Elon Musk visits Gigafactory 3 site, receives support from Shanghai Party secretary - Teslarati

By Simon Alvarez

Posted on August 30, 2019

Recent images from China revealed that Tesla CEO Elon Musk had a busy day following his appearance at the opening segments of the 2019 World Artificial Intelligence Conference in Shanghai. Following his free-wheeling AI debate with Alibaba founder Jack Ma, Musk visited the Gigafactory 3 site in the Lingang industrial area, before meeting with Shanghai Party Secretary Li Qiang for a conversation about Tesla’s initiatives in China. 

Elon Musk’s visit to the Gigafactory 3 site appears to have been a welcome change of pace for the upcoming facility’s workers, who appeared to appreciate the presence of the Tesla CEO. The details of Musk’s visit to the Shanghai-based electric car production facility have not been shared by local news outlets yet, but social media reports from Shanghai stated that the Tesla CEO was extremely happy about the progress of Gigafactory 3’s construction. 

After his visit to the Gigafactory 3 complex, Musk met with Li Qiang, the secretary of the Shanghai Municipal Party Committee. During their conversation, the government official highlighted that Tesla and Gigafactory 3 are welcome additions to Shanghai, as they will bring new products and innovations to the city. Li also mentioned that Shanghai wants to build a highland for AI development in the future. 

Musk, for his part, proved equally optimistic and thankful for China’s support of Tesla. While speaking at the 2019 WAIC, Musk remarked that he is simply stunned about the quickness and efficiency of Gigafactory 3’s buildout. “Tesla’s China team has done an amazing job and I’m astounded that so much progress has been made for the Shanghai Gigafactory. It’s a good story for the world to see how much progress you can make in China. I really think China’s future looks very impressive,” he said. 

Following his busy Thursday, Musk appeared to have flown to China’s capital on Friday, as evidenced by pictures depicting the Tesla CEO having lunch at a famous Baozi (filled bun) restaurant in Beijing. Interestingly, the restaurant is very close to the Beijing office of the National Development and Reform Commission (发改委), which handles the country’s comprehensive economic projects, among others. 

Apart from Elon Musk’s appearance at the 2019 World AI Conference and his visit to the Gigafactory 3 complex, the Tesla CEO is also expected to launch The Boring Company’s China unit on this particular China trip. More details about this initiative will likely be shared from local news agencies, or in social media platforms, in the coming days. 

Elon Musk visits Gigafactory 3 site, receives support from Shanghai Party secretary

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2019-08-30 10:00:23Z
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ECB hawks are trying to downplay the chances of a huge stimulus package in September - CNBC

FMario Draghi (C), president of the European Central Bank (ECB)speaks flanked by Luis de Guindos, vice president of the European Central Bank (ECB), and Christine Graeff, director general for communications to the media following a meeting of the ECB Governing Council at ECB headquarters of March 7, 2019 in Frankfurt, Germany.

Thomas Lohnes | Getty Images

Two top officials have tried to temper market expectations of an immediate quantitative easing (QE) package being launched by the European Central Bank (ECB).

Earlier in the summer, ECB President Mario Draghi said he was looking at further options to prop up the 19-member euro zone economy, outlining that one of the possibilities included a new program of asset purchases to stimulate lending and boost inflation.

Investors cheered his dovish comments with ECB members like François Villeroy de Galhau highlighting that a major bond-buying program, also known as QE, could come in the proceeding months if needed.

But just as investors gear up for the ECB's next meeting on September 12, two notably hawkish members of the euro zone's central bank have decided to inject some reality back into the debate.

"In my opinion, based on the current data, it is much too early for a huge package," executive board member Sabine Lautenschlaeger said in an interview with Market News this week which was published on the ECB's website Friday.

"I am still convinced that the Asset Purchase Programme (APP) is the ultima ratio, and it should only be used if you have a risk of deflation; and the risk of deflation is nowhere to be seen now."

Fellow ECB member and Dutch central bank chief Klaas Knot added his own words of caution. "If deflation risks come back on the agenda then I think the asset-purchase programme is the appropriate instrument to be activated, but there is no need for it in my reading of the inflation outlook right now," he told Bloomberg Thursday.

But there's only been a muted market response since these comments with European stocks posting gains on both Thursday and Friday. Analysts at Rabobank put this down to traders already being aware that there wasn't unanimity among the ECB's board members on QE.

They also highlighted in a research note that the reason the hawks "are stating their objections so vociferously is that they know that it is very likely that the APP will imminently be re-started."

If implemented, it would be the second time in its history that the central bank has announced a massive program to directly inject money into the euro zone economy.

Last week, Erik Nielsen, group chief economist at UniCredit, predicted QE would be launched in September and could between 300 billion and 400 billion euros ($333.07 and $444.10 billion) over a nine-month period.

The euro area is still struggling to deal with its low inflation levels and to grow at a significant rate. According to the central bank's latest forecasts, out in June, headline inflation is set to reach 1.3% in 2019 — the ECB's target is "below but close to 2%." In terms of growth, the central bank is expecting growth to reach 1.2% this year — having grown at a rate of 1.8% in 2018.

Silvia Dall'Angelo, senior economist at Hermes Investment Management, told CNBC via email last week that he wouldn't rule out an open-ended approach by the ECB.

"An ECB official recently made the case for a more forceful move, a bigger rather than smaller programme is likely, say 45 billion euros per month for a year," he said.

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2019-08-30 09:15:54Z
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Medicine delivered by drone to Salt Spring Island in Canadian first | News - Daily Hive

Canada’s first-ever Beyond Visual Line-of-Sight (BVLOS) flight successfully carried pharmaceuticals via drone from a London Drugs pharmacy to Salt Spring Island this month.

The six-kilometre, 11-minute trial flight, took place on August 19, and included delivery of an Epi pen (Epinephrine) and Narcan, from London Drugs’ mobile facility in Duncan to Country Grocer on Salt Spring Island as well as direct, pin-pointed delivery to a patient’s home on Salt Spring Island.

The delivery was part of Transport Canada’s BVLOS Drone Trials Project, which began in 2018. The proposal focused on testing BVLOS capabilities over open water and partnering to test the delivery of prescription medications to remote areas.

Along with London Drugs, Canada Post was selected along with InDro Robotics in 2018 to participate in Transport Canada’s BVLOS Drone Trials.

The operational data obtained from the August 19 trials will be used by Transport Canada to inform BVLOS regulations moving forward in Canada. As part of the ongoing testing, Canada Post is simulating deliveries over bodies of water, icy roads, and challenging terrain to temporary camps and other remote locations.

“We are proud to have been selected to participate in the first trial of a Drone delivery of this kind in Canada,” said Chris Chiew, general manager of pharmacy, London Drugs. “The ability to provide medications to patients in remote areas that would otherwise have to travel hours to obtain pharmacy service is significant in so many ways.”

With this trial now complete, Chiew said “in the very near future, we will be able to provide delivery of prescription medications to an abundance of areas not accessible by vehicle.”

The delivery of prescription medications by drone to rural areas “will be of great advantage to communities across the country including Northern Canada and as well to hospitals in remote communities where drones can land on hospital Helipads,” said InDro Robotics CEO, Philip Reece.

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August 30, 2019 at 02:27AM

Trade War Won't Kill US Oil Exports | OilPrice.com - OilPrice.com

It’s been a year since the China-US trade war began, and up until this last week, China had refrained from slapping import tariffs on U.S. crude oil, even as it announced other measures in retaliation to U.S. import tariffs on Chinese goods. Those days are over.

Last week, the trade war finally caught up with U.S. crude oil exports to China. What does this mean for the US oil industry?

For a year now, Chinese refiners and traders have held their collective breaths, scared for the day when the government would finally unleash tariffs on U.S. crude oil imports. Now they’ll have the chance to test their strategies to hedge the risk of buying U.S. oil amid a tariff that caught China-bound tankers out at sea.

China announced on Friday that it would be imposing tariffs on US$75 billion worth of U.S. goods, including crude oil, in two batches beginning September 1 and December 15.  

The 5-percent tariff on crude oil—effective this coming Sunday—has caught several tankers carrying U.S. crude oil en route to China. Some of those tankers have already docked or will have arrived by September 1 at Chinese ports, but others won’t make the voyage in time, S&P Global Platts reports, citing ship-tracking data.

For a year now, Chinese buyers have been reluctant to buy U.S. crude oil, fearing that tariffs may come any moment, disrupting their plans and making their oil more expensive. Many of those who have continued to buy oil from America have been hedging risks by having the option for

alternative port destinations of the cargoes.    

Last month, Chinese imports of U.S. crude were estimated to have been at their highest level since the trade war began, according to customs data cited by Platts. China’s imports for August could also be high because some were rushing to get to China under the wire, before the tariff came into force. Yet, considering that the Chinese announcement came just a week before August ends, many oil tankers won’t make the more-than-55-day voyage in time to avoid tariffs.

Amid the trade war, China’s largest refiner Sinopec is now said to be drafting contingency plans for its U.S. imports since it has a term deal to buy up to four very large crude carrier (VLCC) cargoes—each capable of carrying 2 million barrels of oil—every month. According to Reuters’ sources, the tariff would make U.S. crude $3 a barrel more expensive for Chinese buyers.

Sinopec plans to apply for a kind of tax exemption for its imports of U.S. crude oil, sources told Reuters. The Chinese refiner is also considering storing oil from the U.S. in bonded storage, such that hasn’t cleared customs in China yet, or sending it on to other destinations, according to one of the sources to avoid the tariff altogether. Related: Natural Gas Prices Poised For Dramatic Price Increase

After somewhat higher imports in July and possibly August, Chinese imports of U.S. crude are expected to crash again after September starts and the tariff kicks in, analysts say, though some expect that China will continue to import—albeit at a very low rate—American oil.

According to JLC International, China will likely stop importing U.S. crude oil as of next month.

“As China stops importing its crude, the US will probably have to find more buyers for its still increasing oil production, but finding another market the size of China could prove challenging,” JLC International analysts said earlier this week.

Yet, total American crude sales to the Asian market will not be negatively impacted because other Asian countries have started to show increased appetite for U.S. grades that Chinese refiners wouldn’t want, S&P Global Platts reported earlier this week.

According to ESAI Energy analysts, most private Chinese refiners will shun U.S. oil, but some state-owned traders could keep importing U.S. oil at a pace of around 150,000 bpd– 200,000 bpd for the rest of this year, as they could seek options such as tariff waivers, storing the oil in bonded tanks, or diverting cargos to other Asian countries.  

“Overall, we expect U.S. exports of crude to Asia to grow from 1.2 million b/d in the first half of the year to about 1.3 million b/d for the balance of 2019, regardless of China’s tariff on U.S. Crude,” ESAI Energy says.  

By Tsvetana Paraskova for Oilprice.com

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August 30, 2019 at 06:00AM

Sidewalk Labs and Ontario Teachers' Pension Plan to launch infrastructure company - CBC News

Tilray to acquire Four20 - Business News - Castanet.net

Photo: The Canadian Press

Nanaimo-based cannabis producer Tilray Inc. says it has signed a deal to acquire Alberta cannabis retailer Four20 in an agreement valued at up to $110 million.

Calgary-based Four20 owns and operates six stores in Alberta and has secured 16 additional store locations.

Under the terms of the agreement, Tilray will pay $70 million in Tilray class 2 common shares when the deal closes and an additional $40 million in common shares subject to the achievement of certain performance milestones.

Tilray is making the acquisition through its High Park Holdings Ltd. subsidiary.

The company says it plans to use Four20's retail expertise to help expand into other provincial markets where licensed producer retail ownership will be permitted in the future.

The deal is subject to regulatory approval and subject to customary terms and conditions, including approval by Four20 shareholders and court approval of the arrangement.

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August 29, 2019 at 08:28PM

ICYMI: Hard-working immigrant wins maxed out Lotto Max - St. Albert Today

Bon Truong waited 10 months before coming forward. He waited, and he spent a lot of time contemplating the possibilities of a $60-million winning Lotto Max ticket.

“I keep thinking about one month or two month … but a lot of thinking. It’s big money. A lot of thinking,” he said, during a press conference at Alberta Gaming Liquor and Cannabis on Wednesday morning.

The moment finally ended the big question that had been lingering since last October. A single winning ticket was purchased by someone in Edmonton but who it was, nobody knew until now.

Truong immigrated to Canada in 1983, a boat person from Vietnam trying to build a new life after the Vietnam War. He was 22 years old at the time and moved between Edmonton and Vancouver, finding work as a gardener, a profession he still enjoys and one that supports him, his wife and their three children.

He learned of his win when he checked the numbers the day after the Oct. 26, 2018 draw. It was as shocking for him then as it is now.

“I go home. I sit down and relax by myself. I tell my wife, ‘I win.’ I don’t say nothing. ‘It’s a big one. I win.’ She doesn’t believe me,” he said with a laugh.

Wisely, the first thing he did was put his name on the ticket and then put it into a safety deposit box. Then he let life return to normal while he waited and considered his options. He knew that there would likely be some changes and he wanted everyone to be prepared.

He said that he intends to first pay off his mortgage and other debts, then possibly take his family on a vacation. Truong doesn’t want his kids to be spoiled and still intends to raise them to learn the value of working for a living.

After that, he knows that he will still feel the plants and flowers calling to him. He said that he still feels young and strong.

“I’ll take a lot of time for my family and still to be working after this is done. I’ll go back to work,” he said.

RELATED: Retired B.C. fisherman nets $60-million lottery jackpot

Truong was joined by his niece Mina and his family friend Don Bishop, who was emotional at the good fortune that has now come to Bon.

“I've known the Truong family since the '70s and I’ve admired them enormously. They’re the hardest working people you’d ever want to meet. Delightful people,” he said.

Mina added her own thoughts of joy at the unexpected windfall.

“I'm very, very happy for him. My uncle came as a boat person from Vietnam … coming here with nothing after the Vietnam War, coming here and working very hard. He worked. He's a landscaper; my dad's a landscaper. That's what they did: work and save money to buy a house and live their lives here and have a better life for their children and to play the lottery and after 30 years it finally pays off.”

Truong picked up the cheque, which included $2 because he also won on the Extra draw on that ticket as well.

“I’m still shocked right now,” he admitted, adding that he is still buying lottery tickets.

"This time Lotto Max; maybe next time 6/49," he joked.

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August 30, 2019 at 04:30AM