita Balu

January 27, 2023

Jan 27 (Reuters) – Intel Corp saw about $8 billion wiped off its market value on Friday after the U.S. chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market.

The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also struggled with slowing growth in the data center business.

Intel supplier KLA Corp settled 6.9% lower after its dismal forecast.



“Chip equipment maker KLA’s third-quarter forecasts disappoint, shares sink”


January 26, 2023

Jan 26 (Reuters) – U.S. chip toolmaker KLA Corp on Thursday forecast third-quarter revenue and profit below Wall Street estimates, the latest company to signal a hit from easing demand as customers seek to reduce excess inventory.

The company’s shares fell more than 5% in trading after the bell.

KLA had earlier said its systems & service revenues could be affected in the near term by the U.S. export regulations on the sale of U.S. semiconductor technology to China.

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Re: Just musings, is all

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Op-Ed: Biden’s GREEN Body Count

The following Op-Ed is written and submitted by Paul Plante.

How many times now have we heard it said by Democrat Joe Biden that for there to be progress, somebody has to be hurt?

Yes, people, as Joe Biden says, and he would know because he is president and presidents know these things, progress is indeed disruptive to the status quo and as we will soon see from the New York Daily News article “E-bike battery blaze in Queens kills man and hospitalizes 10 others: FDNY” by Nicholas Williams and Thomas Tracy on January 21, 2023, progress, especially the “green” progress being pushed by Joe Biden to save the galaxy and universe from global warming, which will make Joe a hero, “green” progress can be quite deadly, as well.

But as Joe says, people, we will not be conquered by things like these, because, well, they happen, how can there be progress afterall if somebody is not hurt, people being hurt a necessary and sure sign that progress is indeed being made, and as a people, and as a nation, we will endure and not only will we endure, but we will emerge from this a better people, a stronger people, a more equitable people and just all-around nice people, which is a win-win-win-win for the nation and Biden regime.

And so that we can see what I am talking about, and the glorious future “GREEN JOE” Biden is leading us into, however reluctantly on our parts, which is why we all need Joe as our leader, let’s go to the story to see what happened and why it is a sure sign of “GREEN PROGRESS”, to wit:

A man was killed and 10 others were hospitalized when a charging e-bike battery sparked a raging Queens fire that tore through a home near LaGuardia airport, police and fire officials said Saturday.

end quotes

So, okay, yes, somebody did get killed here, but that is part of how progress is achieved, by studying these things and learning from these things, which is how we become a better and stronger people, those of us who survive, anyway, which takes us back for more details, as follows:

The blaze is the first fatal fire sparked by the lithium-ion batteries used in e-bikes and electric scooters this year, FDNY officials said.

Last year, six people died in fires caused by these batteries.

“How many places have caught on fire because of these things?” stunned neighbor Anette Ruiz asked as she looked over pieces of the burned e-bike scattered on the ground outside the scorched brick-faced home.

“It’s very dangerous and they continue to sell these things,” Ruiz, 26, said.

“At the end of the day it’s harmful and people can lose their life.”

end quotes

But with run-away global warming that threatens to wipe us all out in the next year or so if we don’t go GREEN ON STEROIDS, that is a small price to have to pay.

Going back for more details, we have:

A charging e-bike in the first-floor hallway of the 89th St. home in Jackson Heights exploded into flames around 11 p.m. Friday, officials said.

“[It] sounded like pops from the backyard,” neighbor Steve Gutierrez said.

“I saw the black smoke coming from back there.”

A moment later, building residents were running into the street, Gutierrez, 23, recalled.

“They were calling for a ladder in Spanish,” he remembered.

“Once I saw the fire get on the electrical wiring, that’s when I was like ‘Ok, let’s get everyone out of the house.’”

The burning e-bike was next to a first-floor staircase when it caught fire, FDNY officials said.

The resulting inferno was so intense that it burned through the first-floor and second-floor staircases, causing them to collapse as firefighters entered the building.

With the staircases burned through, firefighters had to bring in portable ladders to get up to the second and third floors as the fire raged around them.

Firefighters found a man in his 60s on the second floor of the three-story home suffering from smoke inhalation.

He was rushed to Elmhurst Hospital where he died.

The victim’s name has not been released as cops try to track down family members.

Six other residents of the home — which included a 57-year-old woman, a 45-year-old man and a 33-year-old man — who were rescued from the building, were taken to area hospitals with smoke inhalation, but were expected to recover.

Four firefighters suffered minor injuries as the staircases they were on collapsed around them, an FDNY official said.

About 100 firefighters responded to the blaze, which took about an hour to snuff out.

The fire threatened to spread to other homes, but was contained before it damaged any other addresses, firefighters said.

end quotes

So, okay, people, yes, there was a fire and yes, somebody died as a result, and a lot of other people are now homeless, but that is the price of freedom from global warming and CO2, people.

Before that E-bike battery exploded and burned down the house, think how much CO2 it kept from going into the environment and causing global warming which could kill us all, while this fire only killed one person, which takes us back for more details, to wit:

Lithium-ion batteries were responsible for more than 200 fires in the city last year, FDNY officials said.

About 140 people have been hurt and six people have been killed in these fires, authorities said.

That’s more than double the number of lithium-ion battery fires the FDNY saw in 2021, when 100 fires were linked to e-bike and scooter batteries.

The FDNY has repeatedly warned about the dangers of placing e-bikes and scooters near staircases, which would cut off means of escape if they catch fire.

Fire officials have also cautioned against allowing the batteries to charge overnight.

Most of the batteries that spark fires are pre-owned and resold and not compatible with a new device or have been damaged by repeated wear and tear on the roads.

Some landlords, as well as several colleges, have banned lithium-ion battery-propelled scooters and e-bikes from their buildings because of the potential dangers.

The City Council is also considering legislation to regulate the sale of the batteries.

The U.S. Consumer Product Safety Commission sent a letter to 2,000 manufacturers and importers of e-bikes and other e-devices late last year urging them to comply with relevant safety standards due to an uptick in fires.

end quotes

And there we have it, people – signs of progress in the bold new GREEN WORLD of American president Joseph Robinette Biden, Junior, a true AMERICAN HERO if there ever was one!

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