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President Joe Biden has announced that the release of oil from US strategic stock in an effort to drive down petrol prices and eliminate a crude market march that, according to the White House, poses a threat to the global economic recovery.
The White House said on Monday that the president would authorize the release of 50 million barrels of oil – about 2.5 days of US oil consumption – “over the coming months”, in a move coordinated with China, India, Japan, South Korea and the UK.
But an attempt to drive down oil prices, which has doubled in the past year, has apparently backfired as international crude Brent rose more than 2 per cent on the news, to around $ 81.40 a barrel in London on Tuesday morning to trade.
Biden linked the release to efforts to repel sharply rising inflation, saying Americans are feeling the impact of rising gas prices at the pump and in their home heating bills, and U.S. businesses are also because oil supplies have not kept pace with demand. as the world economy emerges from the pandemic ”.
Do you agree with Biden’s decision? Tell me what you think firstname.lastname@example.org. Thank you for reading FirstFT Asia. – Emily
Five more stories in the news
1. Turkish lira falls while Erdogan promises victory in ‘economic war’ The Turkish lira dropped to as much as 15 percent after President Recep Tayyip Erdogan praised a recent rate cut and declared his country waging a “war of economic independence”. The currency has fallen more than 40 percent against the dollar this year.
2. Apple files a lawsuit against the Israeli spyware group NSO Apple is sue NSO Group, the Israeli military-grade spyware manufacturer that created surveillance software used to target the phones of journalists, political dissidents and human rights activists, to prevent it from using its products.
3. China blocks access to shipping location data China has blocked public access to shipping location data, citing national security issues, in another sign of its determination to control sources of sensitive information. See for yourself the difference here.
Hong Kong sentence third person convicted under security law Student activist Tony Chung, 20, is sentenced by 3 years and 7 months in prison yesterday after prosecutors accused him of campaigning on social media for the city’s independence and by organizing street hockey, with some events dating back to 2016 before the security law came into force.
5. China intensifies suppression of celebrity culture and fans The Cyberspace Administration of China has released a new set of rules to regulates celebrities, their ads and fan groups, as part of President Xi Jinping’s efforts to reform social values in the country.
Inflation in Singapore rose to the highest level in almost three years in October, driven by rising services and food prices.
In a rare case of public opposition, three top Chinese health scientists challenged state monitoring of telephone location data to identify close contacts.
Thousands in England scheduled Covid-19 amplifier shots in a “booking boom” as those between the ages of 40 and 49 years old became to receive a third stitch.
Millions of employees swing new found lever in the post-pandemic labor market to get better pay and benefits. This is the second part of An FT series analyze how Covid-19 has changed the way millions think about work.
The day ahead
New Zealand rate decision The Reserve Bank of New Zealand is expect to raise interest rates today to cool off a hot economy and runaway housing market, in a decision that will be closely watched by central banks around the world.
US economic data Federal Open Market Committee minutes of publication will be published with the Fed preferred measure of inflation – the price index for personal consumption expenditure – for October.
What else are we reading
Chinese parents find new ways to give their children a head start Beijing’s repression of education has not stopped families from wanting the best for their children. “The market will find a way to limit when there is a strong demand and willing supply for a certain product or service, ”said one foreign investor.
Do you agree to support Beijing’s repression of education? Tell us what you think in our latest opinion poll.
Dancing on the brink of climate disaster How should we assess the outcome of COP26 in Glasgow? It would be reasonable to conclude that it was both triumph and disaster – triumph, by taking a few notable steps forward, and disaster, by falling far short of what is necessary, writes Martin Wolf.
How Tesla Influenced the Markets The automaker’s role in the ebb and flow of the stock market, otherwise called the Tesla financial complex, is greater than its $ 1.1tn valuation implies. Robin Wigglesworth looks at the web of dependent investment vehicles, corporate emulators and a huge related market for derivatives behind its influence.
Brexit is a slow bleed for the City of London Since Brexit was finalized, Covid-19 has postponed the industry’s adjustment to what could be a more lasting equilibrium. But that’s changing now, writes Helen Thomas as the drip, drip, drip continues.
Make social media less ‘viral’ We are constantly grappling with online rumors spreading like the plague, writes Madhumita Murgia. Can we interrupt these waves of hypertransmission, just as we do the spread of viruses?
Food and drink
A growing number of restaurants around the world place lively performances at the heart of their offering. People are desperate to go out and have fun. But the trend goes back further than a post-pandemic appetite for a party. Here are some places to check.