International

Massive earthquake strikes Taiwan

Taiwan suffered the strongest earthquake its seen in 25 years. Early Wednesday, a 7.4 magnitude earthquake shook the island, damaging buildings, roads, bridges, and other infrastructure on the eastern side of the island.

Landslides and rock falls have riddled the countryside (see video), as over 50 aftershocks shook the area overnight, with rain complicating evacuation and rescue efforts.

At least 12 people are reported dead and more than 800 are injured. The full extent of the damage and loss of life is still unknown. It was the most powerful earthquake to hit Taiwan since 1999, when a 7.7-magnitude quake killed more than 2,000 people.

Global markets could be affected

Taiwan is the leading producer of advanced semiconductor chips, which are essential for various industries, from AI, to smartphones and cars. Due to the critical role that the island plays, the tragedy is likely to have repercussions.

The earthquake has raised concerns about potential disruptions in chip production, exacerbating the existing demand for semiconductors:

• Taiwan is the source of an estimated 80% to 90% of the highest-end chips, per Bloomberg.

• Shares in TSMC, the main contract chipmaker to Apple and Nvidia, declined as the company evacuated factory areas.

Looking ahead: As the US tries to separate itself from its reliance on China, tech giants in the AI hardware industry are urging Taiwan-based manufacturers to move production facilities to Mexico, according to the WSJ.

Last year, Mexico took China’s top spot as the main exporter to the US, further pushing tensions in the trade sector for the two countries.

School shooting in Finland shocks the nation

School shootings in Finland are exceptionally rare, leaving the country blindsided at the tragedy. Finnish police detained a 12-year-old boy Tuesday after he opened fire at a school in Vantaa, Finland’s fourth largest city. One student was killed and two others were injured.

What happened?

Around 9am local time at the Viertola school, located north of Finland’s capital, Helsinki, a 12-year-old boy entered the school and opened fire, shooting three of his classmates. He had transferred to the school at the start of the year, according to investigators.

• The handgun used in the shooting was licensed to a close relative of the shooter, however, police said they have no details concerning a motive.

The suspect fled to a nearby suburb but was quickly located and detained. During this time, pupils were kept inside their classrooms and authorities urged people to avoid the school and remain indoors. No other details were made public.

Gun ownership is widespread in Finland and children over 15 can have licences to use other people's firearms, but school shootings are extremely rare. Finnish Prime Minister Petteri Orpo said the shooting was “deeply shocking.”

• Finland has only seen four school shootings in the past 35 years.

The suspect has been charged with murder and attempted murder. However, children under the age of 15 are not criminally liable in Finland, meaning the suspect cannot be formally arrested and will be handed over to social services.

Crime

The real life murder behind a new Netflix show

Although Netflix’s series 3 Body Problem has been watched millions of times since it aired, many don’t know of the shocking crime behind it. One of the producers behind the popular sci-fi series, Lin Qi, was murdered. The man who murdered him was sentenced to death by a Chinese court, just a day after the show’s release.

Real life is stranger than fiction

Lin Qi, a Chinese billionaire and gaming tycoon, was fatally poisoned in 2020. By who? According to the court, none other than his colleague, a lawyer named Xu Yao.

• Xu’s decision to kill the 39-year-old entertainment executive was motivated by workplace jealousy and resentment, the court found.

Lin hired Xu in 2017 to help make one of China’s most popular books, Liu Cixin’s The Three-Body Problem, an international hit show. Xu, who was known as a distinguished lawyer, was put in charge of leading a subsidiary of Lin’s company, Yoozoo, called The Three Body Universe.

• The subsidiary was tasked with scooping up IP rights from the books so they could put it on the big screen, and the pair worked closely together in brokering the deal that would adapt the novel into a Netflix original series.

However, shortly after the company landed the landmark Netflix deal, Xu was sidelined, and reportedly became consumed with killing his new boss.

According to the Chinese business magazine Caixin, Xu started buying poisons on the dark web and testing them on small animals. He then gave Lin and four others probiotic pills that contained lethal substances; Lin passed away 10 days later, while the others were poisoned, but survived.

Aftershock

It took years for details to emerge surrounding Lin’s death, although Xu was detained within days. His death staggered China's gaming and technology sectors and sparked widespread speculation both domestically and abroad.

About the 3 Body Problem: In its first four days, the Netflix show debuted with 11 million views and has remained one of the platform's most-viewed series since it came out earlier this month.

The Netflix series has been met with general approval from critics, but hasn’t entirely lived up to the books’ acclaim, according to some. Lin is credited posthumously as an executive producer.

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Business

Tesla isn’t doing so hot

As the EV industry slows down, Tesla has found itself in a pinch. On Tuesday, Tesla reported its first year over year sales decline since 2020, highlighting broader concerns in the EV industry.

• The company delivered 386,810 cars in Q1 of 2024, down 8.5% from last year.

As Tesla warned of “notably lower” growth in January due to high interest rates (which makes it harder for people to buy new cars) and the company’s focus on building a new model, Wall Street analysts expected deliveries would be down.

However, Tesla even fell short of those predictions. According to a group of analysts, the company failed to fulfill anywhere from 30,000 to 70,000 orders.

Why the underperformance?

The EV maker said production issues were the main obstacle that got in the way of deliveries. Said production issues included:

• An arson attack on an assembly line in Berlin.

• A shortage of parts due to Houthi shipping attacks in the Red Sea.

• Plus, the company’s transition over to a new Model 3 sedan.

However, production issues aren’t the only problem Tesla is facing. EVs aren’t the trendy, new thing they used to be, and consumers aren’t as keen on them as of late. In addition, those who are buying electric vehicles are turning toward other company’s newer models, an area which Tesla is lacking in.

• By car standards, Tesla’s models are aging a bit, and the new budget model probably won’t be available until later next year.

On top of all of this, Tesla is facing a fierce foreign competitor, BYD. The Chinese automaker briefly passed Tesla as the world’s top EV seller in Q4 of 2023, and has been grabbing some of Tesla’s market share with newer, cheaper models.

Going forward: Tesla won’t be the only carmaker struggling. Rivian, an EV automaker, also missed production estimates in Q1, while Ford and General Motors are restructuring their EV ideas due to waning demand.

The US government wants SpaceX to protect the country

Now for some more Musk news that is less likely to make the tech billionaire cringe. As Elon Musk, founder and CEO of SpaceX, deals with his Tesla troubles, he is becoming an increasingly vital figure in the US defense system.

The company that regularly makes headlines for its “UFO-like” Starlink satellites, was awarded a $1.8 billion contract in 2021 to build a spy network of hundreds of Starshield satellites for the National Reconnaissance Office.

• There is a difference between the two: Starlink is a separate entity from Starshield, which is designed for purely military or government uses, while the former is mostly tied to the communication sector.

A new space race

The newly discovered partnership between the US government and SpaceX highlights the US’ urge to be on the top of its space game.

• China announced plans last month to create its own constellation of low-orbit satellites to compete with Starlink.

• US intelligence officials warned in February that Russia is developing a nuclear space weapon capable of destroying satellites.

Musk’s satellites have been used for military use before: During the war in Ukraine, the Pentagon paid SpaceX to provide internet for Ukraine militants via the company’s Starlink satellites. As SpaceX increasingly tends to the Pentagon and US defense contractors’ needs, we will likely see the space tech company lean further into defense contracting going forward.

Fast Facts

Tax Tears: 54% of Gen Z taxpayers say filing taxes has made them cry in the past or that they expect it will this year, per a Cash App survey.

Eclipse Emergency: The Niagara region of Canada proactively declared a state of emergency to prepare for an expected 1 million visitors to view the eclipse next Monday.

Skin Stealer: Harvard removed human skin from the binding of a 19th-century book it had in its collections. Let’s hope this doesn’t start a calamity.

Crazy Caves: Check out the world’s strangest cave systems.

Baby Bonus: South Korean businesses are reportedly offering workers $75,000 bonuses for each baby they have amid the country’s population crisis.