Edward Conard

Top Ten New York Times Bestselling Author

  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
Upside of Inequality Oxford Unintended Consequences

Macro Roundup


Friday, June 30, 2023

AI Summary. An aggregate index of international currency usage — weighting official reserves, foreign exchange transaction volume, foreign currency debt outstanding, and cross-border deposits and loans — puts the US dollar at about 70, far ahead of the euro at about 23. The Chinese renminbi has risen to about 3, behind the Japanese yen and British pound.

Carol Bertaut, Bastian von Beschwitz, and Stephanie Curcuru Federal Reserve Board
Date Posted:

The dollar’s dominant international role has remained steady over the past two decades, as measured by share of official currency reserves, FX transaction volume, foreign currency debt, cross-border deposits, and cross-border loans. @federalreserve

Does the US dollar still dominate international currency usage?

Core argument: The dollar's aggregate index of international currency usage has held stable at about 70 since 2010, well ahead of all other currencies, with the euro next at about 23 and likewise fairly stable.

A review of the use of the dollar globally over the last two decades suggests a dominant and relatively stable role. To illustrate this stability, we construct an aggregate index of international currency usage. This index is computed as the weighted average of five measures of currency usage for which time series data are available: Official currency reserves, FX transaction volume, foreign currency debt instruments outstanding, cross-border deposits, and cross-border loans. The dollar index level has remained stable at a value of about 70 since 2010, well ahead of all other currencies. The euro has the next-highest value at about 23, and its value has remained fairly stable as well. While international usage of the Chinese renminbi has increased over the past 20 years, it has only reached an index level of about 3, remaining even behind the Japanese yen and British pound, which are at about 7 and 6, respectively.

Takeaways by Macro Roundup® AI

  1. The dollar's aggregate index of international currency usage has held stable at about 70 since 2010, well ahead of all other currencies, with the euro next at about 23 and likewise fairly stable.
  2. The Chinese renminbi's international usage index has risen over two decades but reached only about 3, behind the Japanese yen at about 7 and the British pound at about 6.
  3. The index is a weighted average of five measures of currency usage with available time series: official currency reserves, FX transaction volume, foreign currency debt instruments outstanding, cross-border deposits, and cross-border loans.

AI Summary. Six fast-growing Southern states — Florida, Texas, Georgia, North and South Carolina, and Tennessee — now contribute more to US GDP than the Northeast, including the Washington-New York-Boston corridor. The Southeast accounted for more than two-thirds of US job growth since the pandemic began, nearly double its pre-pandemic share, and housed 10 of the 15 fastest-growing large American cities.

Michael Sasso and Alexandre Tanzi Bloomberg
Date Posted:

With just under 24% of US GDP Florida, Texas, Georgia, the Carolinas, and Tennessee now have a greater share of the American economy than the Northeast with just over 22%.

Is the South overtaking the Northeast as the US economy's center?

Core argument: Florida, Texas, Georgia, North and South Carolina, and Tennessee together contribute more to US GDP than the Northeast and its Washington–New York–Boston corridor, in government figures going back to the 1990s.

Six fast-growing states in the South — Florida, Texas, Georgia, the Carolinas and Tennessee — are contributing more to the national GDP than the Northeast, with its Washington-New York-Boston corridor, in government figures going back to the 1990s. The Southeast accounted for more than two-thirds of all job growth across the US since early 2020, almost doubling its pre-pandemic share. And it was home to 10 of the 15 fastest-growing American large cities.

Takeaways by Macro Roundup® AI

  1. Florida, Texas, Georgia, North and South Carolina, and Tennessee together contribute more to US GDP than the Northeast and its Washington–New York–Boston corridor, in government figures going back to the 1990s.
  2. The Southeast accounted for more than two-thirds of all US job growth since early 2020, almost double its pre-pandemic share.
  3. Ten of the 15 fastest-growing large American cities are in the Southeast.

Related Articles:

  • Small Towns Chase America’s $3 Trillion Climate Gold Rush — About $1tn in US federal tax incentives and loans for green energy is drawing a flood of corporate investment into rural counties and reshaping local economies. Estimates of the total private and public spending driven over the next decade range from several hundred billion dollars to roughly $3tn.
  • Black Americans Are Leaving Cities in the North and West — U.S. Census Bureau estimates indicate Black residents are continuing to leave urban centers in the North and West, including Chicago, Detroit, Cleveland and Oakland, adding to decades of decline. The share of the Black population living in metropolitan-area suburbs rose to 44% from 33% over two decades, while the share in central cities fell to 47% from 53%.

AI Summary. Chinese carmakers are expanding in Europe, with Chery planning up to 15,000 UK car sales and 50 UK showrooms, and Germany's largest car rental company agreeing to buy 100,000 BYD vehicles for its European operations. KPMG estimates Chinese groups could take a 15% share of new car sales in Europe, exceeding Renault's.

Peter Campbell, Edward White, Gloria Li and Patricia Nilsson Financial Times
Date Posted:

Chinese auto exports are surging. KPMG estimates Chinese automakers could grab 15% of new car sales in Europe in the next two years. @FT

How large a share of Europe's car market will Chinese automakers take?

Core argument: Chery, China's biggest car exporter, plans to sell up to 15,000 vehicles in the UK next year from a standing start, a level that would place it ahead of Jeep, Jaguar and Suzuki.

Chery, currently China’s biggest exporter of cars, plans to sell up to 15,000 vehicles next year in the UK alone, a level that would see it overtake Jeep, Jaguar and Suzuki from a standing start. According to KPMG, Chinese groups could snatch a 15 percent market share of new car sales in Europe — larger than France’s Renault — within the next two years. Already, Chinese companies are establishing a presence. Chery expects to open 50 showrooms in the UK alone next year, doubling by 2025. Last October, when BYD announced it had entered a partnership with Sixt. By 2028, Germany’s largest car rental company has agreed to buy 100,000 BYD vehicles for its European operations, focusing initially on the Atto 3, a compact sport utility vehicle.

Takeaways by Macro Roundup® AI

  1. Chery, China's biggest car exporter, plans to sell up to 15,000 vehicles in the UK next year from a standing start, a level that would place it ahead of Jeep, Jaguar and Suzuki.
  2. KPMG estimates Chinese groups could take a 15 percent share of new car sales in Europe within two years, larger than the share held by France's Renault.
  3. Sixt, Germany's largest car rental company, agreed to buy 100,000 BYD vehicles for its European operations by 2028, focusing initially on the Atto 3 compact sport utility vehicle.

Related Articles:

  • China’s Auto Export Wave Echoes Japan’s in the ’70s — The shift from petroleum-fueled internal combustion vehicles to electric vehicles moves resource leverage from Persian Gulf oil producers to critical minerals, with China holding more than half of global processing capacity for lithium, cobalt, and graphite and about a third for nickel. Chinese companies have spent $4.5bn acquiring stakes in nearly 20 lithium mines, mostly in Latin America and Africa.
  • Can Volkswagen Win Back China? — Volkswagen relies on China for at least half its annual profits, but its flagship VW brand has been displaced as China's best-selling car by BYD and holds just 2% of the electric vehicle market, ninth place, versus nearly 40% for BYD and over 10% for Tesla.

AI Summary. Antarctic sea ice cover fell to 10.7m square km, 1.15m square km below the prior record low for that date and 2.3m square km below the 1981–2010 average. Scientists have not established why sea ice around the continent dropped so steeply after an earlier period of growth.

Economist Staff The Economist
Date Posted:

Antarctic sea ice is at its lowest recorded level for June, and is currently 2.3m square km below the 1981-2010 mean. @TheEconomist

Has Antarctic sea ice fallen to a record low?

Core argument: Antarctic sea ice covered just 10.7m square km on June 12th, 1.15m square km below the previous record minimum for that date, set in 2019—an area a little larger than Colombia.

Antarctica currently has exceptionally little ice—the lowest ever seen in June. On June 12th the continent’s sea ice covered just 10.7m square km. That is 1.15m square km below the previous minimum record for that date, from 2019, and 2.3m square km below the average for 1981-2010. The first difference represents an area a little larger than Colombia; the second an area the size of Mongolia—with three Britains tacked on. It is not yet clear why there has recently been such a precipitous drop in Antarctica’s sea ice, nor why it rose somewhat before that.

Takeaways by Macro Roundup® AI

  1. Antarctic sea ice covered just 10.7m square km on June 12th, 1.15m square km below the previous record minimum for that date, set in 2019—an area a little larger than Colombia.
  2. Antarctic sea ice extent stands 2.3m square km below the 1981-2010 average, equivalent to the area of Mongolia plus three Britains.
  3. The causes of the drop in Antarctic sea ice, and of the increase that preceded it, are not yet clear.

AI Summary. Survey research finds more Americans disapprove than approve of colleges considering race and ethnicity in admissions: half of U.S. adults said they disapprove of selective colleges weighing race and ethnicity to increase diversity, a third approved, and 16% were unsure. In another survey, 82% said colleges should not consider race or ethnicity, versus 17% who said they should.

John Gramlich Pew Research Center
Date Posted:

.@pewresearch in 2023 has found that 50% of Americans oppose the use of race in higher education admission decisions, while 33% approve and 16% are unsure.

How do Americans view race considerations in college admissions?

Core argument: In a Pew Research Center survey conducted in spring 2023, half of U.S. adults said they disapprove of selective colleges and universities considering race and ethnicity in admissions to increase racial and ethnic diversity, while a third approved and 16% were not sure.

A larger share of Americans disapprove than approve of higher education institutions taking race and ethnicity into account when admitting students, according to several recent Center surveys. In a survey conducted in spring 2023, half of U.S. adults said they disapprove of selective colleges and universities taking race and ethnicity into account in admissions decisions in order to increase racial and ethnic diversity. A third of adults approved of this, while 16% were not sure. Other Center surveys have also found more opposition than support for the consideration of race and ethnicity in college admissions decisions. In the December 2022 survey, for example, 82% of U.S. adults said colleges should not consider race or ethnicity when deciding which students to accept, while only 17% said colleges should take this into account.

Takeaways by Macro Roundup® AI

  1. In a Pew Research Center survey conducted in spring 2023, half of U.S. adults said they disapprove of selective colleges and universities considering race and ethnicity in admissions to increase racial and ethnic diversity, while a third approved and 16% were not sure.
  2. In a Pew Research Center survey from December 2022, 82% of U.S. adults said colleges should not consider race or ethnicity when deciding which students to accept, compared with 17% who said colleges should.
  3. Across several Pew Research Center surveys, a larger share of Americans disapprove than approve of higher education institutions taking race and ethnicity into account in admissions decisions.

AI Summary. Global house prices are 3% below their recent peak, or 8-10% lower adjusted for inflation, a correction in line with the average since the late 19th century, leaving real prices well above 2019 levels. Migration, household finances, and people's preferences explain the rich world's housing resilience.

Economist Staff The Economist
Date Posted:

While global housing prices are 3% off their recent peak they are ~ 60% higher than January 2006.

Why have global house prices held up better than expected?

Core argument: Global house prices sit 3% below their recent peak, or 8–10% lower adjusted for inflation, in line with the average correction since the late 19th century.

Global house prices have certainly come off the boil. They are 3% below their recent peak, or 8-10% lower once adjusted for inflation. This is in line with the average correction since the late 19th century. Yet this slump should have been different because it followed a boom when prices rose at their fastest rate of all time. The upshot is that real house prices remain miles above the level of 2019. Three factors explain the rich world’s surprising housing resilience: migration, household finances, and people’s preferences.

Takeaways by Macro Roundup® AI

  1. Global house prices sit 3% below their recent peak, or 8–10% lower adjusted for inflation, in line with the average correction since the late 19th century.
  2. The correction followed a boom in which house prices rose at their fastest rate of all time, leaving real house prices far above their 2019 level.
  3. Migration, household finances and people's preferences are the three factors explaining the rich world's housing resilience.

Wednesday, July 5, 2023

AI Summary. The Federal Reserve has raised its estimate of the long-run federal funds rate, which suggests it sees the cost of capital as durably higher. A lasting increase in the risk-free rate carries significant implications for investors.

Torsten Sløk Apollo
Date Posted:

Torsten Sløk @apolloglobal notes the Fed has been increasing its estimate of the long-run Federal Funds rate. However, their estimate is only back at its 2019 level.

Is the long-run risk-free rate moving durably higher?

Core argument: The Federal Reserve has begun raising its estimate of the long-run federal funds rate.

The Fed has started to increase its estimate of the long-run Fed funds rate. The implication is that the Fed is beginning to see the costs of capital as permanently higher. A permanent increase in the risk-free rate has important implications for investors.

Takeaways by Macro Roundup® AI

  1. The Federal Reserve has begun raising its estimate of the long-run federal funds rate.
  2. The Fed's upward revision implies that policymakers are beginning to see the cost of capital as permanently higher.
  3. A permanent increase in the risk-free rate carries important implications for investors.

Related Articles:

  • What Have We Learned About the Neutral Rate — Analysts estimate that if inflation is brought down without a recession, the Federal Reserve's policy rate will stabilize nearer 3–3.25% than the 2.5% longer-run median projection of Federal Reserve officials. Projected shifts in government debt and demographics imply a roughly 0.5 percentage point net increase in the neutral rate over the next decade.

AI Summary. Nominal wage growth remains restrained partly because wage-setting norms carry over from the low-inflation era, but that could shift quickly as households seek to recover purchasing power eroded by the inflation surge. Pass-through from prices to wages has been higher when labor markets are tight.

BIS Staff Bank for International Settlements
Date Posted:
Is Database:
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The @BIS_org annual report notes that real wages have declined in 2022-23 by more than in past deflationary episodes, but tight labor markets could threaten the disinflation process.

Will workers demand wage catch-up for lost purchasing power?

Core argument: The Annual Economic Report argues that moderate nominal wage growth should not be reassuring, since wage adjustments still reflect the lingering norms of the low-inflation regime and this could change quickly.

While nominal wage growth has not been exceptionally strong so far, this should not provide too much comfort. Wage adjustments are still influenced by the lingering effects of the norms prevalent in the low-inflation regime, but this could change quickly. The inflation surge has severely eroded the purchasing power of households (Graph 14.A), even more than in past disinflation episodes (Graph 14.B). Some catch-up is on the cards, particularly given the strength of labour markets. While labour’s bargaining power declined significantly over the years of low inflation, recent strikes and calls for unionisation suggest that the environment is evolving. What’s more, the pass-through from prices to wages has been somewhat higher when labour markets have been tight.

Takeaways by Macro Roundup® AI

  1. The Annual Economic Report argues that moderate nominal wage growth should not be reassuring, since wage adjustments still reflect the lingering norms of the low-inflation regime and this could change quickly.
  2. The inflation surge has eroded household purchasing power more than in past disinflation episodes, and some wage catch-up is on the cards given the strength of labour markets.
  3. Labour's bargaining power declined over the years of low inflation, but strikes and calls for unionisation suggest an evolving environment, and price-to-wage pass-through has been somewhat higher when labour markets are tight.

Related Articles:

  • Inflation’s Return Changes the World — Whether high inflation marks an enduring shift in the monetary environment or a temporary one is unknown, depending on how far it reflects supply shocks, whether societies find disinflation too painful, economic fragmentation's effect on supply, and whether ultra-low real interest rates are over. If they are, higher real rates would make current debt levels hard to sustain.

AI Summary. Whether high inflation marks an enduring shift in the monetary environment or a temporary one is unknown, depending on how far it reflects supply shocks, whether societies find disinflation too painful, economic fragmentation's effect on supply, and whether ultra-low real interest rates are over. If they are, higher real rates would make current debt levels hard to sustain.

Martin Wolf Financial Times
Date Posted:

.@martinwolf_ disagrees with @BIS_org that persistently low rates could have been avoided citing the Bank of Japan’s and ECB’s failed inflationary experiments in the 1990s and 2010s.

Is high inflation an enduring shift in the monetary environment?

Core argument: The author disagrees with the Bank for International Settlements over whether "low for long" could have been avoided, noting that the Bank of Japan tried in the early 1990s and the European Central Bank in 2011, and both failed.

Where I disagree with the BIS is over whether “low for long” could have been avoided. The Bank of Japan tried in the early 1990s and the European Central Bank in 2011. Both failed. Will what we are now experiencing prove an enduring shift in the monetary environment or just a temporary one? We just do not know. It depends on how far high inflation has been just the product of supply shocks. It depends, too, on whether societies, long unused to inflation, decide that bringing it back down is too painful, as happened in so many countries in the 1970s. It depends, as well, on how far the fragmentation of the world economy has permanently lowered elasticities of supply. It depends not least on whether the era of ultra-low real interest rates is over. If it is not, this could indeed be a blip. If it is, then significant stresses lie ahead, as higher real interest rates make current levels of indebtedness hard to sustain.

Takeaways by Macro Roundup® AI

  1. The author disagrees with the Bank for International Settlements over whether "low for long" could have been avoided, noting that the Bank of Japan tried in the early 1990s and the European Central Bank in 2011, and both failed.
  2. Whether the return of inflation marks an enduring shift in the monetary environment depends on how far high inflation was the product of supply shocks, whether societies judge disinflation too painful as in the 1970s, and whether fragmentation of the world economy has permanently lowered elasticities of supply.
  3. If the era of ultra-low real interest rates is over, significant stresses lie ahead as higher real interest rates make current levels of indebtedness hard to sustain; if it is not, the episode could be a blip.

Related Articles:

  • Annual Economic Report — Nominal wage growth remains restrained partly because wage-setting norms carry over from the low-inflation era, but that could shift quickly as households seek to recover purchasing power eroded by the inflation surge. Pass-through from prices to wages has been higher when labor markets are tight.
  • The Future of Interest Rates Is a Riddle — Expected US inflation of about 2.1%, measured by the Federal Reserve Bank of Cleveland, sits nearly in line with the 2% target, with an estimated inflation risk premium of 0.5 percentage points consistent with historic levels. Two arguments suggest this is too optimistic: less elastic supply of key inputs, and weaker public concern about inflation.

AI Summary. Inflation in services excluding energy services and housing — the Federal Reserve's preferred gauge — has run 2–3 percentage points faster than its pre-pandemic pace with little volatility. That pattern is consistent with the argument that the remaining excess inflation will not be eliminated without significant disruption to the real economy.

Matt Klein The Overshoot
Date Posted:
Is Database:
Database

.@M_C_Klein is skeptical that “immaculate disinflation” can be achieved, noting that the Fed’s preferred inflation measure is consistently 2-3 percentage points higher than pre-pandemic.

Will bringing down services inflation require significant disruption to the real economy?

Core argument: Inflation in services excluding energy services and housing — the Fed's preferred measure — has run 2–3 percentage points faster than its pre-pandemic pace, with remarkably little volatility.

The Fed’s preferred inflation measure is services excluding energy services and housing. That inflation rate has consistently been 2-3 percentage points faster than it was before the pandemic, with remarkably little volatility. The combined picture is not terrible, in the grand scheme of things, but it is also consistent with the claim that the last bit of excess inflation will not be squeezed out without some significant disruption to the real economy. I still hope that a truly immaculate disinflation can be achieved, but I am increasingly skeptical that it is the likeliest outcome.

Takeaways by Macro Roundup® AI

  1. Inflation in services excluding energy services and housing — the Fed's preferred measure — has run 2–3 percentage points faster than its pre-pandemic pace, with remarkably little volatility.
  2. The author argues the picture is consistent with the claim that the last bit of excess inflation will not be squeezed out without significant disruption to the real economy.
  3. The author still hopes a truly immaculate disinflation can be achieved but is increasingly skeptical that it is the likeliest outcome.

AI Summary. China announced export curbs on gallium and germanium, metals used in chipmaking that the US government classifies among dozens of minerals critical to economic and national security.

FT Staff Financial Times
Date Posted:
Is Database:
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China is retaliating against Western export controls by restricting exports of rare earth metals that are essential to chipmaking. @FT

Do China's export curbs on critical metals disrupt the chip industry?

Core argument: Beijing said it would impose curbs on exports of gallium and germanium, metals used in chipmaking, in the latest escalation of the US-China technology battle.

Trade officials were assessing the fallout from the latest escalation in the US-China technology battle after Beijing said it would impose curbs on exports of metals used in chipmaking. Gallium and germanium are among dozens of minerals classified by the US government as critical to economic and national security. The US state department did not respond to a request for comment.

Takeaways by Macro Roundup® AI

  1. Beijing said it would impose curbs on exports of gallium and germanium, metals used in chipmaking, in the latest escalation of the US-China technology battle.
  2. Gallium and germanium are among dozens of minerals the US government classifies as critical to economic and national security.
  3. The US state department did not respond to a request for comment on China's export curbs.

Related Articles:

  • The U.S.-China Rare Earths Battle — Most rare earth elements are relatively abundant but not always easy to extract, and China accounts for an estimated 70% of global output according to the United States Geological Survey. China also holds the world's largest reserves at 44m tonnes of rare-earth-oxide equivalent, roughly double those of Vietnam, Brazil, or Russia.

AI Summary. Most rare earth elements are relatively abundant but not always easy to extract, and China accounts for an estimated 70% of global output according to the United States Geological Survey. China also holds the world's largest reserves at 44m tonnes of rare-earth-oxide equivalent, roughly double those of Vietnam, Brazil, or Russia.

Yifan Yu Nikkei Asia
Date Posted:
Is Database:
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.@NikkeiAsia reports that the United States is restarting rare earth mining in an effort to counter China’s 70% production share.

Does China dominate global rare earth production and reserves?

Core argument: China accounted for an estimated 70% of global rare earth output last year, according to the United States Geological Survey, and is the world's largest producer by far after a decades-long effort to develop the industry.

Despite their name, most rare earths are relatively abundant -- although they are not always easy to extract. China is now the world's largest producer of rare earths by far, thanks to its decades long effort to develop the industry. Last year it accounted for an estimated 70% of output, according to the United States Geological Survey. China also has the world's largest reserves, totaling 44 million tonnes of rare-earth-oxide (REO) equivalent -- about double those of Vietnam, Brazil,, or Russia.

Takeaways by Macro Roundup® AI

  1. China accounted for an estimated 70% of global rare earth output last year, according to the United States Geological Survey, and is the world's largest producer by far after a decades-long effort to develop the industry.
  2. China holds the world's largest rare earth reserves at 44 million tonnes of rare-earth-oxide equivalent, roughly double those of Vietnam, Brazil, or Russia.
  3. Most rare earths are relatively abundant despite their name, though they are not always easy to extract.

Related Articles:

AI Summary. The Indian states of Karnataka and Tamil Nadu amended labor laws to allow factory shifts to lengthen from eight to 12 hours, a change urged by investors including Apple and contract manufacturer Foxconn. After opposition from trade unions and opposition parties, Tamil Nadu put its legislation on hold, and Karnataka's opposition party pledged repeal.

John Reed Financial Times
Date Posted:

Recent labor reforms in India that increased the length of working shifts from 8 to 12 hours are facing a backlash. @FT

Recent labor reforms in India that increased the length of working shifts from 8 to 12 hours are facing a backlash. @FT

Can India loosen factory shift limits to attract manufacturers?

Core argument: Karnataka and Tamil Nadu amended their laws to allow working shifts to rise from eight to 12 hours, a reform urged by investors including Apple and its contract manufacturer Foxconn.

Two of India’s most business-friendly southern states, Karnataka and Tamil Nadu, recently amended laws to allow an increase the length of working shifts from eight to 12 hours in a reform urged by investors, including Apple and its contract manufacturer Foxconn. No sooner than India appears to be heading down the same path of more business-friendly working hours, a backlash is forming. After an outcry from trade unions and opposition parties, Tamil Nadu’s chief minister MK Stalin announced on the May 1 Labour day public holiday in India that he was putting the state’s legislation on hold. In Karnataka, the opposition Indian National Congress last month trounced Modi’s Bharatiya Janata party in a state election. In its manifesto it said it would repeal the factories law amendment there too.

Takeaways by Macro Roundup® AI

  1. Karnataka and Tamil Nadu amended their laws to allow working shifts to rise from eight to 12 hours, a reform urged by investors including Apple and its contract manufacturer Foxconn.
  2. Tamil Nadu chief minister MK Stalin put the state's shift-length legislation on hold after an outcry from trade unions and opposition parties, announcing the decision on India's May 1 Labour Day holiday.
  3. The opposition Indian National Congress defeated Narendra Modi's Bharatiya Janata party in Karnataka's state election, having pledged in its manifesto to repeal the state's factories law amendment.

Related Articles:

  • Apple India iPhone Output Soars to $7 Billion in China Shift — Apple assembled more than $7bn of iPhones in India in a fiscal year, tripling output and lifting India's share to almost 7% of global iPhone production from an estimated 1%, as the company expands assembly partners including Foxconn and Pegatron beyond China.
  • China Finally Has a Rival as the World’s Factory Floor — India's manufactured exports, while about a tenth of China's, exceeded those of all other emerging markets except Mexico and Vietnam, with electronics exports tripling to $23bn and India's share of global smartphone production projected to rise from 9% to 19%. Foreign direct investment averaged $42bn annually, double the level of under a decade earlier.

AI Summary. Toyota says it has achieved a technological breakthrough resolving durability issues in solid-state batteries, enabling an electric vehicle range of 1,200km (746 miles) and charging times of 10 minutes or less. The company says cutting the number of processes needed to make battery materials could bring solid-state battery costs to levels similar to or below liquid-based lithium-ion batteries.

Kana Inagaki Financial Times
Date Posted:

Toyota announced a breakthrough in solid-state EV batteries that would allow a range of almost 750 miles. Toyota plans to mass-produce the batteries by 2027 or 2028. @FT

Toyota announced a breakthrough in solid-state EV batteries that would allow a range of almost 750 miles. Toyota plans to...

Can solid-state batteries match lithium-ion costs while doubling driving range?

Core argument: Toyota claims a "technological breakthrough" in solid-state batteries that would give an EV a range of 1,200km (746 miles) with a charging time of 10 minutes or less.

Toyota claimed it had made a “technological breakthrough” to resolve durability issues and “a solution for materials” that would allow an EV powered by a solid-state battery to have a range of 1,200km [746 miles] and charging time of 10 minutes or less. By reducing the number of processes required to make battery materials, the cost of solid-state batteries could be lowered to similar or cheaper levels than liquid-based lithium-ion batteries, he added.

Takeaways by Macro Roundup® AI

  1. Toyota claims a "technological breakthrough" in solid-state batteries that would give an EV a range of 1,200km (746 miles) with a charging time of 10 minutes or less.
  2. Toyota says the breakthrough resolves durability issues and provides "a solution for materials," and can halve the cost and size of solid-state batteries.
  3. By reducing the number of processes required to make battery materials, Toyota says solid-state battery costs could fall to levels similar to or cheaper than liquid-based lithium-ion batteries.

AI Summary. The average worldwide temperature reached a record 17C (63F), surpassing the prior record of 16.9C, and then climbed to 17.2C a day later, according to data from the US National Centers for Environmental Prediction.

Will Mathis and Aaron Clark Bloomberg
Date Posted:
Is Database:
Database

The world’s global mean temperature reached a record 63°F on July 4th, topping a previous record of 62°F set in 2016.

Are global average temperatures setting new record highs?

Core argument: The average worldwide temperature reached 17C (63F) on Monday, just above the previous record of 16.9C set in August 2016, according to data from the National Centers for Environmental Prediction.

The average worldwide temperature reached 17C (63F) on Monday, just above the previous record of 16.9C in August 2016, according to data from the National Centers for Environmental Prediction. The threshold only lasted a day. On Tuesday, the average temperature hit 17.2C.

Takeaways by Macro Roundup® AI

  1. The average worldwide temperature reached 17C (63F) on Monday, just above the previous record of 16.9C set in August 2016, according to data from the National Centers for Environmental Prediction.
  2. The 17C mark held for only a day, as the global average temperature reached 17.2C on Tuesday.

Related Articles:

AI Summary. Chipmaker TSMC and its suppliers are in talks with the U.S. government on non-immigrant visas to dispatch more than 500 experienced workers to speed construction of its U.S. chip plants, according to chip supply chain executives. Executives said too few U.S. workers have hands-on experience building semiconductor facilities, causing installation delays.

Cheng Ting-Fang and Lauly Li Nikkei Asia
Date Posted:

TSMC is sending at least 500 workers to Arizona from Taiwan to speed up construction of its new chip facility. The American labor force doesn’t have many workers with experience constructing semiconductor manufacturing facilities.

TSMC is sending at least 500 workers to Arizona from Taiwan to speed up construction of its new chip facility. The American...

Does building U.S. chip plants require importing experienced foreign workers?

Core argument: TSMC and its suppliers plan to dispatch more than 500 experienced workers to the U.S. as early as July to speed cleanroom construction, pipeline installation, and equipment setup, three chip supply chain executives told Nikkei.

TSMC and its suppliers are in talks with the U.S. government to assist with the application process for non-immigrant visas in a bid to dispatch more than 500 experienced workers as early as July to expedite the construction of cleanroom facilities and the installation of pipelines and other equipment, three chip supply chain executives said. One of the main aims is to "improve work efficiency and help make up for lost time" in the construction processes, they said. The U.S.-bound workers will include contract technicians and workers with hands-on experience in cleanroom setup, pipeline installation, mechanical and electrical systems for chip plants, and other specialized areas. "There are not enough U.S. workers who have good first-hand experience specifically on building semiconductor manufacturing facilities, and many are not familiar with the requirements for chipmaking plants," one executive told Nikkei. "That has caused delays in multiple installation works."

Takeaways by Macro Roundup® AI

  1. TSMC and its suppliers plan to dispatch more than 500 experienced workers to the U.S. as early as July to speed cleanroom construction, pipeline installation, and equipment setup, three chip supply chain executives told Nikkei.
  2. TSMC and its suppliers are in talks with the U.S. government for help with non-immigrant visa applications for contract technicians and workers experienced in cleanroom setup, pipeline installation, and mechanical and electrical systems for chip plants.
  3. One executive told Nikkei that too few U.S. workers have first-hand experience building semiconductor manufacturing facilities or familiarity with chipmaking plant requirements, which has caused delays in multiple installation works.

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  • TSMC to Triple U.S. Chip Investment to $40bn to Serve Apple, Others — Taiwan Semiconductor Manufacturing Co. says it will more than triple its US investment to $40bn, expanding in Arizona where it is building a $12bn chip facility. The added plant is set to begin operating by 2026 and would be the first in the US to make 3-nanometer chips, the most advanced currently available.