THE CAPE CHARLES MIRROR OCTOBER 10, 2022 AT 10:03 PM
Paul Plante says:
Reuters
“Nasdaq registers lowest close since July 2020; chips stocks fall”
By Caroline Valetkevitch
October 10, 2022
NEW YORK, Oct 10 (Reuters) – U.S. stocks fell on Monday, with the Nasdaq posting its lowest close since July 2020, as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China’s semiconductor industry.
The Philadelphia SE Semiconductor index dropped 3.5% after the Biden administration published a set of export controls on Friday, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment.
Shares of Nvidia Corp fell 3.4%, while Qualcomm Inc, Micron Technology Inc and Advanced Micro Devices also ended lower.
http://www.capecharlesmirror.com/news/o ... ent-701592
MADNESS AND INSANITY IN A TIME OF JOE BIDEN
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 12, 2022 AT 10:44 AM
Paul Plante says:
Yes, indeed, madness and insanity in a time of Joe Biden as Joe takes on all the world to prove that when it comes to BIG DOGS on the world stage, Joe is the very biggest of them all:
Reuters
“Exclusive: KLA to stop sales and service to China to comply with U.S. export curbs”
By Josh Horwitz
October 11, 2022
SHANGHAI, Oct 11 (Reuters) – U.S. chip toolmaker KLA Corp will cease offering some supplies and services from Wednesday to China-based customers including South Korea’s SK Hynix in compliance with recent U.S. regulations, a source familiar with the situation said on Tuesday.
The move underscores huge business headwinds facing chipmakers and chip equipment makers around the world, as the Biden administration published a sweeping set of export controls on Friday aimed at slowing China’s progress in advanced chip manufacturing.
China is KLA’s largest geographic market, bringing in $2.66 billion in sales, or nearly 30% of its total revenue in the last fiscal year that ended in June, according to the company’s financial filings.
Under new U.S. regulations released on Friday, companies looking to supply Chinese chipmakers with advanced manufacturing equipment must first obtain a licence from the U.S. Department of Commerce.
The source, who declined to be identified due to the sensitivity of the matter, said staff in China received an email from KLA’s legal department stating that effective 11:59 p.m. local time (1559 GMT) on Tuesday, the company shall stop sales and service to “advanced fabs” in China for technology of NAND chips with 128 layers or more, and DRAM chips 18nm and below, and advanced logic chips.
The source added that the company would also cease supplying China chip plants owned by Intel and SK Hynix, the world’s second-largest memory chipmaker.
SK Hynix reiterated its stance that it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China.
Intel did not immediately respond to a request for comment.
China’s two leading memory chipmakers – Yangtze Memory Technologies Co Ltd (YMTC), Changxin Memory Technologies Inc (CXMT) – and contract chipmaker Semiconductor Manufacturing International Corp (SMIC) are among the major customers affected by the U.S. export control.
Shares in KLA tumbled nearly 5% on Monday, hit by the latest U.S. export control measures.
Along with Lam Research Corp and Applied Materials Inc, KLA is among top U.S. toolmakers now required to halt shipments to wholly Chinese-owned factories producing advanced chips.
http://www.capecharlesmirror.com/news/o ... ent-702507
Paul Plante says:
Yes, indeed, madness and insanity in a time of Joe Biden as Joe takes on all the world to prove that when it comes to BIG DOGS on the world stage, Joe is the very biggest of them all:
Reuters
“Exclusive: KLA to stop sales and service to China to comply with U.S. export curbs”
By Josh Horwitz
October 11, 2022
SHANGHAI, Oct 11 (Reuters) – U.S. chip toolmaker KLA Corp will cease offering some supplies and services from Wednesday to China-based customers including South Korea’s SK Hynix in compliance with recent U.S. regulations, a source familiar with the situation said on Tuesday.
The move underscores huge business headwinds facing chipmakers and chip equipment makers around the world, as the Biden administration published a sweeping set of export controls on Friday aimed at slowing China’s progress in advanced chip manufacturing.
China is KLA’s largest geographic market, bringing in $2.66 billion in sales, or nearly 30% of its total revenue in the last fiscal year that ended in June, according to the company’s financial filings.
Under new U.S. regulations released on Friday, companies looking to supply Chinese chipmakers with advanced manufacturing equipment must first obtain a licence from the U.S. Department of Commerce.
The source, who declined to be identified due to the sensitivity of the matter, said staff in China received an email from KLA’s legal department stating that effective 11:59 p.m. local time (1559 GMT) on Tuesday, the company shall stop sales and service to “advanced fabs” in China for technology of NAND chips with 128 layers or more, and DRAM chips 18nm and below, and advanced logic chips.
The source added that the company would also cease supplying China chip plants owned by Intel and SK Hynix, the world’s second-largest memory chipmaker.
SK Hynix reiterated its stance that it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China.
Intel did not immediately respond to a request for comment.
China’s two leading memory chipmakers – Yangtze Memory Technologies Co Ltd (YMTC), Changxin Memory Technologies Inc (CXMT) – and contract chipmaker Semiconductor Manufacturing International Corp (SMIC) are among the major customers affected by the U.S. export control.
Shares in KLA tumbled nearly 5% on Monday, hit by the latest U.S. export control measures.
Along with Lam Research Corp and Applied Materials Inc, KLA is among top U.S. toolmakers now required to halt shipments to wholly Chinese-owned factories producing advanced chips.
http://www.capecharlesmirror.com/news/o ... ent-702507
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 13, 2022 AT 8:30 PM
Paul Plante says:
These Biden-istas are insane!
There is no other word for it!
Unable to build themselves, they are obsessed with destroying what others have built, regardless of the harm they cause to the civilized world, and if they have to totally upend global markets to cause harm to Russia, who Joe Biden is terrified of along with China, they are ready and willing to do so, to wit:
Reuters
“U.S. may block Russian aluminum imports – source”
By Trevor Hunnicutt
October 12, 2022
WASHINGTON, Oct 12 (Reuters) – The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow’s military escalation in Ukraine, a person briefed on the conversations told Reuters.
Such a move, which has not been finalized, would likely boost global prices for the metal used in a wide range of consumer products and could reverse a previous White House stance that such sanctions could wreak havoc on global markets.
http://www.capecharlesmirror.com/news/o ... ent-703646
Paul Plante says:
These Biden-istas are insane!
There is no other word for it!
Unable to build themselves, they are obsessed with destroying what others have built, regardless of the harm they cause to the civilized world, and if they have to totally upend global markets to cause harm to Russia, who Joe Biden is terrified of along with China, they are ready and willing to do so, to wit:
Reuters
“U.S. may block Russian aluminum imports – source”
By Trevor Hunnicutt
October 12, 2022
WASHINGTON, Oct 12 (Reuters) – The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow’s military escalation in Ukraine, a person briefed on the conversations told Reuters.
Such a move, which has not been finalized, would likely boost global prices for the metal used in a wide range of consumer products and could reverse a previous White House stance that such sanctions could wreak havoc on global markets.
http://www.capecharlesmirror.com/news/o ... ent-703646
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 14, 2022 AT 7:57 PM
Paul Plante says:
And people wonder why we have price inflation:
Reuters
“Aluminium spikes 7% after report of U.S. ban of Russian supplies”
Reuters
October 12, 2022
LONDON, Oct 12 (Reuters) – Aluminium prices on the London Metal Exchange (LME) soared on Wednesday after Bloomberg reported that the United States was considering a ban on Russian aluminium in response to the conflict in Ukraine.
Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne.
The Biden administration is considering raising tariffs on Russian aluminum to levels so punitive they would effectively ban Russian aluminium producer Rusal, Bloomberg said, citing unnamed people familiar with the decision-making.
The White House and the Treasury Department did not immediately respond to requests for comment from Reuters.
Rusal is the world’s largest aluminium producer outside China, supplying the world with 6% of its needs estimated at around 70 million tonnes this year.
It too did not immediately respond to request for comment.
A ban would almost certainly send prices soaring.
After the U.S. Treasury Department imposed sanctions on Rusal and the LME barred its metal in 2018, aluminium prices rose 30% over the course of a few days.
The LME last week launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system.
Sources in the metal industry say there is concern that Russian metal producers will be unable to sell their metal and will deliver it to registered LME warehouses, which could distort prices.
http://www.capecharlesmirror.com/news/o ... ent-704439
Paul Plante says:
And people wonder why we have price inflation:
Reuters
“Aluminium spikes 7% after report of U.S. ban of Russian supplies”
Reuters
October 12, 2022
LONDON, Oct 12 (Reuters) – Aluminium prices on the London Metal Exchange (LME) soared on Wednesday after Bloomberg reported that the United States was considering a ban on Russian aluminium in response to the conflict in Ukraine.
Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne.
The Biden administration is considering raising tariffs on Russian aluminum to levels so punitive they would effectively ban Russian aluminium producer Rusal, Bloomberg said, citing unnamed people familiar with the decision-making.
The White House and the Treasury Department did not immediately respond to requests for comment from Reuters.
Rusal is the world’s largest aluminium producer outside China, supplying the world with 6% of its needs estimated at around 70 million tonnes this year.
It too did not immediately respond to request for comment.
A ban would almost certainly send prices soaring.
After the U.S. Treasury Department imposed sanctions on Rusal and the LME barred its metal in 2018, aluminium prices rose 30% over the course of a few days.
The LME last week launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system.
Sources in the metal industry say there is concern that Russian metal producers will be unable to sell their metal and will deliver it to registered LME warehouses, which could distort prices.
http://www.capecharlesmirror.com/news/o ... ent-704439
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 16, 2022 AT 5:41 PM
Paul Plante says:
And seriously, people, how can any sane and rational person think anything other than this is madness and insanity, what Joe Biden is doing to the global economy, which like it or not, we happen to be a part of, BY CHOICE, with his ULTRA-NATIONALISTIC AMERICA ONLY policy which seeks to crush the economy of any nation Joe Biden is unable to compete fairly with?
To aid in considering the responsible, adult answer to that question, we have the following financial or economic fallout as a direct result of Joe’s intentional policy to harm China through economic warfare, to wit:
Marketwatch
“Chip stocks crushed to two-year low as more tech, AI ban to China add to woes”
By Wallace Witkowski
October 7, 2022
The chip sector melted down Friday for its third 6% one-day drop of the year after U.S. regulators moved to pump the brakes on China’s military ambitions as it issued wider restrictions on semiconductor and AI technology that can be sold to the world’s second-largest economy.
On Friday, the U.S. Department of Commerce expanded its list of chip technology that requires a license to be sold to China — essentially a euphemism for a ban if the license can be denied — and the PHLX Semiconductor Index, which had been down around 3% before the news broke, dropped to close the session down 6.1% at 2,356.75, a closing level that investors last saw on the uptick in early November 2020.
News of the ban was served fresh on the back of Advanced Micro Devices Inc. issuing a $1 billion shortfall warning on expected sales to PC customers late Thursday.
That followed last week’s revenue forecast from memory-chip maker Micron Technology Inc., which was about $1 billion below Street expectations, prompting analysts to ask whether 2022’s sudden chip glut is worse than the one in 2019.
AMD shares led the fall for chip stocks with a 13.9% drop to close at $58.44, with Micron shares down a modest 2.9% at $52.91.
The Commerce Department’s wider list adds to one from September that focused on AI tech from Nvidia Corp.
Shares of Nvidia fell 8% to close at $120.76 Friday.
Nvidia shares melted down last month when the graphics processing unit maker disclosed the list of products that needed a license to sell to China, primarily the company’s A100 and H100 data-center AI technology, and estimated a potential $400 million hit in expected third-quarter revenue if licenses were denied.
The ban just added to Nvidia’s bleed-out year as it has cut its outlook not just once, not just twice, but three times.
Elsewhere in the sector, shares of Intel Corp. fell 5.4% Friday, while shares of Qualcomm Inc. declined 3.5% and Broadcom Inc. shares fell 4%.
Shares of Texas Instruments Inc., which happens to be the largest U.S. supplier of auto chips, fell 4.4%.
As for the third-party fabs that produce the silicon wafers that become microchips, shares of Taiwan Semiconductor Manufacturing Co. shares declined 6.2%, and GlobalFoundries Inc. shares fell 5.2%.
Shares of Marvell Technology Inc., which in August disappointed with its data-center forecast, also took an 11.7% beating to close at $42.35.
Over the course of 2022, the SOX index has fallen 40% on the year, with shares of both AMD and Nvidia in a freefall of nearly 60%, while the S&P 500 index has shed 24%, and the tech-heavy Nasdaq Composite Index has dropped 32%.
end quotes
Do we have a MADMAN at the helm of the Ship of State?
Is it way past time for the 25th Amendment to be invoked to save the United States of America from the madness, lunacy and insanity of Joe Biden who is making war on China on his own without our INFORMED CONSENT in direct contradiction of what Joe said would be the case in his Remarks by President Biden Before the 76th Session of the United Nations General Assembly on September 21, 2021, at United Nations Headquarters, New York, New York, where we had Joe blowing hard with regard to his JINGOISM, to wit:
THE PRESIDENT: Make no mistake: The United States will continue to defend ourselves, our Allies, and our interests against attack, including terrorist threats, as we prepare to use force if any is necessary, but — to defend our vital U.S. national interests, including against ongoing and imminent threats.
But the mission must be clear and achievable, undertaken with the informed consent of the American people and, whenever possible, in partnership with our Allies.
end quotes
IS JOE BIDEN’S MISSION TO CRUSH AND DESTROY THE ECONOMY OF CHINA CLEAR AND ACHIEVABLE?
HAS JOE SOUGHT OUR INFORMED CONSENT WITH REGARD TO HIS ULTRANATIONALISTIC POLICY TO CRUSH AND DESTROY THE ECONOMY OF CHINA?
OR HAS JOE SIMPLY DICTATORILY AND AUTOCRATICALLY IMPOSED IT ON US?
Think it over, people, while there is still time.
And if you don’t like the direction Joe Biden is taking this country in with his ULTRANATIONALISM, then be sure to exercise your right to vote in November to put the hobbles on Joe and a Martingale bit in his mouth!
http://www.capecharlesmirror.com/news/o ... ent-705801
Paul Plante says:
And seriously, people, how can any sane and rational person think anything other than this is madness and insanity, what Joe Biden is doing to the global economy, which like it or not, we happen to be a part of, BY CHOICE, with his ULTRA-NATIONALISTIC AMERICA ONLY policy which seeks to crush the economy of any nation Joe Biden is unable to compete fairly with?
To aid in considering the responsible, adult answer to that question, we have the following financial or economic fallout as a direct result of Joe’s intentional policy to harm China through economic warfare, to wit:
Marketwatch
“Chip stocks crushed to two-year low as more tech, AI ban to China add to woes”
By Wallace Witkowski
October 7, 2022
The chip sector melted down Friday for its third 6% one-day drop of the year after U.S. regulators moved to pump the brakes on China’s military ambitions as it issued wider restrictions on semiconductor and AI technology that can be sold to the world’s second-largest economy.
On Friday, the U.S. Department of Commerce expanded its list of chip technology that requires a license to be sold to China — essentially a euphemism for a ban if the license can be denied — and the PHLX Semiconductor Index, which had been down around 3% before the news broke, dropped to close the session down 6.1% at 2,356.75, a closing level that investors last saw on the uptick in early November 2020.
News of the ban was served fresh on the back of Advanced Micro Devices Inc. issuing a $1 billion shortfall warning on expected sales to PC customers late Thursday.
That followed last week’s revenue forecast from memory-chip maker Micron Technology Inc., which was about $1 billion below Street expectations, prompting analysts to ask whether 2022’s sudden chip glut is worse than the one in 2019.
AMD shares led the fall for chip stocks with a 13.9% drop to close at $58.44, with Micron shares down a modest 2.9% at $52.91.
The Commerce Department’s wider list adds to one from September that focused on AI tech from Nvidia Corp.
Shares of Nvidia fell 8% to close at $120.76 Friday.
Nvidia shares melted down last month when the graphics processing unit maker disclosed the list of products that needed a license to sell to China, primarily the company’s A100 and H100 data-center AI technology, and estimated a potential $400 million hit in expected third-quarter revenue if licenses were denied.
The ban just added to Nvidia’s bleed-out year as it has cut its outlook not just once, not just twice, but three times.
Elsewhere in the sector, shares of Intel Corp. fell 5.4% Friday, while shares of Qualcomm Inc. declined 3.5% and Broadcom Inc. shares fell 4%.
Shares of Texas Instruments Inc., which happens to be the largest U.S. supplier of auto chips, fell 4.4%.
As for the third-party fabs that produce the silicon wafers that become microchips, shares of Taiwan Semiconductor Manufacturing Co. shares declined 6.2%, and GlobalFoundries Inc. shares fell 5.2%.
Shares of Marvell Technology Inc., which in August disappointed with its data-center forecast, also took an 11.7% beating to close at $42.35.
Over the course of 2022, the SOX index has fallen 40% on the year, with shares of both AMD and Nvidia in a freefall of nearly 60%, while the S&P 500 index has shed 24%, and the tech-heavy Nasdaq Composite Index has dropped 32%.
end quotes
Do we have a MADMAN at the helm of the Ship of State?
Is it way past time for the 25th Amendment to be invoked to save the United States of America from the madness, lunacy and insanity of Joe Biden who is making war on China on his own without our INFORMED CONSENT in direct contradiction of what Joe said would be the case in his Remarks by President Biden Before the 76th Session of the United Nations General Assembly on September 21, 2021, at United Nations Headquarters, New York, New York, where we had Joe blowing hard with regard to his JINGOISM, to wit:
THE PRESIDENT: Make no mistake: The United States will continue to defend ourselves, our Allies, and our interests against attack, including terrorist threats, as we prepare to use force if any is necessary, but — to defend our vital U.S. national interests, including against ongoing and imminent threats.
But the mission must be clear and achievable, undertaken with the informed consent of the American people and, whenever possible, in partnership with our Allies.
end quotes
IS JOE BIDEN’S MISSION TO CRUSH AND DESTROY THE ECONOMY OF CHINA CLEAR AND ACHIEVABLE?
HAS JOE SOUGHT OUR INFORMED CONSENT WITH REGARD TO HIS ULTRANATIONALISTIC POLICY TO CRUSH AND DESTROY THE ECONOMY OF CHINA?
OR HAS JOE SIMPLY DICTATORILY AND AUTOCRATICALLY IMPOSED IT ON US?
Think it over, people, while there is still time.
And if you don’t like the direction Joe Biden is taking this country in with his ULTRANATIONALISM, then be sure to exercise your right to vote in November to put the hobbles on Joe and a Martingale bit in his mouth!
http://www.capecharlesmirror.com/news/o ... ent-705801
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 21, 2022 AT 9:18 PM
Paul Plante says:
And as we stay abreast of developments stemming from Joe Biden’s declaration of economic warfare against his hated and feared enemy China, we have from Reuters on that subject as follows:
“China holds emergency talks with chip firms after U.S. curbs -Bloomberg News”
Reuters
October 20, 2022
Oct 20 (Reuters) – China’s Ministry of Industry and Information Technology convened a series of emergency meetings over the past week with leading semiconductor companies, seeking to assess the damage from the U.S. chip restrictions, Bloomberg News reported on Thursday.
The ministry summoned executives from firms including Yangtze Memory Technologies Co and supercomputer specialist Dawning Information Industry Co to attend closed-door meetings, the report said.
This month the Biden administration passed a sweeping set of export controls aimed at slowing Beijing’s technological and military advances, including sales restrictions on certain advanced chips and chip equipment tools.
Experts have said the new rules will have a broad impact, slowing China’s efforts to develop its own chip industry and advance commercial and state research involving military weapons, artificial intelligence, data centres and many other areas that are powered by supercomputers and high-end chips.
According to the Bloomberg report, many of the participants at the meetings argued that the U.S. curbs spell doom for their industry, as well as China’s ambitions to untether its economy from American technology.
On Sunday, Chinese President Xi Jinping called for his country to “win the battle” in core technologies in his full work report as he kicked off the once-every-five-years Communist Party Congress.
Experts have said the work report could signal an overhaul in Beijing’s approach to advancing its tech industry, with more state-led spending and intervention to counter U.S. pressures.
end quotes
So it looks like “game on” for Joe.
And us, as well.
Stay tuned.
Joe Biden’s war of choice on China has just begun, and if Joe’s war of choice on Putin and Russia is any measure, we are going to suffer for it!
http://www.capecharlesmirror.com/news/o ... ent-709241
Paul Plante says:
And as we stay abreast of developments stemming from Joe Biden’s declaration of economic warfare against his hated and feared enemy China, we have from Reuters on that subject as follows:
“China holds emergency talks with chip firms after U.S. curbs -Bloomberg News”
Reuters
October 20, 2022
Oct 20 (Reuters) – China’s Ministry of Industry and Information Technology convened a series of emergency meetings over the past week with leading semiconductor companies, seeking to assess the damage from the U.S. chip restrictions, Bloomberg News reported on Thursday.
The ministry summoned executives from firms including Yangtze Memory Technologies Co and supercomputer specialist Dawning Information Industry Co to attend closed-door meetings, the report said.
This month the Biden administration passed a sweeping set of export controls aimed at slowing Beijing’s technological and military advances, including sales restrictions on certain advanced chips and chip equipment tools.
Experts have said the new rules will have a broad impact, slowing China’s efforts to develop its own chip industry and advance commercial and state research involving military weapons, artificial intelligence, data centres and many other areas that are powered by supercomputers and high-end chips.
According to the Bloomberg report, many of the participants at the meetings argued that the U.S. curbs spell doom for their industry, as well as China’s ambitions to untether its economy from American technology.
On Sunday, Chinese President Xi Jinping called for his country to “win the battle” in core technologies in his full work report as he kicked off the once-every-five-years Communist Party Congress.
Experts have said the work report could signal an overhaul in Beijing’s approach to advancing its tech industry, with more state-led spending and intervention to counter U.S. pressures.
end quotes
So it looks like “game on” for Joe.
And us, as well.
Stay tuned.
Joe Biden’s war of choice on China has just begun, and if Joe’s war of choice on Putin and Russia is any measure, we are going to suffer for it!
http://www.capecharlesmirror.com/news/o ... ent-709241
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 22, 2022 AT 8:53 PM
Paul Plante says:
And while Joe Biden makes enemies out of Saudi Arabia and China with his “MEGA MAGA ULTRANATIONALISTIC AMERICA ONLY” policies, making the United States into a “PARIAH” nation on the world stage as we are being increasingly isolated by Joe Biden, we have the following from Reuters to consider as the madness and insanity that characterize the foreign policies of the Biden regime continues, where we find that Joe’s many enemies do not really need the United States for anything, and so, can isolate us as a “PARIAH” (A pariah state, also called an international pariah or a global pariah, is a nation considered to be an outcast in the international community) thanks to Joe Biden, to wit:
“Saudi, China agree to strengthen energy cooperation – SPA”
Reuters
October 21, 2022
DUBAI, Oct 21 (Reuters) – Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the director of China’s National Energy Administration Zhang Jianhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported.
The officials spoke in a teleconference call and stressed the importance of stable long-term supplies to crude oil markets, SPA said.
The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets.
The United States and Saudi Arabia have been at odds since a decision by OPEC+ group of oil producers, of which Saudi is the de facto leader, to cut output even after the Biden administration sought to stay OPEC’s hand for a month with an eye on U.S. mid-term elections.
China, the world’s largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel.
But reports that Beijing is considering cutting the quarantine period for visitors to seven days have bolstered prices on Thursday despite no official confirmation of the measure.
Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China’s most reliable partner and supplier of crude oil.
He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy.
http://www.capecharlesmirror.com/news/o ... ent-709241
Paul Plante says:
And while Joe Biden makes enemies out of Saudi Arabia and China with his “MEGA MAGA ULTRANATIONALISTIC AMERICA ONLY” policies, making the United States into a “PARIAH” nation on the world stage as we are being increasingly isolated by Joe Biden, we have the following from Reuters to consider as the madness and insanity that characterize the foreign policies of the Biden regime continues, where we find that Joe’s many enemies do not really need the United States for anything, and so, can isolate us as a “PARIAH” (A pariah state, also called an international pariah or a global pariah, is a nation considered to be an outcast in the international community) thanks to Joe Biden, to wit:
“Saudi, China agree to strengthen energy cooperation – SPA”
Reuters
October 21, 2022
DUBAI, Oct 21 (Reuters) – Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the director of China’s National Energy Administration Zhang Jianhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported.
The officials spoke in a teleconference call and stressed the importance of stable long-term supplies to crude oil markets, SPA said.
The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets.
The United States and Saudi Arabia have been at odds since a decision by OPEC+ group of oil producers, of which Saudi is the de facto leader, to cut output even after the Biden administration sought to stay OPEC’s hand for a month with an eye on U.S. mid-term elections.
China, the world’s largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel.
But reports that Beijing is considering cutting the quarantine period for visitors to seven days have bolstered prices on Thursday despite no official confirmation of the measure.
Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China’s most reliable partner and supplier of crude oil.
He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy.
http://www.capecharlesmirror.com/news/o ... ent-709241
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR OCTOBER 25, 2022 AT 8:50 PM
Paul Plante says:
And here we have yet more madness and insanity from good old short-sighted, shallow-thinking, knee-jerking Joe Biden, who is unable to put two and two together to get a four, with all of his green dreams and schemes that are nothing more than tax-payer funded pie-in-the-sky (a fanciful notion; an unrealistic or ludicrous concept; the illusory promise of a desired outcome that is unlikely to happen), to wit:
Reuters
“Analysis: Biden’s EV minerals cash fruitless without permitting reform”
By Ernest Scheyder
October 24, 2022
Oct 24 (Reuters) – Washington’s growing financial support for companies that produce metals used in electric vehicles will likely prove fruitless unless the federal government streamlines the mine permitting process, investors, executives and consultants told Reuters.
President Joe Biden last week doled out $2.8 billion to miners developing new U.S. sources of lithium, nickel, copper and other EV minerals, as well as battery parts manufacturers and recyclers.
Those grants followed August’s Inflation Reduction Act, which links EV tax credits to minerals extracted domestically or from 20 allies.
Both measures aim to spur domestic mining and push the country closer to Biden’s goal for half of all new U.S. vehicles to be electric by 2030.
But it currently takes a decade or longer to obtain a U.S. mining permit, an arduous process that frustrates miners who welcome the financial support but want more permitting transparency.
Biden’s administration has also opposed permits for several proposed mines.
“The U.S. government is saying ‘Go! Go! Go!,’ but the environmental review process is extremely cumbersome,” said Jerry Hicks at the Optica Rare Earths & Critical Materials ETF, which holds shares of Albemarle Corp, Freeport-McMoRan Inc and Glencore Plc.
“China has the infrastructure in place, and it’s going to take a long time for the U.S. to get anywhere close.”
“What I would like, if I could ask for something, is predictability,” said Arne Frandsen, chief executive of mining investment group Pallinghurst and a director at Talon Metals Corp, which received $114.8 million from Biden to partially fund a nickel processing plant in North Dakota that will supply Tesla Inc.
“It’s difficult to get capital to commit if you don’t know if you’ll get a permit in 12 months or five years.”
Yet most proposed U.S. mining projects would be new mines that face widespread pushback, several from Biden himself.
Lithium Americas Corp’s efforts to build the largest U.S. lithium mine are mired in a court battle.
Piedmont Lithium Inc, which received $141.7 million from Biden, faces opposition to its North Carolina mining project.
“What really needs to happen is not for permitting to be relaxed, but to be expedited to ensure we can build the mines that can supply the automakers,” said Jordan Roberts, a minerals analyst at consultancy Fastmarkets.
Permitting delays may paradoxically keep EV prices high by limiting the domestic supply of minerals needed to reduce battery prices, said Hicks of the Optica Rare Earths & Critical Materials ETF.
The yawning divide between America and China’s approaches to funding the EV supply chain is now a top concern for many policymakers and their advisers in the nation’s capital.
“Unless you can break ground on these sites, you’re not going to be able to take advantage of those funds,” said Abigail Wulf at SAFE, an energy-focused think tank.
http://www.capecharlesmirror.com/news/o ... ent-710790
Paul Plante says:
And here we have yet more madness and insanity from good old short-sighted, shallow-thinking, knee-jerking Joe Biden, who is unable to put two and two together to get a four, with all of his green dreams and schemes that are nothing more than tax-payer funded pie-in-the-sky (a fanciful notion; an unrealistic or ludicrous concept; the illusory promise of a desired outcome that is unlikely to happen), to wit:
Reuters
“Analysis: Biden’s EV minerals cash fruitless without permitting reform”
By Ernest Scheyder
October 24, 2022
Oct 24 (Reuters) – Washington’s growing financial support for companies that produce metals used in electric vehicles will likely prove fruitless unless the federal government streamlines the mine permitting process, investors, executives and consultants told Reuters.
President Joe Biden last week doled out $2.8 billion to miners developing new U.S. sources of lithium, nickel, copper and other EV minerals, as well as battery parts manufacturers and recyclers.
Those grants followed August’s Inflation Reduction Act, which links EV tax credits to minerals extracted domestically or from 20 allies.
Both measures aim to spur domestic mining and push the country closer to Biden’s goal for half of all new U.S. vehicles to be electric by 2030.
But it currently takes a decade or longer to obtain a U.S. mining permit, an arduous process that frustrates miners who welcome the financial support but want more permitting transparency.
Biden’s administration has also opposed permits for several proposed mines.
“The U.S. government is saying ‘Go! Go! Go!,’ but the environmental review process is extremely cumbersome,” said Jerry Hicks at the Optica Rare Earths & Critical Materials ETF, which holds shares of Albemarle Corp, Freeport-McMoRan Inc and Glencore Plc.
“China has the infrastructure in place, and it’s going to take a long time for the U.S. to get anywhere close.”
“What I would like, if I could ask for something, is predictability,” said Arne Frandsen, chief executive of mining investment group Pallinghurst and a director at Talon Metals Corp, which received $114.8 million from Biden to partially fund a nickel processing plant in North Dakota that will supply Tesla Inc.
“It’s difficult to get capital to commit if you don’t know if you’ll get a permit in 12 months or five years.”
Yet most proposed U.S. mining projects would be new mines that face widespread pushback, several from Biden himself.
Lithium Americas Corp’s efforts to build the largest U.S. lithium mine are mired in a court battle.
Piedmont Lithium Inc, which received $141.7 million from Biden, faces opposition to its North Carolina mining project.
“What really needs to happen is not for permitting to be relaxed, but to be expedited to ensure we can build the mines that can supply the automakers,” said Jordan Roberts, a minerals analyst at consultancy Fastmarkets.
Permitting delays may paradoxically keep EV prices high by limiting the domestic supply of minerals needed to reduce battery prices, said Hicks of the Optica Rare Earths & Critical Materials ETF.
The yawning divide between America and China’s approaches to funding the EV supply chain is now a top concern for many policymakers and their advisers in the nation’s capital.
“Unless you can break ground on these sites, you’re not going to be able to take advantage of those funds,” said Abigail Wulf at SAFE, an energy-focused think tank.
http://www.capecharlesmirror.com/news/o ... ent-710790
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR NOVEMBER 12, 2022 AT 7:11 PM
Paul R Plante, NYSPE says:
And getting back to the chaos the short-sighted, shallow-thinking, knee-jerking autocrat Joe Biden is unleashing upon America, which is to say, us, the American people, the majority of whom believe Joe Biden is taking this country in a wrong direction with all of his green dreams and schemes that are nothing more than tax-payer funded pie in the sky (a fanciful notion; an unrealistic or ludicrous concept; the illusory promise of a desired outcome that is unlikely to happen) as an essential part of his “SUPER MEGA Ultra-MAGA Great Leap Forward” as embodied in Joe’s First Five Year Plan now known to history as “Joe Biden’s America First Plan to Build America Back Better to Make America Great Again,” let’s go to a Reuters article titled “US West faces power reliability issues from growing use of renewables” on November 11, 2022, to see the madness and insanity that is baked into Joe’s so-called Inflation Reduction Act, which is going to do anything but, as it makes us weaker as a nation and as a people and drives us to third-world country status where you may or may not have electricity on any given day, like, say, Baghdad, Iraq, as follows:
Nov 11 (Reuters) – A group responsible for power market reliability in Western North America said the growing use of renewable generation will require the region to boost planning reserves in coming years to help maintain grid reliability.
end quotes
“Planning Reserves” means being able to rely for back-up on something that is not solar or wind.
Getting back to that story, and keeping in mind that at the same time we are talking about this subject of electrical power in the future Joe Biden’s green dreams are leading us to, Joe is also putting huge government resources into building chip fabs, which are notoriously energy-intensive, in that same western area.
Getting back to Reuters, that story continues as follows:
The Western Electricity Coordinating Council (WECC) said in a recent reliability assessment that planning reserve margins for 2023 rose from 16.9% in 2021 to 18.3% in 2022 due in part to the increase in variable resources, like wind and solar, that only produce power when the wind blows or the sun shines.
That means electric companies will have to hold more resources to account for that increased variability to maintain system reliability.
“If nothing is done to mitigate the long-term risks within the Western Interconnection, by 2025 we anticipate severe risks to the reliability and security of the interconnection,” WECC said in the assessment.
The problem will get worse over time since most western states have committed to aggressive clean energy targets and the federal government plans to spend billions on clean energy development under the Inflation Reduction Act.
Over the next decade, WECC said entities in the West plan to retire nearly 26 gigawatts (GW) of mostly coal and natural gas-fired resources, and build close to 80 GW of mostly solar, wind, and battery storage.
end quotes
All I can do is to sit here and shake my head at the sheer stupidity and insanity at play here.
Let’s insure our future, says Joe Biden, by building at great governmental expense an unreliable and untrustworthy energy grid that may or may not deliver power tomarrow depending on the weather because it is the GREEN THING to do!
http://www.capecharlesmirror.com/news/o ... ent-717603
Paul R Plante, NYSPE says:
And getting back to the chaos the short-sighted, shallow-thinking, knee-jerking autocrat Joe Biden is unleashing upon America, which is to say, us, the American people, the majority of whom believe Joe Biden is taking this country in a wrong direction with all of his green dreams and schemes that are nothing more than tax-payer funded pie in the sky (a fanciful notion; an unrealistic or ludicrous concept; the illusory promise of a desired outcome that is unlikely to happen) as an essential part of his “SUPER MEGA Ultra-MAGA Great Leap Forward” as embodied in Joe’s First Five Year Plan now known to history as “Joe Biden’s America First Plan to Build America Back Better to Make America Great Again,” let’s go to a Reuters article titled “US West faces power reliability issues from growing use of renewables” on November 11, 2022, to see the madness and insanity that is baked into Joe’s so-called Inflation Reduction Act, which is going to do anything but, as it makes us weaker as a nation and as a people and drives us to third-world country status where you may or may not have electricity on any given day, like, say, Baghdad, Iraq, as follows:
Nov 11 (Reuters) – A group responsible for power market reliability in Western North America said the growing use of renewable generation will require the region to boost planning reserves in coming years to help maintain grid reliability.
end quotes
“Planning Reserves” means being able to rely for back-up on something that is not solar or wind.
Getting back to that story, and keeping in mind that at the same time we are talking about this subject of electrical power in the future Joe Biden’s green dreams are leading us to, Joe is also putting huge government resources into building chip fabs, which are notoriously energy-intensive, in that same western area.
Getting back to Reuters, that story continues as follows:
The Western Electricity Coordinating Council (WECC) said in a recent reliability assessment that planning reserve margins for 2023 rose from 16.9% in 2021 to 18.3% in 2022 due in part to the increase in variable resources, like wind and solar, that only produce power when the wind blows or the sun shines.
That means electric companies will have to hold more resources to account for that increased variability to maintain system reliability.
“If nothing is done to mitigate the long-term risks within the Western Interconnection, by 2025 we anticipate severe risks to the reliability and security of the interconnection,” WECC said in the assessment.
The problem will get worse over time since most western states have committed to aggressive clean energy targets and the federal government plans to spend billions on clean energy development under the Inflation Reduction Act.
Over the next decade, WECC said entities in the West plan to retire nearly 26 gigawatts (GW) of mostly coal and natural gas-fired resources, and build close to 80 GW of mostly solar, wind, and battery storage.
end quotes
All I can do is to sit here and shake my head at the sheer stupidity and insanity at play here.
Let’s insure our future, says Joe Biden, by building at great governmental expense an unreliable and untrustworthy energy grid that may or may not deliver power tomarrow depending on the weather because it is the GREEN THING to do!
http://www.capecharlesmirror.com/news/o ... ent-717603
Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN
THE CAPE CHARLES MIRROR NOVEMBER 13, 2022 AT 6:21 PM
Paul Plante says:
If anyone is really interested in the car-wreck of a future Joe Biden’s GREEN DREAMS on steroids are heading us towards, let’s go to an article in The Hill titled “The West needs leadership: Biden has failed the test” by Liz Peek, on 28 September 2022, where we have as follows on that subject, to wit:
Meanwhile, the other inflation-fighting measure that Biden should undertake is to increase energy production, full-stop.
Not only is the rise in global oil and natural gas prices pushing up inflation, Europe faces shortages that could become a humanitarian disaster.
Consider: England has opened warming centers to prevent people from freezing to death this winter.
Libraries and museums are among the organizations that have been conscripted into offering shelter to people who cannot afford their energy bills.
The only glitch: Some of the public buildings are struggling to pay their own heating bills.
The Guardian reports: “Catalyst Science Discovery Centre and Museum in Widnes, Cheshire, said last week that the quote for renewing its annual gas contract had risen from £9,700 to £54,362.”
Such hikes are not unusual in Britain.
Like Biden, policymakers there blame Russian President Vladimir Putin and the war in Ukraine for enormous energy cost increases, but that is not the entire story.
Well before Russia invaded its western neighbor, electricity prices in the UK skyrocketed.
Why?
Because the country had become dependent on wind towers in the North Sea for one-fourth of its electricity.
Towers which stopped turning for six weeks in August 2021, when the wind died down, as it sometimes does.
Faced with the sudden shortfall of wind energy, the UK scrambled to replace the missing fuel with natural gas, driving a six-fold increase in price.
England’s electricity prices doubled overnight.
As in Germany and elsewhere, the push to change over to renewable energy in the UK came with no back-up plan.
The wind sometimes stops blowing, the sun occasionally goes under.
Politicians pandering to the climate alarmists pay no attention to such pesky details.
Gov. Gavin Newsom (D-Calif.) is following the same path — demanding all-out electrification of his state even as the grid gets dangerously overburdened.
Higher prices and less reliable deliveries are the unfortunate results.
Biden wants to take the Newsom program national, and made a hefty down payment with the Inflation Reduction Act.
But a leader would tell the country that, while that is still the long-term ambition, we face a global emergency that requires maximum use of all energy sources.
A leader would sit down with the country’s leading oil and gas producers (which Biden has refused to do) and map out a plan to ramp up output here at home.
Increased production of oil and natural gas would lower home heating costs this winter in the U.S. and help our allies deal with shortages worsened by the war in Ukraine.
Bucking up European economies, our major trading partners, would also help the U.S. economy.
The world is facing an economic crisis.
The United States should do everything possible to help squash inflation, here and overseas.
Unfortunately, that would require gutsy measures from a president who is underwater in the polls and who, incredibly, appears to think things are going just fine.
http://www.capecharlesmirror.com/news/o ... ent-718041
Paul Plante says:
If anyone is really interested in the car-wreck of a future Joe Biden’s GREEN DREAMS on steroids are heading us towards, let’s go to an article in The Hill titled “The West needs leadership: Biden has failed the test” by Liz Peek, on 28 September 2022, where we have as follows on that subject, to wit:
Meanwhile, the other inflation-fighting measure that Biden should undertake is to increase energy production, full-stop.
Not only is the rise in global oil and natural gas prices pushing up inflation, Europe faces shortages that could become a humanitarian disaster.
Consider: England has opened warming centers to prevent people from freezing to death this winter.
Libraries and museums are among the organizations that have been conscripted into offering shelter to people who cannot afford their energy bills.
The only glitch: Some of the public buildings are struggling to pay their own heating bills.
The Guardian reports: “Catalyst Science Discovery Centre and Museum in Widnes, Cheshire, said last week that the quote for renewing its annual gas contract had risen from £9,700 to £54,362.”
Such hikes are not unusual in Britain.
Like Biden, policymakers there blame Russian President Vladimir Putin and the war in Ukraine for enormous energy cost increases, but that is not the entire story.
Well before Russia invaded its western neighbor, electricity prices in the UK skyrocketed.
Why?
Because the country had become dependent on wind towers in the North Sea for one-fourth of its electricity.
Towers which stopped turning for six weeks in August 2021, when the wind died down, as it sometimes does.
Faced with the sudden shortfall of wind energy, the UK scrambled to replace the missing fuel with natural gas, driving a six-fold increase in price.
England’s electricity prices doubled overnight.
As in Germany and elsewhere, the push to change over to renewable energy in the UK came with no back-up plan.
The wind sometimes stops blowing, the sun occasionally goes under.
Politicians pandering to the climate alarmists pay no attention to such pesky details.
Gov. Gavin Newsom (D-Calif.) is following the same path — demanding all-out electrification of his state even as the grid gets dangerously overburdened.
Higher prices and less reliable deliveries are the unfortunate results.
Biden wants to take the Newsom program national, and made a hefty down payment with the Inflation Reduction Act.
But a leader would tell the country that, while that is still the long-term ambition, we face a global emergency that requires maximum use of all energy sources.
A leader would sit down with the country’s leading oil and gas producers (which Biden has refused to do) and map out a plan to ramp up output here at home.
Increased production of oil and natural gas would lower home heating costs this winter in the U.S. and help our allies deal with shortages worsened by the war in Ukraine.
Bucking up European economies, our major trading partners, would also help the U.S. economy.
The world is facing an economic crisis.
The United States should do everything possible to help squash inflation, here and overseas.
Unfortunately, that would require gutsy measures from a president who is underwater in the polls and who, incredibly, appears to think things are going just fine.
http://www.capecharlesmirror.com/news/o ... ent-718041