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The Taiwan earthquake could rattle global chip supply chains, a Chinese drugmaker wants to challenge͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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April 4, 2024
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Flagship

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The World Today

  1. Call for new Israeli elections
  2. Taiwan quake impacts
  3. Ozempic’s China competitor
  4. Not much AI safety research
  5. Iran weighs strike response
  6. Cashierless scheme ends
  7. Finns reduce homelessness
  8. Gen Z picks trades
  9. Macao horse racing ends
  10. How eclipse affects animals

How unemployment affects men and women differently around the world, and a Korean horror movie breaks box office records.

1

Gantz calls for elections this year

Benny Gantz (left) and U.S. Senate Majority Leader Chuck Schumer. REUTERS/Anna Rose Layden

Israeli war cabinet member Benny Gantz called for early elections in September, becoming the first member of Prime Minister Benjamin Netanyahu’s emergency war government to challenge his rule. There is growing internal anger over Netanyahu’s handling of the war, and Gantz — widely seen as his chief rival — said setting an election date would signal to Israelis “that we will soon renew their trust in us.” Polls show Gantz’s party gaining ground, as well as “little appetite” among Israelis for keeping Netanyahu in power, according to The Times of Israel. That a centrist politician like Gantz is calling for a vote “indicates how the pressure for new elections is ramping up in Israel,” The Atlantic’s Yair Rosenberg wrote. “It’s only going to get more intense.”

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2

Taiwan quake could rattle chip market

REUTERS/Walid Berrazeg

Dozens are missing almost 24 hours after a powerful earthquake hit Taiwan, killing at least nine people and injuring nearly 1,000 others. The quake is likely to disrupt Asia’s semiconductor supply chain, analysts said, even though the world’s largest chipmaker, Taiwan Semiconductor Manufacturing Co., reported only minor damage after evacuating employees. The world is so reliant on Taiwan’s chips that even a small disruption can have ripple effects, including delayed shipments or price hikes. Taiwan is well-equipped to withstand earthquakes; morning commutes resumed shortly after the quake hit and chip facilities quickly got back to work. The island frequently revises its strict building codes to require quake resistance; a 1999 earthquake that killed 2,400 people was seen as a wakeup call.

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3

Chinese drugmaker challenges Ozempic

REUTERS/Hollie Adams

A Chinese drugmaker wants to be the first local pharmaceutical company to produce and sell a weight-loss drug that’s virtually identical to Ozempic. Hangzhou Jiuyuan Gene Engineering — which is seeking approval for its “biosimilar” version of the popular diabetes drug — could challenge Ozempic-maker Novo Nordisk, whose patent on the drug expires in China in 2026. Ozempic has become wildly popular in China, where it is cheaper than in the U.S., although it is not approved for weight loss in the country, The Wall Street Journal reported. China has more obese adults than any other country, and analysts predict a price war could result from the intensifying competition in the next few years.

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4

AI safety makes up 2% of research

Unsplash/Mohamed Nohassi

Though AI safety is a buzzword among companies and lawmakers, it makes up only 2% of overall research on artificial intelligence, according to a new report shared with Semafor. The research is generally focused on ensuring AI models don’t lead to harmful consequences ranging from racial biases in chatbots’ answers to bioterrorism. AI companies often boast about their commitment to safety, but the report from Georgetown University’s Emerging Technology Observatory shows how “inadequate” research in the field is, Semafor’s Reed Albergotti wrote. Lawmakers trying to pass AI regulation bills should be alarmed at the lack of understanding in this area, and they should focus on “allocating taxpayer dollars to basic AI research” instead.

For more insights on AI, subscribe to Reed’s newsletter, Semafor Technology. →

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5

Iran weighs response to Syria strike

Iran's Presidency/WANA (West Asia News Agency)/Handout via REUTERS

Iran is weighing its response to a suspected Israeli airstrike that killed a senior military commander, and could choose to retaliate by striking a U.S. target, officials and analysts said. The U.S., Israel’s top ally, said it had no advance knowledge of the attack on the Iranian embassy compound in Damascus that killed Gen. Mohammad Reza Zahedi, but “the Iranians sound unconvinced,” The Economist wrote, adding that Israel is betting that “Iran is too nervous about a broader war to retaliate in a big way.” But U.S. officials told Reuters they were watching for the possibility of Iran-backed proxies striking American troops in Iraq and Syria, a move that would drag the U.S. further into the simmering regional conflict.

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6

Amazon ends ‘Just Walk Out’ program

Alex Segre/UCG/Universal Images Group via Getty Images

Amazon is ditching plans to eliminate the checkout process in grocery stores. Instead of relying on cashiers, the tech giant’s “Just Walk Out” program used cameras to detect what shoppers grabbed from the shelves, and charged their Amazon account when they left the store. Amazon has struggled to take a large chunk of the grocery store market; Bloomberg noted the checkout technology “alienated some shoppers, who were put off by … the feeling that Amazon had turned a visit to the grocery store into a high-tech vending machine.” The system was also much more reliant on humans: About 1,000 people in India were tasked with manually reviewing most of the sales, The Information reported.

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7

Finland almost ends homelessness

Finland has 3,600 homeless people, the only European Union country to have nearly eliminated homelessness. The country has built or acquired more than 8,000 apartments, part of a 2007 plan by the then-conservative government to make homes available to everyone. Under former Prime Minister Sanna Marin, homelessness fell 40% between 2019 and 2022. The state estimates that the program has saved around $34 million, mainly in healthcare costs. The project is under threat by the current government pushing austerity measures, Spiegel reported. Marin’s target of eliminating homelessness entirely by 2027 has been abandoned, and affordable housing subsidies have been slashed.

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8

Gen Z picks trades over college

Paul Chinn/The San Francisco Chronicle via Getty Images

Young people in the U.S. are increasingly going into trades instead of college. Enrollment in vocational colleges rose 16% in 2023, and those studying construction trades rose 23%. A shortage of skilled tradespeople has driven up the cost of labor, meaning construction pay is up, and many high-school graduates don’t want to take on the debt from attending four-year college. “Not everyone needs a degree, and it takes the value out of a degree if everyone has it,” one 18-year-old planning a career on offshore rigs told The Wall Street Journal. One father, whose son is studying car repair and plans to open his own firm, said he will invest the money he would have spent on college fees in his son’s business.

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9

Macao’s horse racing track closes

ISAAC LAWRENCE/AFP via Getty Images

Macao’s famous horse racing track held its last event. China’s gambling hub, dubbed the “Las Vegas of Asia,” has held races at the Macau Jockey Club since 1980. But crowds have dwindled, with average attendance below 500 last year. By contrast, Macao’s casinos are recovering from their pandemic-era slump, with revenues in March up 53% year-on-year and back to 75% of their 2019 take. Last year, Singapore announced it was shutting its only racecourse. But elsewhere the sport is booming: Hong Kong and Japan have both seen record betting revenues. One Macao punter told Nikkei Asia that the MJC “can only blame itself for its failure,” suggesting that the races were “not clean.”

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10

How animals react to solar eclipses

Chen Jimin/China News Service/VCG via Getty Images

Keep an eye on your pet dog or Komodo dragon during the total solar eclipse on April 8. There is limited research on animals’ reactions to eclipses, but a group of biologists at a U.S. zoo in 2017 observed a dramatic change in many creatures’ behavior during an eclipse; some interpreted the temporary darkness as bedtime, while others displayed anxious behavior. The Komodo dragon, which hadn’t moved an inch two days before the eclipse, suddenly started running around its enclosure, a biologist told Scientific American. Meanwhile, low-energy Galapagos tortoises began breeding at the eclipse’s peak. Some are less dramatic; chickens might head into their coop for a snooze, or a bird might belt out a tune at an unusual time.

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Flagging

April 4:

  • U.S. Treasury Secretary Janet Yellen arrives in Guangzhou for talks with top Chinese economic officials during her four-day visit to China.
  • The Qingming Festival, or “tomb-sweeping day,” is celebrated by people in China and across the Asian diaspora to pay respect to their ancestors and commemorate spring’s arrival.
  • Dev Patel’s directorial debut Monkey Man premieres in Los Angeles, ahead of its worldwide release on Friday.
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Semafor Stat

The number of countries where underemployed women are less likely to be “thriving,” compared to fully employed women, according to a recent Gallup study. “Underemployment” is defined as either not working or having a part-time job but desiring full-time work. The analysis showed that underemployment disproportionately affects women, who were more likely to be working less than their desired level. Gallup determines whether someone is “thriving” based on their rating of their life now and in the future.

For more insights on global wellbeing, explore the 2024 World Happiness Report, from our insights partner, Gallup. →

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Curio
Everett Collection

A Korean horror movie is breaking box office records. In a first for Korea, Exhuma, a thrilling occult movie, hit the 10 million admissions mark and is set to be the country’s 22nd highest-grossing movie ever. The film, which chronicles a rich Korean family in Los Angeles who take the help of shaman exorcists, incorporates elements of Korean folklore and touches on the country’s complicated history with Japan. Although occult films historically have not been popular, Exhuma’s “clear” conclusion and “fun” aspects made it appealing, according to The Korea Herald; it is also now the most successful Korean film in Vietnam and Indonesia.

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