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May 28: Senators get “emergency phones”, Drought affects Panama Canal, Tesla helps Ford (Recap ep229)

In today’s recap, Marcello points out how the government has asigned “emergency phones” to the members of the US Senate; The Panama Canal is being affected by the droughts; Ford has managed to get an agreement with Tesla allowing Ford owners to use Tesla’s superchargers.

Members of the U.S. Senate were recently offered satellite phones that will allow them to communicate in the case of a “man-made” or natural disaster, according to a report.
Panama Canal imposes shipping restrictions to cope with worsening drought. A severe drought affecting the Panama Canal is forcing container vessels to lighten their loads and pay higher fees, with further increases in the cost of shipping cargo through the canal expected this summer
Olive Oil Prices Soar As Top Producer Plagued With Drought. Olive oil prices has reached its highest point in 10 years.
JPMorgan reports that U.S. metropolitan office vacancy rates rose to 19% in Q1 the highest level on record & significantly higher than vacancies seen during the financial crisis. The report attributed the trend to remote work & companies needing less space for workers. With empty offices weighing on office values, delinquency rates have pushed even higher. The big concern has been what happens with loans, that are maturing this year & 2024.
The top Israeli general has raised the prospect of military action against Iran, even as Prime Minister Benjamin Netanyahu’s national security adviser played down any immediate threat posed by a new underground nuclear facility being dug by the Iranians. The Western effort to negotiate new curbs to Iranian uranium enrichment & other projects with atomic bomb-making potential have been futile so far, fanning long held threats by Israel, to resort to force if it deems diplomacy a dead end.
A new agreement between Ford and Tesla would allow Ford owners to use more than 12,000 Tesla’s superchargers across the USA and Canada. Ford shares rose +6.24 on Friday.

JPMorgan Chase, the largest U.S. bank, cut 500 jobs this week; Orcas have sunk 3 boats in Europe and appear to be teaching others to do the same; Elon Musk’s Neuralink receives FDA approval to launch an in-human brain chip.

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