This week in the news | 9 Sep 23

News from the past week, and a few other things.

Sep 09, 2023

👋 Hello Reader, I hope you had a great week.

Below you’ll find the “Quick Shot”—a supercharged summary of summaries, followed by the “Slow Brew”—longer summaries with select graphics, and comments from me. Articles with a lock icon (🔒) are behind a paywall. Also, a chart icon (📊) next to a link indicates that I’ve included an informative chart in the “Slow Brew” section, and a picture icon (🏞️) indicates that I’ve included a picture.

THE QUICK SHOT 🚀

A supercharged summary of summaries

WORLD

THE SLOW BREW ☕

A more relaxed approach to the summaries.

World

Prison escapes are hard to pull off. How did these fugitives do it? (WP🔒)

Two recent prison escapes have made headlines, one involving an inmate who "crab-walked" his way out of a Pennsylvania prison, and the other who strapped himself to the underside of a delivery van leaving a London jail. While these cases are unusual, experts point out that most escapes tend to be spontaneous and end in capture, with over 92% of escapees recaptured.

In China’s shadow, U.S. rushes back to neglected Indian Ocean island (WP🔒)

Seychelles recently became a focal point for U.S. diplomatic efforts in response to China's increasing influence in the region. This shift is part of a broader strategy to counterbalance China's growing presence in smaller nations where the U.S. had previously been disengaged.

North America

Families crossing U.S. border illegally reached all-time high in August (WP🔒)

Preliminary data reveals a record number of migrant families crossing the U.S.-Mexico border in August, surpassing previous records set during the Trump administration. The influx of families presents challenges to the Biden administration's efforts to manage illegal border crossings.

Judge orders Texas to remove disputed river border buoys by Sept. 15 (Politico)

A federal judge has ordered Texas to remove floating border buoys placed along its river border with Mexico by September 15. The judge ruled that these buoys obstruct the flow of the Rio Grande River and require congressional authorization and a federal permit.

Texas Teeters on Edge of Blackouts as Demand Squeezes Grid (Bloomberg🔒)

Texas declared its first power emergency since the 2021 winter storm as soaring temperatures increased power demand, pushing the Electric Reliability Council of Texas (ERCOT) to draw on reserves. This declaration came after the state's earlier grid crisis, raising concerns about energy stability.

Burning Man flooding strands tens of thousands at Nevada site; authorities are investigating 1 death (AP)

Unusual late-summer storms caused severe flooding at the Burning Man festival site in Nevada, stranding tens of thousands of attendees in foot-deep mud with no working toilets. Authorities are also investigating a death related to the event.

Latin America

Security in Ecuador has come undone as drug cartels exploit the banana industry to ship cocaine (AP)

Drug cartels have infiltrated Ecuador's banana industry, leading to unprecedented violence and instability in the country. Shootings, homicides, kidnappings, and extortions have become commonplace, particularly in the port city of Guayaquil, a major hub for banana shipments.

Ecuador says 57 guards and police officers are released after being held hostage in several prisons (AP)

Ecuadorian authorities announced the release of 57 law enforcement officers held hostage in various prisons. Violence in Ecuadorian prisons has escalated due to territorial disputes among criminal groups linked to Mexican and Colombian cartels.

Mexican Local Investment Booms Led by Construction, Nearshoring (Bloomberg🔒)

Mexico's gross fixed investment has surged, driven by the relocation of companies seeking access to the U.S. market and government infrastructure plans. Construction investment and investment in machinery and equipment have seen significant growth, propelling the country's economy.

Cuba uncovers Russia-Ukraine war trafficking ring (BBC)

The Cuban foreign ministry revealed the discovery of a human trafficking ring aimed at recruiting Cubans to fight for Russia in its war in Ukraine. This development highlights the complex dynamics between Cuba, Russia, and Ukraine.

Europe

Ukraine's Zelenskiy moves to replace wartime defense minister (Reuters)

Ukrainian President Volodymyr Zelenskiy announces the replacement of the defense minister, signaling a significant change in Ukraine's defense establishment since the Russian invasion in 2022.

Ukraine’s counter-offensive is speeding up (Economist🔒)

Ukraine's counter-offensive against Russian forces is showing signs of acceleration, with recent gains attributed to new weaponry, including donated weapons from allies.

Biden Administration Announces Additional Security Assistance for Ukraine (DoD)

The U.S. Department of Defense announces additional security assistance for Ukraine, including air defense equipment, artillery munitions, and anti-tank weapons. This support is part of ongoing efforts to bolster Ukraine's defenses against Russian aggression.

Blinken announces $1 billion Ukraine aid package during surprise visit (CNBC)

U.S. Secretary of State Antony Blinken announces a new aid package for Ukraine worth more than $1 billion during a surprise visit to the country. The aid includes $175 million for weapons and aims to support Ukraine in its ongoing conflict with Russia.

Musk cut internet to Ukraine’s military as it was attacking Russian fleet (WP🔒)

Elon Musk's SpaceX reportedly cut off Starlink satellite internet service to Ukraine's military during an attack on a Russian naval fleet. This revelation raises questions about the role of private companies in international conflicts.

Africa

At least 53 Burkina Faso soldiers, volunteers killed in clashes with rebels (Al Jazeera)

In Burkina Faso's north, heavy clashes between security forces and rebel fighters resulted in the deaths of at least 53 individuals, including 17 soldiers and 36 volunteers who were assisting the military. The country continues to grapple with attacks by groups affiliated with ISIL (ISIS) and al-Qaeda, causing widespread displacement and instability.

Mali military camp is attacked a day after 49 civilians and 15 soldiers were killed in assaults (Associated Press)

Following two separate assaults by al-Qaida-linked insurgents that resulted in the deaths of 49 civilians and 15 government soldiers in Mali, a military camp in the country's north was attacked. These incidents highlight ongoing security challenges in Mali's conflict-prone regions.

Asia

South-East Asian democracy is declining (Economist)

Democracy in South-East Asia, encompassing diverse countries like Indonesia, Thailand, and Cambodia, is facing challenges, with common themes being dynastic leadership and weakening political parties.

Country Garden wins bond extension in relief for China's property sector (Reuters)

Country Garden, a Chinese developer, received approval from creditors to extend payments for an onshore private bond, offering relief to the troubled property sector in China amid a liquidity crisis.

China wants to ban clothes that 'hurt nation's feelings' (BBC)

China is considering a draft law that would ban speech and clothing deemed detrimental to the Chinese spirit, sparking debate and concerns about enforcement and clarity.

China Bans iPhone Use for Government Officials at Work (WSJ)

China ordered officials at central government agencies not to use Apple's iPhones and other foreign-branded devices for work or bring them into the office as part of its campaign to reduce reliance on foreign technology and enhance cybersecurity.

China Seeks to Broaden iPhone Ban to State Firms, Agencies (Bloomberg)

China plans to extend the ban on iPhones to government-backed agencies and state companies, signaling increasing challenges for Apple in its largest foreign market.

Exclusive: China to launch $40 billion state fund to boost chip industry (Reuters)

China is launching a state-backed investment fund aiming to raise about $40 billion for its semiconductor sector, as it seeks to catch up with global rivals in chip technology.

Hong Kong, Shenzhen deluged by heaviest rain on record (Reuters)

Hong Kong experienced its heaviest rain in 140 years, leading to casualties and extensive disruption, as typhoons brought unusual wet weather to southern China.

An Armenian enclave inside Azerbaijan is on the point of starvation (The Economist)

Nagorno-Karabakh, under a blockade for over eight months, faces a humanitarian crisis with rationed food, critical medicine shortages, and limited fuel. The Azerbaijani government's tactics aim to assert control over this enclave, further complicating the long-standing conflict with Armenia.

Defense

Pentagon Plans Vast AI Fleet to Counter China Threat (WSJ🔒)

The Pentagon intends to field a vast network of AI-powered technology, drones, and autonomous systems within the next two years to counter threats from China and other adversaries. Kathleen Hicks, the deputy secretary of defense, provided new details in a speech Wednesday about the department’s plans to spend hundreds of millions of dollars to produce an array of thousands of air-, land- and sea-based artificial-intelligence systems that are intended to be “small, smart, cheap.”

Chinese Gate-Crashers at U.S. Bases Spark Espionage Concerns (WSJ🔒)

Chinese nationals, sometimes posing as tourists, have accessed military bases and other sensitive sites in the U.S. as many as 100 times in recent years, according to U.S. officials, who describe the incidents as a potential espionage threat. The incidents, which U.S. officials describe as a form of espionage, appear designed to test security practices at U.S. military installations and other federal sites.

A Mysterious Lab Is Shutting Down. It’s the End of an Era for Biosecurity. (Bloomberg🔒)

Plum Island Animal Disease Center will soon be decommissioned, to be replaced by a new, billion-dollar facility in the middle of the country [Manhattan, Kansas]. Its closure represents the end of an era — an era in which understanding the secrets of dangerous pathogens required clandestine experimentation, far away from urban population centers.

Economy

The pandemic has broken a closely followed survey of sentiment (Economist🔒)

Americans are gloomy about the state of the economy, with consumer sentiment hitting its lowest level ever in June 2022. However, changes in consumer sentiment no longer reliably predict future spending since the mix of economic indicators shaping sentiment has changed since the pandemic began.

U.S. deficit explodes even as economy grows (WP🔒)

The federal deficit is projected to roughly double this year, rising to about $2 trillion for the fiscal year that ends Sept. 30. Despite robust overall economic growth, bigger interest payments and lower tax receipts are widening the nation's spending imbalance.

Business

Apple Faces New Challenge in China as Huawei Releases High-Speed Phone (WSJ🔒)

Apple is facing a new competitive threat in China as hardware giant Huawei Technologies is selling a smartphone capable of ultrafast data connectivity. This development underscores the risks global companies face as geopolitical tensions between the U.S. and China spill over into many industries.

Apple And Nvidia’s Losses This Week Hit $250 Billion (Forbes🔒)

Apple shares slipped due to concerns about China potentially banning iPhone usage among government workers, while Nvidia's stock dropped as a dubious conspiracy theory suggested it had artificially inflated revenue in its AI segment.

30 years of strikes: See how a UAW walkout would stack up (WP🔒)

The number of workers on strike this year has surpassed any year since the start of the pandemic, with 150,000 United Auto Workers (UAW) members authorizing a strike if negotiations fail. This potential strike could be one of the most significant work stoppages in recent history.

The company behind Ozempic is now worth more than the Danish economy (Semafor)

Novo Nordisk, the Danish company behind Ozempic, introduced its similar weight loss drug Wegovy in the U.K., making it Europe’s most valuable company valued at about $428 billion, surpassing the entire Danish economy.

Energy

Biden administration cancels remaining oil and gas leases in Alaska’s Arctic Refuge (AP)

The Biden administration canceled the seven remaining oil and gas leases in Alaska’s Arctic National Wildlife Refuge, overturning sales held in the Trump administration’s waning days, and proposed stronger protections against development on vast swaths of the National Petroleum Reserve-Alaska.

Saudis, Russia Extend Their Oil-Supply Curbs to Year-End (Bloomberg🔒)

Saudi Arabia and Russia prolonged their unilateral oil supply curbs by another three months, a more aggressive move than traders had been expecting as the OPEC+ members seek to support a fragile global market. This move will hold output at about 9 million barrels a day — the lowest level in several years — for six months in total.

Pump Prices in US Hit Highest Seasonal Level in Over a Decade (Bloomberg🔒)

Gasoline prices are now at the highest seasonal level in more than a decade, sparking fears that inflation could accelerate again in a challenge to President Joe Biden’s reelection efforts. Relief at the pump is complicated by a resurgence in the cost of oil, with Brent futures topping $90 a barrel.

Real Estate

Home insurers cut natural disasters from policies as climate risks grow (WP🔒)

Major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to natural disasters need most due to extreme weather patterns caused by climate change. This trend includes cutting out damage caused by hurricanes, wind, and hail from policies underwriting property along coastlines and in wildfire-prone areas.

One thing I don’t like about this graph is that it shows amount versus some sort of “per capita” value. As more homes are built and home prices go up, I would anticipate that insurance companies would have to pay out more; additionally, I don’t think this chart takes into account inflation. That said, I do believe that insurance losses have gone up…for all the reasons I just stated, and others.

New York City’s Crackdown on Airbnb Is Starting. Here’s What to Expect. (NYT🔒)

New York City officials are enforcing strict new regulations that limit residents’ ability to rent out homes through platforms like Airbnb, which could lead to the removal of thousands of listings from the platforms. The city argues that the proliferation of short-term rentals through Airbnb has pushed up rents and helped fuel New York City’s housing shortage.

Mortgage Rates Decrease from Last Week While Remaining Above Seven Percent (Freddie Mac)

The 30-year fixed-rate mortgage continues to hover above seven percent for the fourth consecutive week, despite a buoyant economy. However, higher mortgage rates are straining potential homebuyers' affordability.

What’s Life Like 200 Feet Above the Arizona Desert? ‘It Never Gets Old’ (WSJ🔒)

An article exploring a unique property perched 200 feet above the Arizona desert, highlighting the experience of living in such an extraordinary location.

Personal Finance

Credit-Card Users Got Bigger Limits. Then They Racked Up $1 Trillion (WSJ🔒)

Credit-line increases have become more common as companies use them to entice customers to spend more, resulting in America’s total credit-card balance hitting $1 trillion for the first time. However, higher credit limits have led to more spending.

Delinquencies rise for credit cards and auto loans, and it could get worse (WP🔒)

More Americans are falling behind on their car loan and credit card payments than at any time in more than a decade, a troubling signal of consumer stress as higher prices and rising borrowing costs squeeze household budgets.

Parents Have a New Incentive to Fund ‘529’ Plans (WSJ🔒)

New rules taking effect in 2024 for “529” plans give account owners more incentive to fund them and allow excess funds to be rolled over into Roth IRAs tax-free if the Roth belongs to the beneficiary of the 529. This rule change could ease concerns about over-investing in 529 plans.

How They Make Money

Since joining Substack, I came across this little jewel of a site/stack that provides incredibly simple and understandable financial charts and information. Here’s an example:

Technology

Teardown of Huawei's new phone shows China's chip breakthrough (Reuters)

Huawei's Mate 60 Pro, powered by the new Kirin 9000s chip from China's SMIC, showcases China's progress in chip technology. Despite previous restrictions, China seems to be making headway in building a domestic chip ecosystem, challenging past limitations imposed by the U.S.

Science

Meet Ernie, China’s answer to ChatGPT (Economist🔒)

Ernie, China's premier AI chatbot, has garnered attention with its unique views on topics like the origins of COVID-19. Created by Baidu, it signifies the company's resurgence in the tech industry, despite challenges from both export controls and increased authoritarianism in China.

AI Research Lab Imbue Nabs $200 Million For Speculative Bet To Build AI ‘Agents’ (Forbes🔒)

Imbue, focusing on AI "agents" capable of complex tasks, is setting itself apart in the AI field by emphasizing research assistants that can analyze data and recommend experiments. With significant resources and open-source initiatives like Avalon, Imbue is making strides in this area.

Life

They’ve Been Friends for 60 Years. Lew and Bobby Have Figured Out What Most Men Don’t. (WSJ🔒)

Lew Wilcox and Bobby Rohrbach Jr., friends for six decades, exemplify the value of strong friendships. As studies show a decline in close friendships, particularly among men, their enduring bond highlights the importance of companionship for mental well-being.

Fabulous read!

Health

Health-Insurance Costs Are Taking Biggest Jumps in Years (WSJ🔒)

Health insurance costs are projected to increase significantly in 2024, driven by factors such as rising hospital labor costs and demand for new, expensive diabetes and obesity drugs. This surge is expected to impact businesses and workers alike.

Global trends in incidence, death, burden and risk factors of early-onset cancer from 1990 to 2019 (BMJ Oncology)

A global increase in early-onset cancer incidence and deaths has been observed between 1990 and 2019. Dietary risk factors, alcohol consumption, and tobacco use play crucial roles in early-onset cancers, making it important to address these risk factors.

Nature

India’s Preparations for G20 Must Also Account for Monkeys (NYT🔒)

As India prepares to host the G20 summit, it faces a unique challenge: controlling monkeys that may disrupt the event. Measures include training individuals to imitate langur noises and using life-size cutouts of the animals to deter them from the venues.

For Fun

A Ship That Sank in 1881 Is Found Nearly Intact in Lake Michigan (NYT🔒)

After 142 years, the wreckage of the schooner Trinidad, which sank in Lake Michigan in 1881, has been discovered nearly intact. The shipwreck hunters found the well-preserved wreckage lying beneath 300 feet of water, shedding light on a piece of history.

Which countries get the best night’s sleep? (Economist🔒)

A study analyzing sleep habits of more than 220,000 people across 35 countries reveals interesting insights into sleep patterns. Unlike traditional surveys, this study uses data collected from wearable devices, providing a more objective view of sleep.

Entertainment

Rolling Stones launch new album 'Hackney Diamonds' (Reuters)

The Rolling Stones announced their first album of original music in 18 years, "Hackney Diamonds." This comes after the passing of drummer Charlie Watts, and the surviving members discussed the recording, marking a significant moment for the iconic band.

Disney+ slashes subscription price to $1.99 amid cable dispute (NY Post)

Amid a cable provider dispute, Disney+ temporarily reduced its subscription price to under $2. This move aims to attract subscribers while Disney's channels are temporarily unavailable due to a carriage-fee dispute with a cable company.

Sports

Messi Drives Jump in Apple TV+ and MLS Subscriptions (WSJ🔒)

Soccer star Lionel Messi's debut with Inter Miami led to a surge in subscriptions for Apple TV+ and MLS Season Pass. The partnership between Apple and MLS demonstrated its success as new subscribers joined to watch Messi's first match.

The Bookshelf

Call Sign Chaos by Jim Mattis and Bing West

This memoir by former Secretary of Defense Mattis was a long overdue read on my list; thanks to the prodding of one of the readers of this newsletter, I moved it up in my queue, and I was not disappointed. It was a fascinating look into the life and leadership of General Mattis. A definite must-read!

2034 by Elliot Ackerman and Admiral James Stardivis

Also just finished this little gem that lays out the next world war in a fictional narrative that seems all too plausible…which is what I think these authors had in mind as a warning to major world powers.

Vocabulary

conn

https://www.merriam-webster.com/dictionary/conn

“to conduct or direct the steering of (a vessel, such as a ship)”

The person who is in control of the ship has the “conn,” not the “con” or “com.” Some people think it’s “com” as in “command,” but it’s “conn” as in “control” or “conduct.” More here

On my way Mr. Spock, you have the conn.

Have a great weekend!

The Curator

Two resources to help you be a more discerning reader:

AllSides - https://www.allsides.com/unbiased-balanced-news

Media Bias Chart - https://www.adfontesmedia.com/

Caveat: Even these resources/charts are biased. Who says that the system they use to describe news sources is accurate? Still, hopefully you find them useful as a basic guide or for comparison.

Curated Compositions

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