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The World
China's Xi in US for high-stakes Biden summit, APEC: Chinese President Xi Jinping began his first visit to the United States in six years on Tuesday, after President Joe Biden said he aimed to restore normal communications with Beijing and his top diplomat stressed the need for freedoms that Washington says Beijing is undermining in the Asia-Pacific region. Xi is on his first visit to the U.S. since 2017. He is due to meet Biden at an undisclosed location in the San Francisco Bay Area on Wednesday morning and then attend the annual summit of the Asia Pacific Economic Cooperation (APEC) forum. (Reuters)
U.S. and China Agree to Displace Fossil Fuels by Ramping Up Renewables: The climate agreement between the two countries is seen as a bright spot as President Biden prepares to meet President Xi Jinping. (New York Times)
President Biden said he thinks “a deal to free dozens of hostages held by Hamas and other Palestinian groups in Gaza ‘is going to happen.’” Israel and the U.S. are negotiating with Hamas through Qatar. Biden said “he has been speaking to people involved in the hostage negotiations ‘every single day.’” Asked what message he “wanted to send to the families of the hostages, Biden said: ‘Hang in there. We are coming.’” (Axios)
Only journalists “contractually employed by registered media outlets” will be allowed to cover election commission meetings in Russia, “potentially barring freelancers and independent journalists,” in changes approved by Vladimir Putin in advance of the March presidential election in which Putin is expected to seek another six-year term. (Associated Press)
The price cap on Russian oil sales “is being almost completely circumvented, according to western officials and Russian export data.” According to one European government official, “‘almost none’ of the shipments of seaborne crude in October were executed below the $60-a-barrel limit that the G7 and its allies have attempted to impose.” (Financial Times)
Turkey’s parliament will consider Sweden’s bid to join NATO this week “as President Recep Tayyip Erdogan seeks to improve defense relations with U.S.-led allies.” Approval would still require backing “from the entire assembly, where Erdogan’s ruling AK Party and its allies hold a majority of seats and the president has indicated he is now in favor.” (Associated Press)
Estonian PM Kaja Kallas open to being next NATO chief (Politico)
Speaker Mike Johnson endorsed Donald Trump for president “while defending the former president’s efforts to reverse his 2020 election loss.” Johnson told CNBC, “I’m all in for President Trump. I expect he’ll be our nominee, and we have to make Biden a one-term president.” (CNBC)
“Tensions ran high on Capitol Hill, as the marbled corridors of Congress devolved into a backdrop for heated clashes — some of them physical — among lawmakers.” Kevin McCarthy “elbowed one of the Republicans who had voted to oust him,” while Sen. Markwayne Mullin (R-OK) “rose to challenge an organized labor leader to a brawl during a hearing.” (New York Times)
“The Senate has had enough of Alabama Sen. Tommy Tuberville’s nine-month-long blockade of military nominations and promotions over the Pentagon’s abortion travel policy, but they haven't yet agreed on how to fix it.” The Rules Committee voted along party lines on Tuesday “to change a rule Tuberville has used to single-handedly block more than 360 nominations and promotions since February.” But the change requires at least 60 votes on the floor, “and it’s unclear there will be enough Republican votes to advance it.” (USA Today)
Universities Prepare to Launch 2-Year Colleges: The goal of the model, started at Loyola University, is to get low-income students to and through college with little to no debt. (Inside Higher Ed)
Repairs to reopen 10 Freeway in downtown L.A. could take 3 to 5 weeks — likely less, engineer says. A section of the 10 Freeway in downtown Los Angeles that was damaged by a massive fire over the weekend will not need to be demolished, but repairs will take three to five weeks, officials said. (Los Angeles Times)
Economy
“Disinflation is back: October's Consumer Price Index shows further progress on inflation, an about-face from September data.” The “cooler data is the latest to suggest more subdued, though not falling-off-a-cliff, economic activity.” The October CPI “was flat (or, unrounded, up 0.04%) as gasoline prices plunged.” Core CPI, which excludes food and energy prices, was up 0.2% for a 3.2% annualized rate, “down from the 3.6% in September.” (Axios)
“The report provided the Federal Reserve with renewed evidence that its battle against rapid inflation is working — and likely reduced the need for further rate increases.” (New York Times)
Japanese economy contracts by more than expected in challenge for BoJ policymakers. (Financial Times)
China’s Consumers Provide Boost to Economy in Search of Support: Retail sales climb 7.6% in October compared to weak 2022. (Bloomberg)
Hedge funds are profiting “after a series of well-timed bets against wind energy stocks, with some wagering there is further pain to come for the troubled sector.” The shorts are indicative of the “broader loss of enthusiasm for green energy stocks, despite huge tax credits and subsidies offered by governments to renewables companies” in Europe and the U.S. (Financial Times)
Millennials “are not all worse off than their baby boomer counterparts,” according to a new University of Cambridge study “analyzing major differences in the life trajectories and wealth accumulation of the generations in the U.S. However, a stark and growing wealth gap exists between the two groups.” (USA Today)
Technology
Under YouTube’s new rules for AI content, creators will be required to “reveal whether they’ve used generative artificial intelligence to make realistic looking videos.” Those who do not “face penalties including having their content removed or suspension from the platform’s revenue sharing program.” (Associated Press)
Airbnb has made its first acquisition as a public company, purchasing startup Gameplanner.AI for about $200 million. Gameplanner.AI “will accelerate some of Airbnb’s AI projects, according to Airbnb.” (CNBC)
Amazon invested more than $8 billion in Japan last year, up 20% from 2021. Amazon Japan “opened large fulfillment centers in Hyogo prefecture, near Osaka, as well as Kanagawa and Saitama prefectures, near Tokyo, in 2022. Eighteen delivery stations, which handle last-mile deliveries to customers, were also built.” (Nikkei Asia)
Smart Links
U.S. Reenters the Nuclear Fuel Game. (IEEE Spectrum)
Europe’s AI Act talks head for crunch point. (TechCrunch)
Google DeepMind’s weather AI can forecast extreme weather faster and more accurately. (MIT Technology Review)
Ken Griffin Sees Miami Possibly Replacing NYC as Finance Capital. (Bloomberg)
Ethiopia and Eritrea: Is a new war looming? (DW)
Climate Change’s $150 Billion Hit to the U.S. Economy. (Wall Street Journal)
The Best and Worst Airports of 2023. (Wall Street Journal)