Steady oil demand until 2050?; subsea cables; Taiwan chips; NFL allows private equity investments; election roundup
Ad Astra Podcast
August 28 2024
Good morning citizens of America. This is the ad Astra citizen journal daily brief for August 28th, 2024 AD. I'm here to bring you the latest news headlines from around the world. Let's dive into today's top stories. In today's pod, we're tracking ExxonMobil's new oil forecast, sub-sea cables, Taiwan chips, NFL private equity ownership, and an election roundup. First up, ExxonMobil has released a forecast that predicts global oil demand will remain steady at around today's 100 million barrels per day until 2050. The company warns that reducing investments in fossil fuels could trigger a severe energy price shock, potentially quadrupling crude prices as supply diminishes. This outlook sharply contrasts with other predictions, such as those from BP and the International Energy Agency, which foresee a significant decline in oil consumption if climate pledges are met. Exxonstance underscores the ongoing debate over the future of energy. The new battleground in global power competition. Next, we delve into the world beneath the waves, subsea fiber optic cables. These cables, spanning over 1.2 million kilometers and carrying more than 95% of international data, are becoming a critical arena for great power competition. With the rise of cloud computing, 5G networks, and artificial intelligence, the demand for robust data transmission is skyrocketing. The United States, China, and other state actors are now eyeing these underwater networks, not just as infrastructure, but as strategic assets that could shape the future of global communications. As the stakes rise, so does the need to secure these digital lifelines? 3. Global chips apply at risk. Disruption in Taiwan could cripple manufacturing worldwide. A quote from Chris Miller, semiconductor expert on the The Economic Show, with Somaikane's podcast with the Financial Times. Today, every Apple smartphone has chips that can only be made in Taiwan. And so, production of Apple devices would plummet, and it would take many years to bring that back to anything approaching normal. But I think actually the thing that most people don't realize is that Taiwan produces most of the high-end chips, but actually the disruption to losing access to Taiwan would be primarily felt because we'd have a deficit of lower-end chips. And what we learned during the pandemic was that it's not just smartphones or PCs that have chips inside of them. It's everything. It's electric toothbrushes, it's cars, it's hearing aids. And although Taiwan doesn't have unique skill in producing these lower-end chips because they're more commoditized, just the volume that comes out of Taiwan means that there would be immense disruption to general manufacturing across the world. 4. NFL allows private equity investment. Switching to sports, the NFL has made a groundbreaking decision to allow private equity firms to invest in its teams. This move opens the door for the buyout industry to enter the most lucrative sports league in the U.S. For the first time, private equity firms can buy up to a 10% stake in individual NFL teams, paving the way for franchise owners to cash out in an era where team valuations are soaring. This decision marks a significant shift in the sports business landscape, bringing Wall Street closer to the gridiron. 5. Election Roundup. Trump and died it again. 1. Harris Wall's interview. Megadoners. And finally, in the political arena, the latest election news, former President Donald Trump has been hit with another indictment. Meanwhile, Vice President Kamala Harris and her running mate, Minnesota Governor Tim Wall's, are set to give their first joint interview on CNN tomorrow. A Washington Post investigation found that megadoners continue to pour money into the race, with the top 50 donors contributing a staggering $1.5 billion to various campaigns and super PACs. And before we close, let's take a quick look back at this day in history. On August 28, 1968, the Democratic National Convention in Chicago became a flashpoint for anti-Vietnam war protests. The violence and chaos that erupted between protesters and police not only fractured the Democratic Party, but also marked a turning point in public opinion on the Vietnam War. The images of police brutality shocked the nation and sparked a widespread re-evaluation of U.S. involvement in the conflict. That's all for today's brief. Join us again tomorrow for more news and updates. This show is produced by Greg Loving, wishing you a great day ahead. Please follow and rate us on Apple Podcasts or Spotify. It helps other listeners find us. Stay informed and add astro-brassum. [Music]