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A suspect is arrested over a second assassination attempt on Donald Trump, China’s economy slows, an͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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September 16, 2024
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The World Today

  1. Trump suspect arrested
  2. Top EU official quits
  3. China economy slows
  4. Africa turns to China’s EVs
  5. VCs back fusion startups
  6. UAE fund’s green plans
  7. Iran women’s hunger strike
  8. Soccer giant faces charges
  9. 30 years of boozy lunches
  10. Puerto Rico’s fake reefs

The London Review of Substacks, and recommending a book about government killings in the Philippines.

1

Trump gunman detained

Semafor

US law enforcement apprehended a man accused of being behind a second apparent assassination attempt on ex-President Donald Trump. The suspect was just ahead of Trump on the Republican presidential candidate’s Florida golf course when a Secret Service agent spotted him pointing a rifle through a fence, according to The Wall Street Journal. The assassination attempt, just months after another shooter injured Trump at an election rally, nevertheless intensified scrutiny of the Secret Service. The suspect is widely reported to be Ryan Routh, whom Semafor interviewed in March 2023: At the time, he was among a wave of American volunteers in Ukraine, and voiced frustration with Kyiv for being too rigid about admitting foreign soldiers with questionable qualifications.

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Global Journalism

Semafor Gulf launches today, marking Semafor’s third global edition following the US and sub-Saharan Africa. Three times a week, the Semafor Gulf newsroom will bring you original reporting that examines how the region’s financial, business, and geopolitical decisions shape the world — from culture and investment to infrastructure, climate, and technology.

To drive its coverage, Semafor has assembled a world-class regional editorial team consisting of award-winning journalists and contributors, who will provide in-depth coverage of the high-stakes story unfolding in the Arabian Peninsula. Reporting from Riyadh, Abu Dhabi, Dubai, and across the region, they will work in concert with Semafor’s top-flight business reporters in New York, its technology journalists in San Francisco, and its Washington, DC bureau.

Join thousands of industry leaders who get Semafor Gulf in their inbox — Sign up here.

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2

EU commission disarray

Yves Herman/Reuters

The European Union’s internal market commissioner — a bane of US tech companies in particular — unexpectedly resigned, throwing the bloc’s impending cabinet announcement into disarray. In his resignation letter, Thierry Breton accused European Commission President Ursula von der Leyen of going behind his back to Paris in an effort to replace him. Breton had overseen many of the EU’s highest-profile policies, including its regulation of Big Tech and its efforts to ramp up arms production. But he clashed with von der Leyen, who had been expected this week to unveil her slate of commissioners, a process that she hopes will kickstart her second term, but which has been beset by delays.

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3

China’s deepening slowdown

China’s economic slowdown is deepening, new data indicated. Weekend reports showed industrial output, investment, and consumption slowed more than forecast, while a measure of unemployment unexpectedly rose to a six-month high. Major banks including Goldman Sachs and Morgan Stanley cut their GDP growth forecasts, warning that Beijing would need to deploy huge fiscal stimulus to arrest the slowdown, but Chinese authorities have shown little willingness to do so. The country is grappling with a raft of economic challenges, including an aging population, a huge debt load, and a flailing property market. It did, however, allow the rapper Ye to perform in Hainan, possibly “to stimulate consumer spending and promote tourism,” The New York Times wrote.

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4

Chinese EVs target Africa

Chinese electric-vehicle giant BYD opened its first showroom in Zambia, a sign of its ambitions in Africa and the growing competition for electric cars outside the West. Africa’s EV market remains small by global standards — barely 900 were sold last year in South Africa, one of the continent’s biggest economies — but BYD’s growing footprint points to the region’s potential. The Chinese company’s expansion also highlights the threat to Western automakers worldwide, even as the US and European Union slap tariffs on China-made EVs to protect domestic companies in their home markets: Chinese carmakers represent “an existential threat,” Ford’s CEO recently said, according to The Wall Street Journal.

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5

VCs back fusion startups

A nuclear fusion reactor under construction in China. Liu Haiyun/Chengdu Economic Daily via Reuters

Fusion startups have raised $7.1 billion in funding, with four companies gaining more than a billion each, as the technology moves from far-off dream to plausible source of medium-term profit. Fusion — gaining power by joining atoms rather than splitting them as in conventional fission power — could in theory create near-limitless clean energy. Progress has been slow, because it is challenging to build reactors which can contain plasma as hot as the sun, but new developments in the software and hardware required to do so have attracted investors’ attention. If the startups can create commercially viable energy, “they have the potential to upend trillion-dollar markets,” TechCrunch reported. Jokes that fusion is 30 years away, and always will be, are becoming outdated.

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6

UAE looks to drive climate spending

Jonathan Ermst/Reuters

The UAE’s climate-focused sovereign wealth fund is capping its returns on risky investments in order to lure global money managers to back green projects in poorer countries, its chief executive told Semafor in an interview. The move by ALTÉRRA is among a number of efforts worldwide to refashion global finance in the fight against climate change: The head of the World Trade Organization separately told the Financial Times that global leaders must implement international carbon pricing to preserve cross-border commerce, and focus their efforts on cutting fossil-fuel subsidies and other environmentally damaging forms of financial support. “There’s really potential for trade to do more” to reduce carbon emissions, she said, “for trade to be part of the answer.”

For more on the region’s rise, subscribe to Semafor’s thrice-weekly Gulf newsletter, which launches today. →

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7

Iran prisoners go on hunger strike

The children of imprisoned Iranian activist Narges Mohammadi accept the Nobel Peace Prize on her behalf. NTB/Fredrik Varfjell via Reuters

Female political prisoners in Iran went on hunger strike to mark the second anniversary of protests over a woman killed by the country’s “morality police” for wearing a hijab improperly. Mahsa Amini died in 2022, leading to widespread uprisings that sparked a harsh government crackdown in which human rights groups say 551 people were killed. The 34 political prisoners, led by the Nobel Peace Prize winner Narges Mohammadi, said via Mohammadi’s foundation that they were protesting to “reaffirm our commitment to achieving democracy, freedom, and equality and to defeating theocratic despotism.” Mohammadi, who has been in a Tehran jail since 2021, has long campaigned against Iran’s death penalty and strict female dress laws.

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8

Man City faces financial charges

A hearing into allegations that the English soccer champions Manchester City broke the Premier League’s financial rules begins today. City was bought by the Abu Dhabi royal family in 2008 and now dominates English football. “Financial fair play” rules say that teams’ spending should be limited by their revenue, to prevent teams bankrupting themselves or billionaire owners buying success: Man City faces 115 charges related to efforts to circumvent those rules by artificially inflating apparent revenue streams. Two other Premier League teams had league points docked last season after admitting smaller breaches: City denies all charges, but if found guilty, could face expulsion from the Premier League, in what would be one of the biggest sporting scandals in European history.

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9

30 years of Lunch with the FT

Wikimedia Commons

Lunch with the FT, the Financial Times’ flagship interview format, is 30 years old. The paper’s Henry Mance noted that grandees’ usual public appearances are often choreographed, but “no one can maintain a façade when fixated on a French fry.” He added: “When the great and the good eat, they have to become human.” Mance said he himself “will only ever be remembered as the journalist who got drunk with Nigel Farage.” Famously, after the poet Gavin Ewart’s boozy 1995 lunch, the interviewer received a call the next day from Mrs Ewart, saying two things: “The first is that Gavin came home yesterday happier than I have seen him in a long time. The second — and you are not to feel bad about this — is that he died this morning.”

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10

Puerto Rico’s artificial reefs

Biologists in Puerto Rico are installing thousands of 3D-printed artificial corals to help restore reefs damaged by hurricanes. Coral reefs are vital to marine ecosystems, and Puerto Rico’s crystal-clear waters are famous for them. But a combination of climate-change-driven acidification and two huge hurricanes in 2017 have caused devastation. The new artificial corals, made from biodegradable corn starch, provide a base that algae and small fish can use, providing the basis for the wider food chain as grazers and predators are attracted by the new arrivals: El País reported that fish numbers had doubled after the corals’ transplantation, and the fishing industry was catching more commercially important fish.

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Flagging
  • India holds a renewable energy summit in the state of Gujarat.
  • IAA Transportation, one of Europe’s biggest commercial vehicle showcases, opens in Hanover, Germany.
  • Never Let Go, starring Halle Berry, premieres.
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LRS

A marrow escape

The mathematician Oliver Johnson grows courgettes — zucchinis, to US readers. “This is a terrible mistake,” he says. At first, it’s great, and you make risotto and ratatouille, but the courgettes keep coming. Summer is “a race against the courgette plants,” Johnson laments. You try new recipes, you try giving them away, until “your friends will mysteriously stop answering your calls.” And then winter comes, and all your plants die, and you go from zucchini glut to zucchini drought. This is, he says, a useful metaphor for energy policy.

The government in the UK, where Johnson works, wants 100% zero-carbon electricity by 2030. In 2023, 30% of its electricity came from renewable sources. But it would be naive to think that you could quadruple wind capacity and fill that gap, any more than doubling your number of zucchini plants would get you through the winter drought: “You’d have an even crazier glut in the summer, and still be courgette-less for the winter.” Proposed solutions, such as batteries or pumped storage, are nowhere near adequate for the task to be ready for 2030: “I’m still waiting to hear how that’s going to be possible.”

The lesser of two weevils

If you haven’t read Patrick O’Brian’s Aubrey-Maturin novels, featuring a naval commander in the Napoleonic Wars and his doctor friend, then stop what you’re doing and go and do so. But if you have, then carry on. The economist Henry Farrell writes on Programmable Mutter that while the books can be read as swashbuckling adventures — which they are — they are also an inquiry into how authority should be exercised, and into the tension between modernism and tradition: O’Brian is, says Farrell, “one of the great conservative writers… [the one] most capable of bringing out the best points of conservatism in a way that non-conservatives like myself can understand.”

“We [liberals and the left] are often more comfortable dealing with abstractions [than] engaging with the sweating, breathing, imperfect and complicated people whom we affect to help,” Farrell writes. Society progresses, but is left disconnected. O’Brian “lays out a conservative alternative — an understanding of authority that ought properly be organic.” Through the voice of Maturin, the philosophically minded surgeon, he shows the corrupting qualities of authority, but through Aubrey, the uncomplicated fighting man, he shows how it could and should be exercised, how a captain should “accept their role and their isolation both, without losing all human connection.”

Baby steps

It was easy, in prescientific times, to say what made humans separate from the animals: God made them in his image, they have souls, and that was that. But post-Darwin, it became more difficult, once it was clear we were all part of one big happy family. Tool use? Apes do that. So do crows, and octopuses for that matter. Self-awareness? If you mean recognizing yourself in a mirror, lots of animals do. But there are some ways in which we seem to be unique: As far as we know, no other creature has flexible language; and our social relations are more complex than any observed in nature.

Insofar as we are unique, Charles Johnson writes in Meaning Matter, there must be some evolutionary explanation: “What… set us on a divergent path from our closest cousins, the great apes?” Researchers in Germany have been coming up with a summation of research, which Johnson examines. One key point: Most ape babies are weaned at about age four, and mothers will not become pregnant again before then. Human mothers may give birth several times while her first child is still dependent on her. It means that caretaking is divided around a wider social network — in other great apes, mothers rear children alone — and that infants compete for attention almost from birth.

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Semafor Recommends
Amazon

Some People Need Killing by Patricia Evangelista. Evangelista, a Filipino journalist, covered her country’s election in 2016: Her work is “both a reporter’s notebook and a contemporary political history of the Philippines,” according to The New York Review of Books. It documents the rise of Rodrigo Duterte, who before he became president as mayor of Davao oversaw the killings of 1,400 alleged criminals. Her book is, she says, “about the dead, and the people who are left behind.” Buy it from your local bookstore.

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