A massive murder of crows in a snowstorm can't be a good sign, can it?
Thursday, March 04, 2021
U.S. will review impact of SK Innovation ruling on Biden green transportation goals
FILE PHOTO: FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul
Wed, March 3, 2021
By David Shepardson
WASHINGTON (Reuters) - The U.S. Transportation Department will analyze the impact of an electric vehicle battery trade ruling against SK Innovation Co Ltd on President Joe Biden's green transportation goals, the nominee for the department's No. 2 position said.
Deputy Transportation secretary nominee Polly Trottenberg said at a hearing the department would analyze the International Trade Commission's Feb. 10 ruling siding with LG Chem Ltd that accused SK of misappropriating trade secrets related to EV battery technology.
U.S. Senator Raphael Warnock said the ruling "seriously threatens" the viability of SK Innovation's $2.6 billion Georgia plant with 2,600 planned workers, currently under construction.
The Georgia Democrat called the ruling "a severe punch in the gut" for Georgia workers and Biden's push for electric vehicles.
Biden has 60 days to reject or allow the ruling to stand.
SK Innovation told the White House on Feb. 23 Biden's disapproval "is necessary to support the administration's policy on tackling the climate crisis."
The ITC issued a limited 10-year exclusion order prohibiting U.S. imports of some lithium-ion batteries by SK Innovation, but permitted SK to import components for domestic production of lithium ion batteries and other parts for Ford Motor Co's EV F-150 program for four years, and for Volkswagen of America's MEB electric vehicle line for the North American region for two years.
Biden has vowed to replace the U.S. government’s fleet of roughly 650,000 vehicles with electric models as the new administration shifts its focus toward clean energy.
SK Innovation said in its presentation to the White House the ruling would force it to shut its Georgia plant, resulting in the loss of nearly 50% of the "country's non-captive EV production capacity."
SK plans to invest $5 billion by 2025 in the plant and have 6,000 workers. SK said the carve-out periods "do not provide a solution."
LG Chem did not immediately comment.
(Reporting by David Shepardson in Washington; Editing by Matthew Lewis)
FILE PHOTO: FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul
Wed, March 3, 2021
By David Shepardson
WASHINGTON (Reuters) - The U.S. Transportation Department will analyze the impact of an electric vehicle battery trade ruling against SK Innovation Co Ltd on President Joe Biden's green transportation goals, the nominee for the department's No. 2 position said.
Deputy Transportation secretary nominee Polly Trottenberg said at a hearing the department would analyze the International Trade Commission's Feb. 10 ruling siding with LG Chem Ltd that accused SK of misappropriating trade secrets related to EV battery technology.
U.S. Senator Raphael Warnock said the ruling "seriously threatens" the viability of SK Innovation's $2.6 billion Georgia plant with 2,600 planned workers, currently under construction.
The Georgia Democrat called the ruling "a severe punch in the gut" for Georgia workers and Biden's push for electric vehicles.
Biden has 60 days to reject or allow the ruling to stand.
SK Innovation told the White House on Feb. 23 Biden's disapproval "is necessary to support the administration's policy on tackling the climate crisis."
The ITC issued a limited 10-year exclusion order prohibiting U.S. imports of some lithium-ion batteries by SK Innovation, but permitted SK to import components for domestic production of lithium ion batteries and other parts for Ford Motor Co's EV F-150 program for four years, and for Volkswagen of America's MEB electric vehicle line for the North American region for two years.
Biden has vowed to replace the U.S. government’s fleet of roughly 650,000 vehicles with electric models as the new administration shifts its focus toward clean energy.
SK Innovation said in its presentation to the White House the ruling would force it to shut its Georgia plant, resulting in the loss of nearly 50% of the "country's non-captive EV production capacity."
SK plans to invest $5 billion by 2025 in the plant and have 6,000 workers. SK said the carve-out periods "do not provide a solution."
LG Chem did not immediately comment.
(Reporting by David Shepardson in Washington; Editing by Matthew Lewis)
Asia Hege Funds Pare Bets on Green Energy After 2020 Surge
TSLA-7.14%
Bei Hu and David Ramli
Wed, March 3, 2021
(Bloomberg) -- Asia hedge funds that rode a green investing wave for double-digit returns last year are starting to reduce bets on the sector given the lofty valuations.
Apeiron Capital has cut Tesla Inc. to a small position after the electric vehicle maker’s eight-fold surge sparked a 98% return for the $400 million hedge fund in 2020, said founder Yao Wanyi. York Capital Management also trimmed investments in electric vehicle, battery and solar glass makers, according to Mark He, co-portfolio manager of its $3.4 billion Asia funds.
“Clean energy remains one of the most important investment themes for years to come, it’s just that it ran a bit too much last year,” said He, adding the firm may buy the dips later.
Electric vehicle makers and their suppliers were among last year’s star stock performers as the new vehicles start to win over consumers with better technology and lower prices. Meanwhile, cleaner sources of energy, from solar to nuclear, were bolstered by pledges from China and other countries to curb emissions over the next few decades.
Those investments, together with shifting consumer behavior amid the pandemic, helped Asia managers beat peers in the best year for global hedge funds in at least seven years. A Bloomberg global hedge fund index gained 10% in 2020.
Though many Asia hedge fund managers still like the long-term outlook for sustainable investments, valuations look stretched. Apeiron began to “actively” cut its Tesla holdings for the first time this year, after buying convertible bonds and shares in 2019 when the market was divided on the company.
Tesla Tumble
Tesla’s stock price has tumbled 22% since a Jan. 25 high, as rising global bond yields compounded concerns about runaway stock valuations. Contemporary Amperex Technology Co. has lost 14% since Jan. 8, after the Tesla battery supplier more than tripled in the last 14 months.
“This valuation, even though we are a long-term believer, has baked in a lot of optionality other than the automobile business,” Yao said, referring to Tesla. “The premium of such optionality has become too demanding.”
Yao’s Apeiron team has instead identified parts suppliers with large global market share that can gain from the “multi-decade” EV trend that’s just beginning, she added, declining to identify them.
“The problem is, Tesla is expensive, the whole supply chain is not cheap either,” Yao said. “We are not there to pull the trigger. We may need to wait.”
LyGH Capital Pte, a Singapore-based firm with about 40% of its investments in clean energy, last year boosted holdings of EV parts suppliers where competition is less intense, said Grace Lu, chief investment officer of the company overseeing $500 million. More than two-thirds of the 7.5% January return for its hedge fund came from themes ranging from electric vehicles to solar power, adding to a 32% gain last year, Lu said.
CATL Bets
Her top picks include thermal management equipment maker Zhejiang Sanhua Intelligent Controls Co. and Contemporary Amperex, also known as CATL. She also likes lithium miners.
“We are overweight those sectors based on their long-term prospects,” she said. “We don’t think the recent turbulence in the market or a rebound of rates from very low levels will derail the growth.”
York Capital’s Asia team added Chinese hydrogen fuel cell maker Beijing Sinohytec Co. even as valuation concerns prompted it to cut other clean technology holdings, including CATL.
“China wants a national champion in hydrogen fuel cell vehicles, not just in electric vehicles,” He said. The team is spinning out into separate firm later this year.
Uranium Rebound
Other hedge funds are turning to uranium as a green investment. Tribeca Investment Partners has put about a quarter of its flagship hedge fund into uranium assets, betting that prices will more than double in the coming year, Asia Chief Executive Officer Ben Cleary said.
The metal is trading about 80% off a 2007 peak, or about $30 a pound, prompting manufacturers to halt unprofitable mines. Global uranium inventory has dwindled to about a year’s usage, against the norm of about three years, he said.
Hedge fund manager Michael Burry of the “Big Short” fame and billionaire Bill Gates have touted nuclear as the carbon-free source of limitless energy that can operate 24 hours a day.
Tribeca’s $100 million dedicated uranium fund has returned 55% already this year after a 195% gain in 2020 on investments in the metal and in companies. Its bullish bets include U.S. producer Energy Fuels Inc. and Australia’s Boss Energy Ltd.
“We expect the price needs to move to at least $60 per pound over the next 12 to 18 months to incentivize new production to be financed,” he said. “Because there has been such an under investment in new supply in recent years, there is the potential for prices to blow off toward $100 per pound.”
(Adds Burry and Gates support for nuclear power in third-last paragraph)
©2021 Bloomberg L.P.
TSLA-7.14%
Bei Hu and David Ramli
Wed, March 3, 2021
(Bloomberg) -- Asia hedge funds that rode a green investing wave for double-digit returns last year are starting to reduce bets on the sector given the lofty valuations.
Apeiron Capital has cut Tesla Inc. to a small position after the electric vehicle maker’s eight-fold surge sparked a 98% return for the $400 million hedge fund in 2020, said founder Yao Wanyi. York Capital Management also trimmed investments in electric vehicle, battery and solar glass makers, according to Mark He, co-portfolio manager of its $3.4 billion Asia funds.
“Clean energy remains one of the most important investment themes for years to come, it’s just that it ran a bit too much last year,” said He, adding the firm may buy the dips later.
Electric vehicle makers and their suppliers were among last year’s star stock performers as the new vehicles start to win over consumers with better technology and lower prices. Meanwhile, cleaner sources of energy, from solar to nuclear, were bolstered by pledges from China and other countries to curb emissions over the next few decades.
Those investments, together with shifting consumer behavior amid the pandemic, helped Asia managers beat peers in the best year for global hedge funds in at least seven years. A Bloomberg global hedge fund index gained 10% in 2020.
Though many Asia hedge fund managers still like the long-term outlook for sustainable investments, valuations look stretched. Apeiron began to “actively” cut its Tesla holdings for the first time this year, after buying convertible bonds and shares in 2019 when the market was divided on the company.
Tesla Tumble
Tesla’s stock price has tumbled 22% since a Jan. 25 high, as rising global bond yields compounded concerns about runaway stock valuations. Contemporary Amperex Technology Co. has lost 14% since Jan. 8, after the Tesla battery supplier more than tripled in the last 14 months.
“This valuation, even though we are a long-term believer, has baked in a lot of optionality other than the automobile business,” Yao said, referring to Tesla. “The premium of such optionality has become too demanding.”
Yao’s Apeiron team has instead identified parts suppliers with large global market share that can gain from the “multi-decade” EV trend that’s just beginning, she added, declining to identify them.
“The problem is, Tesla is expensive, the whole supply chain is not cheap either,” Yao said. “We are not there to pull the trigger. We may need to wait.”
LyGH Capital Pte, a Singapore-based firm with about 40% of its investments in clean energy, last year boosted holdings of EV parts suppliers where competition is less intense, said Grace Lu, chief investment officer of the company overseeing $500 million. More than two-thirds of the 7.5% January return for its hedge fund came from themes ranging from electric vehicles to solar power, adding to a 32% gain last year, Lu said.
CATL Bets
Her top picks include thermal management equipment maker Zhejiang Sanhua Intelligent Controls Co. and Contemporary Amperex, also known as CATL. She also likes lithium miners.
“We are overweight those sectors based on their long-term prospects,” she said. “We don’t think the recent turbulence in the market or a rebound of rates from very low levels will derail the growth.”
York Capital’s Asia team added Chinese hydrogen fuel cell maker Beijing Sinohytec Co. even as valuation concerns prompted it to cut other clean technology holdings, including CATL.
“China wants a national champion in hydrogen fuel cell vehicles, not just in electric vehicles,” He said. The team is spinning out into separate firm later this year.
Uranium Rebound
Other hedge funds are turning to uranium as a green investment. Tribeca Investment Partners has put about a quarter of its flagship hedge fund into uranium assets, betting that prices will more than double in the coming year, Asia Chief Executive Officer Ben Cleary said.
The metal is trading about 80% off a 2007 peak, or about $30 a pound, prompting manufacturers to halt unprofitable mines. Global uranium inventory has dwindled to about a year’s usage, against the norm of about three years, he said.
Hedge fund manager Michael Burry of the “Big Short” fame and billionaire Bill Gates have touted nuclear as the carbon-free source of limitless energy that can operate 24 hours a day.
Tribeca’s $100 million dedicated uranium fund has returned 55% already this year after a 195% gain in 2020 on investments in the metal and in companies. Its bullish bets include U.S. producer Energy Fuels Inc. and Australia’s Boss Energy Ltd.
“We expect the price needs to move to at least $60 per pound over the next 12 to 18 months to incentivize new production to be financed,” he said. “Because there has been such an under investment in new supply in recent years, there is the potential for prices to blow off toward $100 per pound.”
(Adds Burry and Gates support for nuclear power in third-last paragraph)
©2021 Bloomberg L.P.
New Zealand tsunami warning withdrawn after thousands told to evacuate following powerful earthquake
Verity Bowman
Thu, March 4, 2021
The earthquake was felt across New Zealand's North Island
A strong 7.2 magnitude earthquake struck off the east of New Zealand's North Island on Friday, prompting a tsunami warning that was later withdrawn, the Pacific Tsunami Warning Centre (PTWC) said, although residents were asked to stay alert.
"There is no longer a tsunami threat from this earthquake," PTWC said in a statement.
There were no immediate reports of damage, but the National Emergency Management Agency (NEMA) advised people in some coastal areas to move immediately to high ground.
Local civil defence authorities said the tsunami threat would continue for several hours.
"Coastal inundation (flooding of land areas) is expected in areas under Land and Marine threat," NEMA said in a tweet.
The closest major city to the epicentre is Gisborne with a population of about 35,500. People near the coast from Cape Runaway to Tolaga Bay were told to evacuate.
Gisborne Mayor Rehette Stoltz said many of people had already left their homes for higher ground.
"Hope everyone is ok out there - especially on the East Coast who would have felt the full force of that earthquake," Prime Minister Jacinda Ardern posted on Instagram.
There was threat to the capital Wellington and other regions, but civil defence authorities asked residents across the country to stay away from beaches and marine areas as there could be strong and unusual currents.
More than 60,000 people reported feeling the quake on GeoNet's website, with 282 describing the shaking as "severe" and 75 saying it was "extreme". Most others described it as light.
"Strong and unusual currents and unpredictable surges near the shore are expected in all other coastal areas of the North Island, Great Barrier Island, the South Island, Stewart Island and the Chatham Islands," a statement on the GeoNet site said.
Aftershocks were still being recorded in the area.
More than 60,000 people reported feeling the quake on GeoNet's website, with 282 describing the shaking as "severe" and 75 saying it was "extreme". Most others described it as light.
"Strong and unusual currents and unpredictable surges near the shore are expected in all other coastal areas of the North Island, Great Barrier Island, the South Island, Stewart Island and the Chatham Islands," a statement on the GeoNet site said.
Aftershocks were still being recorded in the area.
THE Q ANON SHAMAN WILL BE PISSED
Man accused of QAnon vandalism at 'America's Stonehenge'
FILE - This Sept. 15, 2015, file photo shows a rock formation called America's Stonehenge in Salem, N.H. Police arrested Mark Russo, of Swedesboro, N.J., and charged him with defacing the stone grouping in September 2019 by carving into rock a motto affiliated with the QAnon conspiracy theory. A lawyer entered a not guilty plea on his behalf Tuesday, March 2, 2021.
(AP Photo/Jim Cole, File)
Wed, March 3, 2021,
SALEM, N.H. (AP) — Police have made an arrest following a 15-month-long investigation into vandalism at a group of rock configurations in New Hampshire called “America's Stonehenge."
Mark Russo, 51, of Swedesboro, New Jersey, has been charged with one count of felony criminal mischief, accused of defacing the stone in Salem in September 2019. A lawyer entered a not guilty plea on his behalf Tuesday.
Police said the rock tablet appeared to have been damaged by a power tool. It was carved with “WWG1WGA” and “IAMMARK." Police said the first stands for “Where We Go One, We Go All," a motto affiliated with the QAnon conspiracy theory.
An 18-inch (45-centimeter) tall wooden cross was found suspended between two trees, and attached to the cross were several photographs and hand-drawn images.
Police arrested Russo after finding images of the stone and Russo online and linking to him an “iammark" Twitter account with a reference to “a few improvements" made to the site. Images on the cross also were linked to Russo.
Bail was set at $3,000 cash for Russo, who is scheduled for a hearing on April 21. An email seeking comment from Russo's lawyer was sent Tuesday.
America’s Stonehenge, which features cave-like, granite enclosures, has drawn believers who say it’s 1,000 or more years old, and skeptics who say the evidence suggests it was the work of a 19th century shoemaker.
Wed, March 3, 2021,
SALEM, N.H. (AP) — Police have made an arrest following a 15-month-long investigation into vandalism at a group of rock configurations in New Hampshire called “America's Stonehenge."
Mark Russo, 51, of Swedesboro, New Jersey, has been charged with one count of felony criminal mischief, accused of defacing the stone in Salem in September 2019. A lawyer entered a not guilty plea on his behalf Tuesday.
Police said the rock tablet appeared to have been damaged by a power tool. It was carved with “WWG1WGA” and “IAMMARK." Police said the first stands for “Where We Go One, We Go All," a motto affiliated with the QAnon conspiracy theory.
An 18-inch (45-centimeter) tall wooden cross was found suspended between two trees, and attached to the cross were several photographs and hand-drawn images.
Police arrested Russo after finding images of the stone and Russo online and linking to him an “iammark" Twitter account with a reference to “a few improvements" made to the site. Images on the cross also were linked to Russo.
Bail was set at $3,000 cash for Russo, who is scheduled for a hearing on April 21. An email seeking comment from Russo's lawyer was sent Tuesday.
America’s Stonehenge, which features cave-like, granite enclosures, has drawn believers who say it’s 1,000 or more years old, and skeptics who say the evidence suggests it was the work of a 19th century shoemaker.
QAnon Shaman Begs for Leniency:
I Stopped Muffin Theft During Capitol Riot
Jamie Ross, Pilar Melendez
Thu, March 4, 2021
CBS News
The notorious “QAnon Shaman” has insisted his actions during the Capitol riot were not an attack on the United States—and that he can prove it because he stopped other rioters from stealing muffins.
Jacob Chansley, who became arguably the most infamous Capitol rioter due to his furry and be-horned costume, has given a bizarre interview to CBS News in his latest attempt to beg for mercy. The first glimpse of the 60 Minutes interview was broadcast Thursday morning.
Speaking from jail, Chansley became clearly short-tempered when CBS News reporter Laurie Segall asked him if he considered his actions during the storming of the Capitol to be an attack on the nation.
When he was then asked to describe his actions in his own words, he explained: “I sang a song, and that’s a part of shamanism, it’s about creating positive vibrations in a sacred chamber. I also stopped people from stealing and vandalizing that sacred space, the Senate. I actually stopped people from stealing muffins out of the break room.”
While preventing muffin theft is all well and good, the accusations against Chansley are very serious. On top of storming into the Capitol building, Chansley is also accused of leaving an ominous note for Vice President Mike Pence at his desk in the Senate chamber that read: “It’s only a matter of time, justice is coming.” That day, he was also carrying a spear attached to a flagpole, which prosecutors considered to be a weapon.
Chansley is facing as many as 20 years in prison, but can’t seem to see what he did wrong. In the interview, he went on: “I also said a prayer in that sacred chamber because it was my intention to bring divinity and to bring God back into the Senate.” When reminded that it was illegal for him to even enter the chamber, he described that as a “very serious regret.”
His mother, Martha Chansley, also insisted he did nothing wrong, telling Segall that her son simply “walked through open doors.”
“He was escorted into the Senate. So, I don’t know what’s wrong with that,” she said. “I know that he is sorry but again it all comes back to he walked through open doors.”
Prosecutors haven’t said how Chansley got into the building but there’s no evidence that police guided rioters into the Senate chamber.
She justified her son’s decision to protest the election result by repeating the lie that the election was stolen. “I don’t think it’s right that [the election] was won fraudulently. I don’t believe it was won fairly at all,” she said.
On former President Donald Trump, whom Chansley has repeatedly criticized via his attorney because he was not offered a pardon before Trump left office, it appears he still holds a soft spot for him.
“I developed a lot of sympathy for Donald Trump because it seemed like the media was picking on him,” said Chansley. “I have been a victim of that all my life, whether it be at school or at home, so in many ways I identified with a lot of the negative things he was going through.”
Chansley went on to admit that he was “wounded” by not being offered a pardon, but does not regret his loyalty to Trump. “I [only] regret entering that building, with every fiber of my being,” he said.
While Chansley’s strange jailhouse appearance on national television might be viewed as detrimental to his legal battle, his defense attorney believes it was totally logical and justified. “[Chansley] is the most visible face of this riot. So for the first time in my career, it is not a trepidation to have my client speak out—it’s fully abated,” defense attorney Albert Watkins told The Daily Beast on Thursday.
“If anything, it’s necessary to shift the message and dialogue that I have been pushing for since Jacob Chansley has been taking into custody: The riots were more than a lynch mob, but the result of years of manipulation [from Trump].”
“He believed the president. He believed the words and reacted on those words. So when you have millions of Americans who were embracing over four years of propaganda and lies and misrepresentations daily—we have to have compassion for that. We have to have patience,” Watkins added.
The lawyer added that the more people get exposed to his client, they’ll realize the “gentleman that he is” and remember that the thousands who stormed the Capitol “are our brothers and sisters and neighbors.”
CBS reporter Segall said Chansley ended his interview by shouting “SEE ME! SEE ME!” and insisting that he’s not a violent man. A judge will hear arguments Friday on whether he should be released before his trial.
Jamie Ross, Pilar Melendez
Thu, March 4, 2021
CBS News
The notorious “QAnon Shaman” has insisted his actions during the Capitol riot were not an attack on the United States—and that he can prove it because he stopped other rioters from stealing muffins.
Jacob Chansley, who became arguably the most infamous Capitol rioter due to his furry and be-horned costume, has given a bizarre interview to CBS News in his latest attempt to beg for mercy. The first glimpse of the 60 Minutes interview was broadcast Thursday morning.
Speaking from jail, Chansley became clearly short-tempered when CBS News reporter Laurie Segall asked him if he considered his actions during the storming of the Capitol to be an attack on the nation.
When he was then asked to describe his actions in his own words, he explained: “I sang a song, and that’s a part of shamanism, it’s about creating positive vibrations in a sacred chamber. I also stopped people from stealing and vandalizing that sacred space, the Senate. I actually stopped people from stealing muffins out of the break room.”
While preventing muffin theft is all well and good, the accusations against Chansley are very serious. On top of storming into the Capitol building, Chansley is also accused of leaving an ominous note for Vice President Mike Pence at his desk in the Senate chamber that read: “It’s only a matter of time, justice is coming.” That day, he was also carrying a spear attached to a flagpole, which prosecutors considered to be a weapon.
Chansley is facing as many as 20 years in prison, but can’t seem to see what he did wrong. In the interview, he went on: “I also said a prayer in that sacred chamber because it was my intention to bring divinity and to bring God back into the Senate.” When reminded that it was illegal for him to even enter the chamber, he described that as a “very serious regret.”
His mother, Martha Chansley, also insisted he did nothing wrong, telling Segall that her son simply “walked through open doors.”
“He was escorted into the Senate. So, I don’t know what’s wrong with that,” she said. “I know that he is sorry but again it all comes back to he walked through open doors.”
Prosecutors haven’t said how Chansley got into the building but there’s no evidence that police guided rioters into the Senate chamber.
She justified her son’s decision to protest the election result by repeating the lie that the election was stolen. “I don’t think it’s right that [the election] was won fraudulently. I don’t believe it was won fairly at all,” she said.
On former President Donald Trump, whom Chansley has repeatedly criticized via his attorney because he was not offered a pardon before Trump left office, it appears he still holds a soft spot for him.
“I developed a lot of sympathy for Donald Trump because it seemed like the media was picking on him,” said Chansley. “I have been a victim of that all my life, whether it be at school or at home, so in many ways I identified with a lot of the negative things he was going through.”
Chansley went on to admit that he was “wounded” by not being offered a pardon, but does not regret his loyalty to Trump. “I [only] regret entering that building, with every fiber of my being,” he said.
While Chansley’s strange jailhouse appearance on national television might be viewed as detrimental to his legal battle, his defense attorney believes it was totally logical and justified. “[Chansley] is the most visible face of this riot. So for the first time in my career, it is not a trepidation to have my client speak out—it’s fully abated,” defense attorney Albert Watkins told The Daily Beast on Thursday.
“If anything, it’s necessary to shift the message and dialogue that I have been pushing for since Jacob Chansley has been taking into custody: The riots were more than a lynch mob, but the result of years of manipulation [from Trump].”
“He believed the president. He believed the words and reacted on those words. So when you have millions of Americans who were embracing over four years of propaganda and lies and misrepresentations daily—we have to have compassion for that. We have to have patience,” Watkins added.
The lawyer added that the more people get exposed to his client, they’ll realize the “gentleman that he is” and remember that the thousands who stormed the Capitol “are our brothers and sisters and neighbors.”
CBS reporter Segall said Chansley ended his interview by shouting “SEE ME! SEE ME!” and insisting that he’s not a violent man. A judge will hear arguments Friday on whether he should be released before his trial.
Texas power grid operator ERCOT fires CEO after deadly blackouts
FILE PHOTO: Winter weather caused electricity blackouts in Houston
Kanishka Singh and Ann Maria Shibu
Wed, March 3, 2021,
(Reuters) - Texas' power grid operator ousted chief executive Bill Magness on Wednesday, as the fallout continues from a deadly blackout last month that left residents without heat, power or water for days.
His departure followed fierce criticism by state lawmakers of the handling of the crisis by the Electric Reliability Council of Texas (ERCOT), which has led one large electricity provider to seek bankruptcy and put several others near to it.
The mid-February storm temporarily knocked out up to half the state's generating plants, triggering outages that killed dozens and pushed power prices to 10 times the normal rate.
"ERCOT's decision to oust CEO Bill Magness signals accountability for the disaster that swept through our state two weeks ago," Texas Attorney General Ken Paxton said in a statement on Twitter.
"(This step) offers the opportunity for new leadership that can more efficiently prepare and direct our state's resources when dangerous weather strikes," he added.
Texas Lieutenant Governor Dan Patrick, who earlier this week called for the heads of ERCOT and the Public Utility Commission to resign, also welcomed the move.
The legislature now can begin "fixing what went wrong," Patrick said.
ERCOT said in a statement cited by multiple media organizations that its board had directed that Magness be given a 60 days' termination notice. The board would begin an immediate search for a new CEO.
Magness worked at ERCOT for more than a decade and became its CEO and president in 2016 after working as its general counsel, the Texas Tribune newspaper reported.
Brad Jones, former head of New York's power grid, is the leading candidate to replace Magness as ERCOT's CEO, Bloomberg reported, citing people familiar with the board's thinking.
Magness was grilled for hours last week for leaving power prices at up to 450 times the usual rate after the threat to the state's grid had ended.
Seven of ERCOT's 15 directors have resigned in the last week and the head of the state's Public Utility Commission, which supervised ERCOT, resigned on Monday.
The winter storm caused widespread blackouts across Texas, a state unaccustomed to extreme cold, knocking out power to more than 4 million people at its peak.
(Reporting by Kanishka Singh and Ann Maria Shibu in Bengaluru; Editing by Gary McWilliams and Richard Pullin)
Texas begins naming electricity firms overdue on winter crisis bills
Gary McWilliams
Wed, March 3, 2021
HOUSTON, March 3 (Reuters) - Eight energy companies have failed to pay nearly $1 billion for power and services during February's deadly power blackout in Texas, the state's grid operator said this week, and the costs are likely to fall on consumers.
A winter-storm surge in demand saddled the companies that sell, transmit and generate electricity in the state with about $47 billion in costs as fuel prices soared. Texas consumers will see higher prices as the unpaid fees are passed along to remaining providers.
Power grid operator Electric Reliability Council of Texas (ERCOT) last week said grid users it did not identify had failed to pay $2.46 billion due. ERCOT identified eight companies that had failed to pay a total $930,000 this week, including Brazos Electric Power Cooperative.
Brazos Electric sought protection from creditors this week, citing $2.1 billion in storm-related charges from ERCOT. A Brazos spokesman did not reply to requests for comment.
ERCOT did not say if the eight were included in the larger figure. The total outstanding will be released at a legislative hearing Thursday, a spokeswoman said.
As part of its duties, ERCOT acts as a clearinghouse, collecting for power delivered to utilities and paying the companies that provide the electrons. When bills go unpaid, the costs are reallocated to all grid users.
"Our primary focus through the storm and going forward is protecting customers from price increases and bill shock," said Vinnie Campo, general manager of Bulb US. "The market is in need of fixing and fast," criticizing storm price increases as a "windfall" for generators.
Campo supports a proposal before the state's Public Utility Commission to roll back some $2 billion in service fees. Bulb was cited by ERCOT as $30,800 short on grid payments. However, the amount has been paid, a spokeswoman said.
ERCOT's disclosure of those firms behind on paying bills "is perfectly fair game," said Patrick Woodson, chief executive of retail power marketer ATG Clean Energy whose company is not on the list. ATG took significant financial hits but is current with ERCOT.
"I hope they will apply the same standards to identifying the market participants who made massive profits during this disaster," he said.
(Reporting by Gary McWilliams; Editing by Cynthia Osterman)
Gary McWilliams
Wed, March 3, 2021
HOUSTON, March 3 (Reuters) - Eight energy companies have failed to pay nearly $1 billion for power and services during February's deadly power blackout in Texas, the state's grid operator said this week, and the costs are likely to fall on consumers.
A winter-storm surge in demand saddled the companies that sell, transmit and generate electricity in the state with about $47 billion in costs as fuel prices soared. Texas consumers will see higher prices as the unpaid fees are passed along to remaining providers.
Power grid operator Electric Reliability Council of Texas (ERCOT) last week said grid users it did not identify had failed to pay $2.46 billion due. ERCOT identified eight companies that had failed to pay a total $930,000 this week, including Brazos Electric Power Cooperative.
Brazos Electric sought protection from creditors this week, citing $2.1 billion in storm-related charges from ERCOT. A Brazos spokesman did not reply to requests for comment.
ERCOT did not say if the eight were included in the larger figure. The total outstanding will be released at a legislative hearing Thursday, a spokeswoman said.
As part of its duties, ERCOT acts as a clearinghouse, collecting for power delivered to utilities and paying the companies that provide the electrons. When bills go unpaid, the costs are reallocated to all grid users.
"Our primary focus through the storm and going forward is protecting customers from price increases and bill shock," said Vinnie Campo, general manager of Bulb US. "The market is in need of fixing and fast," criticizing storm price increases as a "windfall" for generators.
Campo supports a proposal before the state's Public Utility Commission to roll back some $2 billion in service fees. Bulb was cited by ERCOT as $30,800 short on grid payments. However, the amount has been paid, a spokeswoman said.
ERCOT's disclosure of those firms behind on paying bills "is perfectly fair game," said Patrick Woodson, chief executive of retail power marketer ATG Clean Energy whose company is not on the list. ATG took significant financial hits but is current with ERCOT.
"I hope they will apply the same standards to identifying the market participants who made massive profits during this disaster," he said.
(Reporting by Gary McWilliams; Editing by Cynthia Osterman)
House panel seeks storm documents from Texas grid operator
Winter Weather Texas Deepfreeze FILE - In this Feb. 16, 2021, file photo, a woman wrapped in a blanket crosses the street near downtown Dallas. As temperatures plunged and snow and ice whipped the state, much of Texas' power grid collapsed, followed by its water systems. Tens of millions huddled in frigid homes that slowly grew colder or fled for safety. (AP Photo/LM Otero, File
MATTHEW DALY
Wed, March 3, 2021
WASHINGTON (AP) — The House Oversight Committee is investigating the agency that operates the Texas power grid, seeking information and documents about the lack of preparation for the recent winter storm that caused millions of power outages and dozens of deaths across the state.
Rep. Ro Khanna, a California Democrat who chairs an environment subcommittee, sent a letter to the Electric Reliability Council of Texas, saying he is concerned that the loss of electric service — “and the resulting human suffering, deaths and economic costs” — will happen again unless ERCOT and the state of Texas adequately prepare for a predicted increase in extreme weather events.
Severe winter storms in Texas “have occurred repeatedly over decades, and ERCOT has been unprepared for them,” Khanna wrote in a letter to ERCOT CEO Bill Magness. The group's own consultant has predicted that severe winter weather events will continue to occur every decade, yet ERCOT and state officials have done little to prepare for them or build appropriate infrastructure, Khanna said.
Magness was fired Wednesday amid growing calls for his ouster following the deadly storms, but will stay on for two months to "work with state leaders and regulators on potential reforms to ERCOT,” the organization said in a statement.
“The failures of ERCOT and the state of Texas were costly,'' Khanna wrote. At least 49 Texans have died, and more than 4.5 million people experienced power outages
“Homeowners, renters and businesses face steep expenses to fix damage from frozen and burst pipes, with the Texas Insurance Council estimating that claims could be more than $20 billion,'' Khanna wrote. Total economic losses in Texas could reach $50 billion.
Because Texas is not connected to the national grid, “ERCOT has limited ability to import electricity from outside of the state,'' Khanna noted, adding that nearby regions, such as El Paso, experienced the same extreme temperatures but fewer disruptions.
Last month's storm followed similar winter storms in 1989 and 2011 that also caused massive outages, Khanna said. “It appears that lessons learned (again) in 2011 were not implemented either, leaving Texas vulnerable to extreme winter weather again in 2021,'' he wrote.
The subcommittee requested documents from ERCOT by March 17 related to its preparedness for extreme weather events; decisions on where and when to implement rolling blackouts; and the disruption of electricity supply in the mid-February storm.
A spokeswoman for ERCOT said officials received the letter and will respond to the subcommittee.
Texas Gov. Greg Abbott, a Republican, has blamed the power failures on ERCOT. But a three-member utility commission appointed by Abbott has oversight authority over the grid operator. The utility commission's chair resigned last week, and at least six ERCOT board members have also resigned in the wake of the power failure, one of the largest in U.S. history.
ERCOT officials have said the entire grid — which is uniquely isolated from the rest of the U.S. — was on the brink of collapse in the early hours of Feb. 15 as power plants froze in the cold and record demand for electricity to heat homes overwhelmed the system.
The Federal Energy Regulatory Commission said last week that it is examining possible market manipulation on wholesale natural gas and electricity markets during the severe winter storms, which knocked out power to millions of people from Texas to North Dakota and resulted in at least 86 deaths nationwide.
The inquiry follows reports of wild price swings in the wholesale natural gas and electricity markets amid the storms. Natural gas spot prices spiked as high as 100 times typical levels, forcing utilities and other natural gas users to incur exorbitant costs, many of which were passed on to customers.
Sen. Tina Smith, D-Minn., and other lawmakers have said the price increases could threaten the financial stability of some utilities that don't have sufficient cash reserves to cover short-term costs.
The extreme weather caused residents from Mississippi to Minnesota to crank up electric heaters and pushed demand for electricity beyond the worst-case scenarios planned for by grid operators. At the same time, many gas-fired power plants in Texas and other states were knocked offline because of icy conditions, and some plants appeared to suffer fuel shortages as natural gas demand spiked nationwide.
INTER NATION IMPERIALIST COMPETITION
China using Big Tech firms to attack BBC in state propaganda campaign, says report
Sophia Yan THE TELEGRAPH
Wed, March 3, 2021,
The CCTV headquarters in Beijing, the home of China's state-run TV network - AP
China is using social media platforms such as Twitter to attack the BBC in a state-backed disinformation campaign to undermine critical reporting by Western media on human rights abuses, finds a new report by the Australian Strategic Policy Institute (ASPI).
The “coordinated effort by the [Chinese Communist Party’s] propaganda apparatus” is meant to “discredit the BBC, distract international attention and recapture control of the narrative,” according to the report.
The ASPI report finds that the same Twitter network that previously amplified coronavirus origin conspiracy theories – for instance, China claiming the pandemic didn’t emerge in Wuhan and instead blaming the US Army – is now being leveraged to attack the BBC.
That “pro-CCP Twitter network” continues to boost content pushed by China’s foreign ministry, going so far as to claim the BBC is paid by Western intelligence or “anti-China forces” to air certain stories.
China has before levied similar allegations against other foreign media outlets.
China has banned the BBC - GETTY IMAGES
“Negative online engagement with the BBC peaks on the same days as that of the party-state’s diplomats and state media,” finds the ASPI report. “This is a critically important multiplier effect that helps CCP disinformation and propaganda be effective.”
As China’s relations have deteriorated with the West, its propaganda and disinformation campaigns have ramped up in intensity. The latest onslaught against the BBC comes after broadcast regulator Ofcom revoked the license for Chinese state broadcaster CGTN to air programmes in the UK.
China then banned the BBC as well, though the channel was only accessible in some hotels and homes accessible to foreigners, and government censors routinely take it off the air when stories the Chinese authorities dislike are aired, for instance about pro-democracy protests in Hong Kong.
ASPI authors Albert Zhang and Jacob Wallis found that 48 Chinese diplomatic and state media Twitter accounts mentioned the BBC 253 times this year through mid-February. Over the same period, 33 Chinese diplomatic and state media Facebook accounts mentioned the BBC 161 times. State media outlets also paid to have posts promoted on Facebook.
Most of these posts were aimed at discrediting the BBC’s reporting on Xinjiang human rights abuses as “fake news” and “biased.”
The campaign is largely directed at shaping international views outside of China, as social media platforms including Twitter, Facebook and YouTube are blocked in the mainland, and cannot be accessed by the Chinese public.
The BBC said in February: “We stand by our accurate and fair reporting of events in Chian and totally reject these unfounded accusations of fake news or ideological bias.”
U.S. issues warning after Microsoft says China hacked its mail server program
Kevin Collier
Wed, March 3, 2021,
The U.S. has issued an emergency warning after Microsoft said it caught China hacking into its mail and calendar server program, called Exchange.
The perpetrator, Microsoft said in a blog post, is a hacker group that the company has "high confidence" is working for the Chinese government and spies primarily on American targets. The latest software update for Exchange blocks the hackers, prompting the U.S. Cybersecurity and Infrastructure Security Agency, or CISA, to issue a rare emergency directive that requires all government networks do so.
CISA, the U.S.'s primary defensive cybersecurity agency, rarely exercises its authority to demand that the entire U.S. government take steps to protect its cybersecurity. The move was necessary, the agency said, because the Exchange hackers are able "to gain persistent system access." All government agencies have until noon Friday to download the latest software update.
In a separate blog post, Microsoft Vice President Tom Burt wrote that the hackers have recently spied on a wide range of American targets, including disease researchers, law firms and defense contractors.
Burt added that the company had seen no evidence that individual consumers were targeted but emphasized that the hacker group has previously targeted "infectious disease researchers, law firms, higher education institutions, defense contractors, policy think tanks and NGOs."
Contacted by email, a spokesperson for the Chinese Embassy in Washington referred to recent comments by spokesperson Wang Wenbin.
"China has reiterated on multiple occasions that given the virtual nature of cyberspace and the fact that there are all kinds of online actors who are difficult to trace, tracing the source of cyber attacks is a complex technical issue," Wang said.
"We hope that relevant media and company will adopt a professional and responsible attitude and underscore the importance to have enough evidence when identifying cyber-related incidents, rather than make groundless accusations."
There was no immediate indication that the hack had led to significant exploitation of government computer networks. But the announcement marks the second time in recent months that the U.S. has scrambled to address a widespread hacking campaign believed to be the work of foreign government spies.
The U.S. is still sussing out the damage after hackers suspected of being Russian broke into a software management company, SolarWinds, and used the breach to hack nine federal agencies and about 100 private companies, White House deputy national security adviser Anne Neuberger said in February.
As the developer behind the most popular operating system in the world, Windows, Microsoft is regarded by Western cybersecurity experts as having exceptional insight into global hacking campaigns.
The campaign gave the hackers access not only to the victims' emails and calendar invitations but also to their entire networks, Microsoft said. The hackers used four distinct "zero-day" exploits, which are rare digital tools that get their name because software developers are unaware of them, giving them no days to prepare fixes.
ESET, a Slovakian cybersecurity company, said on Twitter that its researchers had seen multiple hacker groups, not just the one Microsoft named in its announcement, that were also exploiting some of the same vulnerabilities in older versions of Exchange.
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