The world this week
Joe Biden is reportedly contemplating a $3trn bill on infrastructure and education. The president has said his American Rescue Plan will be ambitious, but the size of the price tag, on top of the $1.9trn stimulus package, has rekindled concerns about an overheating economy and inflation. Larry Summers, an economic guru in the Clinton and Obama administrations, warned Democrats and Republicans that they were being irresponsible, saying that America risks a “dramatic fiscal-monetary collision”.
Deliveroo’s forthcoming IPO could see it valued at up to 8.8bn pounds ($12bn) based on the upper range at which it intends to price its shares. That would make it London’s biggest stock debut since Glencore in 2011. Amazon holds 15.8% of the food-delivery service, which will fall to 11.5% after the IPO.
Baidu’s secondary listing of stock in Hong Kong was a damp squib. The tech giant follows other Chinese internet companies by listing in the city, though its shares barely rose on the first day of trading, and fell subsequently.
Canadian Pacific, which operates freight rail along the Canadian border and the American Midwest, agreed to buy Kansas City Southern for $29bn. The deal creates the first rail network linking Canada, Mexico and the United States. KCS transports goods in ten American states and in Mexico, where its network stretches to southern ports. America’s freight-rail regulator must first give a green light to the merger.
Pat Gelsinger, Intel’s new boss, announced a turnaround plan for the world’s biggest chipmaker, which has seen its share price sag. As well as making its own products, the company plans to produce more chips for other firms, a business model popularised by TSMC and Samsung.
General Motors and Hyundai became the latest carmakers to announce production cuts as a result of a global shortage of microchips. Those shortages, triggered by the unpredictable effects of the pandemic, may get worse before they get better. A fire at a chip plant owned by Renesas Electronics, which supplies car firms, will halt production for a month.
A container ship got itself wedged across the Suez canal, obstructing an important supply route for goods between Asia and Europe, and oil from the Middle East and Russia. Around 12% of global trade passes through the canal. At 400 metres in length, the Ever Given is one of the world’s biggest ships.
一艘集装箱货轮被堵在了苏伊士运河(Suez canal)，阻碍了亚欧之间的一条重要货物供应路线，以及来自中东和俄罗斯的石油供应链。全球约12%的贸易要途径这条运河 。这艘名为“长赐号”的货轮长400米，是世界上最大的船只之一 。
1. green light 绿灯
The government has decided to give the green light to the plan.
2. pass through 穿过；经过
I bored a hole so that the bolt would pass through.
3. on top of 在...之上；另外
She piled the boxes one on top of the other.
4. share price 股价
Apple's share price is astronomical, it's true.