Commentary “Elon has not, so far, shown a very clear or convincing vision for what exactly he would do better, but that might not be the point—having someone who can actually run the company, make decisions and require excellence would be a big change.” Benedict Evans, technology analyst, 4/25/2022 When Elon Musk made a nearly…
Report: Germany Top Buyer of Russian Energy Since War Began
BERLIN—Germany was the biggest buyer of Russian energy during the first two months of the war in Ukraine, an independent research group said Thursday. A study published by the Centre for Research on Energy and Clean Air calculates that Russia has earned 63 billion euros ($66.5 billion) from fossil fuel exports since Feb. 24, the…
McDonald’s in the Spotlight as Investors Seek Details of Lost Russia Revenue
McDonald’s is poised to take a bigger financial hit from the war in Ukraine than any other major global restaurant chain, with investors watching on Thursday when it reports first quarter earnings to see how much the company stands to lose. Average estimates for full-year earnings for McDonald’s Corp. have fallen a little over 3…
Red Tape Will Strangle Labor Party’s Proposed DARPA-Lookalike: Defence Industry Expert
April 29, 2022
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Asia & PacificAustraliaaustralian federal electionAustralian federal election 2022Australian Labor PartyBrendan O'ConnorBusiness & EconomyChinaChina-Australia RelationsDARPAeconomic policiesInternationalInternational RelationsLincoln ParkerWorld
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The opposition Australian Labor Party’s promise to establish a dedicated military research agency—akin to DARPA in the United States—will simply spawn bureaucratic red tape and struggle to deliver actual results, according to defence industry expert Lincoln Parker. On April 28, shadow ministers from the centre-left Labor party pledged to establish a brand-new agency within the…
First Quarter GDP Prints Down 1.4 Percent; Likely an Import Anomaly
Topline GDP printed down 1.4 percent versus a consensus estimate of 1.1 percent up. Personal consumption expenditures (PCE) were sharply lower, year-on-year, as the economy normalizes The backlog of container ships that stood offshore at the end of last year has largely been cleared, and the U.S. has imported more oil and gas at higher…
China’s DJI Halts Russia, Ukraine Business to Prevent Use of Its Drones in Combat
April 28, 2022
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Business & EconomyChinaChina Business & EconomyCompaniesDJIdroneeconomic policieseconomyEuropeEurope-China RelationsInternationalInternational RelationsMarketsRussiaRussia-Ukraine WartechnologyWorld
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BEIJING—Drone company DJI Technology Co. has temporarily suspended business activities in Russia and Ukraine to prevent use of its drones in combat, in a rare case of a Chinese company pulling out of Russia because of the war. “DJI is internally reassessing compliance requirements in various jurisdictions. Pending the current review, DJI will temporarily suspend…
China Q1 Consumption Lags in Key Coastal Provinces; Q2 Off to Weak Start
BEIJING—China’s first-quarter retail sales lagged in key coastal economic regions with areas hit by COVID-19 outbreaks showing particular weakness, according to regional data, pointing to further sluggishness in consumption in the second quarter. China’s two biggest provincial economies—Guangdong province in the south and Jiangsu province near Shanghai—posted retail sales growth of 1.7 percent and 0.5…
China Evergrande Gains 6-month Extension for Hengda Onshore Coupon Payment
HONG KONG—China Evergrande Group’s flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan ($88 million) coupon payment for an onshore bond that was due on Wednesday. It is the latest of several payment extensions for Evergrande’s onshore bonds. Struggling with more than $300…
Blasts Hit Kyiv While UN Chief Visits, Ukraine Blames Russian Missiles
April 28, 2022
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Business & Economyeconomic policieseconomyEuropeexplosionInternationalKyivMarketsRussia fireRussia-Ukraine WarWorld
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KYIV—Two Russian missiles struck Ukrainian capital Kyiv on Thursday during a visit by the head of the United Nations, Ukrainian officials said. The rockets shook the central Shevchenko district of the city and one struck the lower floors of a 25-story residential building, wounding at least 10 people, Ukrainian officials said. Reuters witnesses heard two…
An ‘Absolute Mammoth’: Psychiatrist Issues Stark Warning as Australia’s Disability Scheme Costs Outstrip Medicare
April 28, 2022
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Australiaaustralian federal electionAustralian federal election 2022Bill ShortenBusiness & Economydisabilityeconomic policiesHealth & SafetyInternationalLifestyleMedicareNational Disability Insurance SchemeNDISTanveer AhmedTerry BarnesWorld
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The massive costs of Australia’s National Disability Insurance Scheme (NDIS)—tipped to hit $60 billion a year (US$42.7 billion) by 2029-30—will continue to escalate if changes are not introduced to arrest the ever-widening scope of services it tries to cover. Clinical psychiatrist Tanveer Ahmed has also warned that the program has distorted parts of the health…
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