根據民主黨法案，美國將用儲備石油換取利潤，投資電動汽車

Recently Yahoo News on-line reported the following:

US Would Trade Reserve Oil for Profit, Invest in EVs Under Democrats’ Bill

Jennifer A. Dlouhy

Tue, September 27, 2022 at 3:15 AM

(Bloomberg) -- Democrats are pitching a plan that would allow the US government to buy and sell crude from its emergency reserves for a profit and use that money to fund electric-car charging infrastructure.

Under the so-called Buy Low and Sell High Act introduced Monday, the Energy Department would be allotted more freedom to make sales and purchases of as many as 350 million barrels for the nation’s Strategic Petroleum Reserve to maximize profits. The amount -- equivalent to almost half the stockpile’s current physical capacity -- would be earmarked for swift transactions and designated a new “Economic Petroleum Reserve.”

That’s in contrast to the current approach, where the entire reserve is designed to be a stopgap in times of energy shortages or supply disruptions -- not a financial tool. Although the president has wide latitude to initiate drawdowns amid supply shocks, non-emergency sales and purchases are often directed by Congress.

If enacted, the proposal would mark a major shift in the US approach toward emergency crude supplies, which were formally established in the 1970s after the Arab oil embargo as a tool for addressing severe energy supply disruptions. President Joe Biden has unleashed tens of millions of barrels of SPR crude in an effort to tame high prices stoked by Russia’s invasion of Ukraine. Some critics decried the move as a misuse of the reserve.

The bill “helps us regain control of domestic gas prices and protects drivers from future price fluctuations,” Representative Frank Pallone Jr., a Democrat from New Jersey, said in an emailed statement. Pallone introduced the legislation along with eight other Democrats on Monday. An Energy Department spokesperson did not immediately comment on the measure.

The measure would give the Energy Department the power to purchase oil for the economic reserve when prices dip below $60 a barrel and sell when prices climb above $90. Proceeds would be steered to electric vehicle initiatives and a new technical assistance program designed to increase crude throughput at foreign allies’ refineries.

It also contains provisions that would dramatically expand government stockpiles of fuels by building a network of refined petroleum product reserves across the US with the capacity to store 250 million barrels of domestically refined gasoline and diesel. At the same time, the Northeast Home Heating Oil Reserve would quadruple in size to store up to 4 million barrels of petroleum distillate.

The legislation would prohibit barrels from the reserves, both crude and refined products, to be exported to companies owned or influenced by China or nations under US sanctions.

Translation

（彭博社）- 民主黨人正在提出一項計劃，該計劃將允許美國政府從其應急儲備中買賣原油以獲取利潤，並將這筆錢用於資助電動汽車充電基礎設施。

根據周一推出的所謂 “低買高賣法” 能源部將獲得更多自由，為國家戰略石油儲備進行多達 3.5 億桶的銷售和購買，以實現利潤最大化。該數量 - 相當於庫存當前實際容量的近一半 - 將被指定用於快速交易，並指定一個新的 “經濟石油儲備” 。

這與目前的方法形成鮮明對比，目前方法就是整個儲備旨在作為在能源短缺或供應中斷時的權宜對應 - 而不是一種金融工具。在供應受衝擊的情況下, 總統有很大的權力去提取，但非緊急銷售和購買通常由國會指導。

如果獲得通過，該提案將標誌著美國對緊急原油供應的態度發生重大轉變，緊急原油供應是在 1970 年代阿拉伯石油禁運後正式建立的，作為解決嚴重能源供應中斷的工具。總統拜登已經釋放了數千萬桶 SPR 原油，以遏制俄羅斯入侵烏克蘭引發的高油價。一些批評者譴責此舉是對原油儲備的濫用。

來自新澤西州的民主黨眾議員Frank Pallone Jr. 在一份電子郵件聲明中表示，該法案 “幫助我們重新控制國內汽油價格並保護司機免受未來價格波動的影響” 。 Pallone 週一與其他八名民主黨人一起提出了這項立法。能源部發言人沒有立即對這項措施發表評論。

該措施將使能源部有權在價格低於每桶 60 美元時購買石油作為經濟儲備，並在價格攀升至每桶 90 美元以上時出售。收益將用於電動汽車計劃和一項旨在增加外國盟友煉油廠原油產量的新技術援助計劃。

它還包含通過在美國建立一個能夠儲存 2.5 億桶國內精煉汽油和柴油的精煉石油產品儲備網絡來大幅擴大政府燃料庫存的條款。與此同時，東北家庭取暖油儲備 的規模將翻兩番，可儲存多達 400 萬桶石油餾分油。

該立法將禁止將儲備,包括原油和精煉產品出口到中國擁有或其受影響的公司, 或受美國製裁的國家。

        So, Democrats are working on a plan that would allow the US government to buy and sell crude from its emergency reserves for a profit and use that money to fund electric-car charging infrastructure. This is a flexible use of emergency reserves.

iPhone在印度：蘋果在印度生產新手機，從中國轉移

Recently Yahoo News on-line reported the following:

iPhone in India: Apple makes new handset in India in shift from China

Arunoday Mukharji & Monica Miller - BBC News

Tue, September 27, 2022 at 1:38 PM

Apple says it has started making its iPhone 14 in India as it diversifies its supply chains away from China.

The company makes most of its phones in China but has shifted some production outside the country as tensions rise between Washington and Beijing.

China's 'zero-Covid' policies, that have triggered widespread lockdowns, have also caused major disruptions for businesses during the pandemic.

The technology giant unveiled its latest iPhone earlier this month.

"The new iPhone 14 line-up introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple said in a statement.

Taiwan-based Foxconn, which manufactures the majority of Apple's phones, has had an operation in the southern Indian state of Tamil Nadu since 2017, where it makes older versions of the handsets.

But now, Apple is betting big to make in India its newest product - the iPhone 14.

By betting on India, Apple is also looking to increase its footprint in the country. As of last year, its market share was about 4% there.

The US giant has been struggling to compete with the much cheaper South Korean and Chinese smartphones that continue to dominate the Indian smartphone market.

But manufacturing in India does not mean the phones will be cheaper in the country because of high import duties on components and other taxes.

So while Indians might be looking at the 'Made in India' tag on their iPhone they will still have to pay a hefty sum to own it.

The announcement that iPhone production has increased in India is a win for prime minister Narendra Modi's administration.

His government launched its flagship "Make in India" campaign eight years ago as it aimed to boost the country's manufacturing and exports.

Apple's announcement marks its latest move towards diversifying supply chains to avoid disruptions as tensions rise between China and the US over Taiwan and trade.

Earlier this month, analysts at investment bank JP Morgan said that they expect Apple to move around 5% of iPhone production to India this year.

The report also predicted that a quarter of all iPhone production will be in the South Asian nation by 2025.

Last year, Apple supplier Foxconn invested $1.5bn (£1.4bn) in Vietnam, according to the South East Asian country's government.

Vietnamese state media reported last month that the company had signed a $300m agreement to expand its facility in the north of the country to increase production.

Translation

蘋果表示，它已開始在印度生產 iPhone 14，因為它將其供應鏈從中國轉到多元化。

該公司的大部分手機都在中國生產，但隨著華盛頓和北京之間的緊張局勢加劇，該公司已將部分生產轉移到中國之外。

中國的 “零疫情” 政策引發了廣泛的封鎖，在病毒大流行期間也對企業造成了重大干擾。

這家科技巨頭本月早些時候推出了最新款 iPhone。

蘋果在一份聲明中表示: “新的 iPhone 14 系列引入了突破性的新技術和重要的安全功能。我們很高興能夠在印度製造 iPhone 14” 。

總部位於台灣的富士康生產蘋果的大部分手機，自 2017 年以來一直在印度南部的泰米爾納德邦開展業務，在那裡生產舊版的手機。

但現在，蘋果公司正在大舉押注在印度生產其最新產品 - iPhone 14。

通過押注在印度，蘋果還希望擴大其在該國的足跡。截至去年，其市場份額約為 4%。

這家美國巨頭一直在努力地與仍主導印度智能手機市場的, 廉價得多的韓國和中國智能手機競爭。

但在印度製造並不意味著手機在該國會更便宜，因為零部件的進口關稅和其他稅項很高。

因此，雖然印度人可能會在他們的 iPhone 上看到 “印度製造”的標籤，但他們仍然需要支付巨額費用才能擁有它。

宣布 iPhone 在印度的產量增加是總理莫迪政府的勝利。

八年前，他的政府發起了其旗艦 “印度製造” 運動，旨在促進該國的製造業和出口。

蘋果公司的聲明標誌著其在供應鏈多樣化方面的最新舉措，以避免隨著中國和美國在台灣和貿易問題上的緊張局勢升級而造成供應鏈中斷。

本月早些時候，投資銀行摩根大通的分析師表示，他們預計蘋果今年將把大約 5% 的 iPhone 生產轉移到印度。

該報告還預測，到 2025 年，四分之一的 iPhone 產量將會在南亞國家。

據東南亞國家政府稱，去年，蘋果供應商富士康在越南投資了 15 億美元（14 億英鎊）。

越南官方媒體上個月報導稱，該公司已簽署一項 3 億美元的協議，以擴大其在該國北部的工廠以增加產量。

            So, India will produce more iPhone in the near future. In the past decade or so, many daily consumer products that I used were made in PRC and it had literally become a world factory. As a consumer, I would like to see more diversification in manufacturers so that more countries can have a chance to contribute something and earn a decent living through their production.  I think “World Factory” is not a very health sign when come to equal opportunity.

中國商品需求疲軟導致航運繁榮結束

Recently Yahoo News on-line reported the following:

Weaker Demand for Chinese Goods Spells End of Shipping Boom

Bloomberg News

Mon, September 26, 2022 at 7:09 PM

(Bloomberg) -- The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic.

A 40-foot shipping box from the world’s largest port of Shanghai to Los Angeles fetched $3,779 last week, the first time the spot price was below $4,000 since September 2020 and half the level of three months ago, according to Drewry. More declines are expected in the next few weeks, it said.

While the value of Chinese exports was still rising through August, it’s expected to continue to slow down. That’s a symptom of multiple headwinds hitting developed and developing economies alike, from soaring inflation and a surging dollar to central bank interest-rate hikes and trade disruptions blamed on Russia’s war in Ukraine.

“It’s fair to say that the demand outlook for the trans-Pacific and container shipping generally is receding quickly,” said Simon Heaney, a senior manager of container research at Drewry.

In what’s typically the peak season for seaborne trade, global demand for Chinese goods is waning instead as consumers cut back spending because of inflation and the shift away from goods toward services.

Factories in Europe and the rest of Asia are also scaling back production. China’s economic slowdown is also cutting into import demand, with companies in Asia and Europe seeing weaker growth or declines in orders from Chinese companies.

For the world’s shipping lines, it’s providing some relief to their packed sailing schedules yet threatening to slow an eye-popping run of profitability driven during the pandemic by stronger-than-normal consumer demand for household items.

“While it’s more clear that the second quarter of 2022 will be an earnings peak, I think any talk of bust and return to pre-pandemic earnings levels -- or lack thereof -- is premature,” said John McCown, an industry veteran and founder of Blue Alpha Capital.

Shares of Copenhagen-based A.P. Moller-Maersk A/S hit the lowest since March 2021 on Friday, and Germany’s Hapag-Lloyd AG slumped to the lowest since June last year. Cosco Shipping Holdings Co., China’s biggest carrier, reached a 17-month low. Shares of Honolulu-based Matson Inc., a smaller player that has operated an express Asia-to-US service across the Pacific, are worth about half of their record high set in March.

It was just about two years ago that US import demand started to surge, leading to a queue of cargo ships off the coast of Southern California through 2021 that eventually reached a high of 109 in January this year. As of Friday, the line to enter the ports of Los Angeles and Long Beach had eight vessels.

US container imports aren’t falling off a cliff, but they’re slowing down to more normal levels seen before Covid-19.

The steady fall in spot container rates is putting pressure on carriers that have been pushing to sign more long-term contracts with customers as those prices soared into early 2022. Maersk, for instance, said recently it has about 72% of its long-haul volume on contracts.

Walmart Inc., Amazon.com Inc. and Ikea were among companies that signed contracts when spot prices were at near-record levels, according to analysis firm Xeneta, but as inflation bites importers in the US and Europe want to ship fewer goods from Asia, it said.

Many of the carriers’ customers want to re-negotiate for discounts.

Agents and freight forwarders in Asia have received calls recently from cargo owners asking to lower their shipping costs, with some exporters complaining about the unfairness of paying almost twice as much on contracts than the spot market. Shipping companies want exporters to bulk up their volumes, but many are refusing to because of the weaker economic outlook.

“We polled customers and 50% of them successfully negotiated for lower rates on term contracts,” said Peter Sand, chief analyst at Xeneta. “The drop in freight rates is due to falling demand globally, and port congestion has eased, allowing for more efficient operation of the ships.”

Economists forecast the value of Chinese exports will grow 9% this year, down from the 13.5% expansion in the first eight months of the year and well below the 30% jump last year. While exports rose 7.1% in August from a year earlier, higher prices rather than a boost in volumes may be playing a bigger role in driving up the figures. About half of the headline export growth in July was due to price effects, according to an estimate by Macquarie Group Ltd.

Earlier Peak

Some of the softening in demand reflects an earlier-than-usual peak season for US companies to import their wares. Historically, Chinese exports grow strongly into the second half of the year as companies in the US and Europe stock up before the holiday season, but this year there was a big spike in shipments in May though July, which then fell back a bit in August.

Shanghai’s port processed 8.4% less cargo in August than a year earlier, with the numbers of containers down 3.4%, the port said earlier this month. That tracks with the drop in boxes arriving in the US -- the number of containers arriving at the busiest US port of Los Angeles dropped by the most since the early days of the Covid-19 pandemic last month.

With no capacity to spare just six months ago, the container lines are now scrambling to reduce an excess of it to match demand. According to a Drewry report on Friday, 117 out of 744 sailings were canceled over the next month on major trade lanes, and about 68% of those blanked voyages were scheduled to do transpacific eastbound trips.

The weakening outlook isn’t coming just from mainland China -- Taiwan’s exports grew at the slowest pace in more than two years in August, while South Korean exports dropped 8.7% in the first 20 days of this month.

Bloomberg Intelligence logistics analyst Lee Klaskow said the shipping industry still could have its third-best year in 2023, but the good times may not keep rolling beyond that given all the new ships -- ordered during this period of prosperity -- that will start to be launched next year.

“There is a lot of new capacity hitting the water in 2023, which will dampen spot and contractual rates,” he said. “When we get to 2024, things may get worse for liners as more supply hits the water and supply chains normalize.”

Translation

（彭博社）- 隨著世界經濟步履蹣跚，從中國運輸貨物的成本已跌至兩年多來的最低水平，這使得在病毒大流行期間實現創紀錄利潤的貨櫃箱運輸公司的前景黯淡。

據Drewry箱運輸公司稱，上週從世界最大港口上海到洛杉磯的一個 40 英尺長的海運箱以 3,779 美元的價格售出，這是自 2020 年 9 月以來現貨價格首次低於 4,000 美元，是三個月前水平的一半。它表示，預計未來幾週還會出現更多下降。

儘管到 8 月份中國出口價值仍在上升，但預計將繼續放緩。這是發達國家和發展中經濟體面臨多重不利因素的徵兆，計有從通脹飆和美元飆升, 到央行加息及歸咎於俄羅斯在烏克蘭戰爭的貿易干擾。

Drewry貨櫃箱研究高級經理Simon Heaney說: “公平地說，跨太平洋和貨櫃箱航運的需求前景總體上正在迅速消退” 。

在通常是海運貿易的旺季，全球對中國商品的需求正在減弱，因為消費者因通貨膨脹,及支出從商品轉向服務而削減商品的需求。

歐洲和亞洲其他地區的工廠也在縮減產量。中國經濟放緩也削減了進口需求，亞洲和歐洲企業看到中國增長放緩或企業訂單減少。

對於全球航運公司而言，這為他們擁擠的航行時間表提供了一些緩解，但亦可能會減緩在病毒大流行期間,由於消費者對家居用品的需求強於正常水平,而導致的令人瞠目結舌的盈利增長。

行業資深人士亦是Blue Alpha Capital的創辦人John McCown表示： “雖然 2022 年第二季度將更明顯是盈利高峰，但我認為任何談論蕭條和回歸病毒大流行前盈利水平 - 或無這回事- 都為時過早” 。

總部位於哥本哈根的 A.P. Moller-Maersk A/S 股價週五觸及 2021 年 3 月以來的最低點，德國Hapag-Lloyd AG 股價跌至去年 6 月以來的最低點。中國最大的航運公司中遠海運控股有限公司觸及 17 個月低點。總部位於檀香山的 Matson Inc. 是一家規模較小的公司，在太平洋地區經營著亞洲到美國的快遞服務，其股價約為 3 月份創下的歷史新高的一半。

就在大約兩年前，美國的進口需求開始激增，導致到 2021 年南加州海岸的貨船排隊等候，最終在今年 1 月達到 109 艘的高位。在週五，共有八艘船排隊進入洛杉磯和長灘港口。

美國貨櫃箱進口並沒有懸崖式下跌，但正在放緩至 Covid-19 之前的較正常水平。

貨櫃箱現貨價格的穩步下降給承運商帶來壓力，這些承運商一直在推動與客戶簽訂更多長期合同，正值這些價格一直飆升到 2022 年初。例如，馬士基最近表示，它擁有約 72% 的長途運輸量合約。

據分析公司 Xeneta 稱，沃爾瑪公司、亞馬遜公司和宜家公司是在現貨價格接近創紀錄水平時簽訂合同的公司之一，但隨著通脹的衝擊，它說美國和歐洲的進口商希望減少從亞洲出口的商品。 

許多運營商的客戶希望重新協商折扣。

亞洲的代理和貨運代理最近接到貨主的電話，要求降低運輸成本，一些出口商抱怨合同支付的價格幾乎是現貨市場的兩倍，這是不公平的。航運公司希望出口商增加運輸量，但由於疲弱的經濟前景，許多人拒絕這樣做。

Xeneta 首席分析師 Peter Sand 表示： “我們對客戶進行了調查，其中 50% 的客戶成功地就定期合同的低收費率進行了談判”; “運費下降是由於全球需求下降，港口擁塞有所緩解，從而使船舶能夠更有效地運營。”

經濟學家預測，今年中國出口額將增長 9%，低於今年前 8 個月 13.5% 的增幅，遠低於去年 30% 的增幅。雖然 8 月份出口較上年同期增長 7.1%，但價格上漲而非銷量增長可能在推高數據方面發揮了更大的影響。Macquarie Group Ltd估計，7 月份總體出口增長中約有一半是由於價格的影響。

提早的高峰

需求疲軟在一定程度上反映了美國公司進口商品的旺季早於往常。從歷史上看，中國出口在下半年強勁增長，因為美國和歐洲的公司在假期前囤貨，但今年 5 月至 7 月出貨量大幅飆升，然後在 8 月略有回落.

上海港口本月早些時候表示，8月份上海港口處理的貨物比去年同期減少了8.4%，貨櫃箱數量下降了3.4%。這與到達美國的貨櫃箱數量下降有關 - 到達美國最繁忙的洛杉磯港口的貨櫃箱數量, 見到自上個月 Covid-19 大流行初期以來的最大的跌幅。

僅僅在六個月前貨櫃箱航運公司正是沒有多餘的運力，現在它們正爭先恐後地減少過剩的運力以對應需求。根據Drewry週五的一份報告，在下一個月中，主要貿易航線上的 744 次航行中有 117 次被取消，其中約 68% 的空白航次原是計劃進行跨太平洋東行。

疲弱的前景不僅僅來自中國大陸 - 台灣 8 月份的出口增長速度為兩年多來最慢，而韓國的出口在本月的前 20 天下降了 8.7%。

Bloomberg Intelligence 物流分析師 Lee Klaskow 表示，航運業仍可能在 2023 年迎來第三好的一年，但考慮到所有新船 - 都是在這個繁榮時期訂造的 - 將在明年開始下水，好時光可能不會一直延續下去。

他說： “2023 年將有大量新產能投入使用，這將抑制現貨和合同費率” ; “當我們到 2024 年時，隨著更多供應投入水上運輸和供應鏈正常化，郵輪的情況可能會變得更糟。”

       Container service is an important part of global trade. Currently increased shipping cost is one of the factors that has been causing inflation globally. Its lowering in prince probably would help many countries to reign in the inflation.

US persuades India to leave Russia for weapons and energy procurement

Recently CNN.co.jp reported the following:

米、インドにロシア離れを説得　兵器とエネルギー調達で

2022.09.25 Sun posted at 16:32 JST

  （ＣＮＮ） 米国務省高官は２５日までに、インド政府に対し兵器やエネルギー源の輸入でロシア離れを説得していることを明らかにした。

これまでの接触をへてインド政府当局者はロシア頼みからの離反が国益に実際寄与すると理解し始めているとの感触を得ているとした。

同高官は、インドは最初に兵器、その後はエネルギー源の確保について４０年余にわたってロシアに傾斜してきたと指摘。その依存度は極めて非常に大きかったともした。

その上で「米国は兵器獲得などの多様化について手助け出来る選択肢でインド側と掘り下げた意見交換をしてきた」と説明。兵器供給面ではロシアは信頼し得る相手ではないとも述べた。

エネルギー問題については、米国はロシア産石油の市場での流通は望むものの、ウクライナ侵攻を支える資金源を封じるため市場価格での上限設定に同調するよう各国に求めてきたと主張した。

米国務省高官の今回の発言は、インドのモディ首相が今月１６日、ロシアのプーチン大統領と対面会談し、「今は戦争の時代ではない」との苦言を直接伝えたともされる展開を受けたものともなっている。

インド、ロシア両首脳の会談は、ウズベキスタン・サマルカンドで開かれた上海協力機構（ＳＣＯ）の首脳会議に合わせて実施された。モディ、プーチン両氏の首脳会談は今年になって初めてだった。

国務省高官はインド側の対応の変化などに触れ、ウクライナ北東部イジュームで発覚した虐殺疑惑はロシアの行動をこれまで黙認してきた諸国に再考を促したことを示唆。集団墓地で頭部を撃ち抜かれた女性や子どもら約５００人の遺体が見つかる世界が震撼（しんかん）した惨事を受け、ロシアと密接な関係は持ちたくないと思うだろうとした。

Translation

  (CNN) A senior State Department official said on the 25th that it was trying to persuade India to move away from Russia on imports of weapons and energy sources.

It was said that through contacts so far, Indian officials felt they began to understand that breaking away from Russia's reliance would actually serve its nation's interests,

This official said, for more than 40 years, India had leaned toward Russia, first for weapons and then for energy sources. This degree of dependence became extremely high.

On top of that it was said "The United States has had in-depth exchanges with India on options that can help diversify its arms acquisition". It was also said that Russia was not a reliable partner when it came to arms supply.

On the energy issue, the United States said that while it wanted Russian oil to enter the market, it also asked other countries to join forces to do market price caps so as to cut off Russian’s source of funding for invading Ukraine.

The U.S. State Department official's remarks came after the development that Indian Prime Minister Narendra Modi, during a face-to-face meeting with Russian President Vladimir Putin on the 16th of this month, also conveyed his directly complaint that "now is not the time for war”.

The Indian and Russian leaders met on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Samarkand, Uzbekistan. Modi and Putin met for the first time this year.

A senior State Department official touched on changes in India's response and suggested that the allegations of a massacre in Izyum in northeastern Ukraine had prompted countries that so far acquiesced to Russia's actions to consider changes. After they knew the world-shattering tragedy in which about 500 bodies of women and children with heads shot through were found in mass graves, it was supposed that they would try not to have a close relationship with Russia.

              So, the US is trying to persuade India to move away from Russia on imports of weapons and energy sources. Obviously, the ultimate aim is to isolate Russian and to invite India to have a closer relation with the US and its allies in Asia.

Keio University announces: Succeeded in creating a "miniature brain" that reproduces the state of dementia

Recently NHK News on-line reported the following:

認知症の状態再現した「ミニチュア脳」作製に成功 慶応大発表

2022年9月24日 7時58分

アルツハイマー病の患者の皮膚から作ったiPS細胞を培養し、認知症の状態を再現した立体的なミニチュアの脳を作ることに成功したと慶応大学のグループが発表しました。認知症が起きる仕組みの研究や治療薬の開発に役立つと期待されています。

研究は、慶応大学の岡野栄之教授のグループが行い、国際的な科学雑誌「セル・リポーツ・メソッズ」に発表しました。

グループは、アルツハイマー病の患者の皮膚から作ったiPS細胞を、培養液に含まれるたんぱく質「増殖因子」の濃度を低くした状態で培養しました。

すると、効率的に脳の神経細胞ができ、大きさが2ミリから3ミリほどある「オルガノイド」と呼ばれる立体的な細胞のかたまりができたということです。

この「オルガノイド」では培養から120日目にアルツハイマー病の患者の脳にたまる異常なたんぱく質、「アミロイドβ（ベータ）」が確認できたほか、培養の途中で認知症の発症に関わるとされる「タウ」というたんぱく質を作る遺伝子を入れると、患者の脳と同様に「タウ」がたまる状態を再現できたということです。

グループは病態の一部を再現したミニチュアの脳ができたとしていて、認知症の仕組みの研究や治療薬の開発などに役立つとしています。

岡野教授は「マウスでの研究では、人の病態を再現しきれていなかった。今回、認知症の患者の病態を再現でき、治療法の開発につながると思う」と話しています。

Translation

A group at Keio University announced that it had succeeded in creating a three-dimensional miniature brain that reproduced the state of dementia by culturing iPS cells made from the skin of Alzheimer's disease patients. It was expected to be useful for research on the mechanisms that caused dementia and for the development of therapeutic drugs.

The research was conducted by Professor Hideyuki Okano's group at Keio University and published in the international scientific journal Cell Reports Methods.

The group cultured iPS cells made from the skin of patients with Alzheimer's disease in a state where the concentration of the protein "growth factor" contained in the culture medium was reduced.

As a result, brain nerve cells were formed efficiently, and three-dimensional cell clusters called "organoids" with a size of 2 to 3 mm were formed.

In this "organoid", an abnormal protein "amyloid β (beta)" that accumulated in the brains of Alzheimer's disease patients was confirmed 120 days after culturing. By inserting a gene that produced a protein called “Tau”, they were able to reproduce the same state in which “Tau” accumulated in the patient's brain.

The group said that a miniature brain that reproduced part of the pathology had been created, and that it would be useful for research on the mechanism of dementia and development of therapeutic drugs.

Professor Okano said, "Research on mice could not fully reproduce the human pathology. This time, we were able to reproduce the pathology of dementia patients, and I think it will lead to the development of treatment methods."

              So, Japanese scientists are able to reproduce the pathology of dementia patients, and it will lead to the development of treatment methods. This is good news for dementia patients.

中國準備向能源匱乏的世界出口更多燃料

Recently Yahoo News on-line reported the following:

China Is Poised to Export a Lot More Fuel to an Energy-Starved World

Bloomberg News

Fri, September 23, 2022 at 9:31 AM

(Bloomberg) -- China is poised to export a lot more fuel as Beijing strives to boost its economy by raising refinery runs amid flagging local consumption.

Some 15 million tons of fuel-export quota is expected to be released, according to industry consultants JLC and Energy Aspects Ltd. The allocations will allow the four big state-owned refiners and one private processor to sell more gasoline, diesel, jet fuel and fuel oil to overseas buyers at a time when frequent virus lockdowns and a property crisis have suppressed local demand.

The move will prompt refiners to crank up operating rates with state-run companies considering raising utilization by 10%-15% next month, according to industry consultancy FGE. Chinese majors will need to raise run rates to 90%, from 75% currently, and increase crude imports by at least 1 million barrels a day to use up all the quota by end of this year, Energy Aspects said.

The export-friendly shift is a reversal from China’s recent focus on only refining to meet its own needs in order to minimize pollution and help consolidate the sprawling industry. The increase in shipments will be welcomed across Asia and the world this winter as power generators turn to diesel and fuel oil amid surging gas costs due to the war in Europe.

The size of the quota, which Bloomberg reported last week, took the market by surprise. Traders said the release is large for this time of the year, although it’s unclear if companies will be able to fully utilize their allocations by the end of 2022. There will likely be 10 million tons of quota for gasoline, diesel and jet fuel, said Energy Aspects, with very-low sulfur fuel oil accounting for the remaining 4.5 million tons.

A 10-million-ton quota increase for so-called clean fuels will accelerate exports through year-end, which coincides with rising demand for heating fuel in the run-up to winter. As of July, export allocations for gasoline, diesel and jet fuel exports were 40% less than at same point last year.

The increase in quota is likely aimed at boosting economic activity in China, traders said. The International Energy Agency has forecasted the country, the world’s largest importer of crude, faces the biggest annual drop in oil demand in more than three decades. The agency predicts consumption will fall by 420,000 barrels a day, or 2.7%, this year, the first decrease since 1990.

Of the 15 million tons of quota, it’s likely that China Petroleum & Chemical Corp. will get 5.6 million tons, according to JLC. PetroChina Co. will probably receive 4 million tons, CNOOC Ltd. and Sinochem Group Co. will likely be awarded 2.4 million tons each and private refiner Zhejiang Petroleum & Chemical Co. should get 600,000 tons, the consultant said.

Translation

(彭博社) - 中國正準備出口更多燃料，因為中國政府在當地消費疲軟的情況下, 通過提高煉油廠產量來努力地提振經濟。

據行業顧問公司 JLC 和 Energy Aspects Ltd 稱，預計將釋放約 1,500 萬噸的燃料出口配額。這些配額將使四大國有煉油廠及一家私營加工商,在頻密的病毒封鎖和房地產危機抑制當地需求之際，向海外買家銷售更多的汽油、柴油、航空燃料和燃油。

據行業諮詢公司 FGE 稱，此舉將促使煉油廠提高開工率，國有企業考慮在下個月將利用率提高 10%-15%。 Energy Aspects 表示，中國大型石油公司需要將開工率從目前的 75% 提高到 90%，並將原油進口量至少增加 100 萬桶/天，才能在今年年底前用完所有配額。

這種有利於出口的轉變與中國最近只關注煉油以滿足自己的需求，以盡量減少污染並幫助鞏固龐大的行業的做法相反。今年冬天，由於歐洲戰爭導致天然氣成本飆升，發電機轉向使用柴油和燃料油，因此增加出口將受到成個亞洲同世界的歡迎。

彭博社上週報導的配額規模令市場感到意外。交易商表示，在一年中這個時候, 釋放量算是很大，但目前尚不清楚公司是否能夠在 2022 年底前充分利用其分配的配額。Energy Aspects說, 汽油、柴油和航空燃料的配額可能會達到 1,000 萬噸, 極低硫燃料油佔剩餘的 450 萬噸。

增加那所謂清潔燃料1,000 萬噸的增加配額, 將促進出口到年底，這與冬季前對取暖燃料的需求增加相吻合。截至 7 月，汽油、柴油和航空燃料出口的出口分配比去年同期減少了 40%。

貿易商稱，配額的增加可能旨在促進中國的經濟活動。國際能源署預測，作為世界上最大的原油進口國，該國將面臨 30 多年來最大的石油需求年度降幅。該機構預測，今年的消費量將每天減少 42 萬桶，即 2.7%，這是自 1990 年以來的首次下降。

據 JLC 稱，在 1,500 萬噸配額中，中國石油化工集團公司可能會獲得 560 萬噸配額。該顧問稱，中石油可能會獲得400萬噸，中海油和中化集團可能各獲得240萬噸，民營煉油企業浙江石油化工有限公司將獲得60萬噸。

       So, it is a win-win situation for China to export more oil products so as to boost up its domestic economic activity that is affected by poor demands. Overseas power generators need them because they are now turning to diesel and fuel oil amid surging gas costs due to the war in Ukraine.

隨著中國失去光澤，資金湧向東南亞的初創公司

Recently Yahoo News on-line reported the following:

Funds flock to Southeast Asian startups as China loses sheen

Fri, September 23, 2022 at 3:39 PM

By Anshuman Daga and Yantoultra Ngui

SINGAPORE (Reuters) - Southeast Asian startups are enjoying a boom in fundraising exercises by venture and buyout funds that are chasing bigger returns and turning away from regulatory turmoil in Chinese markets, even at the risk of slower growth.

Firms such as Insignia Ventures Partners and SoftBank-backed East Ventures are among those that have raised a combined total of billions for startups over the past year as the region's 650 million people take to digital platforms.

"Some of the world's largest institutions are coming up with strategies now to invest and deploy capital into regions like Southeast Asia, which six to seven years ago may not have even had the ability to absorb cheques of a large enough size," said Vishal Harnal, a managing partner at venture fund 500 Global, with $2.8 billion in assets.

Harnal was one of the scores of investors gathered in Singapore this week at SuperReturn Asia, a private equity and venture capital conference, for whom Southeast Asia tops the investment rankings.

"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters.

Led by Indonesia, Southeast Asia's internet economy is forecast to double to $363 billion by 2025 from an end-2021 estimate of $174 billion in gross merchandise volume, a report has cited Google, Temasek and Bain & Company as saying.

Ridehailing and food delivery firm Grab Holdings listed on Nasdaq in December after a $40-billion merger, while Indonesian rival GoTo, raised $1.1 billion in a domestic listing this year.

This month, digital financial services group Fazz raised $100 million and Indonesia's Xendit, which bills itself as Southeast Asia's alternative to payments processor Stripe, announced fund-raising of $300 million in May.

The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said.

"For want of a better word, FOMO is also present," added Harnal, referring to the "fear of missing out" he saw motivating many institutional investors who lost out on "phenomenal" returns as they were late in backing entrepreneurs in China.

DIVERSIFYING FROM CHINA

Southeast Asia is benefiting from Beijing's tough lockdowns and other measures to rein in COVID-19 in China and Hong Kong.

But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal.

"It's not that they don't believe in China, just that they are reducing that exposure," said Tang Kok-Yew, the founding chairman of Affinity Equity Partners.

"Where can they go? One area that I constantly notice that everybody is very interested in is Southeast Asia. Unfortunately that's the market that is the hardest to penetrate."

Registered to attend the SuperReturn event were 500 so-called limited partners, who offer capital for investors, such as the Houston Firefighters' Relief and Retirement Fund, as well as about 700 venture and buyout firms, such as Schroders Capital, along with Chinese family offices.

Despite all the interest, the region might still have some way to go in the quest for funding.

"There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.

(Reporting by Anshuman Daga and Yantoultra Ngui; Editing by Clarence Fernandez)

Translation

新加坡（路透社） - 東南亞初創企業因風險投資和收購基金而正在享受昌盛的籌集資金活動，這些基金正在追逐更大的回報, 並遠離中國市場的監管混亂，即使面臨增長放緩的風險。

隨著該地區 6.5 億人使用數字平台，Insignia Ventures Partners 和由軟銀支持的 East Ventures 等公司在過去一年為初創企業籌集了總計數十億美元的資金。

Vishal Harnal是擁有 28 億美元的資產風險基金 “500 Global” 的管理合夥人, 他說:“一些世界上最大的機構現在正在製定戰略，將資本投資和部署到東南亞等地區，六到七年前，這些地區可能甚至沒有能力吸收夠大面額的支票” 。

Harnal是本週聚集在新加坡參加私募股權和風險投資會議 SuperReturn Asia 的眾多投資者之一，東南亞在他們的投資排名中名列前茅。

TPG Capital Asia 的聯席管理合夥人 Joel Thickins 告訴路透社： “今天，印度和東南亞的胃口要大得多。”

一份報告援引谷歌、指淡馬錫和貝恩公司說，在印度尼西亞的帶動下，到 2025 年東南亞的互聯網經濟預計將從 2021 年底估計的 1740 億美元的商品總額翻一番，達到 3,630 億美元。

Ridehailing 和食品配送公司 Grab Holdings 在完成 400 億美元的合併後於 12 月在納斯達克上市，而印度尼西亞的競爭對手 GoTo 今年在其國內上市籌集了 11 億美元。

本月，電子金融服務集團 Fazz 籌集了 1 億美元，自稱為東南亞支付處理商 Stripe 替代品的印度尼西亞 Xendit 在 5 月宣布籌集 3 億美元。

投資者表示，儘管對初創企業的職責調查需要數月時間，而估值亦面臨壓力，但這種熱情依然存在。

Harnal 補充說： “因為想要用一個更好的詞彙，FOMO (Fear Of Missing Out) 這一詞也用上”; 他指的是 “害怕錯過機會” ，他看到刺激了許多機構投資者的原因，是因為他們在支持中國企業家方面遲到了，因此失去了“驚人的”回報。

從中國走向多元化

東南亞正受益於北京為控制中國和香港的 COVID-19 而採取的嚴厲封鎖和其他措施。

但是，儘管基金正在多元化，但投資者表示，該地區的市場差異很大，這意味著統一的投資策略並不理想。

Affinity Equity Partners 的創始主席唐國耀說： “並不是他們不相信中國，而是他們正在減少風險。”

“他們能去哪裡？我經常注意到每個人都非常感興趣的一個領域是東南亞。不幸的是，這是最難滲透的市場。”

登記參加 SuperReturn 活動的有 500 家所謂的有限合夥人，他們為投資者提供資金，如休斯頓消防員救濟和退休基金，以及約 700 家風險投資和收購公司，如Schroders Capital，以及中國家庭辦公室。

儘管大家都很感興趣，但該地區在尋求資金方面可能仍有一段路要走。

Global Private Capital Association 風險投資董事總經理 Julie Ruvolo 表示： “仍有個別美國城市的初創企業籌集的資金超過了東南亞所有初創企業總和。” 該協會表示，其 300 名成員共管理著超過 2 萬億美元的資產.

So, Southeast Asian startups are enjoying a boom in fundraising exercises by venture and buyout funds that are chasing bigger returns and turning away from regulatory turmoil in Chinese markets. This is one of the Covid-19 impact on China and this move will bring more job opportunities to the Southeast Asian countries.