Flagship

EU chief: Use Russian assets for Ukraine

The head of the European Commission argued Wednesday that profits generated from frozen Russian assets should be used to fund weapons for Ukraine, as Kyiv resorts to patching together “Frankenguns” to shore up its arms supply. Commission President Ursula von der Leyen’s proposal comes as Western leaders debate whether to seize the assets, worth over $200 billion. As Ukraine aid talks drag on in Washington, Treasury Secretary Janet Yellen made the case Tuesday for confiscating the assets, though some allies worry about legal, geopolitical, and economic ramifications. In Ukraine, meanwhile, mechanics are fashioning weapons from scavenged parts of damaged Howitzer artillery guns, The Wall Street Journal reported. Some Ukrainian soldiers are paying for spare parts themselves to fix Western-donated arms.

McConnell stepping down as GOP leader

Mitch McConnell, one of Washington’s most influential politicians who helped Donald Trump reshape the American judiciary, is stepping down from his position as the Senate’s Republican leader in November. The longest-serving party leader in Senate history announced his plans at a critical time for Congress: It’s scrambling to avoid a government shutdown, debating Ukraine and border policy, and inching closer to a presidential election that will likely dominate the news cycle and reduce legislative productivity. McConnell, 82, has been a staunch supporter of Ukraine aid, putting him at odds with Trump, the likely GOP presidential nominee, as well as a growing faction of the Republican party that prefers the U.S. take a more isolationist foreign policy approach.

Disney-Reliance deal creates media giant

Disney is merging with Indian media conglomerate Reliance Industries to create a juggernaut that will dominate the entertainment landscape in the world’s most populous country. The $8.5 billion venture, announced Wednesday, will reach more than 750 million people. Disney has made a major push in India, launching its streaming service there, but lost 11.5 million subscribers after Reliance — which is owned by billionaire Mukesh Ambani — took the streaming rights to Indian Premier League cricket matches. Ambani’s wife, Nita Ambani, who will chair the joint media company, said it will also cater to the global Indian diaspora, pitting it against Sony, Netflix, and Amazon Prime Video.

Baidu posts revenue tied to AI

Chinese tech giant Baidu is generating revenue from its artificial intelligence chatbot, but it’s also spending a lot more. The company’s revenue jumped 6% at the end of 2023 compared to the year before, but higher spending on AI development made profits drop 48%, leading its stock to plummet Wednesday. The results showed both the promise and challenge of monetizing AI: Last year, Baidu released an advanced, paid version of its Ernie chatbot that it said is on par with ChatGPT, which is blocked in China. For now, though, revenue tied to AI is still “a drop in the bucket” for Baidu, which mostly relies on search advertising.

Another Biden order targets China

A new White House executive order aims to block the bulk sale of Americans’ personal information, including genetic and health data, to “countries of concern’' like China, Russia, and Iran. The order — Washington’s first-ever restriction on selling sensitive information to specific countries — targets so-called data brokers that collect and sell vast amounts of data, prompting concerns about how foreign adversaries could use it. Advocates fear that in the wrong hands, for example, it could be used for bioweapons or to target individuals. “Genomic data is a strategic resource, and the United States needs to treat it as such,” the vice chair of the National Security Commission on Emerging Biotechnology said.

Trump looms over global trade talks

A key meeting on global trade has been derailed by disagreements over its functioning and the specter of a Donald Trump-led United States. Even “the world’s greatest matchmaker” couldn’t resolve conflict at this week’s World Trade Organization conference in Abu Dhabi, one former WTO official told Politico. Trump’s past threats to pull the U.S. out of the WTO and launch a trade war with China could hamstring the U.S.’s ability to strike important trade deals if other countries worry that the next administration will recur or renege. Meanwhile India accused the U.S. of bringing the WTO to “a standstill” over Washington’s years-long push to reform the WTO’s appellate body, while others called for reducing fishing and agricultural subsidies to India.

Ghana passes anti-LGBTQ+ bill

Ghana’s parliament passed one of Africa’s strictest anti-LGBTQ+ bills, increasing the maximum prison sentences for those who identify as LGBTQ+, promote its causes, or engage in same-sex relationships.The bill was promoted by a coalition of Ghana’s Christian, Muslim, and traditional leaders with reported links to conservative groups in the U.S. and Europe. More than 30 African countries criminalize homosexuality, including Uganda, which passed a law that includes the death penalty, putting LGBTQ+ citizens at higher health risk, The New York Times reported. Ghanaian civil society groups are expected to file legal challenges to the bill, which is yet to be signed by President Nana Akufo-Addo.

Today, we’ve opened registration for The 2024 World Economy Summit — our boldest venture in live journalism yet and the only major media event to be held against the background of the IMF and World Bank meetings, taking place in Washington, D.C. on April 17-18. Legends of industry Penny Pritzker and David Rubenstein will serve as our co-chairs, and today we’re thrilled to unveil our speaker line-up of global leaders on the record. Speakers, Sessions & Registration here.

US weight loss drug beats rivals in trial

U.S.-based Viking Pharmaceuticals announced that its new weight-loss drug outperformed existing rivals in a trial, leading to a 121% jump in its share price on Tuesday. While trial results are not directly comparable and the drug is at least three years away from regulatory approval, it signals a threat to the dominance of Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro in the anti-obesity market. Wegovy sales have cemented Novo Nordisk’s place as Europe’s biggest drug company, while Eli Lilly became the world’s largest pharma company in 2023. Goldman Sachs analysts expect the weight-loss drug market to be worth more than $100 billion by 2030.

No surge pricing for Wendy’s after all

Wendy’s walked back potential plans to introduce surge pricing. The U.S. fast food chain had previously said it would begin testing “dynamic pricing” in 2025, a strategy used by ride-hailing firms, airlines, and other businesses to boost prices at times of high demand. But after an internet backlash, the company said its statement was “misconstrued,” and that their new digital menu boards would simply “give us more flexibility to change the display of featured items.” Surge pricing is famously unpopular — customers don’t like unexpected price hikes. Customers might be more receptive if Wendy’s offered lower prices at times of low demand: They could call it “happy hour.”

The return of the elephant seal

Elephant seals, the largest living species of pinniped, are making a remarkable comeback. In the 1800s, the huge seals were hunted for blubber and at one point thought to be extinct. But a small colony survived on Mexico’s Pacific coast, and six pups were reported in 1911. Hunting bans have allowed the species to recover and spread across the California coast: Researchers estimate 40,000 births annually at around 25 breeding colonies. California’s other pinnipeds, including sea lions and harbor seals, have also rebounded. But concerns remain about the elephants seals’ future, including overcrowded colonies and reduced genetic diversity due to inbreeding.

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Feb. 29:

• Russian President Vladimir Putin addresses the national assembly, laying out his plans ahead of the presidential elections.
• India launches the second part of its critical minerals auction in New Delhi, handing out financial grants to mining and mineral sector startups.
• The South Korean government’s deadline for doctors to end their strike or face indictments and suspended medical licenses.

Four decades after 11 portraits from Japan’s Hokkaido island mysteriously resurfaced in a French museum, a journalist is trying to piece together how they ended up there. The silk paintings depicting Ainu chieftains were completed by a Hokkaido artist in 1790, and in 1984, were discovered in storage at a museum in the small French town of Besançon. Mystified, Riki Kato, the Paris correspondent for the Hokkaido Shimbun newspaper, began investigating. He now has a few theories for who brought the portraits to France, including the artist’s son and a Roman Catholic missionary, but his best guess is that it’s the brother of the museum’s former director, who traveled in Asia. Kato admitted to The Japan Times that the mystery may never be solved.

• Japan Inc. is finally ready for the global stage
• Google CEO calls AI tool’s controversial responses ‘completely unacceptable.’
• Senate Republicans may be warming to Congress’s $78 billion tax bill.