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| Happy Labor Day, Insiders! Today’s Daily Brief newsletter covers: - Xi to skip G20 summit, Biden "disappointed"
- Tesla shares fall 5% after price cuts, Model 3 refresh
- Burning Man flooded, tens of thousands of revelers stranded
Read on for today's Knowledge Hub and more! If you find this newsletter useful, please share it with your friends and colleagues. Thank you, Shriram
p/Shriram | |
| 1 | | U.S. President Joe Biden said he was "disappointed" that Chinese leader Xi Jinping will skip the G20 summit in India. Premier Li Qiang will represent China at the conference in Delhi on Sept. 9 and 10. More: - U.S.-China relations remain tense amid disagreements over Russia's invasion of Ukraine, Taiwan's sovereignty, and Washington's semiconductor restrictions.
- Relations between China and India are at a low point, in part due to a long-standing dispute surrounding their Himalayan border.
- Xi and Biden may have the chance to speak in November in San Francisco during a gathering of top executives from the Asia Pacific Economic Cooperation. They last met at the 2022 G20 meeting in Indonesia in November.
- Top U.S. officials, including Secretary of State Antony Blinken and Treasury Secretary Janet Yellen, have visited China in recent months in an effort to improve relations.
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| 2 | | Tesla shares lost 5% on Friday after the electric carmaker cut the prices of some models in the U.S. 
The price cuts: Tesla is cutting the prices of its entry-level Model 3 sedan, luxury Model S sedan, and Model X SUV. Following the cuts, some Model X vehicles now qualify for the $7,500 federal tax credit. Tesla's Full Self-Driving (FSD) software now costs $3,000 less in the U.S. In addition, Tesla is reducing the prices of its Model S and Model X in China. The company also unveiled its Model 3 refresh, which includes a "stalkless" turn signal. Relevance: Despite Friday's drop, Tesla's stock has almost doubled in value this year after gaining 2.7% last week but the company is facing strong competition from other EV startups, as well as U.S. legacy carmakers, which plan to launch scores of electric cars in the coming years. In addition, Tesla faces probes by the Securities and Exchange Commission ― about the company's EV battery range claims ― and a Manhattan federal prosecutor, which is investigating the carmaker for allegedly using company funds in a project to build a mansion for CEO Elon Musk. Q: What do you believe will be the key factors influencing Tesla's stock performance in the coming months? Join the conversation here | | | |
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| 3 | | Tens of thousands of revelers were stranded when a late-summer storm turned the Burning Man festival into a muddy wasteland. The annual festival in Nevada's Black Rock Desert was expected to attract approximately 80,000 people this year. More: - More than half an inch of rain fell at the site last weekend, roughly twice as much rain as the area typically receives throughout September.
- Scores of vehicles are stranded, unable to travel on the muddy roads. Authorities said that if weather conditions improve, vehicles may be able to start leaving the site on Monday evening.
- Some festival-goers were able to walk to the town of Gerlach, which is about five miles away, and hitched a ride to Reno from there.
- The tens of thousands of people still at the site have been urged to conserve food and water.
- One of the biggest concerns is the lack of toilet options since the company hired to clean the portable toilets has been unable to reach the area.
- The local sheriff's office said it is investigating the death of one person at the festival but did not reveal the cause of death.
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| 4 | | GOOD NEWS: The U.S. is on track to reduce coal-generating capacity to 159 gigawatts (GW) by 2026, from a peak of 318 GW in 2011. According to a projection by the Institute for Energy Economics and Financial Analysis, coal capacity will further decrease to 116 GW by 2030. More: - Coal electricity production has declined by 38% in 2022 when compared to 2011 levels.
- Last year, about 20% of the country's electricity was produced by burning coal, less than half its market share a decade ago.
- The U.S. Energy Information Administration (EIA) forecasts that coal will account for 17% of the electricity produced in the country this year.
- 173 coal-fired power plants are expected to shut down by 2030, which will take coal's share of total electricity production to 10%.
Zoom Out: - When burned to produce electricity, coal emits almost twice as much carbon dioxide as natural gas.
- Coal is increasingly being replaced by natural gas, as well as solar and wind energy.
- The U.S. power sector added 14.5 GW of solar generating capacity and 8.0 GW of wind capacity in the 12 months to May 2023.
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| 5 | | Chinese citizens have gained unauthorized access to U.S. military facilities and sensitive locations up to 100 times in recent years. These intruders "are typically Chinese nationals required to provide information to the Chinese government," government officials told The Wall Street Journal. More: - The incidents have taken place across the U.S., including Alaska, Florida, Virginia, and New Mexico. Some of them involved Chinese citizens allegedly posing as tourists.
- Chinese citizens were intercepted when trying to enter Alaska's Fort Wainwright, and taking pictures of U.S. military facilities in New Mexico and Florida.
- Rep. Jason Crow (D-CO) said that Congress might consider passing federal legislation to prevent this type of trespassing.
- To improve security, the Pentagon last year conducted a review of roughly 1,400 gates at U.S. military bases.
- The Chinese embassy denied the allegations, describing them as "ill-intentioned fabrications."
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| 6 | | The Ocean Cleanup has introduced an upgraded device to remove plastic waste from the Great Pacific Patch that can clean an area the size of a football pitch every five seconds. The organization has collected more than 275 tons of plastic waste from the Garbage Patch since 2021 as it aims to remove at least 90% of all the trash by 2040. More: - System 03, which is towed between two vessels, is a 1.4-mile-long floating barrier to catch trash ― three times longer than its predecessor.
- Ocean Cleanup estimates that it would eventually need to deploy twelve System 03 devices in order to meet its target.
- There are approximately 1.8 trillion pieces of trash, mostly plastic, in the Great Pacific Garbage Patch, which is twice the size of the state of Texas.
- That includes an estimated 79,000 metric tons of ocean plastic, most of which is thought to be at surface level.
Zoom Out: - Ocean Cleanup also uses Interceptor machines, which can remove up to 220,000 pounds of trash daily, to combat plastic pollution in rivers.
- Interceptors have been deployed in Indonesia, Malaysia, the Dominican Republic, Vietnam, Jamaica, and the U.S.
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- Celebrated U.S. singer-songwriter Jimmy Buffett, best known for his 1970 hit "Margaritaville," has passed away at the age of 76.
- In a surprising upset, Jelena Ostapenko defeated defending champion Iga Swiatek in three sets during the fourth round of the U.S. Open, earning a spot in the quarterfinals against Coco Gauff.
- Due to Labour Day weekend understaffing, over 100 inmates at a Minnesota jail refused to return to their cells, leading to a brief lockdown that administrators subsequently handled without incident.
- Mount Carmel now boasts the first medical marijuana drive-through in the Tri-State region, joining the other 17 shops in Southwest Ohio.
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INSIDE DAILY BRIEF LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by NO ACCOUNT ASSOCIATED WITH THE EDITOR | |
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