More storms expected tomorrow, Wednesday and Thursday – National & International News – MON 2Apr2023

More storms expected tomorrow, Wednesday and Thursday.

US firm subsidiary sold tech to Chinese spy balloon company.

Expect gas prices to rise after OPEC+ cuts production again.

NATIONAL NEWS

More storms expected tomorrow, Wednesday and Thursday

Last week’s storm system spawned at least 59 tornados in 11 states and killed at least 32 people. Scenes from Indiana, Arkansas and Tennessee in particular of whole neighborhoods wiped out by twisters echoed the destruction in Mississippi the week before. In this most recent outbreak, one person was also killed in Pontotoc County and many in Northern Mississippi were left without power. 

Now a new system is taking shape that could affect 50 million people in 19 states. Current forecasts show a concentration of storms in the Midwest on Tuesday but the storm will continue moving eastward. From Wednesday and into Thursday morning, people in Mississippi and across the MidSouth will have to be alert. As was the case with last weeks’ tornados, the greatest risk forecast at this point is overnight, from Wednesday into Thursday morning. This could only be heavy rain (in which case be on the lookout for flooding) or it might turn into more thunderstorms or tornados like last week. 

Keep your phones charged and activate your weather alerts. Here’s a good predictive radar tool that proved quite accurate last week.

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US firm subsidiary sold tech to Chinese spy balloon company

While federal officials in both parties are in a tizzy about TikTok, there are some American firms whose connections with Chinese military are deserving of greater scrutiny. Earlier this year, a Chinese spy balloon caused a sensation as it traversed the country. Unnamed federal officials now say that the balloon did gather intelligence about some US military installations.

The balloon’s tech has been traced back to China Electronics Technology Group Corp. (CETC), part of a Chinese state-owned company with major ties to the Chinese military. CETC is on the Biden administration’s list of Chinese companies that are prohibited from purchasing certain types of US tech, including semiconductors (or computer chips).

Northern California-based AXT Inc. owns an 85% stake in a Chinese subsidiary that produces materials for semiconductors, some of which have been sold to CETC.

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INTERNATIONAL NEWS

Expect gas prices to rise after OPEC+ cuts production again

Last fall, the OPEC+ cartel, which includes oil producing countries such as Saudi Arabia and Russia, but oil production by 2 million barrels a day. That decision wasn’t a great surprise as the group had been telegraphing their intentions for days, over the protests of many countries including the US.

Now OPEC+ seems to have caught everyone by surprise by agreeing to cut oil production even further, this time by 1.2 million barrels a day. Member countries say that the cuts are in response to falling oil prices as the global economy slides towards many consider a recession. However, there is usually higher demand and higher prices during the summertime, which is fast approaching. Gas prices in the US have already been on the rise overall, though they’re still at about 20% less than at this time last year.

Not only will these cuts likely exacerbate inflation, which had begun to slow in the US, the higher prices will also give a much needed boost to Russia to continue waging a costly war in Ukraine. Though the US and most of Ukraine’s allies in Europe have stopped purchasing Russian oil, China and India have increased their purchases of Russian oil, taking advantage of rock-bottom prices.

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