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Israel kills Hamas leader Yahya Sinwar, China’s housing measures disappoint investors, and Moscow is͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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October 18, 2024
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The World Today

  1. Yahya Sinwar killed
  2. What it means for Gaza
  3. TSMC’s rosy outlook
  4. China unveils housing plan
  5. Is Xi a Marxist?
  6. Scathing Secret Service report
  7. ‘Cheapflation’ hits US
  8. Russian inflation hits vodka
  9. SpaceX’s big goal
  10. Games boost mental health

An artist realizes silence isn’t always the best option, and our latest WeChat Window.

1

Israel kills Hamas leader Yahya Sinwar

Mohammed Salem/Reuters

Israeli forces killed Yahya Sinwar, the Hamas leader seen as the architect of the deadly Oct. 7 attack, officials confirmed Thursday. For more than a year, Israel hunted Sinwar, who was thought to be hiding in Hamas’ tunnel network surrounded by Israeli hostages. But he was killed in Gaza Wednesday when soldiers on a routine patrol exchanged fire with a group of Hamas fighters. Sinwar’s death is a “seismic blow” for Hamas, the BBC wrote: He closely oversaw the group’s military efforts, and became its de facto head after Israel killed Hamas’ political leader. Sinwar studied Hebrew and Israeli society during the two decades he spent in Israeli prisons; under his leadership, Hamas moved in a more violent and radical direction, The Wall Street Journal reported.

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2

Netanyahu says war in Gaza isn’t over

Protesters in Tel Aviv calling for the war to end. Violeta Santos Moura/Reuters
Protesters in Tel Aviv. Violeta Santos Moura/Reuters

The US said Hamas leader Yahya Sinwar’s death is a chance to end the conflict in Gaza, while Israel’s Prime Minister Benjamin Netanyahu said the war would continue until all hostages were home. Sinwar’s killing offers a “clear moment” for Netanyahu to declare victory over Hamas, and the best opportunity to resume stalled Gaza ceasefire negotiations, but “there have always been questions about why and when Netanyahu would want to end or extend the war,” The Jerusalem Post wrote. Despite Sinwar’s death, analysts said it’s unlikely Hamas would collapse: Israel “needs to destroy a critical mass of power centers, not just him,” an expert told CNN. Another argued that Israel’s strategy of controlling parts of Gaza means the “war will continue with no end in sight.”

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3

TSMC earnings boost chip stocks

US tech stocks rallied Thursday after chip giant Taiwan Semiconductor Manufacturing Company reported better-than-expected quarterly earnings and raised its 2024 revenue outlook. The rosy forecast comes as a relief to investors following Wednesday’s disappointing earnings report from Dutch company ASML, the world’s biggest producer of semiconductor equipment. TSMC, an industry bellwether, reported strong demand for chips used to power artificial intelligence specifically. While some have questioned whether the AI boom can last, TSMC’s earnings signal there is “no end in sight to AI-derived strength,” analysts at Wedbush Securities said. In non-AI fields, though, growth in the chip industry is slower.

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4

China’s housing measures disappoint

China announced new funding Thursday aimed at propping up its beleaguered property sector — but it wasn’t enough to convince investors of the industry’s turnaround. Beijing said it would expand a program allowing unfinished housing developments to access loans, and renovate an additional one million homes in rundown areas known as “urban villages.” While the South China Morning Post described the moves as an “all-out effort” to stabilize the sector, property stocks fell on the news, reflecting investor disappointment. One China economist said the country won’t see massive real estate investment demand “without announcing a major shift in housing policy stance.”

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5

Books diverge on Xi’s Marxist status

Florence Lo/Reuters

Two prominent new books diverge on whether Chinese leader Xi Jinping is really a Marxist. After 12 years in power, Xi remains an enigma. Yet his political thought is prolific, reflected in hundreds of his published speeches and commentaries. While the new books, including one by former Australian Prime Minister Kevin Rudd, differ on what they see as the true depth of Xi’s professed Marxist ideals, they broadly agree that he seeks to build a socialist superpower leading a new world order. This has come at the cost of repression, purges, and paranoia, the China scholar Jude Blanchette wrote in The Wire China: “The question is not just whether Xi will achieve his aims, but what will be left of China if he does.”

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6

Panel gives scathing Secret Service review

Brendan McDermid/Reuters

The US Secret Service has “deep flaws” that require an overhaul, according to an independent panel’s assessment. The report, commissioned after the attempted assassination of former President Donald Trump in July, recommended bringing in new leadership from the private sector, and called for the Secret Service to shed its responsibility of investigating financial crimes, which would mark a major shift. The agency is widely known for protecting high-ranking politicians, but financial probes have been core to its mission since inception: The Secret Service was founded in 1865 to investigate counterfeiting after the Civil War. Its protection responsibilities were only added after the 1901 assassination of President William McKinley.

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7

‘Cheapflation’ raises low-end food prices

Wikimedia Commons

“Cheapflation” has narrowed the gap between high-end and budget food brands since the pandemic. While overall inflation is slowing in the US, the price of a McDonald’s Big Mac has increased 21% since 2019, apparently due to higher meat prices from suppliers. Cost increases at the market’s lower end punish “those consumers who are least able to absorb the pain,” the Financial Times noted, and consumers believe companies are taking advantage of inflation to hike prices. Democratic presidential candidate Kamala Harris wants to introduce a federal ban on food price gouging. But an economist argued there is no evidence of “greedflation,” saying the divergence is driven by lower-cost brands’ tighter margins, meaning they have to pass rising costs onto consumers.

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8

Moscow urged to raise vodka prices

Wikimedia Commons

Vodka prices in Russia are on track to rise to keep pace with wartime inflation. Producers of the Russian staple are urging the Kremlin to adjust prices to address higher taxes and import costs, The Telegraph reported, which would raise the price of a half-liter bottle from about $3 to $3.60. Despite Western sanctions, Russia’s economy has shown surprising resilience since its invasion of Ukraine — largely because of massive military spending. But “this war addiction is Moscow’s key financial vulnerability,” Reuters wrote, and inflation remains a longer-term challenge. The country is also seeing “signs of cooling domestic demand,” Russia’s central bank said recently. A combination of rising inflation and slowing GDP are ingredients for stagflation, Business Insider wrote.

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9

Starlink wants to launch more satellites

 A batch of 60 Starlink test satellites stacked atop a Falcon 9 rocket, about to be put in orbit. Wikimedia Commons
A batch of 60 Starlink test satellites stacked atop a Falcon 9 rocket, about to be put in orbit. Wikimedia Commons

SpaceX wants to lower the altitude of its Starlink satellites and launch more of them, saying the moves would allow for a tenfold increase in its broadband speed. There are over 6,000 Starlink satellites in orbit, more than all other satellites combined. CEO Elon Musk wants to debut the satellite’s second generation, which are larger and will require the company’s still-unfinished Starship rocket to launch: He plans to have almost 30,000 devices in space, although US regulators have only approved 7,500 so far. Most Starlink users currently report download speeds around 100 megabits per second, comparable to decent fiber-optic broadband, but the new plans would permit it to reach gigabit-per-second speeds, the company claims.

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10

How video games impact mental health

The Nintendo Museum in Uji, Japan.
The Nintendo Museum in Uji, Japan. Irene Wang/Reuters

Owning a video game console may improve mental health, new research suggested. The pandemic disrupted supply chains, causing a shortage of Nintendo and Playstation consoles. Japanese retailers allocated them to customers by lottery, creating a natural experiment: Researchers looked at people who had and hadn’t received the consoles, and found that those who did reported markedly lower levels of psychological distress, and higher levels of life satisfaction. Nintendo fans may be pleased to learn that the impact on wellbeing from owning a Switch was five times greater than that of owning a PS5, an effect presumably explained by Mario Kart.

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Flagging

Oct. 18:

  • Procter & Gamble releases quarterly earnings.
  • Italian Prime Minister Giorgia Meloni visits Lebanon after criticizing Israeli attacks on UN peacekeepers there.
  • The Guggenheim Museum Bilbao in Spain exhibits artworks by Hilma af Klint, a pioneer in abstract art.
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WeChat Window

WeChat is the center of the Chinese internet — powering everything from messaging to payments — and the main portal where China’s news outlets and bloggers publish their work.

Six feet under

Death is widely considered a taboo subject in China, but several recent Chinese-language TV shows and movies are hoping to change the narrative. The Taiwanese dramedy Life Cleaners, for instance, follows a group of work friends whose job is to clean homes where people have died — often after days of bodily decomposition — while reflecting on their own mortality.

These shows and movies approach death in a more “direct and realistic” way that does not sugarcoat its “cruelty,” wrote Sanlian Lifeweek Magazine, with several shows also satirizing Buddhist and Taoist funeral traditions that “cover up the real sadness in the hearts of the living.” In doing so, the shows are redefining the idea of death as not something to fear but “an indispensable part of the journey of life,” Sanlian wrote.

Walking down the aisle

A Chinese city has taken a unique approach to tackling the country’s declining birth rate. Changsha, the capital of Hunan, this month unveiled a pop-up “marriage and childbearing cultural street.” The picturesque alley is lined with flowers and signs bearing messages such as: “Families with three children are the best!” Couples can also attend “marriage school” where they learn parenting skills, including how to change diapers.

But responses have been lackluster, with many Weibo users — particularly young women — complaining the initiative is yet another attempt by authorities to promote traditional patriarchal roles. The simplistic slogans lining the street’s walls “not only fail to resonate with young people, but will also run counter to their thoughts,” argued one WeChat blog that evaluates marketing schemes.

Boy toys

The fidget toy craze has spread to China. Sales on retail app Taobao increased by 354% year-on-year in October, according to Imaijia, an e-commerce news site. Notably, more than 70% of those purchases were made by men, and platforms like Douyin and Bilibili now have hundreds of male influencers reviewing their favorite fidget toys.

Vendors are taking note and creating flashier, more expensive toys that successfully target male customers. Men are starting to “pay more and more attention to their personal quality of life,” Imaijia argued, and are eager to invest in indulgent products seen as status symbols. One buyer told Imaijia that displaying his fidget toys in public has become “a habit like wearing glasses.”

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Curio
Carlier | Gebauer gallery

Artist Dor Guez returned to public view after canceling several exhibitions of his work — which explores themes of exile and fraught national borders — over Israel’s war in Gaza. “I realized that choosing silence isn’t necessarily a better option,” Guez, who is of Palestinian Christian and Jewish Tunisian heritage, told ARTnews. His show, Not knowing is a good place to start, at Berlin’s Carlier | Gebauer gallery, includes an “optically impossible” photo series on refugee and immigrant suitcases, and topographical maps without markers such as boundary lines and town names, forcing the viewer into disorientation: “We see the trees, valleys, rivers, and mountains — but we have no idea where we are and no index to help us,” Guez said.

Correction: Yesterday’s Curio misstated the number of Flying Tiger pilots who fought alongside the Chinese in WWII. There were more than 100.

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