• D.C.
  • BXL
  • Lagos
  • Dubai
  • Beijing
  • SG
rotating globe
  • D.C.
  • BXL
  • Lagos
Semafor Logo
  • Dubai
  • Beijing
  • SG


Analysts break down China’s new military budget, Tesla suffers a rough 24 hours, and Taylor Swift’s ͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
sunny Beijing
thunderstorms Colombo
sunny Manila
rotating globe
March 6, 2024
semafor

Flagship

newsletter audience icon
Asia Morning Edition
Sign up for our free newsletters→
 

The World Today

  1. Ceasefire talks falter
  2. China’s military spending
  3. New TikTok bill
  4. Tesla factory sabotaged
  5. Sri Lanka’s eco boom
  6. Still in the Holocene
  7. Authoritarian movies
  8. Singapore’s Swift deal
  9. Quantum computer test
  10. Grindr’s long-term plans

The hottest new arena for pop stars to drop music.

↓
1

No breakthrough in Gaza deal

​​A protest in Washington. REUTERS/Bonnie Cash

Three days of Gaza ceasefire talks involving U.S., Qatari, and Egyptian negotiators in Cairo failed to spark a breakthrough, as U.S. President Joe Biden warned it would be “very dangerous” to not have a deal by the start of Ramadan next week. Biden said Israel — which boycotted the latest talks — had agreed to a six-week ceasefire and the release of Israeli hostages, and the deal was “in the hands of Hamas.” But the militant group continued to push for a permanent ceasefire Tuesday. As Gaza talks languish, Israel’s defense minister said the country is nearing a “dangerous escalation” with Hezbollah. The Iran-backed group has exchanged rocket fire with Israel, and a U.S. envoy arrived in Lebanon in the hopes of preventing an all-out war.

PostEmail
↓
2

China ups military spending

China’s plan to increase its defense budget by 7.2% — outpacing its 5% economic growth target — isn’t necessarily a sign of a more aggressive policy despite rising regional tensions, experts said. Beijing’s spending has increased over the years, reflecting leader Xi Jinping’s goal of making the military a “world-class force” by 2027. Though China watchers noted the absence of any mention of a “peaceful reunification” with Taiwan — which Beijing sees as a breakaway province — in this year’s budget report, the military will likely focus on increasing its equipment and training, an expert told the South China Morning Post, “to ensure they can win the fight when being called up.” China’s military spending makes up 1.2% of its GDP, well below the U.S.’s share.

PostEmail
↓
3

US bill aims to force TikTok sale

Reps. Mike Gallagher and Raja Krishnamoorthi. Anna Moneymaker/Getty Images

A new bill would force TikTok owner ByteDance to sell off the short-form video platform in six months or face a ban in the U.S. The bipartisan proposal, sponsored by leaders of the China-focused House committee, reflects the ballooning national security concerns in Washington over the Chinese-owned app. The legislation, which TikTok equated to an “outright ban,” would also empower President Joe Biden to designate other apps as controlled by a “foreign adversary.” TikTok and China are hot-button issues in the presidential election, and Biden’s campaign recently joined the app in a bid to reach young voters. ByteDance’s revenue, meanwhile, rose 43% in the third quarter of 2023, at nearly twice Meta’s growth rate.

PostEmail
↓
4

Tesla factory sabotaged

Tesla had a rough 24 hours, as its shares slipped following a suspected arson attack on its Berlin Gigafactory; its “apocalypse-proof” cybertruck was involved in a crash in California; and its February sales in China dropped to their lowest level in more than a year. Environmental activists have been protesting Tesla’s expansion plans in Berlin, and a German left-wing group claimed responsibility for the sabotage, prompting CEO Elon Musk to call them “the dumbest eco-terrorists.” Delays and local opposition have hamstrung Musk’s ambitions for the factory to dominate Europe by producing a million cars a year. Meanwhile, in China, “it’s been a perfect storm of headwinds for Tesla,” an analyst said, as the company battles slowing demand and fierce competition from local rivals.

PostEmail
↓
5

Sri Lanka’s clean, green fashion

ISHARA S. KODIKARA/AFP via Getty Images

Sri Lanka’s fashion industry is embracing sustainable development as both an environmental and money-making tool. More factories in the island country — which controls a small share of the global garment market but supplies major brands like Gap and Patagonia — are implementing green tech such as solar panels and wastewater processing, Nikkei reported. The government is trying to make some of its free trade zones more environmentally friendly, part of a larger push to transition to a clean economy and achieve net-zero carbon emissions by 2040. More factories have realized that sustainable manufacturing is “the financially correct choice,” a local garment industry executive said, in part because global shoppers are increasingly looking for ethical brands.

PostEmail
↓
6

Experts reject move into human age

U.K.’s Calder Hall, the world's first full-scale commercial nuclear power station in 1956. Ann Ronan Pictures/Print Collector/Getty Images

A committee of scientists decided the world has not yet moved into the “Anthropocene,” the human age, rejecting a proposal to declare that we’re no longer in the Holocene, a geologic time interval that began 11,700 years ago. Experts proposed the Anthropocene starting in the mid-20th century, as nuclear bomb tests began, The New York Times reported, but opponents argued that timestamp downplays human impact on the preceding centuries. “It constrains, it confines, it narrows down the whole importance of the Anthropocene,” one committee member said. If the Anthropocene were demarcated on the Earth’s 4.6-billion-year timeline, it would join the likes of ​the Triassic and Paleogene ages, which were defined by the rise of dinosaurs and mammals, respectively.

PostEmail
↓
7

Filmmaker pitched docs to autocrats

Igor Lopatonok. Manuel Romano/NurPhoto via Getty Images

A U.S.-based filmmaker linked to Oscar-winning director Oliver Stone pitched a series of flattering documentaries to the autocratic leaders of Belarus, Azerbaijan, and other countries. According to an Organized Crime and Corruption Reporting Project investigation, Igor Lopatonok — who has produced two pro-Kremlin documentaries about Ukraine and a series about Kazakhstan’s former authoritarian ruler — promised that Stone, his former collaborator, would be involved in the projects. While Stone’s 2017 interviews with Russian President Vladimir Putin were panned as “embarrassingly generous” to the leader, his collaboration with Lopatonok — whom OCCRP described as pro-Putin — is not widely known. Lopatonok has sought to monetize his projects by offering “powerful people something they couldn’t resist: Legitimacy on the world stage.”

PostEmail
↓
World Happiness
PostEmail
↓
8

Diplomatic spat over Swift deal

REUTERS/Caroline Chia

Singapore sparked a regional diplomatic row over its deal with Taylor Swift to perform in the city-state on her Eras Tour — and nowhere else in the region. The Thai prime minister alleged that Singapore offered up to $3 million in subsidies to Swift per concert in exchange for exclusivity, prompting a Philippine lawmaker to say it wasn’t “what good neighbors do.” Singapore’s prime minister confirmed there was an agreement, but added that it wasn’t “unfriendly” to neighboring countries. Swift’s six concerts are expected to bring in at least $260 million into the local economy, CNBC reported, with some comparing the deal to cities bidding to host major sporting events like the Olympics or the World Cup.

PostEmail
↓
9

A prize for quantum computers’ uses

Google’s Quantum Computing Lab at the Quantum AI campus in Goleta, California. FREDERIC J. BROWN/AFP via Getty Images

Google launched a $5 million competition to find out what quantum computers can actually do. In theory, quantum computers can be incredibly powerful, and research shows they could accelerate drug development and boost fusion research, but their practical applications are so far unclear. The XPRIZE Quantum Applications competition asks entrants to come up with real-world challenges that quantum computers could solve more effectively than existing, classical computers: Up to 20 teams will share $1 million, with the rest going to three winners and runners-up. There’s no need to get discouraged about the unknown utility of quantum computers, Gizmodo wrote, noting that actual computers in 1950 “were the size of pickup trucks and had very few practical uses at all.”

PostEmail
↓
10

Grindr’s new focus on relationships

Rafael Henrique/SOPA Images/LightRocket via Getty Images

Grindr, the LGBTQ+ dating app mostly used for hookups, is hoping to expand its appeal with features focused on long-term relationships, professional networking, and travel. The company has had a rollercoaster 18 months, with shares leaping 300% in November 2022 after a merger, before falling. But its CEO, George Arison, pointed to Uber’s expansion into food delivery as a model of how an app can broaden its horizons. Grindr also underwent a debt restructuring last year, and its stock has rebounded, outperforming other dating apps such as Bumble. Arison told the Financial Times that while 88% of Grindr users use the app for casual interactions, about half also said they use it for finding dates and relationships, a number that had “increased dramatically over the years.”

PostEmail
↓
Friends of Flagship

There’s a lack of slap in your inbox — but that’s why The Hustle exists. The Hustle wraps up business and tech into savory 5-minute reads for over 2.5M+ self-starters and info junkies. You’ll get the facts and stats, without the fluff. Sign up today.

PostEmail
↓
Flagging

March 6

  • The United Nations’ nuclear watchdog chief is set to meet Russian President Vladimir Putin in Sochi for talks focusing on Ukraine’s Zaporizhzhia nuclear power plant.
  • Closing arguments are due in former Honduras President Juan Orlando Hernandez’s trial on U.S. drug trafficking charges.
  • The Green Carpet Fashion awards — co-chaired by actresses Cate Blanchett and Zendaya, along with Ugandan climate activist Vanessa Nakate — are held in Los Angeles.
PostEmail
↓
Curio
Ariana Grande’s avatar for a virtual performance in 2021. Epic Games.

Pop stars are turning to video games to debut and promote their music, sometimes before the songs hit traditional streaming platforms. Music has long been integral to video game culture — the Grammys recently launched a category for game soundtracks — but interactive games like Fortnite allow artists to put on virtual shows, drawing huge viewership numbers. Lady Gaga — well, her avatar, at least — is currently headlining Fortnite’s “Festival” mode, as labels tap into gaming culture. “We’re trying to meet fans where fans are at,” the president of Sony Music’s global digital business told The Wall Street Journal. Younger generations, he said, prefer gaming as their entertainment choice over video.

PostEmail
↓
Hot on Semafor
  • FBI hunts for suspected Iranian assassin targeting Trump-era officials.
  • France becomes the first country to enshrine abortion rights in its constitution.
  • The EU hits Apple with a $1.9B antitrust fine.
PostEmail