Virus Surge in China Warrants International Alarm?

and thank you so much for joining me here today I'm Don Ma just a few China related stories to start off the episode the country has seen an uptake in respiratory illnesses and clusters of pneumonia in children doctors Public Health researchers are talking about whether there needs to be International alarm here's a closer look hospitals in China are seeing a surge in respiratory illnesses and clusters of pneumonia in children the re recent outbreaks in the country where covid emerged in late 2019 have attracted the Global Spotlight after the World Health Organization asked China for more detailed information last week here's what we know about the Surge and why Health experts are saying there's no evidence for international alarm the rise in respiratory illnesses comes as China Braes for its first full winter season since it lifted strict's covid-19 restrictions some social media users have posted photos of children receiving intravenous drips in hospital while local media have posted videos of crowded hospitals a Chinese Health official said the outbreak is caused by known pathogens and that there is no sign of new infectious diseases data suggests the increase is linked to the lifting of covid-19 restrictions along with the circulation of known pathogens such as microplasma pneumoni that's a common bacterial infection that typically affects younger children doctors in China and experts abroad are not too worried about the outbreaks noting many other countries saw similar increases in respiratory diseases after easing pandemic measures Chinese authorities say they will open more pediatric outpatient clinics to ensure more elderly people and children receive flu vaccines and encourage people to wear masks and wash their hands ratings agency Moody's cut its outlook on beijing's credit ratings to negative from stable on Tuesday this is the latest sign of mounting Global concern over the impact of surging local debt and a deepening property crisis on the world's second largest economy here's more Moody's cut its outlook on China's government credit ratings on Tuesday the ratings agency downgraded it from stable to negative it reflects Global worries about China economy Moody said it sees growing evidence Chinese authorities will need to give more financial support for debt Laden local governments and state firms that in turn the agency says risks China's fiscal economic and institutional strength it's also cited an ongoing crisis in the country's property sector where giants like evergrand have huge liabilities after the statement a source said China's major state-owned Banks stepped up dollar selling the move Pro by Moody's was the first change of its China View since it cut its rating by one notch 6 years ago the agency said it expects the country's annual GDP growth to slow to 4% next year and in 2025 it also expects growth to average 3.8% from 2026 to the start of the next decade China's finance ministry said it was disappointed by Moody's decision it further said the economy will keep its rebound and positive trend and property and local government risks are controllable and it seems like Western startups want to break China's dominance in rare Earth's refining they're racing to create faster cleaner and cheaper ways to refine Rare Earth to power our electronics and to rival China who dominates the market right now rare Earths are made up of 17 Metals used to make magnets to power our electronic devices from electric vehicles to cell phones according to the International Energy agency China currently controls 87% of Global rare Earth's refining capacity it uses a standard called solvent extraction which is considered an expensive and toxic process several startup Tech firms are now boasting about their processes which they say are Innovative and better for the environment to compete against China so far though none of the companies have launched commercially but they are hopeful on Chinese batteries which could increase the cost of buying an electric car as soon as next month the Biden Administration aims to subsidies for vehicles that contain Chinese made components or are made by a company with strong ties to the Chinese regime new guidelines from the US Treasury Internal Revenue Service and Department of energy prohibit Parts made by quote foreign entities of concern this includes companies based in China Russia North Korea or Iran or with strong connections to their governments starting next month vehicles with these components will no longer be eligible for a full tax credit of $7,500 US Stocks ended lower on Monday with shares of Microsoft Apple Nvidia and Amazon all losing ground ahead of employment data later this week that could give further Clues on the federal reserve's monetary policy path here's a quick recap of markets US Stocks ended lower on Monday after a five-week rally as investors turned cautious ahead of jobs data this week that could alter expectations about when the Federal Reserve might cut interest rates the Dow dipped a tenth of a percent the P 500 shed half a percent and the NASDAQ lost more than 8/10 Traders widely expect the central bank to keep rates unchanged at its meeting next week as does Kevin man president and chief investment officer at henyan and Walsh Asset Management who believes one more rate hike is enough to push the economy into a recession however if they stop here keep rates where they are for the first two quarters of next year navigate through this expected economic slowdown and then start to cut interest rates towards the second half of the year not only could they actually navigate a soft Landing but that could lead an ultimate economic recovery and good returns for both stock and bond markets over the next three years when interest rates are forecasted to come down by nearly 3% by the federal Reser's own projections in company news shares of Alaska Air tumbled 14% after the carrier said on Sunday it would acquire the parent company of peer Hawaiian Airlines for $1.9 billion including debt shares of Hawaiian Holdings nearly tripled in value shares of cryptocurrency firms such as coinbase Global Riot platforms and Marathon digital rallied between 5 and 9% after Bitcoin crossed $42,000 for the first time since early 2022 Mega caps Microsoft Apple Nvidia and Amazon on all lost ground but shares of ride hailing service Uber Technologies Rose more than 2% after an announcement on Friday it will join the S&P 500 effective December 18th US Supreme Court of justices on Monday struggled over whether to approve oxycoton maker Purdue pharma's bankruptcy settlement they're voicing concern the deal would Shield its wealthy Sackler family owners from lawsuits over their role in a deadly opioid epidemic while also worrying that scuttling it could harm victims here's the report the US Supreme Court on Monday grappled with the controversial bankruptcy settlement for Perdue Pharma the maker of prescription painkiller oxy conton and the justices appeared torn over whether the wealthy sacer family owners should be shielded from future lawsuits under the settlement Purdue's owners would receive immunity in exchange for paying up to $6 billion to settle thousands of lawsuits filed by States hospitals people who' become addicted and others who have sued the company over misleading marketing of the powerful pain medication the justices were scrutinizing a challenge to that settlement by the justice department which argued the bankruptcy agreement should not protect the sackers but some members of the US Supreme Court on Monday seemed skeptical here's associate Justice Brett Kavanaugh the opioid victims and their families overwhelmingly approve this plan uh because they think it will ensure prompt pay payment so in those circumstances those narrow circumstances bankruptcy Courts for 30 years have been approving uh plans like this but other justices seemed wary of extending protections to the sacers under bankruptcy law here's associate Justice Elena Kagan some ways they're getting a better deal than the usual bankruptcy discharge because as Justice Gorsuch U indicated they're being protected from claims of Fraud and claims of willful misconduct lawsuits against Purdue and Sackler family members accuse them of fueling the opioid epidemic through deceptive marketing of its pain medication the epidemic has caused more than a half million us overdose deaths over more than two decades I want to express my family's deep sadness about the opioid crisis members of the Sackler family have denied wrongdoing here is David Sackler testifying to Congress in 2020 far too many lives have been destroyed by addiction and an abuse of opioids including oxycoton the sackers have seen their family name removed from major museums as outcry against them built I think I can make this the biggest drug in the world and watched themselves portrayed as villains in TV dramas such as dopesick about the epidemic they were all little slaps on the wrist with little Financial fines the notion of shielding the family from liability is an affront to Rebecca finerty who said her son died as a result of opioid addiction it's ridiculous that they profited off the deaths of our children and are walking away with that perue estimates that its bankruptcy settlement approved by a us bankruptcy judge in 2020 would provide 10 billion in value to its creditors including state and local governments individual victims of addiction hospitals and others who have sued the company taiwan's foxcon the world's largest contract Electronics maker and a major Apple supplier on Tuesday raised its outlook for the fourth quarter on strong year-end sales for the holiday Peak here's the report iPhone maker foxcon is feeling bullish about holiday season sales on Tuesday the Taiwan base giant lifted its outlook for the fourth quarter that is traditionally its strongest season with consumers snapping up smartphones and other gadgets over the festive period now foxcon says the quarter has started better than expected and will beat earlier forecasts of of significant growth The Firm doesn't put exact numbers on its predictions foxcon is the world's largest maker of electronics for other brands and is the top supplier of iPhones it says Revenue topped $2 billion in November the second highest figure on record for the month consumer electronics including smartphones saw strong growth on the year although that was coming off a low base with key factories facing lockdowns this time 12 months ago the company says components and car parts also enjoyed strong growth last month it logged a surprise 11% jump in third quarter profit but warned that revenue for the full year would be slightly down cryptocurrency related stocks listed in the US surged on Monday looking to extend their strong November gains as Bitcoin topped $42,000 to hit a fresh high for the year here's more crypto related stocks surged on M today as Bitcoin briefly passed $42,000 for the first time since April 2022 the world's biggest cryptocurrency has seemingly cast off the funk that settled over crypto markets following the collapse of FTX and the failures of other crypto related businesses it has rallied 50% since mid October and is up by over 150% so far this year on course for its best annual performance since 2020 bitcoin's momentum appears fueled by the possibility of us interest rate cuts and Traders betting that the US will soon approve exchange traded Bitcoin funds a spot Bitcoin ETF could allow previously wary investors access to crypto via the stock market ushering a new wave of capital into the sector the momentum is helping boost companies tied to the cryptocurrency like micro strategy a Bitcoin investor it shares up more than 8% in Monday morning trading and shares of crypto exchange coinbase Rose 7 and a half% the stock is coming off a stellar month Rising nearly 62% in November even as coinbase reported a decline in third quarter trading volumes investors have also welcomed the settlement of a yearlong US criminal probe into binance the world's largest crypto exchange and a key cog in the worldwide crypto Market the deal which saw binance's Founders step down after pleading guilty to breaking us anti-money laundering laws allows the company to continue operating another cryptocurrency ether also rose on Monday hitting $2,274 both Bitcoin and ether however remain far below their record highs hit in 2021 of $69,000 and $4,000 868 respectively shares of Hawaiian Holdings the parent of Hawaiian Airlines nearly tripled on Monday after Alaska Air Group agreed to acquire it for $1.9 billion including debt here's a look at the details shares of Hawaiian Airlines parent company Hawaiian Holdings nearly tripled on Monday after Alaska Air agreed to buy the Rival Airline for $1.9 billion including debt the deal comes after Hawaiian shares had lost more than half their value this year due to the impact of the Maui wildfires High fuel costs and jet engine recall issues for some of its planes Alaska and Hawaiian said on Sunday that the deal will expand their networks and offer more choices to passengers one analyst told Reuters the deal will enable Alaska to grow in the lucrative asia-pacific Market while Hawaiian customers can travel non-stop to the US Mainland with minimal further investment however regulatory resistance to the merger is a possibility the US justice department filed a lawsuit in March to stop Jet Blue from buying Spirit Airlines saying the planned merger would quote put travel Out Of Reach for many costc conscious Travelers shares of Alaska Air ended down more than 14% at Monday's close General Motors Cruise Robo taxi unit could face fines and sanctions over its failure to disclosed details of an October 2nd accident in which a robo taxi dragged a pedestrian 20 ft after being struck by another vehicle a California agency said this here's a more General Motors could face a big fine over an accident involving one of its Cru Robo taxis the October incident in California saw a pedestrian dragged for 20 ft by one of the vehicles now the state's Public Utilities Commission says crews could face fines of 1 .5 million there may be additional sanctions over the firm's initial failure to disclose all details of the accident last month the agency said that Crews took two weeks to supply the full video of the event separately GM chief executive Mary Bara said Monday that the company's review of the incident would last into the first quarter of next year she said she was focused on writing the ship at the unit but analysts say the prospect of find and other penalties could delay efforts to rebuild trust and restart operations Crews suspended all driverless car trips in the US following the accident the unit's chief executive and chief product officer both stepped down GM says it has hired a law firm to examine Management's handling of the accident and their response to Regulators one investor told Reuters that it would take many months to rebuild trust and resolve the issue and now nd's mhi looks into how AI generated images are affecting the Israeli Hamas conflict a Palestinian child clings to his cat after a devastating Israeli air strike this used to be his home but now nothing remains but Rubble this image circulated on the web for some time before someone noticed the cat had five legs the image was a deep fake one of many deep fakes which have been circulating ever since the War Began the impact is enormous right because uh a big part of this unfortunate terrorist attack if you will is the propaganda War so if you have a propaganda War but in your propaganda War not only are you manipulating the Press but you're also manipulating images AI expert Michael Everest says humans have sight oriented Minds people are moved by images and may take action because of them visual Impressions can sway people from one side to another these fake images include blood covered babies crying in the middle of wreckage Israeli air strikes on civilian neighborhoods civilians digging through concrete Rubble to find their family members while the image of the five-legged cat is relatively easy to spot advancing AI technology will only make the images more convincing a trained eye can perhaps find it but it's very difficult I mean you can look at background you'd have to zoom in but for the average Jo we're not going to be able to tell Edis says there are tools that can detect whether an image is real or not but the tools are imperfect and he says most people likely won't bother using them Ms NTD news some democratic lawmakers are bulking at supporting military aid to Israel they're demanding Israel reduce civilian deaths in Gaza entities's Daniel Monahan has more on the talks which center around a nearly $16 billion Aid package for Ukraine and Israel Senator Bernie Sanders and the Democratic senators involved want to change in Israel's military strategy as part of receiving the aid Sanders says he would support defense systems that protect Israeli citizens from incoming missiles and Rocket attacks but not billions of dollars of what he sees as unconditional military aid he doesn't support the Netanyahu government continuing what he calls its current offensive military strategy Israel is at war with Kamas not with the Palestinian People Israel cannot bomb an entire neighborhood just to take out one Hamas Lieutenant however Sanders does acknowledge the challenges Israel faces saying he recognized that the goal of Hamas is Perpetual Warfare until Israel is destroyed other Democrats like Senate Majority Leader Chuck Schumer say passing the bill could determine the trajectory of democracy for years to come adding that the US stands at a historical Crossroads America's national security is on the line around the world in Europe in the Middle East in the Indo Pacific autocrats dictators are Waging War against democracy against our values against our way of life that's why passing this supplemental is so important Schumer took a procedural step on the senate floor Monday evening to force a Wednesday vote on the aid bill but it is unlikely to pass meanwhile some Republican senators are also ready to vote against the Israel Ukraine Aid Bill unless it includes major changes in policy at the US border Senator Joanie Ernst from Iowa says she wants more funding for Ukraine but not without substantial changes to border policy Senators will hear a final pitch from an aid beneficiary before voting Senator Schumer wrote on X on Monday that the Biden Administration invited Ukrainian president zalinsky to address Senators via secure video as part of their classified briefing Schumer wrote that Senators will be able to hear directly from the Ukrainian president precisely what's at stake in the vote Daniel Monahan NTD news and that's all for today's NTD business thank you for watching we'll see you next time