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Bitcoin hits $100,000, Israel is set for a record year of tech deals, and the UK bans junk food ads.͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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December 6, 2024
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The World Today

  1. Uncertainty shapes markets
  2. Bitcoin’s record rise
  3. Musk cheers NASA head pick
  4. Taiwan invasion doubts
  5. Firms enhance CEO security
  6. Israel sees record tech deals
  7. Using AI to matchmake
  8. Alps snow decline
  9. UK bans junk food ads
  10. Orca hat fashion

The most expensive dinosaur ever sold is going on display, and our latest Substack Rojak.

1

How geopolitics is shaping markets

additional yield investors demand to own French government bonds over baseline German bonds

A spate of geopolitical upheavals is driving markets. French investors are demanding higher interest rates on bonds following the government’s collapse; South Korean energy and tourism stocks fell after the president declared, then lifted, martial law; and Ghana’s elections Saturday could have ramifications for the world’s gold market. One geopolitical risk index is at its highest levels since the years after 9/11. After global elections in 2024 were defined by an anti-incumbency revolt, “the coming months are set to be shaped by the policies wrought by those votes,” Bloomberg wrote. The moment could benefit investors with niche knowledge and global perspectives, Semafor’s Liz Hoffman wrote: “A world that’s more fractured, risky, and dynamic affords the opportunity to zig where others zag.”

For more global market scoops and insights, subscribe to Liz’s twice-weekly newsletter, Semafor Business. →

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2

Bitcoin hits $100K

An illustration of Trump holding Bitcoin is displayed outside a cryptocurrency exchange store.
Tyrone Siu/Reuters

The price of Bitcoin hit $100,000, a milestone boosted by Donald Trump’s nomination of a cryptocurrency enthusiast to lead the US Securities and Exchange Commission. The 16-year-old digital asset has had a meteoric year; the rally accompanied the president-elect’s pledge to remove the current chair of the SEC, who is seen as a villain in crypto circles. Bitcoin also got a bump in credibility after Federal Reserve Chair Jerome Powell compared it to gold on Wednesday. Longtime believers in Bitcoin — which has been derided over the years for its volatility and perceived illegitimacy — basked in “an I-told-you-so glow,” Bloomberg wrote. “I probably have to buy Donald Trump a Christmas gift,” one prominent investor joked.

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3

Trump NASA pick could boost SpaceX

Jared Isaacman.
Joe Skipper/Reuters

Donald Trump’s choice to head NASA could usher in a deeper reliance on Elon Musk’s SpaceX. Tech billionaire Jared Isaacman has twice flown on SpaceX missions and this year completed the first civilian space walk. Musk and other space industry figures applauded the pick, with Isaacman expected to increase NASA’s dependence on the private sector, and especially SpaceX. On Thursday, NASA again delayed a planned astronaut Moon landing to 2027, citing problems with its Lockheed Martin-made crew capsule. By contrast, SpaceX’s Crew Dragon capsule has become vital transport for astronauts on the International Space Station. NASA had already tapped SpaceX’s still-in-development Starship for future lunar landings; Isaacman himself signed up to lead Starship’s first crewed orbital flight.

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4

Doubts grow over Taiwan invasion

Public screen in Beijing showing military drills around Taiwan.
Public screen in Beijing shows military drills around Taiwan. Tingshu Wang/Reuters

The US is reportedly growing doubtful that China will be ready to invade Taiwan by 2030. US authorities have previously voiced fears that Chinese leader Xi Jinping instructed his army to be prepared for a possible incursion by 2027, but the recent suspension of a top admiral on corruption allegation reinforces officials’ belief that Xi “does not yet have confidence in its ability to take Taiwan quickly and at acceptable cost,” The Economist reported. One top China analyst said the “period of greatest danger” has been pushed back a few years. But Beijing is likely to maintain pressure on Taiwan — which China sees as a breakaway province it will eventually absorb — through shows of military force.

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5

Companies ramp up CEO security

How much top US companies spent on CEO security in 2023

US corporations are stepping up protection for their top executives after the CEO of one of the country’s biggest insurers was murdered. Hours after UnitedHealthcare’s Brian Thompson was shot in a targeted attack outside a New York hotel Wednesday, dozens of security chiefs from large companies held a call to discuss protocols, The Wall Street Journal reported, while some security firms said they received a raft of requests for armed guards. Big American companies spend millions annually to protect their CEOs: Meta spent $23.4 million on Mark Zuckerberg’s security in 2023. Despite his high-profile title, Thompson didn’t have a detail with him. Police are still looking for the suspect and investigating the motive; Thompson reportedly received several threats recently.

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6

Israel tech deals have record year

Skyline of financial center of Israel
Wikimedia Commons

Israel’s tech startup scene is on track for a record year of dealmaking, despite conflicts in Gaza and Lebanon. Tech mergers and acquisitions are set to reach $10 billion in 2024, according to a new estimate, passing the previous record of $8.6 billion in 2021. About a third of the activity was in cybersecurity, while other big deals include Salesforce’s acquisition of an Israeli data management firm and chip giant Nvidia’s purchase of an AI startup, Bloomberg reported. Israel’s high-tech sector has long fueled its economy, and the deals this year are a sign of sustained global interest, even as the country grows more politically isolated on the world stage.

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7

Dating apps deepen AI embrace

Hinge CEO Justin McLeod
Hinge CEO Justin McLeod. Hinge

Online dating platforms are increasingly embracing artificial intelligence. The CEO of Hinge told Semafor that in five to 10 years, meeting someone in real life won’t “hold a candle” to being “intelligently” matched. He said AI can offer users real-time dating coaching with messages like, “Hey, you’ve been messaging this person for a while. It might be time to ask them on a date.” But dating companies are grappling with a generation of young people who are burnt out from swiping through profiles, having repetitive conversations, and getting ghosted. They’re growing increasingly critical of the apps, and it’s unclear if adding more technology will bring users back, Semafor’s Rachyl Jones wrote.

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Live Journalism

Rep. Van Duyne (R) Texas will sit down with Semafor’s Senior Washington Editor Elana Schor to share personal insights on the powerful Ways & Means committee, discussing the GOP’s plans for taxes, tariffs, and the future of the Republican party.

RSVP to the last Principals Live of the year.

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8

Snowfall decreases in the Alps

The Alps mountain with skiers.
Wikimedia Commons

Average snowfall in the Alps fell 34% between 1920 and 2020. Precipitation data from 46 sites, including modern weather stations and historical handwritten records, showed that northern parts of the European mountain range had 23% less snow by depth, while the southwestern slopes saw a drop of almost 50%. The snow feeds into glaciers and melts into mountain streams, one researcher said, and is a vital water reservoir for much of Europe. The decrease has been notable since 1980, especially on lower slopes where snow is increasingly turning to rain. Europe is warming faster than any other continent.

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9

UK bans junk food ads

Oatmeal
Wikimedia Commons

The UK will restrict junk food advertising in an attempt to reduce childhood obesity. Adverts for soft drinks, potato chips, and sweets — but also, because of the wording of the restrictions, oatmeal and poppadoms — will be banned on TV before 9 p.m. and online entirely. About one in eight primary school children in the UK is obese, and while rates have remained steady since 2019 after years of growth, medical officers have called obesity a “time bomb” for the country’s National Health Service. Other countries, including Portugal and Norway, have imposed restrictions on junk food advertising. The UK introduced taxes on sugary drinks in 2016, although there is significant debate over whether the move reduced obesity rates.

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10

Orca stuns in salmon hat

An orca chasing a chinook salmon.
An orca chasing a chinook salmon. Wikimedia Commons

Orcas have revived a 1980s fashion trend by wearing salmon as hats. Killer whales are highly intelligent and social, and the mammals pass behaviors on to one another: One group learned recently to hunt whale sharks, while others got into a habit of capsizing boats. In 1987, a pod off the US Pacific Northwest was repeatedly spotted with dead salmon draped over their noses, a tendency that then spread to three other local groups. Then it stopped, and wasn’t seen again until this October, when J27 Blackberry, a 33-year-old male in the same region, was spotted with a salmon hat. Blackberry was born years after the trend apparently stopped, but it may have been passed down culturally, Gizmodo reported.

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Flagging

Dec. 6:

  • The US releases November jobs data, which is expected to show a hiring rebound.
  • A Christmas tree for the Milano-Cortina 2026 Winter Olympics lights up in Milan.
  • K-pop girl group TWICE release their 14th mini-album, Strategy.
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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.

Town criers

China’s ancient towns are on the verge of bankruptcy. Over the last decade, the government and private companies have invested in the cities to attract tourists, showcasing their historic architectural styles and scenic roads and waterways to promote China’s cultural heritage. Some efforts have been successful, leading to huge crowds. But now the country’s tourism sector is grappling with oversupply, the China business newsletter Baiguan wrote.

Many of the towns are essentially “‘copy and paste’ versions of each other, with the same architecture, same street food, and same souvenirs,” Baiguan wrote, and several have turned into “ghost towns.” The problem stems from a lack of “authentic, living culture” in some of them, which disappeared as development pushed local residents out, and were replaced by “fake” attractions that present as historic, but don’t feel genuine.

When you’re (on) a jet…

Flying in a private jet is “the single most seductive experience in the world” — and the most corrupting force a person can encounter — a veteran British journalist declared. Tina Brown, the former editor-in-chief of Tatler, Vanity Fair, The New Yorker, and The Daily Beast, has flown private a few times with her “gilded friends,” leading to the realization that a taste of luxury aviation changes a person forever.

“You realize there is no one you wouldn’t kill, betray, or sleep with to ensure a lifetime of luxe relief from the armpit of mass transit,” Brown wrote in a tongue-in-cheek piece for her Substack, Fresh Hell. The addiction to private planes has infected the world of politics and business, with the movement of bigwigs largely dictated by whether they have access to a jet. For example, many merger and acquisition deals unravel over disagreements surrounding executives’ use of company planes: “No plane, no deal.”

Betting on a casino

Japan’s “paradoxical” relationship with gambling will be on display when the country’s first casino opens at the end of the decade. Built on an artificial island off the coast of Osaka, the resort is part of a plan to turn the city into a global business and tourism hub, but critics have questioned whether it will exacerbate gambling addiction issues that persist in Japan.

As the Secrets from Japan and Beyond newsletter wrote, gambling is largely prohibited in the East Asian country — though there are notable exceptions for horse racing, boat racing, lotteries, and Pachinko, a mechanical game similar to a slot machine in which players try to win balls that they can exchange for prizes. Online gambling is strictly outlawed, though free casino-style games exist in a legal gray area, and millions are addicted. Despite the curbs, gambling in Japan is “unlikely to disappear anytime soon.”

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Curio
Skeleton of Apex, a 27-foot-long Stegosaurus. American Museum of Natural History
American Museum of Natural History

The most expensive dinosaur ever sold goes on display at the American Museum of Natural History in New York this weekend. Nicknamed Apex, the 27-foot-long Stegosaurus was a plated, spiky-tailed herbivore who roamed the earth 150 million years ago, before being discovered near the town of Dinosaur in present-day Colorado in 2022. A hedge fund billionaire bought the skeleton at Sotheby’s for $44.6 million in July, toppling the previous record — for a T-rex named Stan — and underscoring fossils’ status as luxury collectibles for the superrich, The Wall Street Journal reported. Paleontologists will now study the dinosaur, which will remain on display for four years. “Apex offers a unique window into our planet’s distant past,” its owner said.

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Semafor Spotlight
Formula 1 race cars.
Hamad I Mohammed/Reuters

Rwanda is still bidding to host the first Formula 1 race in Africa since 1993, part of efforts to host more sporting events to boost its economy, Semafor’s Alexis Akwagyiram reported. Unlike some other African countries that draw tourists with beaches and safaris, landlocked Rwanda “has set itself up to profit from the passion of fandom,” Akwagyiram wrote.

Read more on Rwanda’s sporting ambitions by subscribing to Semafor’s Africa newsletter. →

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