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Donald Trump’s victory makes billionaires richer, China detains the country’s AstraZeneca head, and ͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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November 8, 2024
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The World Today

  1. US Fed cuts rates again
  2. Trump win boosts billionaires
  3. Democrats’ postmortem
  4. COP29 loses Germany
  5. China detains drugmaker head
  6. Satanic Verses ban loophole
  7. Finding Mexico’s missing
  8. Japan orders air taxis
  9. Terror bird identified
  10. Internet song mystery solved

Young people in China flock to bars that offer cocktails with a side of spirituality.

1

Powell says he won’t resign if Trump asks

Jerome Powell.
Annabelle Gordon/Reuters

The US Federal Reserve cut interest rates on Thursday for the second time this year, but analysts said the central bank’s fight against inflation is at risk under a second Donald Trump presidency. The timing of the quarter-point rate cut, two days after the US election, is “undeniably awkward,” CNN noted: Trump has repeatedly criticized Fed chair Jerome Powell, who said Thursday that he would not resign if Trump asked him to do so. Powell, whose term expires in 2026, also said Trump’s victory wouldn’t affect monetary policy in the near term. Global markets, though, are already pricing in tariff hikes and tax cuts, while economists grow concerned that Trump could try to curb the Fed’s independence.

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2

Billionaires benefit from Trump win

Stock market the day after Trump’s win.

Donald Trump’s victory has been a boon for the mega-rich. The net worth of the world’s 10 richest people grew by about $64 billion the day after the US election thanks to their companies’ surging shares, according to the Bloomberg Billionaires Index: It was the largest daily increase since the index began in 2012. The two leaders of Trump’s transition team are billionaires, and several of his most loyal donors, including Elon Musk, are now “poised to have the biggest sway as his administration takes shape,” with posts ranging from cabinet positions to unofficial advisory roles, Bloomberg wrote. Among the leading candidates for Trump’s Treasury secretary is a billionaire hedge fund manager who made a fortune betting against the Japanese yen with George Soros in 2013.

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3

Dems grapple with why they lost

Kamala Harris delivering concession speech.
Kevin Lamarque/Reuters

Democrats are soul-searching after Donald Trump ran away with the US presidential race, effectively reshaping traditional electoral coalitions in the process. By making gains with groups that traditionally vote Democrat, including union workers and Black and Latino men, Trump proved neither party can “take any voter for granted, nor treat them as impossibly out of reach,” Semafor’s Benjy Sarlin wrote. With Democrats losing voters on the economy, The Atlantic’s Derek Thompson declared 2024 “the second COVID election” because of the pandemic’s economic reverberations: “Inflation proved as contagious as a coronavirus.” Democrats’ woes mirror a global trend: For the first time in 120 years, every incumbent party in a developed country facing national elections this year lost vote share, a Financial Times columnist noted.

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4

Climate summit dealt more blows

Olaf Scholz
Liesa Johannssen/Reuters

Germany’s leader will skip next week’s COP29 in Azerbaijan, dealing a further blow to the climate summit that was already overshadowed by Donald Trump’s election. Olaf Scholz no longer plans to attend the conference after the German governing coalition collapsed, meaning only two G7 leaders, the UK’s Keir Starmer and Italy’s Giorgia Meloni, will be there. Expectations for the conference — which aims to focus on funding the energy transition in developing countries — were already low, given the economic and political headwinds surrounding it. Trump has criticized renewable energy, and his return to the White House could make it harder for Europe to push China and some Gulf states to start paying into UN climate funds, Reuters reported.

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5

AstraZeneca China exec detained

AstraZeneca share price chart

Chinese authorities detained the head of AstraZeneca’s China business last week, a move that threatens to dim foreign business confidence in the country further. The detention follows an investigation into the alleged illegal importation and sale of a cancer drug, a probe that hurt the British-Swedish drugmaker’s stock and rattled foreign companies in the sector. Beijing has been trying to overhaul its healthcare system in the face of an aging population, The Wall Street Journal reported; last year, an anti-corruption purge ousted nearly 200 hospital executives. But the sheer size of China’s $1 trillion healthcare industry means it remains attractive for foreign companies.

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6

India may ease ban on Rushdie book

Salman Rushdie hold his book, The Satanic Verses
PA Images via Reuters

India may be forced to lift its 36-year ban on Salman Rushdie’s The Satanic Verses because it lost the document imposing the ban. Several countries banned the 1988 novel over its portrayal of the Prophet Muhammad that many Muslims considered blasphemous, while an Iran-issued fatwa calling for Rushdie’s death sent the author into hiding. Five years after a prospective book buyer petitioned a Delhi court over the ban, the government was unable to produce the original document blocking imports of the book. “We have no other option except to presume that no such notification exists,” the court said this week. The petitioner can now take further legal action, potentially paving the way for the book to be available in India.

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7

New technique helps find Mexico’s missing

Scientists are using geospatial research techniques to hunt for the bodies of those who have disappeared in Mexico. More than 114,000 people have gone missing in the country, with drug cartel violence at record levels. Many are buried in clandestine graves, and families have searched for years for loved ones’ remains. Researchers narrowed searches using “suitability factors” — such as looking in places with soft, thick soil away from potential witnesses — and then conducted chemical analysis, along with satellite and aerial photography. Attempts to use ground-penetrating radar were abandoned, Wired reported, for returning too many false positives. The techniques have helped discover the remains of thousands of the missing, although justice remains out of reach in more than 99% of cases.

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8

Air taxis are coming to Japan

An air taxi by the company Archer.
Archer

Air taxis are set to take off in Japan after a US company received an order for 100 of the drone-like electric aircraft. Archer Aviation’s electric vertical take-off and landing vehicle Midnight already had a $1 billion order from United Airlines, and the latest $500 million deal with a Japan-backed company will boost its plans to launch commercial air taxi services across the world in the years to come, The Verge reported. The five-seater aircraft has a range of 100 miles and a top speed of 150 mph. Japanese regulators are yet to approve it, but US and European authorities have come close to certifying vehicles from several firms that have set their sights on the near-future deployment of air taxis.

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9

Terror bird fossil identified

A rendering of what a terror bird would look like.
Wikimedia Commons

The fossil of a huge “terror bird” — possibly the largest known — was identified in Colombia. The flightless carnivores grew to up to 10 feet tall and roamed the Americas 13 million years ago. A leg bone was discovered in the Tatacoa Desert more than 20 years ago by a local rancher and fossil-hunter who runs a “small but sophisticated” paleontological museum, The New York Times reported. Researchers only recently confirmed that it belonged to a terror bird, shedding new light on the region’s evolutionary history. The giant meat-eating bird may have terrified smaller animals, but a crocodile bite found on its leg bone is rare evidence of “predators eating other big predatory things,” one of the researchers said.

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10

Mystery internet song identified

The band FEX.
Youtube

After 17 years, the case of “the most mysterious song on the internet” has been solved. Finally identified as Subways of Your Mind by FEX, the song is perhaps the most famous example of “lostwave”: pre-internet music, the provenance of which is unknown. The synth-pop track was recorded off German radio in the 1980s, before being digitized and uploaded to music forums in 2007 with requests for help tracing its origin. Hundreds of users across Reddit, YouTube, and other sites coordinated to find the track, some devoting hours a day to the hunt. But lostwave obsessions may be more about the search for community, a media professor told Wired. “Whether or not they can find the song, people are finding kindred spirits,” the magazine wrote.

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Flagging

Nov. 8:

  • Vulcan Energy opens a lithium production plant in Frankfurt, Germany.
  • Ikea reports 2023-24 fiscal year results.
  • A documentary about UFOs, Investigation Alien, premieres on Netflix.
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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.

Leveling the playing field

Iran doesn’t get enough respect in the soccer world. Consider Mehdi Taremi, an Iranian striker for Inter Milan and one of the best in the game, who has never placed higher than second in the Asian Football Confederation’s top international player award; Son Heung-min, the South Korean captain of Tottenham Hotspur, has won it four of the last seven years. “In international forums, they don’t give points to Iranians, and this is a lack of recognition. We ourselves know that we are one of the best and we do our best for our country,” Taremi told local media last week.

Iran is often underappreciated, John Duerden argued in his newsletter How Football Explains Asia, because it’s simply harder to cover soccer in the increasingly isolated nation, and its teams are less accessible than others when they go overseas. When they do talk to the press, most of the questions are about politics, not sport. The country’s domestic league has also fallen behind because of “political interference, incompetence and mismanagement.”

The lap of luxury

“Big Luxury” needs to be smaller to be successful. Luxury brands work best when they carry cultural cachet, Ana Andjelic wrote in The Sociology of Business. But the rise of so-called “Big Luxury,” an increasingly corporate, algorithm-driven sector that thinks creating more products is the way to boost sales, ignores what makes upscale items desirable in the first place — brand cachet and exclusivity — and leads companies to forget “what they stand for, and the role they play in culture.”

But some brands like Hermès and Prada are bucking the trend by remaining smaller and family-owned. Perhaps because of this, their sales have grown. “In this domain, desirability is powered by identity,” Andjelic wrote. “Here, brands know that who they are and the ideas they bring to the world are the most powerful thing about them.”

Silence is golden

Listen: The sound is rarely silence. Our world is increasingly inhabited by canned music, “constantly running inside supermarkets, restaurants, public restrooms, colonoscopy exam rooms,” Sean Dietrich writes in his newsletter Sean of the South, which muses on life in the American South. Americans are exposed to an average of 76 minutes of “unchosen” music in public spaces per day; even on planes, loud, angsty music that plays before and after takeout has “made us passengers deeply fantasize about using the emergency exits,” Dietrich wrote. Ultimately, he writes, the daily noise we hear everywhere only separates us, and while silence may be uncomfortable, it could also serve to bring us together.

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Curio
Sip of Oracle
Sip of Oracle. Image via Dian Dian on Xiaohongshu

Young Chinese people are flocking to bars that offer alcohol with a side of spirituality. Tapping into a Gen Z fascination with future-gazing practices such as astrology and tarot, “spiritual bars” with names like Sip of Oracle have sprung up in cities from Beijing to Chengdu. They not only serve cocktails based on the elements in Daoist philosophy, but also offer pulse diagnoses, a traditional Chinese medicine technique, and I Ching readings that see drinkers toss three coins to form a hexagram, each yielding specific meanings. The bars appeal to a stressed-out generation desperate for signs about their lives, Radii wrote: “For young Chinese facing high unemployment and uncertain futures, a positive reading can be a soothing balm.”

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Semafor Spotlight
William Ruto and Joe Biden.
State House Kenya

Kenya’s opposition activists are celebrating Donald Trump’s election in hopes of reevaluating US support for President William Ruto’s unpopular economic policies, Semafor’s Martin K.N Siele reported. Ruto’s association with Biden has fueled disaffection towards his administration, and critics of Washington’s approach see the US as “an enabler of harmful government decisions in Kenya,” Siele wrote.

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