• D.C.
  • BXL
  • Lagos
  • Dubai
  • Beijing
  • SG
rotating globe
  • D.C.
  • BXL
  • Lagos
Semafor Logo
  • Dubai
  • Beijing
  • SG


Putin threatens a nuclear response to NATO, Iran sends drones to Sudan, and tech giants back a start͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
sunny Beijing
thunderstorms Tokyo
sunny Ho Chi Minh City
rotating globe
March 1, 2024
semafor

Flagship

newsletter audience icon
Asia Morning Edition
Sign up for our free newsletters→
 

The World Today

  1. Chaos at Gaza convoy
  2. Putin’s NATO threat
  3. Iranian drones to Sudan
  4. China’s income drop
  5. India’s chip ambitions
  6. SK’s doctor standoff
  7. Record Texas wildfire
  8. Robotic workplaces
  9. Streamer profit woes
  10. Chicken burns

The latest Substack Rojak, and the hottest event for sneakerheads in Southeast Asia.

↓
1

Gaza aid distribution turns deadly

REUTERS TV via REUTERS

Officials in Israel and Gaza offered vastly different accounts of how a distribution of aid turned deadly Thursday. The Hamas-controlled health ministry in Gaza said Israeli troops fired on a crowd attempting to get food from a convoy in Gaza City, killing more than 100 Palestinians and injuring 760 others. Israel denied shooting into the crowd, saying most were killed in a crush or run over by trucks; troops only fired at a group several hundred yards away that threatened a checkpoint, military officials said. The incident threatens to derail ceasefire and hostage talks that had been progressing in recent weeks. U.S. President Joe Biden, who previously said an agreement could be struck as soon as Monday, acknowledged Thursday that timeline is now unlikely.

PostEmail
↓
2

Putin invokes nuclear war to warn NATO

Sputnik/Sergey Guneev/Kremlin via REUTERS

Russian President Vladimir Putin threatened to use nuclear weapons against NATO countries if they send troops to Ukraine — an idea floated by French President Emmanuel Macron earlier this week, but explicitly dismissed by other members of the alliance. In his annual address to the nation Thursday, Putin said, “[The West] must realize that we also have weapons that can hit targets on their territory. All this really threatens a conflict with the use of nuclear weapons and the destruction of civilization. Don’t they get that?” France’s foreign minister, however, resurfaced Macron’s suggestion Thursday, specifying that troops could be deployed for non-combat roles. Russia has threatened to respond to Sweden’s NATO ascension with “military-technical” measures, accusing the West of fueling “anti-Russian hysteria” in the country.

PostEmail
↓
3

Iran ships drones to Sudan

Hadi Hirbodvash/Wikimedia Commons

Iran is shipping attack drones to the Sudanese military, widening the global implications of the North African country’s civil war, Semafor reported Thursday. Sudan’s military has been locked in a deadly conflict against a rebel paramilitary group, and U.S. and Arab officials believe Tehran is trying to use the drone shipments to project more power along the Red Sea, which Sudan borders. Iran has been building a coalition of regional allies for decades; exploiting political instability and attaining leverage over key waterways is central to its strategy, Semafor’s Jay Solomon wrote. The news comes as Iran holds parliamentary elections Friday, the first since the death of Mahsa Amini in police custody. Low turnout is expected, in part due to widespread political distrust.

PostEmail
↓
4

China falls short of high-income status

Shoppers in the Chinese city of Sanya. REUTERS/Alessandro Diviggiano

A key Chinese income metric decreased in 2023 for the first time in 29 years, pushing the country further away from “high-income country” status, Nikkei reported. Beijing’s sluggish economy and bleak real estate market kept its per-capita gross national income (earned by individuals and companies in China and abroad) at $12,600 in dollar terms, $1,200 short of the World Bank’s threshold for “high-income” countries. Beijing is expected to announce an ambitious GDP growth target during annual meetings next week in which the country’s top officials set the economic, trade, and diplomatic agenda. Leader Xi Jinping recently encouraged people to go shopping as a way to boost the economy, by swapping out their old products with new ones, Nikkei reported.

PostEmail
↓
5

India greenlights 3 chip facilities

REUTERS/Florence Lo/Illustration

India approved the construction of three semiconductor plants Thursday, signaling its ambition to become a major chips player. India currently has no chipmaking facilities, and Prime Minister Narendra Modi’s goal of competing with dominant markets like Taiwan has faced setbacks despite offering $10 billion in incentives to spur domestic production of semiconductors, which power AI, vehicles, and smartphones. The push is part of India’s efforts to become an electronics powerhouse; Apple recently increased its manufacturing presence in India, which saw its economy grow at its fastest pace in almost two years at the end of 2023.

PostEmail
↓
6

SK may prosecute striking doctors

Authorities in South Korea warned thousands of striking junior doctors, who walked out in protest of new medical school recruitment caps, to return to work or face license suspensions and prosecutions. More than 9,000 medical interns and residents have walked off the job since Feb. 20, disrupting the operations of major hospitals. Opponents say the government’s plans to increase admissions caps to add up to 10,000 doctors by 2035 fails to address chronic staff shortages and that universities are not equipped to provide a quality education. A senior Health Ministry official announced that doctors will start receiving license suspensions starting March 4, with a potential of three years in prison or a 30 million won ($22,500) fine for endangering public health.

PostEmail
↓
7

Texas wildfire exposes nuclear risk

REUTERS/Nick Oxford

A wildfire in Texas became the state’s largest on record Thursday, burning more than 1 million acres despite cold temperatures and some snow showers. The blaze forced a nuclear weapons plant in the area to temporarily cease operations, evacuate staff, and build a fire barrier. Climate change exacerbates the risk of wildfires, raising insurance premiums and damaging property and the environment. But the Texas inferno shows how the risk extends to the U.S.’s nuclear program, the Bulletin of the Atomic Scientists wrote. The facility that had to evacuate is working to modernize nuclear weapons, including a gravity bomb, and handles uranium and plutonium; a fire at such a site would be a “worst-case scenario,” an official at the Nuclear Threat Initiative said.

PostEmail
↓
Live Journalism

A world class line-up of global economic leaders has been announced for the 2024 World Economy Summit, taking place in Washington, D.C. on April 17-18. Speakers include Brian Moynihan, CEO, Bank of America; Henry M. Paulson, Jr., Former U.S. Secretary of the Treasury; Suzanne Clark, President & CEO; U.S. Chamber of Commerce; John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York; José Muñoz, President & COO, Hyundai Motor Company; Jared Bernstein, Chair, White House Council of Economic Advisors; Richard Lesser, Global Chair, Boston Consulting Group; Sim Tshabalala, CEO, Standard Bank and Gretchen Watkins, President, Shell USA, Pat Gelsinger, CEO, Intel; Sen. Ron Wyden, (D) Oregon and more. Speakers, Sessions & Registration here.

PostEmail
↓
8

Tech giants back AI robots

Figure AI

Nvidia, Microsoft, Jeff Bezos, and OpenAI all backed a Silicon Valley startup that builds artificial intelligence-powered humanoid robots for workplace use. Figure AI claims its robots are capable of tasks such as moving crates, which it says could fill up to 10 million “undesirable or unsafe” jobs in the U.S. alone, the Financial Times reported. The company said it had raised $675 million at a valuation of $2.6 billion. Amazon is also moving into AI-powered robotics: Its $1 billion industrial innovation fund has made 12 investments, focusing on last-mile deliveries and warehouse logistics. An Amazon official told the FT it would result in a “shift in jobs” but that the company is “a long way off from replacing all humans.”

PostEmail
↓
9

Streamers are losing subscribers

Silas Stein/picture alliance via Getty Images

The U.S. streaming industry is struggling to turn a profit. Disney+ lost 7% of its subscribers in the last quarter of 2023, while Hulu’s fell 3%. Across the industry, the average “churn” rate for U.S. streamers tripled to 5.5% over the last four years, Quartz reported, likely due to increased costs and password-sharing crackdowns. Streamers are also fiercely competing to provide the best shows, and consumers swap between them to watch the latest ones. That looks unlikely to change: Apple TV+ announced it would be adapting William Gibson’s Neuromancer into a TV series, while the much-loved Chinese science fiction novel The Three-Body Problem comes to Netflix next month.

PostEmail
↓
10

British chickens suffer burns

DAMIEN MEYER/AFP via Getty Images

Millions of supermarket chickens suffer chemical burns from living in their own excrement. “Hock burn,” caused by ammonia in bird droppings, is associated with high bird density and unsanitary conditions: A BBC investigation found that a third of chickens supplied to some U.K. supermarkets had the condition, despite industry standards saying no more than 15% of a flock should be affected. It’s not just British chickens that experience appalling conditions. Europe’s animal welfare agency said that crowding among the EU’s broilers has increased footpad dermatitis in chickens, also caused by excrement contact, leading to open severe lesions, while advocacy group Better Chicken Commitment claimed that 99% of U.S. chickens live in unacceptable conditions.

PostEmail
↓
Friends of Flagship

Meet The Daily Upside, the must-read companion to your insights from Semafor. Tailored for business leaders, The Daily Upside unlocks a deeper understanding of finance, economics, and markets. Elevate your financial and business acumen for free—subscribe today.

PostEmail
↓
Flagging

March 1:

  • South Koreans celebrate the March First Independence Movement Day, marking Korean resistance to Japanese occupation in 1919.
  • Russian opposition leader Alexei Navalny set to be buried in Moscow, after a farewell service in a church.
  • The American Chamber of Commerce in China holds its annual appreciation dinner for Beijing and U.S. government officials.
PostEmail
↓
Substack Rojak

Rojak is a colloquial Malay word for “eclectic mix,” and is the name for a Javanese dish that typically combines sliced fruit and vegetables with a spicy dressing.

The Maharaja who saved Polish orphans

World leaders and the global business elite will converge this weekend on the Indian city of Jamnagar to celebrate the wedding of billionaire Mukesh Ambani’s son. More than 80 years ago, Jamnagar was in the news for very different reasons. The Maharaja of Jamnagar helped save more than 1,000 Polish children who had been deported to the Soviet Union in the period leading up to World War II, the India Wants To Know newsletter detailed. In 1941, after Nazi Germany invaded, the USSR granted amnesty for deported Polish citizens, allowing the orphans to leave.

After they ended up in western India following an arduous journey through Central Asia, the king of Jamnagar welcomed them, and provided for their housing, medical care, and education. He had “acquired an appreciation for Polish history and culture” after meeting some Poles during a stay in Switzerland in the 1920s, the newsletter wrote. A school in Warsaw was later named after him as gratitude for helping the refugees.

The quest to make a cooler LinkedIn

LinkedIn’s revenue in India grew 43% last year, thanks to a mix of influencer-like content and white collar networking opportunities. Now some Indian startups are creating their own work-focused social media platforms. One site, Grapevine, encourages “spicier, more frank conversations” about work, Soumya Gupta writes in The Impression, a newsletter focused on media in India. Conversations on LinkedIn have started to sound like stuffy industry events, Grapevine’s cofounder said, “and Gen Z hates those events.” Instead of quickly trying to scale up, Indian social media companies may want to instead “chase profits from a community that has endless time and money to climb the professional ladder, ferret out valuable gossip, or simply spend time mixing drinks,” Gupta wrote.

Hong Kong litfest missing provocation

Don’t expect anything provocative at the 24th Hong Kong International Literary Festival, which kicks off next week. Several recently published acclaimed books that comment on Hong Kong or China — like Tania Branigan’s Red Memory: The Afterlives of China’s Cultural Revolution, or Waiting to Be Arrested at Night: A Uyghur Poet’s Memoir of China’s Genocide — are nowhere to be found, as are literary stars who appeared at past litfests, John Berthelsen writes in Asia Sentinel. Organizers of the festival, which is sponsored by the Hong Kong government, “see no need to raise their heads to get them shot off,” Berthelsen wrote. “What is happening to the festival is, in large measure, what has happened to Hong Kong.”

PostEmail
↓
Curio
Sneaker Con Southeast Asia show in Singapore in 2023. ROSLAN RAHMAN/AFP via Getty Images

Sneakerheads will descend on Singapore for Sneaker Con SEA this weekend. Since the first Sneaker Con in New York in 2009, the brand has expanded globally, and the Southeast Asian installment began just last year. Attendees will hear from speakers like the Japanese “godfather of streetwear” Hiroshi Fujiwara, see new designs from footwear brands, and trade sneakers with one another, according to The Straits Times. Sneaker culture has boomed in Southeast Asia, especially in Singapore in recent years thanks to its cultural diversity and the arrival of more international labels. It’s become mainstream to “view sneakers as more than just accessories,” the Asian lifestyle outlet Prestige wrote.

PostEmail
↓
Hot on Semafor
PostEmail