Wednesday, March 3 to Tuesday, March 9, 2021
The Public Utility Commission of Texas has announced plans to not fix the $16B power overcharge.
- Commission Chairman Author D’Andrea said it was too difficult to rework the overcharge and it could have adverse effects on other parties.
- During the snowstorm in February, which resulted in widespread blackouts in the state, the Utility Commission set wholesale power prices to $9,000 per megawatt hour for 4 days (avg. price last year was $22 per megawatt hour)
- Vistra Corp, one of Texas’ largest power generators, said it sustained losses between $900M–$1.3B due to the Utility Commission’s actions.
On Thursday, Italy blocked the export of over 250,000 doses of AstraZeneca COVID vaccines to Australia.
- The EU is struggling to meet public expectations of a large-scale vaccine rollout, so this block was made due to the consistent shortage of vaccines in Italy and the EU.
Italy is able to make this move due to a “transparency and authorization mechanism” the European Commission adopted in late January.
- This policy allows a country to block vaccine exports if they determine that the company is exporting vaccines before meeting its contractual obligation in the EU.
India’s government has threatened to jail social media employees in an attempt to squash political protests and gain power over tech companies.
- Threats to jail Facebook, WhatsApp, and Twitter employees is the government’s response to the companies’ unwillingness to take down posts related to protests of Indian farmers.
- India has been making new rules that require tech companies to appoint executives who are resident in India to deal with government requests.
- Noncompliance to the new rules could threaten the tech companies’ future and growth in India’s large market of over 1.3B people.
- Senate Democrats finally agree on including unemployment benefits in the $1.9 trillion COVID-19 relief bill. (Source: CNBC)
- Gary Gensler, Biden’s pick for SEC Chair, addressed concerns about recent market volatility during his confirmation hearing late Tuesday (3/2). Topics addressed included ideal regulatory response to the GameStop and meme-stock stock price situation. (Source: MarketWatch)
- Las Vegas Sands, a casino company, is selling its Las Vegas properties to Apollo Global Management and a real-estate investment trust for about $6.25B to focus on its Asia operations. (Source: WSJ)
- Square Inc. announced it will buy a majority stake in Jay-Z’s Tidal music streaming platform, bringing Jay-Z in the company’s board in the $297MM deal. (Source: WSJ)
- Apollo Global Management, a private equity firm, will take Michaels private for roughly $3.3 billion (Source: Nasdaq)
- Google plans to stop selling ads based on individuals’ search history in order to address privacy concerns. (Source: WSJ)
- Walt Disney Co. announced they will close at least 60 in person stores in North America as the company shifts its focus to online revenue. (Source: WSJ)
- General Motors (GM) is planning to build a second battery factory in the U.S. to expand its effort to power electric vehicles. (Source: WSJ)
- Zoom Video Communications Inc. founder, Eric Yuan, transferred 40% of his ownership valued at $6B. (Source: WSJ)
- Federal Reserve Chairman Jerome Powell states that economic reopening may cause a quick inflation, however interest rates will most likely not increase. (Source: CNBC)
- U.S. businesses are seeing a strong economic recovery; new job openings saw an increase this past month. U.S unemployment plunged by around 6.2%. (Source: WSJ)
Director: Jacquline Ruan
Managers: Vaibhavi Bamane, Melissa Chen, Stacy Kim