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⏱The Chinese anomaly
Keys for the Keystone XL, and Yellen's warning
Hello and welcome to 90 Second News issue #81. Today is Tuesday, January 19th.
Good morning everyone! We hope you all had a great start to your week, and are prepped for a busy 90 Seconds.
In an incredibly difficult economic year, China managed to pull through above all of the other major world economies, as it expanded at a 2.3% rate. This is in stark contrast to the 4.3% contraction experienced by the world, 7.4% contraction in the Eurozone, and the United States’ 3.6% contraction. This major swing not only was beneficial for the year, but also the future, as China’s economy is now expected to be bigger than the United States’ by 2028 instead of 2033.
As the political pendulum begins to swing to the other side, the developers of the Keystone pipeline have issued a series of changes to their plan (i.e. only utilizing reusable energy) totalling more than $1.7Bn in a last ditch effort to win the approval of President-Elect Joe Biden. Currently though, it’s not looking like it’s going to work. According to aides on the Biden side, he plans on revoking the permit as one of his first actions in office.
Samsung’s leader Lee Jae-yong has returned to prison following a retrial in South Korean courts. The original case, which dealt with Mr. Lee bribing South Korea’s former president, had its decision upheld — a result Mr. Lee’s lawyer called “regrettable.” This outcome means that Mr. Lee will spend another 18 months in jail, leaving Samsung in disarray as his approval is needed on all major decisions. Samsung and its affiliates all had their stocks stumble following the announcement.
1:01- Yellen about more aid
Joe Biden’s choice for Treasury secretary, Janet Yellen, is reportedly ready to tell Congress that the US drastically needs approval for a new aid package, or we’ll face a “longer, more painful recession.” She’s set to officially make these statements Tuesday when she testifies before the Senate Finance Committee, who has to approve her nomination.
1:15- A tale of two countries
As Covid continues wrecking havoc around the world, the extremes from countries are showcasing what could’ve been. On one hand, the U.K. has the highest death rate from Covid, with over 1,000 deaths a day, and on the other, New Zealand hasn’t recorded a single death since September.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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