FirstFT: Biden authorizes the release of oil from the US strategic reserves


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President Joe Biden announced Release oil from U.S. strategic reserves Attempts to drive down gasoline prices and stifle the crude oil market rebound that the White House has described as a threat to global economic recovery.

The White House said yesterday that the president authorized the release of 50 million barrels of oil “in the next few months”-equivalent to 2.5 days of US oil consumption-as a coordinated initiative with China, India, Japan, South Korea and South Korea. U.K.

However, efforts to suppress oil prices that have doubled in the past year seem to be counterproductive. The international crude oil benchmark Brent crude oil price rose by more than 2% due to the news, and it was trading at approximately US$81.40 per barrel in London on Tuesday morning.

Biden linked the announcement to efforts to curb sharply rising inflation, stating that Americans “felt the impact of rising gas stations and household heating bills, and US companies are also feeling it because oil supply can’t keep up with demand.” The economy is recovering from the pandemic”.

Do you agree with Biden’s decision?Tell me what you think [email protected]. Thank you for reading FirstFT Asia. -Emily

1. The Turkish lira fell and Erdogan vowed to win the “economic war” Turkish Lira Plummeted by as much as 15% After President Recep Tayyip Erdogan praised the recent interest rate cut and announced that his country is fighting a “war of economic independence.” Since the beginning of this year, the currency’s exchange rate against the U.S. dollar has fallen by more than 40%.

2. Apple sued the Israeli spyware organization NSO Apple is Sued NSO Group, The Israeli military-grade spyware manufacturer has developed surveillance software to lock the phones of journalists, political dissidents, and human rights activists to prevent them from using its products.

3. China blocks access to shipping location data China’s prohibition of public access to shipping location data on national security grounds is another sign of China’s determination to control sensitive information sources.See the difference for yourself here.

© China Shipping Location Data

4. Hong Kong sentenced a third person to a crime statutory in accordance with national security 20-year-old student activist Tony Chung was sentenced Imprisoned for 3 years and 7 months Yesterday, prosecutors accused him of promoting the city’s independence through social media and organizing street stalls, some of which date back to the time before the 2016 security law came into effect.

5. China intensifies its crackdown on celebrity culture and fans National Internet Information Office releases new regulations Regulate celebrities, their advertisements and fan groups, As part of President Xi Jinping’s reform of Chinese social values.

Coronavirus Digest

  • inflation Singapore up to Highest level in the past three years In October, it was driven by rising service and food prices.

  • In the rare case of public opposition, the three China’s top health scholars Challenged Status monitoring of mobile location data To identify close contacts.

  • thousand U.K Covid-19 booster injections have been arranged “Booking Boom” Because people between 40 and 49 years old are eligible for the third jab.

  • Millions of employees waving Newly discovered leverage inside Post-pandemic labor market To get better salary and benefits. This is the second part FT series Analyze how Covid-19 has changed the way millions of people think about work.

    A line chart of the number of resignations per month (in thousands), seasonally adjusted to show more American workers resigning

the day before

New Zealand interest rate decision The Reserve Bank of New Zealand is Expected to raise interest rates Today, to cool down the hot economy and runaway real estate market, this decision will be closely watched by central banks around the world.

U.S. economic data The minutes of the Federal Open Market Committee meeting will be announced with the Federal Reserve Preferred inflation indicator — October’s personal consumption expenditure price index.

What are we still reading

Chinese parents find new ways to give their children an advantage Beijing’s crackdown on tutoring has not stopped families from hoping for the best for their children. “The market will Find a way to bypass restrictions When there is strong demand and willingness to supply a certain product or service,” a foreign investor said.

Do you agree to support Beijing’s crackdown on tutoring?Tell us what you think about us polling.

© Beijing Anti-Tuition Investigation

Dancing on the brink of climate disaster How do we evaluate the results of Glasgow COP26? It is reasonable to conclude that it is both a victory and a disaster—victory, because some significant steps have been taken, and disasters, because they are far from what is needed, Martin Wolf writes.

How Tesla gains influence on the market The role of automakers in the ebb and flow of the stock market, also known as “Tesla Financial Complex”, Which is greater than suggested by its $1.1 trillion valuation. Robin Wigglesworth focuses on the dependent investment tools, business simulators and a huge network of related derivatives markets behind his influence.

© Graph showing Tesla’s influence

Brexit is a slow bloodshed in the City of London Since the completion of Brexit, Covid-19 has delayed adjustments in the industry that may prove a more lasting balance. But now the situation is changing, Helen Thomas wrote With drops, drops, drops continue.

Make social media less “viral” We are constantly fighting against Internet rumors that spread like the plague, Madhumita Murgia wroteCan we interrupt these super-transmission waves as we prevent the spread of viruses?

Food and drink

More and more restaurants around the world use live performances as the core of their services. People are eager to go out and have fun. But this trend can be traced back to the interest in parties after the pandemic.Here are some Check out location.

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