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Tesla suspends production in Shanghai as the city locks down

Tesla suspended production in Shanghai, and most businesses are closing, as covid cases spike.

Teslas on the production line in Shanghai
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  • Morgan Haefner
By Morgan Haefner

Deputy email editor


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Here’s what you need to know

Shanghai is locking down. Tesla suspended production in the city, and most businesses are closing in two phases, as covid cases spike.

Will Smith slapped Chris Rock on stage at the Oscars. He was defending his wife over a baldness joke, and then won the award for best actor.

An Apple movie won best picture, while a Netflix film won the directing award. Here’s a complete list of winners and nominees.

Huawei announced its first-ever annual revenue decline. The Chinese tech company’s revenue fell to nearly $100 billion in 2021, a 28.5% drop from 2020, as US sanctions against the firm bite.

Ukraine’s “territorial integrity” cannot be compromised, its president says. Peace talks with Russia are taking place in Turkey this week.

Joe Biden proposes a 20% minimum tax on the richest Americans. It would affect households that are worth more than $100 million.

What to watch for

Normal trading of shares and bonds will resume today on Russia’s stock market during a shortened time window of 9:50am to 1:50pm Moscow time, the Russian central bank confirmed (link in Russian). However, non-residents will still be unable to trade or sell stocks and bonds until April 1.

Russia’s stock market reopened to limited trading last Thursday, with only 33 stocks available, after being closed for about a month. On Feb. 24, the day Russia invaded Ukraine, the Moscow stock exchange (MOEX) plunged by 33%. Soon after, the ruble dipped to a record low against the dollar.

Ongoing peace talks have stoked optimism that the conflict may soon end, but the Russian stock market, worth about $400 billion, remains in a fragile state even as trading resumes.

Does the US have gas to give?

Europe has a Russia-sized hole in its natural gas supply, and the US wants to help fill it. The US agreed to give the EU another 15 billion cubic meters of liquified natural gas by the end of this year.

It’s a nice political gesture, but the US liquified natural gas exports are maxed out. In February, US gas exports hit a record of 13.3 billion cubic feet per day, the first time that all seven terminals in the country were fully docked by tankers at once.

It takes years to build new export infrastructure, so it’s not clear how the US can meet its near-term promise to Europe other than asking customers like China and Japan to resell some of their American liquified natural gas to Europe. Long-term, European buyers are already signing advance contracts with the US.

A line graph showing US liquified natural gas exports from 2015 to 2022. In 2015, it was near zero cubic feet per day. By 2022, it had gone up to nearly 12 billion cubic feet per day.

Here come the carbon accountants

As Europe shifts away from Russian gas, whether through imports or renewables, any reliance on burning fuel will mean more carbon emissions—which countries increasingly want to track. In the US, companies face new rules to disclose their climate change risks. But the biggest gold rush could be for climate accountants. ✦ Try membership free for a week to read our predictions on this trend and more.

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