- As Hong Kong ATMs Run Out Of Cash, Central Bank Steps In To Prevent "Panic Among The Public"
As Hong Kong ATMs Run Out Of Cash, Central Bank Steps In To Prevent “Panic Among The Public”
As the violence in Hong Kong escalates with every passing week, culminating on Friday with what was effectively the passage of martial law when the local government banned the wearing of masks at public assemblies, a colonial-era law that is meant to give the authorities a green light to finally crack down on protesters at will, one aspect of Hong Kong life seemed to be surprisingly stable: no, not the local economy, as HK retail sales just suffered their biggest drop on record as the continuing violent protests halt most if not all commerce:
We are talking about the local banks, which have been remarkably resilient in the face of the continued mass protests and the ever rising threat of violent Chinese retaliation which could destroy Hong Kong’s status as the financial capital of the Pacific Rim in a heart beat, and crush the local banking system. In short: despite the perfect conditions for a bank run, the locals continued to behave as if they had not a care in the world.
Only that is now changing, because one day after a junior JPMorgan banker was beaten in broad daylight by the protest mob, a SCMP report confirms that the social upheaval has finally spilled over into the financial world: according to the HK publication, the local central bank, the Hong Kong Monetary Authority, was forced to issue a statement warning against a “malicious attempt to cause panic among the public” after rumors were spread online about the possibility of the government using emergency powers to impose foreign-exchange controls.
And while the de facto central bank stressed that the banking system remained robust and well positioned to withstand any market volatility, some of the statistics it provided gave a rather troubling impression: the monetary authority said that not only were more than 10% of 3,300 ATMs damaged and could not function, but that banks were negotiating with logistics firms to refill cash machines as 5% of them had run out of money, adding that banknote delivery was affected by the closure of shopping malls and MTR stations.
Will this be enough to prevent a bank run on the remaining ATMs? The answer will largely depend on what happens in the next 24-48 hours in Hong Kong, although the signs are grim.
Earlier in Saturday, Hong Kong’s embattled leader, Chief Executive Carrie Lam Cheng Yuet-ngor, appealed to the public to condemn protest violence and disassociate themselves from rioters, saying the chaos they unleashed across the city the previous night after the announcement of a ban on the wearing of face masks at public assemblies was the reason such a controversial restriction had to be imposed in the first place.
In a five-minute taped video released on Saturday afternoon, a grim-faced Lam, flanked by 14 of her top officials, slammed those who were responsible for the “outrageous” rampage. After rioting mobs trashed MTR stations, set a train on fire and assaulted railway staff on Friday night, the entire network remained closed on Saturday, depriving citizens of their primary mode of public transport. It remained uncertain whether it would open on Sunday.
“Horribly violent incidents took place in various districts in Hong Kong last night. The extreme acts of the masked rioters were shocking and the level of vandalism was unprecedented,” Lam said.
“The extreme acts of the rioters brought dark hours to Hong Kong last night and half-paralysed society today. Everyone is worried, anxious and even in fear.”
Carrie Lam, flanked by 14 of her ministers, blasted the acts of rioters on Friday night and called them ‘shocking and outrageous Meanwhile, Hong Kong is on the verge of complete socio-economic paralysis as dozens of shopping centres, retail outlets, grocery stores and banks did not open for business for fear of more protest violence and vandalism.
Lam mentioned the case of a plain-clothes officer who was beaten and burned with petrol bombs by a mob in Yuen Long, saying he “had no choice but to shoot in self-defence”, wounding a teenager who was later arrested on charges of taking part in a riot and assaulting police. The violence provided solid grounds for imposing the anti-mask law, she said, defending the government’s decision to introduce it by invoking the tough colonial-era Emergency Regulations Ordinance for the first time in more than half a century.
“The government will curb violence with utmost determination,” she said. “Let’s condemn violence together and resolutely disassociate with rioters.”
Alas, if she had hoped her address would ease tensions, she was wrong: even as Lam’s video message was being broadcast on television and shared on the internet, hundreds of Hongkongers, many of them masked, started to march from Causeway Bay to Central to protest against the ban.
One of the marchers, a 22-year-old named Louie, said it was unfair of Lam to ask the public to shun masked rioters.
“She is making us a target even though we are the ones fighting for our freedom as Hongkongers,” she said. “Masks hold an important symbol in Hong Kong. We used masks during the Sars [severe acute respiratory syndrome] outbreak of 2003 and to protect ourselves against tear gas. It’s a symbol of resistance and you cannot take that away from us.”
Earlier on Saturday, Security Secretary John Lee Ka-chiu made a similar appeal for the public to stop supporting the rioters, while dismissing accusations that the government had added fuel to the fire with the mask ban.
“The introduction of the anti-mask regulation is to make sure that those who commit crimes and commit violence will have to face justice, so that they cannot hide behind their masks to escape their responsibilities,” Lee said.
“What is adding oil to violence is people’s support for these acts or people’s acquiescence in finding reasons for this violence to continue. So what is important is that everybody comes out to say, ‘No, society will not accept violence.’”
Lee noted that no one had been arrested yet under the new law that came into effect on Saturday.Justice Secretary Teresa Cheng Yeuk-wah said the government would not rule out tougher measures using emergency powers if the protests continued to spiral out of control. These could include extending detention hours for those arrested and directly funding police without prior scrutiny by the legislature.
Ultimately, however, it will be up to China: does Beijing allow the protests to gather ever more momentum and international support before it intervenes, or will the People’s Liberation Army finally make a grand entry and begins the crackdown that marks the beginning of the end for Hong Kong as the financial pearl of the orient.
For an indication of what happens next, keep an eye on bitcoin: as we reported previously, LocalBitcoins, a popular platform for directly trading Bitcoin peer-to-peer, posted its highest trading volume ever in Hong Kong last week.
And if the local ATMs just happen to “run out” of money, watch as Hong Kong demand for bitcoin and other altcoins – not to mention gold – sends shockwaves across the world… and prices sharply higher.
Tyler Durden
Sat, 10/05/2019 – 23:00 - A Fake Letter To Fake Employees On The Verge Of A Modern IPO
A Fake Letter To Fake Employees On The Verge Of A Modern IPO
Authored by Jason Gay of the Wall Street Journal
ILLUSTRATION: ZOHAR LAZAR To the staff:
Folks, I know everyone was excited about cashing in on our upcoming public offering, but it looks like this whole “profitability” craze is here to stay, at least for a while. We’re going to have to delay the IPO. Believe me, I am as disappointed as you are. I’d already picked out four private islands! Which technically would have been—yes—my own archipelago. Sigh.
In the meantime, we’re going to have to tighten up until this businesses-should-make-money fad blows over. Here are some company-wide decisions, effective immediately:
After great consideration, we are going to sell the private jets. This is a decision that is both symbolic and practical. It was not a good look for us to own a fleet of Gulfstreams. It was especially not a good look for us to fly them to Rome for Thursday pizza nights.
We are also going to sell the company elephant, Bobo. We all loved him, and he was fantastic at staff birthday parties, but Bobo was becoming a bit of a distraction in the office. And let’s face it: the smell.
Our founder has emailed to ask that you no longer refer to him as Supreme Genius Being of Gaia. He’s back to being Dennis.
Also: Dennis’s 2020 independent presidential campaign has NOT ended. It’s simply “suspended.” (Admittedly, I do think Dennis got a little bored and forgot he was running.)
Remember, Dennis is still in month three of a two-year executive vow of silence, so do not expect a verbal response from him on any of these topics.
Those of you who “borrowed” a company Bugatti from the company Bugatti share, please return it ASAP.
We need to put a good public face on our situation. If a stranger mentions the IPO delay and asks you what our company is really about, take a good look at the their footwear. If they’re wearing dress shoes, say “we’re a revenue-based subscription model.” If they’re wearing sneakers, it’s still OK to say “we’re a lifestyle brand.”
I don’t know what a “lifestyle brand” is, either, but if you get stuck, just say “it’s like Nike meets Netflix.”
If they keep asking questions, just run and hide behind a tall plant.
Really, all you need to know is this: We are not launching a chain of fast-casual vegan restaurants on the moon in November. It’s delayed indefinitely.
Same goes for the cat yoga studios. We’ll workshop those internally, with stuffed cats.
There will no longer be a manager’s retreat in Gstaad, Switzerland. It will be at Applebee’s.
We are not going to be breaking ground on HQ 2.0. Wall Street did not seem terribly enthused with Dennis’s idea for a Frank Gehry-designed underwater office building with a private missile defense system and a dolphin launch.
Playing beer pong on Friday afternoon is still OK. But please stop playing Pappy Van Winkle 23 pong. And no more Ortolan Wednesdays.
I regret the Rolling Stones will not be playing the Holiday Party, as previously announced. Instead, it will be Side Door, the band Dennis’s son founded with his teammates on the USC crew team.
Ashton Kutcher is STILL visiting the office on Tuesday. Smiles, everyone! And zipped lips about Bobo. Bobo loved Ashton.
Last but not least, and you probably saw this coming, but we will not be furnishing company logo fleece vests for the winter.
I know this stresses some of you out. Because of this, we will be returning carbohydrates to the cafeteria.
Tyler Durden
Sat, 10/05/2019 – 22:30 - Who Owns Your Favorite News Media Outlet?
Who Owns Your Favorite News Media Outlet?
Submitted by Visual Capitalist
It’s no secret that news media is a tough industry.
For various reasons — from tech disruption to changing media consumption habits — the U.S. has seen a net loss of 1,800 local newspapers over the past 15 years. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation.
Today’s graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets.
Escaping the News Desert
As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult.
As a result, news deserts have been springing up all over America:
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What happens when times get tough?
One option is to simply go out of business, while another traditional solution is to combine forces through consolidation. While not ideal, the latter option at least provides a potential route to revenue and cost synergies that make it easier to compete in a challenging environment.
Nation of Consolidation
Though the numbers have decreased in recent years, regional news media still reaches millions of people each day.
Below is a look at the top 20 owners of America’s newspapers:
Turnover in this segment of the market has been brisk. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. For example, the LA Times is now in the hands of its third owner since 2000, after being purchased by billionaire biotech investor Patrick Soon-Shiong.
The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider.
The Flying Vs: Vox and Vice
It isn’t just regional papers being swept up in the latest round of mergers and acquisitions — new media is getting into the mix as well.
Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut.
I think you’re going to see that trend [of consolidation] across the industry. I just hope it’s done for the right reasons. You see too many of these things done for financial engineering.
– Jim Bankoff, CEO of Vox Media
Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem.
Both companies announced layoffs in the past year, and this restructuring may help both companies win as they consolidate resources.
The Bottom Line
While news media isn’t quite as consolidated as the broader media ecosystem, it’s certainly trending in that direction. Thousands of American communities that had local newspapers in 2004 now have no news coverage at all, while remaining papers are increasingly becoming units within an umbrella company, with no direct stake in community reporting.
That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping.
Tyler Durden
Sat, 10/05/2019 – 22:00 - Identity Of 'American Psycho' Who Killed 4 Homeless Men In NYC Revealed
Identity Of ‘American Psycho’ Who Killed 4 Homeless Men In NYC Revealed
Update: The New York Post has managed to dig up some more information about the (allegedly) homeless man suspected of murdering four other vagrants (and badly injuring a fifth) during a late night/early morning killing spree.
The suspect has been identified as 24-year-old Rodriguez “Randy” Santos.
Santos was arrested last November on an assault charge: He leaped over a desk at a store on West 35th Street in Midtown and grabbed a man by the neck, then bit his chest. The NYP reportedly obtained the information from a “high ranking law enforcement source”.
Before Friday night’s attack, Santos had racked up some 14 arrests – four of them in the last year. He’s believed to be homeless, though it’s unclear how long he’s been living on the street.
The police said Santos’s attack had all the hallmarks of a random killing spree.
Here’s some information about Santos’s motive according to a detective who spoke at an NYPD press conference.
“Motive appears to be, right now, just random attacks. It doesn’t seem anybody was targeted by race, age, anything of that nature,” said Chief of Manhattan South Detective Michael Baldassano.
Santos is still in police custody.
* * *
There’s a new ‘American Psycho’ prowling the streets of New York City.
Four homeless men were found murdered in Lower Manhattan Saturday morning. Police said the men were attacked and beaten to death, likely while they slept. A fifth man was found badly wounded, but alive.
Police discovered the first two victims after responding to a report of an assault in progress on Bowery Street near Doyers Street in Chinatown shortly before 2 am on Saturday morning, CNN reports.
The attacker fled as police approached, but officers soon found two men, both with severe head trauma after being bludgeoned with a bat or a pipe. One was pronounced dead at the scene. Another was taken to New York-Presbyterian Lower Manhattan Hospital.
A search of the area turned up three more victims with similar head trauma, all pronounced dead at the scene. Two of the men were discovered in front of a store on East Broadway, another was found across the street.
Police then spotted the suspected assailant – he was reportedly carrying a three-foot-long, blood-covered metal poll that he had apparently stolen from a construction site. The 24-year-old man was taken into custody, but police haven’t released his name, though they did say they believe the suspect is also homeless.
NYC’s homeless population has exploded in recent years as housing prices and rents have soared, and the killings will almost certainly draw attention to the homelessness crisis gripping the city. Notably, the killings are reminiscent of a scene from the movie ‘American Psycho’, based on a novel by Brett Easton Ellis, where the movie’s anti-hero, Patrick Bateman (played by actor Christian Bale), stabs and kills an unsuspecting homeless man.
Tyler Durden
Sat, 10/05/2019 – 21:44 - Erdogan Vows Sunday Incursion Into Syria As Pentagon Waffles
Erdogan Vows Sunday Incursion Into Syria As Pentagon Waffles
After weeks of threats, Turkey looks to finally make good on Erdogan’s repeat promises to unilaterally invade northern Syria, as a deal to conduct joint “land and air patrols” with the US is collapsing just as it barely got off the ground.
Turkey’s military is on high alert, ready to carry out the Turkish president’s orders on short notice, after a longtime military build-up along the border. “We will carry out this operation both on land and air as soon as today or tomorrow,” Erdogan said on Saturday. “We gave all warnings to our interlocutors regarding the east of Euphrates and we have acted with sufficient patience,” the president added.
He further slammed the prospect of cooperating with the US on a US-Turkey administered safe zone “a fairytale” given Washington’s recalcitrance regarding Syria’s Kurds, the ethnic group’s militias of which Turkey considers “terrorists”.
Prior build-up of Turkish forces along the Syrian border AFP/GETTY Image The Kurdish dominated and US-backed Syrian Democratic Forces (SDF) has vowed it will treat any invading Turkish soldiers as an act of war. In a statement the SDF said it would “not hesitate to turn any unprovoked (Turkish) attack into an all-out war” to defend its region in northeast Syria, according to Reuters.
Erdogan named Sunday as a likely day to launch the operation in a rare moment of specificity (he indicated “as soon as today or tomorrow”), though he’s on up to a dozen or more occasions generally threatened such action. Bloomberg reports major troop reinforcements observed at the border with northeast Syria:
Turkey reinforced army units at the Syrian border hours after President Recep Tayyip Erdogan signaled an imminent cross-border operation against U.S.-backed Kurdish militants in Syria.
Turkey sent additional armored vehicles and troops to the border town of Akcakale late Saturday, across from Tal Abyad in Syria, according to state TV television TRT.
Assuming the moment finally does arrive on Sunday, the next big question is the American response: withdraw troops or dig in to protect its on the ground Kurdish SDF/YPG partners?
Secretary of Defense Mark Esper during a Saturday press briefing was asked point blank precisely this question. Esper’s response was notably ambiguous and evasive when compared to Erdogan’s saying it’s “a fairy tale”.
“Right now, we’re focused on making the security mechanism functional in northern — northeast Syria,” Esper began. “I’m sorry. I had a long conversation with my counterpart Mr. Akar yesterday, and this was the specific focus of our discussion, and I made very clear to him and he agreed as well that we need to make the security mechanism work,” he continued, clinging to the prior agreement with Ankara.
“You know, we have the joint center up and working in southern Turkey, we have air patrols going on, we had another ground patrol just happen. We’ve got to work through all the details,” he added.
“And so I just told him, let’s keep working at it that’s the best path forward for all of us, so that’s what I’m focused on right now,” Esper finished — ultimately not saying much that’s different from prior such statements, despite Turkish impatience and bellicose threats to go it alone.
Tyler Durden
Sat, 10/05/2019 – 21:30 - Inquirygate: Did Pelosi Just 'Prorogue' The US House?
Inquirygate: Did Pelosi Just ‘Prorogue’ The US House?
Authored by Raul Ilargi Meijer via The Automatic Earth blog,
It took just 4 months after the deplorably failed Mueller probe of alleged Trump links to Russia, for the Democrats to raise the next -faded- red flag, Ukraine. And they do so in a manner that reminds me, personally, a lot of what happens in the UK. That is, the process has now moved on to what is legal or not and who decides what is or not.
Nancy Pelosi apparently has been told by her legal advice that it’s okay for her to move ahead with an inquiry, that she can even label an Impeachment Inquiry, without following established Capitol Hill procedure. Needless to say, them slopes are mighty slippery. Because if true, it would mean she can call the ‘other side’ offside for as long as she wishes.
She would, in effect, prorogate the US House the same way Boris Johnson tried to do Parliament in Britain. And not by shutting it down from the outside (Boris as PM) but from the inside (using her powers as Speaker). It would appear it’s time for every American to pay attention, because this could have grave consequences far into the future.
Pelosi’s plan is to not have a House vote on initiating the inquiry, but to just go ahead and have one, and stealing the name Impeachment Inquiry for it. Why? Because she thinks that way she can have only Democrats ask questions, issue subpoenas etc., while House Republicans could only sit and watch the spectacle (not what they were elected for).
I am not a lawyer, let alone a constitutional scholar, but when I read these things there are a million red hot five-alarms going off in my head. Because this is not about enacting the law, it’s about circumventing it. Just because you have a House majority cannot mean you can simply ignore the minority, or procedure. That would turn democracy into a proxy dictatorship. You don’t want to go there, not even if you’re a desperate Democrat.
But she seems to have made up her mind. So now we face Trump not being allowed to investigate what Joe Biden was up to in the run-up to the 2016 election though his party could turn that same run-up into a 3-year Social Counsel probe, which turned up emptier then .. well, you fill it in. It is something to behold.
At the same time, though, there is no Impeachment Inquiry, even if Pelosi calls it that. The White House today will send a letter to a judge contesting exactly that. A House Impeachment Inquiry has a procedure, and if she doesn’t follow that, the White House will deny it’s actually happening.
Now, if you follow the headlines this week, you wouldn’t know this. because they all talk of impeachment. But you can’t get impeachment without following the official procedure, and Pelosi doesn’t follow it. The media just go along for the ride without caring about procedure.
And obviously you can’t watch this theater and not think that Nancy Pelosi and Adam Schiff et al have not thought about stretching out this whole tragedy for another year, right on the eve of the 2020 election, or even beyond. That they think allegations about Russia, Ukraine and China will help them win.
Because it’s clear that flouting procedure the way they try to do in the House will inevitable have to lead to court decisions, and eventually to the Supreme Court. They’re counting on the damage they can do to Trump while the courts decide. But it won’t just be damage to Trump, however it turns out, it will be damage to the entire country.
And you would think both sides of the aisle recognize that, if we do, but there are very few if any signs of that. Everyone’s gearing up for a very big fight because everyone else in their echo chamber is. The problem is, whatever happens, and whoever becomes president, the dividing lines will only become deeper and darker.
AG Bill Barr, along with the State Department and DOJ, and whoever else is involved, will release multiple reports from investigations conducted by US Attorney John Durham, DOJ IG Michael Horowitz and potentially others. The Dems and MSM viewpoint appears to be that is was fine to appoint a Special Counsel to investigate Trump’s links to Russia, but not Democrats’ links to, well, anyone at all.
And that is just not okay. I saw this very short clip of John Brennan saying:
“I think I suspected there was more than there actually was.”
And that’s supposed to atone for 3 years of incessant smearing? It’s ridiculous. Brennan is ridiculous.
https://video.foxnews.com/v/embed.js?id=6091945197001&w=466&h=263Watch the latest video at foxnews.com
And yeah, I know that’s Fox, and I know I’ve on occasion had to turn to right wing media for news because the MSM have closed ranks and ‘report’ only on one side of the story. Sue me for wanting actual news.
None of this negates the fact that we’re in for ever bitter fights, up to and including at the US Supreme Court, ever more, to decide who rules the country. Just like in Britain.
I don’t think that’s what the Founding Fathers had in mind. At least, unlike Britain, they cared enough to write a Constitution. A lot of good that did.
Tyler Durden
Sat, 10/05/2019 – 21:14 - 11 Tons Of Water And "Special Container" Used To Extinguish Burning Tesla In Austria
11 Tons Of Water And “Special Container” Used To Extinguish Burning Tesla In Austria
It was just days ago that we reported that the NHTSA was opening an inquiry into the use of Tesla’s “Smart Summon” feature. Then, just hours ago we followed up by reporting that a petition had been filed with the NHTSA claiming that Tesla was using over the air software updates to cover up dangerous battery issues.
Today, we offer a stark reminder that just because the NHTSA has started to perk up its ears, doesn’t mean that Teslas haven’t stopped going up in flames all over the world. The most recent example comes from Austria, where after a Tesla was involved in an accident and caught fire, firefighters had to use a special container to transport the remains of the vehicle and the battery.
According to a translated version of this ORF News story, a 57 year old driver lost control of his Tesla and crashed into a tree, after first hitting the guardrail. It was then that the vehicle caught fire.
The driver was lucky, as “people passing by the scene of the accident took the man out of the vehicle and called emergency services.”
In order to put out the fire, the street had to be closed and fire authorities had to bring in a container user to cool the vehicle. The container held 11,000 liters (11 tons) of water and was designed to eliminate the biggest risk in an EV accident which is the battery catching fire.
The Tesla battery is mounted on the underside of the vehicle and contains acids and chemicals that can easily escape during a fire, placing the firefighters in danger.
Here is the problem: according to the article, some 11,000 liters of water are needed to finally extinguish a burning Tesla but an average fire engine only carries around 2,000 liters of water.
Fire brigade spokesman Peter Hölzl warned that the car could still catch fire for up to three days after the initial fire.
The container used is said to be suitable for all common electric vehicles. It measures 6.8 meters long, 2.4 meters wide and 1.5 meters high, it is (obviously) waterproof and weighs three tons.
We hope the NHTSA has a nice long hard look at these photos, as it has now become painfully obvious that the fire issue is very real and very dangerous for Tesla. We can only hope that the agency is acting with the expediency necessary to promptly address an issue that is putting lives at risk every day.
Tyler Durden
Sat, 10/05/2019 – 21:11 - Floating Nuclear Power Plants Are Ready To Shape Global Energy Market
Floating Nuclear Power Plants Are Ready To Shape Global Energy Market
Submitted by South Front
On September 14, the Akademik Lomonosov floating nuclear power plant reached the port city of Pevek in Russia’s Chukotka after covering a distance of more than 4,700km from Murmansk. After connecting to power grids there, it will become a fully-fledged energy producing facility, supplying electricity to the city of Pevek and the Chukotka Autonomous Region. This will include replacing the capacity of the Bilibino Nuclear Power Plant, which will be finally stopped in early 2020.
The Akademik Lomonosov is the lead project for a series of low-power mobile transportable power units. Floating nuclear power plants (FNPPs) in the Far North and the Far East are a new class of energy sources based on Russian nuclear shipbuilding technologies. The station is equipped with two KLT-40S icebreaker-type reactors which are capable of generating up to 70 MW of electricity and 50 Gcal/h of thermal energy in the nominal operating mode. This is enough to ensure that energy consumption demands are satisfied for a city with a population of about 100 000 people.
The Akademik Lomonosov has a length of 144 meters and a width of 30 meters. It has a displacement of 21 500 tones and a crew of 69 people. The reactors were designed by OKBM Afrikantov and assembled by Nizhniy Novgorod Research and Development Institute Atomenergoproekt. The reactor vessels were produced by Izhorskiye Zavody. The turbo generators were supplied by the Kaluga Turbine Plant.
The FNPP’s planned service life is 40 years. The operating time of reactor installations between reloading of the core is three years. All nuclear fuel and radioactive material handling systems are located inside the FNPP. The core reloading and storage of spent fuel is carried out on board the FNPP.
The FNPP can carry sufficient enriched uranium to power the two reactors for 12 years. Then, it, with its spent fuel, should be towed back to Russia, where the radioactive waste will be processed. In addition, such power units allow creating powerful desalination plants on their bases.
Initially, the Akademik Lomonosov project cost was expected to be $140 million. However, during construction, the cost increased to about $574 million. This includes $107 million for coastal infrastructure.
The State Atomic Energy Corporation, Rosatom is already working on the second generation FNPP called the Optimized Floating Power Unit. It will be smaller and more powerful than its predecessor. The Optimized Floating Power Unit is to be equipped with two RITM-200M reactors with a total capacity of 100 MW. There is no disclosed plan of how many of these power plants will be produced. Currently, Russia operates 11 nuclear power plants, including the Akademik Lomonosov.
Russia’s Energy giant, Gazprom, reportedly has plans to use at least 5 FNPPs for oil and gas field development as well as for support of infrastructure for transportation operations. Possible locations where they could be used include the Shtokman natural gas field in the Barents Sea, and in the developing oil and gas fields on the Yamal Peninsula.
FNPPs would be useful along the Northern Sea Route, in and around the Arctic. The floating nuclear power plants will solve the issue of the energy supply in the region and will make possible the creation of a comprehensive support infrastructure there. According to Rosatom, 15 countries, including China, Indonesia, Malaysia, Algeria, Namibia, Cape Verde and Argentina, have already shown interest in hiring floating nuclear power plants.
Floating nuclear power plants will solve energy issues in areas where construction of classic nuclear plants is not possible (for example, because of a seismic hazard) or is too costly and complicated. In Russia, this could help to provide additional electricity to port cities such as Sevastopol, Novorossiysk or Vladivistok.
African states, many of which suffer from constant energy shortages, also could solve their issues with help from FNPPs. In addition, the deployed FNPPs would make feasible the the creation of desalination plants providing massive amounts of clean, drinkable water for the local population. Therefore, another key humanitarian issue in Africa will be resolved.
One more likely location is the Arabian Peninsula. For example, an FNPP could be employed to deal with the humanitarian crisis in Yemen after the end of the Saudi-led invasion. Such a ship deployed near al-Hudaydah could provide western Yemen with energy and clean water.
Furthermore, floating nuclear power plants can be used on river routes, for example in Russia and throughout Asia. Some United States cities in remote areas such as Alaska might also benefit, since, until the US makes some adequate icebreakers, they would still need to ask Russia for assistance in case of crises.
The launch of the first ever floating nuclear power plant has become an important engineering breakthrough that will impact the energy sphere on a global scale. This technology, which could potentially provide safe and clean energy to a large part of the planet, could also be provided at an attractive price.
Tyler Durden
Sat, 10/05/2019 – 21:00 - China Launches HD Satellite To Monitor Belt And Road Projects
China Launches HD Satellite To Monitor Belt And Road Projects
On Saturday, China launched an observation satellite into space that will soon monitor its Belt and Road projects around the world. The satellite, which according to Xinhua will be called Gaofen-10, was launched early Saturday morning aboard a Long March 4C orbital carrier rocket from the Taiyuan Satellite Launch Center in Northern China.
Gaofen-10 is a high-definition (HD) microwave remote sensing satellite that is part of the China High-resolution Earth Observation System (CHEOS) that will be activated by 2020.
The satellite is capable of taking HD photographs with a resolution of about one meter. In total, CHEOS will have seven optical/microwave satellites that will be used in “land survey, urban planning, and road network designs” along the Belt and Road, reported Xinhuanet.
The Belt and Road is China’s ambitious infrastructure investment plan that is currently constructing railways, energy pipelines, and highways in 152 countries, that could soon become the world’s future economic system.
Gaofen-10 will orbit at 370 to 430 miles above Earth and will have a life span of 5-8 years. It was reported that the Shanghai Academy of Spaceflight Technology developed the satellite, and China Aerospace Science and Technology Corporation built the rocket.
China’s goal of deploying a network of HD satellites to monitor its Belt and Road projects could become a reality next year.
Tyler Durden
Sat, 10/05/2019 – 20:30
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