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The World
Russia halted gas supplies via Europe's key supply route, intensifying an economic battle between Moscow and Brussels and raising the prospects of recession and energy rationing in some of the region's richest countries. European governments fear Moscow could extend the outage in retaliation for Western sanctions imposed after it invaded Ukraine and have accused Russia of using energy supplies as a "weapon of war". Moscow denies doing this and has cited technical reasons for supply cuts. (Reuters)
The EU has agreed to suspend a visa deal with Moscow and backed demands by eastern member states to curb the number of Russians crossing into their countries, as it bows to pressure to punish travellers over Vladimir Putin’s invasion of Ukraine. The decision is a victory for Poland, the Baltic states and Finland. (Financial Times)
The UN has accused China of "serious human rights violations" in a long-awaited report into allegations of abuse in Xinjiang province. China had urged the UN not to release the report - with Beijing calling it a "farce" arranged by Western powers. The report assesses claims of abuse against Uyghur Muslims and other ethnic minorities, which China denies. But investigators said they uncovered "credible evidence" of torture possibly amounting to "crimes against humanity". (BBC News)
China’s carbon emissions fall 8% as economic growth slows. Decline in quarter to June is fourth consecutive drop for world’s biggest emitter. (Financial Times)
Japan will upgrade its cruise missiles and research hypersonic weapons as it seeks to significantly increase military spending to counter what Tokyo sees as the rising threat from China. (Financial Times)
California Declares Grid Emergency, Warning of Blackouts: California officials declared a statewide grid emergency to cope with surging demand for power amid a blistering heat wave, raising the prospect of rolling blackouts. The California Independent System Operator issued a level-1 energy emergency alert around 3:10 p.m. local time Wednesday after tapping all of its available power supplies. The notice, which comes after officials asked homes and businesses to conserve, is a warning that the state is anticipating power shortages. (Bloomberg)
First day of heat wave brings record temperatures to Southern California. The triple-digit heat kicks off what forecasters warned will be a brutal weeklong stretch. (Los Angeles Times)
Ocean heat content, global sea levels and greenhouse gas concentrations all reached record highs in 2021, according to the State of the Climate report. The annual report showcases compelling scientific evidence that climate change has global impacts and shows no sign of slowing, said Rick Spinrad of the National Oceanic and Atmospheric Administration, which led the study. The ocean heat content findings are a sign of a planet that is absorbing far more heat than it is releasing back into space. The oceans are absorbing the vast majority of the extra heat trapped by greenhouse gases, which were also at the highest level on record last year. (Axios)
US life expectancy has fallen to the lowest level seen since 1996, continuing a steep decline largely driven by the Covid-19 pandemic. Government data showed life expectancy at birth now stands at 76.1 compared to 79 in 2019. That is the steepest two-year decline in a century. (BBC News)
Economy
Oil Falls for Third Month in a Row: Prices shed nearly 8% over the past two days. Fears of recession and waning demand are hitting a market struggling with sluggish trading activity. (Wall Street Journal)
G-7 to Discuss Cap on Price of Russian Oil in Bid to Ease Prices. (Bloomberg)
Eurozone inflation rose to a record 9.1 per cent in the year to August, intensifying fears that soaring prices are becoming embedded in the economy and bolstering calls for the European Central Bank to raise interest rates more aggressively next week. (Financial Times)
China manufacturing activity slips into contraction in August; in Japan, Yen nears closely watched ¥140 mark as it hits new 24-year low. (Financial Times)
More startups buy time with extension rounds: In a tepid market, it’s not always a straight line from A to B or C to D. A growing number of startups that raised big in 2021 are turning to extension rounds for more cash rather than advancing to the next Series letter. (Crunchbase News)
Toyota Motor will increase the price of automotive steel it sells to parts makers by a record of around 40,000 yen ($289) per tonne in the October-March half, following its latest round of negotiations with Nippon Steel. Toyota is Japan's largest buyer of steel, and is responsible for sourcing the metal for use both in-house and by its suppliers. (Nikkei Asia Review)
Technology
A study shows 79% of young Americans say they get news daily. The survey of young people ages 16 to 40 — the older of which are known as millennials and the younger Generation Z — was conducted by Media Insight Project, a collaboration between The Associated Press-NORC Center for Public Affairs Research and the American Press Institute. An estimated 71% of this age group gets news daily from social media. The social media diet is becoming more varied; Facebook doesn’t dominate the way it used to. About a third or more get news each day from YouTube and Instagram, and about a quarter or more from TikTok, Snapchat and Twitter. Now, 40% say they get news from Facebook daily, compared with 57% of millennials who said that in a 2015 Media Insight Project survey. (Associated Press)
Disney Explores Membership Program Like Amazon Prime to Offer Discounts and Perks: The entertainment giant looks to package streaming, parks and merchandise offerings together. It also aims to add a commerce feature to its Disney+ streaming service. (Wall Street Journal)
Netflix Seeks Top Dollar for Brands to Advertise on Its Service: Some ad buyers said they were told by Netflix that an ad-supported version would be launched on Nov. 1. (Wall Street Journal)
Nvidia, AMD warned of new US export restrictions on AI chips: The U.S. government has issued new export licensing requirements to Nvidia and AMD for export to China and Russia of the advanced GPUs used for AI. (Protocol)
Memo: on top of cutting ~20% of its staff, Snap cancels its original shows, in-app games, and Zenly and Voisey apps; the layoffs could save $500M annually. (The Verge)
Smart Links
JPMorgan raided by German prosecutors in tax fraud probe. (Financial Times)
Cyber insurance isn’t equipped to deal with cyber warfare. (Wired)
EV tax credits could stall out on lack of US battery supply. (MIT Technology Review)
Chipotle Invests in Robotics, Plant-Based. (Specialty Foods)