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Hurricane Milton damages are expected to be in the billions, Iran makes a soft-power tourism play, a͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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October 11, 2024
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The World Today

  1. Milton’s economic damage
  2. Israel-UN rift widens
  3. US leads Fortune 500
  4. Democrats’ FTC ‘brawl’
  5. Trump’s global friends
  6. Han Kang wins Nobel
  7. Rafael Nadal retires
  8. Iran tourism drive
  9. India’s ‘lost’ Jewish tribe
  10. HBO IDs bitcoin creator

A portrait dubbed the “Mona Lisa of the Middle East” goes on sale, and our latest Substack Rojak.

1

Hurricanes wreak economic damage

Fallen tress and wreckage.
Bill Ingram/Reuters

Back-to-back hurricanes that pummeled the US will have lasting economic ramifications, especially for supply chains and the insurance market, experts said. The full scope of the damage from Hurricane Milton — which made landfall in Florida Wednesday night, killing at least seven and leaving millions without power — is yet to be seen, but President Joe Biden said rebuilding will “take several billion dollars.” A Federal Reserve official warned that snarled supply chains after hurricanes Milton and Helene could affect the economy for at least six months, while new data showed jobless claims climbed after Helene. The US economy did get a dose of good news Thursday: Inflation cooled to its lowest level since February 2021, though it didn’t slow as much as expected.

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2

Israel opened fire on peacekeepers: UN

Thaier Al-Sudani/Reuters

Israeli forces opened fire on United Nations peacekeeping forces at three locations in Lebanon, the UN said Thursday. The allegations deepen the rift between the UN and Israel: The organization has frequently condemned Israeli actions in Gaza and Lebanon, while Israel has accused the UN of institutional bias. Earlier this month, Israel banned the UN secretary general from entering the country, saying he refused to condemn Iran’s missile attack. The latest row comes as Israel expands its military campaign in Lebanon, which is aimed at dismantling Hezbollah. An estimated quarter of the country is now under evacuation orders, straining aid groups that had already been supporting 800,000 Syrian refugees.

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3

US overtakes China on Fortune 500 list

The US’ lead over China on the Fortune 500 podium this year reflects the revenue challenges facing Beijing’s state-owned companies, according to a new analysis. The US reclaimed the top spot, with 139 firms on the corporate heavyweights list compared to China’s 128. Beijing had led the ranking for several years, and last year the rivals were essentially tied. Performance metrics for China’s largest companies show why the country’s position has dropped: Since the pandemic, they have seen diminishing profit margins and poor returns on assets, according to the CSIS study. Analysts also found that private firms, including electric vehicle and battery companies like BYD and CATL, are more efficient and profitable than state-owned enterprises.

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4

Democrats ‘brawl’ over the FTC

Lina Khan.
Kevin Wurm/Reuters

A fight is brewing inside the US Democratic Party over the Federal Trade Commission’s aggressive regulatory oversight. FTC Chair Lina Khan has repeatedly used antitrust laws to block mergers, making her unpopular on Wall Street, and Democratic megadonors have been calling for her to go: A top Kamala Harris surrogate and billionaire investor told Semafor that Khan was “hurting more than she’s helping.” But prominent Democrat Alexandria Ocasio-Cortez warned that Khan’s ouster would lead to an “out and out brawl” in the party. Before Khan, the FTC was just another “anonymous” regulator, Bloomberg wrote, but she’s now in the donor class’ crosshairs. “I don’t think Lina cares what they think about her in Davos,” one FTC commissioner said.

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5

Trump’s new global friend network

Trump shaking hands with Hugarian PM Viktor Orbán.
Carlos Barria/Reuters

Donald Trump may have more friends on the global stage if he wins this time, Semafor world elections expert Brad Glasser reports. Trump already gushes over Hungary’s Viktor Orbán, but others may also be vying for the Republican’s affection soon. In addition to Argentinian President Javier Milei, populist-right leaders across multiple continents who are poised to govern over the next four years might prove more sympathetic to Trump’s brand of politics. In Canada, Vox has dubbed Conservative leader Pierre Poilievre the pioneer of a “polite Trumpism” that mixes hard-right rhetoric with more moderate policy. In South America, the press calls presidential contender José Antonio Kast “the Chilean Trump,” and the right could also challenge for leadership in Brazil, Colombia, and Peru.

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6

Han Kang wins literature Nobel

South Korean author Han Kang.
Yonhap viz Reuters

South Korean author Han Kang, 53, won the Nobel Prize in Literature Thursday for her “intense poetic prose that confronts historical traumas and exposes the fragility of human life.” Han — whose international breakthrough came after her 2007 novel The Vegetarian was published in English in 2015 — is the first South Korean author to win the literary award. Her win is also a testament to the efforts and influence of small press publishing, “which takes on so much of the heavy work of introducing literature in translation to a wider audience,” The Guardian wrote. The English-language version of The Vegetarian was published by a now-defunct independent publisher.

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7

Rafael Nadal retires

Hannah McKay/Reuters

Rafael Nadal retired from tennis. The Spaniard, along with Roger Federer and Novak Djokovic, formed the “Big Three” that dominated the men’s game for nearly 20 years from the early 2000s. Nadal was almost unbeatable on clay: He once won 81 consecutive games on the surface, and clinched nine French Open titles out of 10 between 2005 and 2014. But he was also victorious on grass and hard courts, winning eight Grand Slams outside France. His rivalry with Federer, with whom he played perhaps the greatest final of all time — a five-set classic at Wimbledon in 2007 — was epic but friendly. The Swiss champion, who retired in 2022, paid tribute to Nadal on Thursday, saying, “What a career, Rafa! I always hoped this day would never come.”

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Plug

Tired of the same old talking heads? Check out Interruptrr, a weekly curated newsletter linking to op-eds and analysis on what’s happening in the world, only through female experts. Opinion and expertise for the 21st century — subscribe for free.

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8

Iran’s new tourism push

Iran has set its sights on becoming a major tourist destination even as it sits at the center of a geopolitical storm. Tehran’s culture minister this week set a goal of attracting 15 million international tourists by 2028; the country saw nearly six million visitors in 2023. The minister also called for 100 luxury hotels to be built each year and hoped to boost annual handicraft exports from $224 million to $2.4 billion, the state-aligned Tehran Times reported. “Just as we need hard power for deterrence, we need soft power to showcase our cultural and civilizational capacities to the world,” he said. Neighboring Afghanistan is also wielding its cultural heritage to become a tourism hotspot.

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9

Indian group claims ‘lost’ Jewish heritage

A community in Northeast India that claims to have descended from an ancient Jewish tribe hopes to immigrate to Israel, but violence both at home and in Israel is jeopardizing that desire. The B’nei Menashe, residing in the states of Manipur and Mizoram, say their ancestors come from one of the “lost tribes of Israel.” The possible connection led many to convert to Judaism starting in the 1970s, and move to Israel. But the journey has now been delayed for some, The Indian Express reported, because of ethnic violence that erupted in Manipur last year, coupled with the war in Gaza and skepticism from some rabbinical authorities who doubt the group’s legitimacy. The delays “represent the ongoing wait of a people torn between two lands.”

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10

HBO doc claims to ID bitcoin creator

HBO

A documentary claimed to have unmasked the anonymous inventor of bitcoin. The concept behind the cryptocurrency was first laid out in a 2008 paper by “Satoshi Nakamoto,” who then released the bitcoin software in January 2009. Nakamoto’s true identity has been the subject of lengthy discussion since: An Australian, Craig Wright, long claimed to be him, but a UK court recently ruled that he was lying. The HBO documentary Money Electric has now declared that Nakamoto is a Canadian crypto expert called Peter Todd — who calls the idea “ludicrous.” There is more than just an interesting mystery here: Nakamoto’s bitcoin wallet contains 1.1 million coins, which are worth around $69 billion and would make their owner the 20th richest person in the world.

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Flagging

Oct. 11:

  • ASEAN leaders meet UN chief António Guterres.
  • The winner of the 2024 Nobel Peace Prize is announced.
  • Netflix premieres Uprising, a film about Korea’s Joseon era.
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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.

Golden Week loses some shine

Thailand once again rolled out the red carpet for Chinese tourists looking to get away for the Golden Week holiday, but this year’s spending blitz was tempered by China’s bumpy post-COVID economy. Bangkok and other Asian destinations courting Chinese travelers have realized that tourism marketing is now all about “enabling lifestyles,” according to Gary Bowerman, a Kuala Lumpur-based writer whose newsletter Asia Travel Re:Set focuses on the continent’s tourism landscape.

For Bangkok, this entails a week of fashion shows, a concert by a Singaporean pop star, and endless retail deals exclusively for Chinese passport holders. But Golden Week in the Thai capital this year was “a little low-key,” and not as packed as it usually is, Bowerman wrote. One big beneficiary of the tourist influx: the Bangkok bakery Butterbear, which recently gained a cult following in China thanks to its dancing mascot on social media. The brand has since featured in the Thai government’s tourism promotion campaign within China.

It’s a party outside the USA

American cultural influence on the global stage hasn’t diminished as much as some doomerist elitists would have you believe, according to the eponymous writer of the travel Substack Chris Arnade Walks the World. Arnade, whose dispatches are based on his walks in off-the-beaten-path locations, dismissed the notion that a large part of the world has grown to hate the US because of its foreign policy — instead, he argued, the country’s soft power is ascendant in the age of Netflix and Instagram.

Arnade recalled meeting a man at a Seoul LP bar whose knowledge of the 1970s rock group The Allman Brothers Band far surpassed his own; a Swedish bartender on the Danish Faroe Islands who was obsessed with US skate punk aesthetics; and a man in a Ugandan fishing village obsessed with country singer Travis Tritt. With the internet and pop culture cementing English’s dominance as the global lingua franca, American culture is the “cultura franca of the world,” Arnade wrote. The admiration for the US persists because most people “are not obsessed with current events, and more importantly, are capable of separating politics, and the policies of a political class, from a country’s citizens.”

Say it ant so

The asteroid strike that killed the dinosaurs 66 million years ago was the equivalent of a “farm-to-table feast” for ants. That’s the finding of a new study that traced ants’ relation to fungus back to that mass extinction event, Becky Ferreira reported in The Abstract, a 404 Media column that recaps scientific studies. After the asteroid strike filled the sky with dust clouds and killed plants that relied on the sun, fungi ate the scraps, kicking off a mutualistic system in which ants cultivate fungi like humans farm crops today.

“The dinosaur-killing asteroid has always fascinated me because it was a dual purveyor of apocalyptic oblivion and supercharged evolutionary creativity,” Ferreira wrote. “Scientists have shown that this colossal impact also provided the conditions for ants to pioneer agriculture, the same innovation that has fueled the modern human domination of the planet.”

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Curio
ArtAncient

A 2000-year-old portrait of a Graeco-Egyptian woman dubbed the “Mona Lisa of the Middle East” is expected to sell for seven figures at Frieze London this week. One of several mummy portraits unearthed in 1888 in the Egyptian city of Fayum, formerly part of the Roman Empire, the brushwork in Portrait L is so refined it recalls the Renaissance masters — its seller originally thought the painting was of a 17th-century noblewoman. The mesmerizing gaze of its subject is thought to have inspired the exquisite, treacherous painting in Oscar Wilde’s The Picture of Dorian Gray. “Her kohl-lined eyes seem to try to catch yours, to pull you into that moment in her life,” The Times wrote.

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