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Donald Trump’s foreign policy picks don’t rattle Ukraine, Hong Kong’s ultrarich sell their trophy ho͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
thunderstorms Hong Kong
sunny Tel Aviv
sunny Neom
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November 13, 2024
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The World Today

  1. Trump’s foreign policy picks
  2. Israeli hardliners emboldened
  3. China’s crime wave
  4. HK trophy home sales
  5. Bigger Wall Street bonuses
  6. NEOM CEO departs
  7. Anglican Church head resigns
  8. Pandemic drinking rise
  9. Self-experimentation debate
  10. Plastic-eating worm found

Microsoft hunts for a replacement for its iconic Windows wallpaper.

1

Ukraine not alarmed by Trump natsec picks

Mike Waltz.
Mike Waltz. Mike Segar/Reuters

US President-elect Donald Trump’s picks for top foreign policy roles have called for ending the war in Ukraine and voted against aid for Kyiv. But the choice of Rep. Mike Waltz for national security advisor and the reported selection of Sen. Mark Rubio as secretary of state haven’t alarmed Kyiv or its supporters, who had been bracing for aggressive Ukraine skeptics, while Ukrainian President Volodymyr Zelenskyy’s government had grown frustrated with what it viewed as US President Joe Biden’s reluctance to offer sufficient aid to defeat Russia. And while Trump is expected to seek a peace deal, it’s “unlikely” he would want to be seen as weak by accepting an agreement that overly debilitates Ukraine, an expert wrote in Foreign Policy.

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2

Trump win emboldens Israeli hardliners

A congratulatory billboard for US President-elect Donald Trump in Jerusalem.
Ronen Zvulun/Reuters

Donald Trump’s presidential election victory is emboldening Israel’s religious hardliners looking to exert more power over the Palestinian territories. Israel’s foreign minister said Trump’s win meant “the time had come” to annex the West Bank, and on Tuesday, Trump named as US ambassador to Israel a former Arkansas governor who has long had close relations with Israeli settlers, Haaretz wrote. Gulf nations are wary that Trump could give Israel more leeway in escalating tensions with Iran, complicating their pursuit of deescalation with Tehran. But there is some hope for “a reengaged US that can curb Israel, recognize Palestine, and contain Iran,” Arab News Editor-in-Chief Faisal J. Abbas wrote for Semafor.

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3

Another deadly incident rattles China

A mourning event outside the sports stadium.
Tingshu Wang/Reuters

At least 35 people were killed after a man drove an SUV into a crowd outside a sports stadium in southern China, the latest in a string of violent incidents to rattle the country. The apparent attack drew a rare public response from Chinese leader Xi Jinping, who said law enforcement should work to “strictly prevent extreme incidents.” Outbursts of violence in the last six months — including a stabbing of four instructors affiliated with a US college, and a fatal stabbing at a Shanghai Walmart — have sparked concerns about whether socioeconomic tensions stemming from a slowing economy, unemployment, and social isolation are contributing to the crime wave. China’s premier said the country must “investigate hidden risks and social conflicts.”

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4

HK’s ultrarich sell off trophy homes

Percentage change in real property prices in Hong Kong.

Hong Kong’s wealthiest residents are selling their trophy homes at serious discounts, the latest fallout from the city’s property slump. “Hong Kong’s housing market has long had an are-you-kidding-me feel to it,” The New York Times wrote, with prices climbing ever higher for the past 20 years. But the collapse of mainland China’s real estate market is forcing tycoons to let go of their villas and mansions for as little as half their previous values. “The only thing that is sellable is residential property because, if you lower the price enough, there will be buyers,” a real estate executive said. Still, lower interest rates in the city could lead to a rebound in property prices next year, analysts forecast.

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5

Wall Street to get bigger bonuses

Estimated change in Wall Street bonus payouts compared to 2023.

Wall Street bonuses are set to grow for the first time since 2021, and could get even bigger under a second Donald Trump presidency. Steady interest rates led more companies to sell stock, or refinance or raise new debt, this year, the Financial Times wrote, contributing to a larger rebound in fees for Wall Street. Bankers are optimistic about 2025, a compensation consultant said, because Trump is likely to take a “lighter regulatory touch,” potentially leading to more mergers and acquisitions, meaning more fees — and more bonuses for those who help close the deals.

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6

Saudi megacity CEO leaves post

A rendering for The Line in Neom.
A rendering for The Line. Neom

The longtime CEO of Saudi Arabia’s futuristic megacity NEOM abruptly left his post, the latest setback for the world’s largest construction project. The departure of Nadhmi al-Nasr, who had led the effort since 2018 and reportedly had an aggressive leadership style, marks a major shakeup at NEOM, which is central to Riyadh’s ambition to diversify its economy and become a tourism and entertainment destination. Plans for NEOM include a floating industrial complex and alpine resort, but in the past year, it has faced budget challenges, delays, and reports of worker deaths. The news of Nasr’s exit came hours after NEOM announced it had chosen architects for its most high-profile element, a pair of 105-mile-long parallel skyscrapers.

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7

Church of England head steps down

Justin Welby
Toby Melville/Reuters

The Archbishop of Canterbury resigned Tuesday after criticism over his apparent failure to properly investigate allegations of child abuse in the UK and Africa. Justin Welby, the head of the Church of England and the leader of the third-largest Christian communion in the world, stepped down following pressure from within the Church and from political figures. A damning report last week found that Welby was aware of allegations against a prolific child abuser after he became archbishop in 2013; the abuser died without being brought to justice. “We let down so many people, as an institution,” one British reverend told the BBC, “and yet at the same time, it’s been a wakeup call.”

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Semafor Spotlight
Makan Delrahim.
Mike Blake/Reuters

Makan Delrahim, a top antitrust cop in Donald Trump’s first administration, has talked to the Trump transition team about running the Federal Trade Commission, Semafor’s Liz Hoffman and Shelby Talcott scooped. Delrahim’s track record in blocking some megamergers while supporting others “could bridge two Republican camps starkly divided over corporate competition,” they wrote.

Subscribe here to Semafor Business to keep up with what Wall Street is reading. →

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8

Pandemic-induced drinking continues

Beer being poured into glass.
Adriano Machado/Reuters

More people in the US began drinking during the pandemic, and that number is yet to go back down, a study suggested. In 2018, 66% of Americans said they had consumed alcohol at some level; in 2022 it was 69%, while more people also reported heavy drinking. The group most likely to drink heavily was adults in their 40s, with those aged 50 to 64 close behind. And more women than men reported drinking heavily; the study’s co-author said the pandemic’s stresses especially affected women. But drinking is down among younger Americans: A 2023 Gallup poll found that those aged 18 to 34 have become steadily less likely to say that they drink over the past two decades.

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9

Scientist treats her cancer with a virus

A scientist successfully treated her own breast cancer with a virus, sparking an ethics debate about self-experimentation. Virologist Beata Halassy discovered a recurrence of her cancer in 2020. Rather than undergo more chemotherapy, she decided to use an unproven but promising technique called oncolytic virotherapy — injecting the tumor with two types of virus, both of which she had worked with in the lab. The tumor shrank, softened, and detached from surrounding tissue, making it easier to remove, Nature reported. Self-experimentation has a long history: One German scientist drank cholera in 1892, while the bacterial cause of stomach ulcers was proved in 1986 by a scientist consuming the bacterium.

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10

Worm could help fight plastic pollution

The Kenyan lesser mealworms used in the study.
International Centre of Insect Physiology and Ecology

A mealworm that consumes polystyrene is the first native African insect that can digest plastics. Plastic is highly durable so it doesn’t easily biodegrade. It’s also difficult to recycle, meaning a lot of it ends up in landfills or the sea. Finding insects or bacteria that can consume plastic provides tools for clean and safe disposal. So far, only a handful of natural plastic-eating species have been found. Scientists found that the worms ate the polystyrene most efficiently when it was mixed with bran: One researcher wrote in The Conversation that the worm could play a direct role in recycling, or the enzymes it uses to break down the plastic could be isolated and used in factories and landfills.

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Flagging

Nov. 13:

  • NATO Secretary General Mark Rutte meets US Secretary of State Antony Blinken in Brussels.
  • The Federal Reserve Bank of New York issues its third-quarter report on household debt and credit.
  • Emilia Pérez, a musical drama about a former drug cartel boss looking to reconcile with her past, debuts on Netflix.
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Curio
A sunrise view of Mount Fuji.
A sunrise view of Mount Fuji. Justin Choquette, Microsoft, Superdigital.

Microsoft is seeking to recreate the magic of its iconic Windows wallpaper Bliss, with a contest to find new backdrops for its operating system. With its lush green hills and bright blue skies, the image of California’s Sonoma County became the world’s most-viewed photograph after debuting in 2001 as the default background for Windows XP. Hoping to tap into what its creative agency described as a “a deep rooted nostalgia for the brand that has reemerged in recent years,” Microsoft asked seven photographers to take landscape shots that could become the next archetypal wallpaper, Hyperallergic reported. Winning selections included a dreamy silhouette of Japan’s Mount Fuji, a mossy Scottish Highland stream, and a chateau in France’s Loire Valley.

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