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Iran denies involvement in a drone attack that killed three US soldiers, China’s real-estate giant E͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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January 29, 2024
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The World Today

  1. Iran denies drone attack
  2. Evergrande liquidated
  3. ‘Garbage’ App Store change
  4. Trump’s financial woes
  5. Caracas faces new sanctions
  6. German populists’ setback
  7. Museums return artworks
  8. Buy uranium, says Goldman
  9. California slows speeds
  10. Rare new tennis champion

The London Review of Substacks, and celebrating 100 years of surrealism.

1

Tehran denies ties to US attack

The U.S. military outpost known as Tower 22, in Rukban, Jordan. Planet Labs PBC/Handout via REUTERS

Tehran denied involvement in a drone strike by an Iran-backed militant group that killed three U.S. soldiers near the Jordan-Syria border, amid growing fears of a sprawling proxy war erupting into direct conflict. They were the first U.S. troops killed since Hamas’ Oct. 7 attack on Israel left 1,100 dead, triggering a furious Israeli response that has claimed more than 26,000 lives in Gaza, and drawing in regional militant groups and foreign navies. The drone attack coupled with a missile strike by Yemen’s Houthis — another Iran-backed group — on a fuel tanker in the Red Sea drove oil prices higher. Washington, which believed it was successfully managing Iranian proxies to avert a full-blown regional war, must “decide whether hostilities have now crossed the Rubicon,” an Atlantic Council expert said.

In a rare sign of hope, meanwhile, Israel characterized talks on a deal to release hostages held by Palestinian militants as “constructive.” Negotiators have overcome roadblocks by proposing a two-phase agreement, The Times of Israel reported, though any deal is unlikely to end the war entirely. The progress came amid a burgeoning controversy over funding for the U.N.’s Palestinian aid agency: Israel alleges employees played a role in the Oct. 7 attack or its aftermath, sparking pledges from eight major donors — including the U.S., Germany, and Japan — to suspend funding.

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2

Evergrande ordered liquidated

A Hong Kong court ordered the liquidation of the beleaguered Chinese property giant Evergrande, spotlighting heightened worries over China’s economy. The ruling marked the latest chapter in a years-long saga for Evergrande, which was once the country’s biggest real-estate developer and the symbol of a booming industry, but which has since become the clearest example of the debt-fueled excesses of China’s property sector. The consequences are both globe-spanning — the collapsing real-estate market has slowed growth in China, with knock-on effects for trading partners and investors — and local, with property prices plummeting and huge numbers of homes left unfinished. Regulators had to suspend trading in Evergrande shares today after its stock price nosedived.

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3

App Store changes fail to impress rivals

REUTERS/Gonzalo Fuentes

Apple’s rivals are complaining that the tech giant’s decision to open up its App Store to comply with European Union rules is riddled with fine print that makes the changes unworkable. Apple takes a 30% commission from software sold via the App Store, which the EU called an unfair restriction of competition. Developers can now sell via their own digital stores, but Apple is maintaining tight control over those stores and will charge 54 cents for installs after the millionth. Spotify called the new rules “a total farce” and “extortion,” and Fortnite-maker Epic Games’ boss said they were “hot garbage” which would allow Apple to block rivals. The Verge estimated that under the new rules, Meta would have to pay Apple $73 million a year just for Facebook updates.

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4

Trump faces financial woes

REUTERS/Ronda Churchill

A judge’s decision to hit Donald Trump with $83 million in damages, alongside a separate and likely even larger penalty on the way, may force the former U.S. president to sell assets. Trump was found to have defamed E. Jean Carroll, a writer whom a civil court said he had sexually assaulted. He is also accused of overstating his worth for financial gain, and could face a $370 million fine. The New York Times said the issue reveals the double-edged nature of Trump’s claims of extreme wealth: He has said his brand is worth $10 billion, and Carroll’s lawyers argued that only a steep fine would matter to such a wealthy man. But internal Trump Organization documents suggest a cash flow problem.

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5

Venezuela faces new US sanctions

The U.S. said it would review its sanctions policy on Venezuela after a Caracas court banned the main opposition candidate from running in this year’s presidential elections. Washington eased trade restrictions — helping propel Venezuela’s economy to grow 8% last year, the highest rate for more than a decade aside from a bounceback from the pandemic — in exchange for a commitment to free and fair elections. However, the ban on María Corina Machado, who won 90% of the vote in a primary, could lead to the reimposition of sanctions on the country’s resurgent oil industry. “We are not asking for sanctions,” a member of the opposition said. “We are looking for the process to move forward.”

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6

Europe populist movements dented

Protest against the AfD in Germany. REUTERS/Thilo Schmuelgen

The anti-immigration populist party Alternative for Germany (AfD) lost a key regional election after it was targeted by a wave of protests. AfD politicians attended a meeting with extremist and neo-Nazi groups, at which plans for mass deportation were discussed, leading to widespread anger. The AfD was ahead in polls in the Thuringia local election before its eventual defeat, suggesting its momentum has been dented, DW reported. Meanwhile, in Finland, the center-right and Green Party candidates are neck-and-neck going into the second round of its presidential election, beating a populist-nationalist candidate who had at one point polled within single digits of the runoff.

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7

Museums to loan back looted artifacts

British Museum/Handout via REUTERS

Two British museums will return looted artifacts to Ghana under a long-term loan agreement. Meanwhile New York’s American Museum of Natural History said it will close two halls featuring Native American art in response to new regulations that require museums to obtain consent from tribes to display their cultural artifacts. Both moves came in response to rising pressure on museums across the West to repatriate cultural treasures taken during colonial occupations. However, some remain skeptical of full restitution of ownership. Western museums worry that the objects “may be damaged for non proper handling, conservation, or simply getting lost,” a Senegalese art expert told Semafor Africa.

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8

Bet on uranium, analysts say

The growing prioritization of nuclear power across the world makes uranium an attractive investment, according to Goldman Sachs Wealth Management. The price of uranium has already tripled in the past three years, but “we think there is more to go,” its chief investment officer said on a recent podcast. Plans for expanding nuclear-power capacity in China and restarting plants in Japan, coupled with a broader pledge by more than 20 countries to triple their capacity by 2050 — an effort to curb carbon emissions — is driving demand for the fuel, while the world’s largest producer warned this month of a coming shortfall in supply.

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9

California proposes speed limit bill

A proposed bill in California would prevent cars from speeding. Under the legislation, new cars built or sold in the state from 2027 would require an “intelligent speed limiter” that would stop cars going more than 10 mph above the speed limit. The limiter would use GPS to determine the posted speed limit on the road the car is using. The law leaves provisions for drivers to temporarily override the limiter, perhaps for overtaking, and would not apply to authorized emergency vehicles. Too-high speeds are judged to be a factor in a third of the 40,000 U.S. annual road deaths. Cars sold in the European Union and U.K. are required to have speed limiters, although they can legally be switched off.

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10

Sinner wins men’s Australian Open

REUTERS/Issei Kato

Jannik Sinner won the men’s singles title at the Australian Open, becoming only the fourth man born since 1990 to win a Grand Slam tennis tournament. He beat Daniil Medvedev in five sets, having gone two sets down and looking all but out. Since 2003, the Big Three of men’s tennis — Roger Federer, Rafael Nadal, and Novak Djokovic — have won 66 out of a possible 80 Grand Slams, strangling an entire generation of men’s players. Medvedev, one of the two 1990s-born Grand Slam winners — he beat Djokovic in the 2021 U.S. Open — put Djokovic out again here in a five-set thriller, but could not hold on to his lead in the final, allowing Sinner back into the match.

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Flagging
  • The British government’s controversial legislation to deport asylum seekers to Rwanda faces its first vote in the upper house of Parliament.
  • Hungary’s foreign minister is set to meet his Ukrainian counterpart in Ukraine.
  • The retired space shuttle Endeavour will be lifted into the California Science Center in Los Angeles, where it is going on display.
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LRS

Pearls before swine

It wouldn’t surprise most authors to learn that there’s a huge amount of luck in publishing. After all, your as yet unpublished novel is clearly a work of extraordinary genius, and yet it inexplicably has not gained as much attention as obviously inferior works such as Middlemarch. In her newsletter, Virginia Postrel, herself an author, agrees: “When it comes to books, no amount of intellectual quality is enough without dumb luck.”

“The importance of luck to the spread of valuable insights — and creative work in general — is widely underestimated,” she says. That’s true in science, where studies vital to the understanding of the world — notably, Gregor Mendel’s “Experiments in Plant Hybrids,” written in 1866 but ignored until the early 20th century, revolutionized evolutionary theory — can be missed for decades. But it’s also true of publishing. “Ninety percent of everything may be crap,” she writes. “But that doesn’t mean that the only good stuff is in the 10 percent that sees daylight.”

Cervix with a smile

Cervical cancer is a horrible disease. Unusually for cancers, it disproportionately strikes the young: In the U.K., the most common age to get a diagnosis is 30 to 34. And it kills many thousands of women every year. But, says the epidemiologist Gideon Meyerowitz-Katz on his Substack Health Nerd, there is some good news: It might be eradicated within our lifetimes.

Cervical cancer is almost exclusively caused by human papillomavirus, which is often spread by sexual contact. When that was realized, scientists started working on a vaccine, and in 2006 they created one. Now, 17 years later, the first generation of girls who received that vaccine is reaching the age when cervical cancer is most common — and far fewer of them are getting it. Cases in the U.S. are down 65% among 25- to 29-year-old women, one study found, and in Scotland, among women vaccinated at age 12 or 13, there were no cases at all. Another study in Sweden found similar results. “There is increasingly strong evidence that cervical cancer will be gone within our lifetimes,” says Meyerowitz-Katz, “which is nothing short of miraculous.”

PEP talk

One of the most impactful moments of the George W. Bush presidency was the decision, announced in the same State of the Union speech in which he called for an invasion of Iraq, to pay for antiretroviral drugs for 2 million HIV/AIDS patients around the world. At the time, though, economists objected — the President’s Emergency Plan for AIDS Relief, PEPFAR, may be “humane,” one wrote, “but it isn’t economical.” This wasn’t an objection to overseas aid in general; the claim was that the money would do more good elsewhere, if spent on prevention, rather than cure.

Those arguments made good sense — but 20 years later, we can see they were probably wrong. PEPFAR has saved millions of lives and been one of the most effective aid programs in history. In Asterisk, the development researcher Justin Sandefur asks why the economists got it wrong. They put too much weight, he argues, on shaky empirical evidence supporting alternative possibilities; and they treated the available budget as a fixed sum, when it turned out to be flexible. It’s not that the economists were wrong to think of lifesaving in economic terms: “Economists got PEPFAR wrong analytically, not emotionally, and continue to make the same analytical mistakes.”

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Curio
Paul Delvaux’s The Empress. Flickr

A new art fair in Belgium celebrates the centenary of surrealism. Works by central figures in the movement will be on display including those by Paul Delvaux, whose paintings inspired U.S. artist Andy Warhol, as well as those by contemporary artists taking a surrealist approach. BRAFA Art Fair, the biggest and longest-running in Belgium, pays homage to the “tradition-breaking, dream-delving art movement” until Feb. 4, Artnet reported.

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