- Biden Meets with CEOs to Solve the Chip Shortage
- New Record from Bitcoin ahead of Coinbase IPO
- India Ranked Second in the World in the Number of Covid-19 Cases, While U.K. Eases Restrictions
Biden Meets with CEOs to Solve the Chip Shortage
President Joe Biden met with executives from major corporations to address the global chip shortage that has impacted automakers.
Biden and his top advisers view the semiconductor shortage as a “top and immediate priority,” the White House said after the meeting. The supply crunch could lead to a potential 1.3 million-unit shortfall in U.S. car and light-duty truck production this year.
In his speech, U.S. President Biden said, “The solution to the chip supply problem is a topic that has broad support in the United States Congress. We will invest aggressively in areas such as semiconductors and batteries. We will provide innovation and encourage breakthroughs. We need all of your support to get this job done. “In turn, we need your support to American workers and American communities all over the country,” he added.
The crisis has struck the auto industry especially hard, worsening vehicle shortages triggered by last year’s pandemic factory shutdowns. G.M. and Ford alone have warned that the company’s profits will be hit by $4.5 billion this year.
Consumers are also feeling the heat. Vehicle prices, which were already increasing, have risen much faster as automakers and dealers reduce incentives. According to the J.D. Power market research company, finding the car or truck of choice can be difficult because dealer inventories are down by around 1 million vehicles relative to what is expected this time of year.
As will be remembered last week, the American automotive industry stated that production could be interrupted for six months due to the microchip problem. Also, last week, one of the world’s largest technology companies, the US-based Apple, announced that it was affected by the global chip crisis and suspended the production process of many of its products.
Biden’s $2 trillion infrastructure proposal would set aside $50 billion for the semiconductor industry, emphasizing the expanding U.S. manufacturing of chips that, today, primarily come from places like Japan, South Korea, Taiwan, and China.
New Record from Bitcoin ahead of Coinbase IPO
Bitcoin neared an all-time high as bullish sentiment gathered steam ahead of a listing by the most significant U.S. cryptocurrency exchange.
Bitcoin retreated to around $58,000 after testing the $61,208 level last week with a sharp rise. Bitcoin, which pushed the $61,229 level on Monday, surpassing its peak last week, also passed the previous peak of $61,669 on Tuesday.
“There’s a lot of anticipation, some restlessness, maybe some anxiety in crypto markets today,” Justin d’Anethan, the head of sales at the Nasdaq-listed exchange Equos, told Insider.
Coinbase is expected to go public today with a valuation of $100 billion. This figure is more than the sum of the New York Stock Exchange values and the Nasdaq.
If everything goes as planned and Coinbase goes public on the Nasdaq on Wednesday, this will make Coinbase the largest cryptocurrency exchange in the U.S. According to Bloomberg’s estimates, the company’s founders Brian Armstrong and Fred Ehrsam will own the shares of $15 and $2 billion.
Coinbase announced in a statement last week that its first-quarter profit will come somewhere between $730-800 million, which means the company has doubled its 2020 profit in the first quarter alone. In the first three months of 2021, the company’s total revenue is expected to exceed the 1.3 billion dollars it had earned in the whole of last year.
Bitcoin has more than doubled in value in 2021, thanks to a revived interest in digital currencies fueled by massive government and central bank stimulus. Many major entities are now entering the crypto space, giving bitcoin and other cryptocurrencies further credibility.
However, many experts believe they are too risky to be considered serious investments by major players, while others believe they serve no reason other than speculation.
India Ranked Second in the World in the Number of Covid-19 Cases, While U.K. Eases Restrictions
Globally, the number of coronavirus cases exceeded 136.4 million, and the loss of life exceeded 2.94 million. In total, more than 797 million doses of vaccine were administered.
India ranked second globally, surpassing Brazil in the total number of coronavirus cases. In India, one of the countries most affected by the virus, 161,736 Covid-19 cases were detected in the last 24 hours. According to the “Worldometers”, India is “the 2nd country with the highest number of cases in the world and the 4th country with the highest number of deaths due to the virus”.
As the healthcare system cries out for assistance, the government has approved a new corona vaccine. According to reports, Russia’s Sputnik V will be available shortly. Even though health experts advise against large-scale gatherings, Uttarakhand is hosting one of the world’s largest religious gatherings – the Kumbh Mela 2021.
On the other hand, Canada surpassed the USA in the number of cases per person. Despite the rapid pace of vaccination in the USA for the first time since February, the weekly loss of life has started to rise.
Britain announced that the goal of providing vaccines for all citizens over the age of 50 was reached before the set schedule.
In the U.K., in the fight against the new type of coronavirus epidemic, restaurants and bars started to serve outside as part of the “national quarantine” restrictions ongoing since January 5.
Those businesses have been shut down for much of the last year, as the country implemented multiple lockdowns during the pandemic. Customers will have to sit outside until further restrictions are lifted.
Hair salons, gyms, and public buildings like libraries and community centers are also allowed to reopen.