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The World
Chinese President Xi Jinping is set to finish his first visit to the US in six years on a high note, in a week that’s seen a raft of rare good news for Beijing on everything from the economy to Taiwan. Xi will be leaving San Francisco after a broadly positive trip that saw him agree with US President Joe Biden to better manage tensions and reassure Americans that China wants friendship, not war. That could reduce the risk of a crisis that raises military tensions at a time when Xi is struggling with a major property-market slump and a shakeup in senior leadership positions. (Bloomberg)
US business elite welcomes Xi Jinping with standing ovation: China’s president projects friendly tone but analysts say increasing scrutiny has rattled foreign groups. Crowding into the Hyatt Regency to meet the Chinese leader were Elon Musk of Tesla, Tim Cook of Apple and Albert Bourla of Pfizer, all keen on selling more electric cars, iPhones and pharmaceuticals in the world’s second-biggest economy. (Financial Times)
U.S. Executives Get No Reassurance From Xi on Tougher China Business Environment: At a dinner with U.S. corporate chiefs, Xi Jinping sought to enlist corporate America’s help in easing bilateral tensions but made no mention of boosting trade or investment. (Wall Street Journal)
Google CEO Sundar Pichai compares AI to climate change at APEC CEO Summit. (CNBC)
Russia is increasing its rate of arresting and imprisoning critics of the government. While “the crackdown has been going on for years,” it has increased since the February 2022 adoption of a law “criminalizing the spreading of ‘false information’ about the military, effectively outlawing any public expression about the war that deviated from the official narrative.” (Associated Press)
Pedro Sanchez “won the backing of Spain's parliament for another term as prime minister on Thursday, ending months of political deadlock.” His victory came “despite divisions in the country over his decision to grant Catalan separatists amnesty in exchange for their crucial support in a vote of confidence.” (DW)
Nikki Haley’s “strong performances in the Republican presidential debates have won over several of the party’s big donors and intrigued other Wall Street figures this week, as she swung through New York seeking moneyed backers who want an alternative to Donald Trump.” (Financial Times)
Spencer Zwick, “the money maestro for Sen. Mitt Romney's 2012 presidential bid,” is joining Haley's fundraising team. (Axios)
House lawmakers voted this week “to attach a U.S. ban on controversial infectious disease research to legislation that could ultimately fund federal health agencies like the National Institutes of Health.” The bill would prevent federal agencies from funding gain-of-function research, “which involves altering a pathogen to study its spread, potentially making it more transmissible or severe in the process.” Rep. Thomas Massie (R-KY), the amendment’s sponsor, said on the floor, “The danger lies in the fact that you are uncovering secrets that will then be published that can be used to create a pandemic of existential proportions.” (STAT)
The U.S. “has lost one-third of its newspapers and two-thirds of its newspaper journalists since 2005. An average of 2.5 newspapers closed each week in 2023 compared to two a week the previous year,” according to a new Northwestern University study. Most of those that shut down were “weekly publications “in areas with few or no other sources for news.” (Associated Press)
“Sixty-three percent of Americans describe the crime problem in the U.S. as either extremely or very serious, up from 54% when last measured in 2021 and the highest in Gallup’s trend. The prior high of 60% was recorded in the initial 2000 reading, as well as in 2010 and 2016.” However, just 17% say crime is serious where they live. (Gallup)
Economy
Oil prices fell to their lowest levels in four months just a week and a half before OPEC ministers meet in Vienna “to consider extending and deepening production cuts.” Brent crude dipped under $77, “below the $80 level at which government budgets start to strain for Saudi Arabia and Russia.” (Financial Times)
The U.S. has imposed sanctions on three UAE-based shipowners, “accusing them of exporting Russian crude oil priced above the $60 per barrel limit set by the G7 and Australia.” (Financial Times)
U.S. money market fund assets hit an all-time high of $5.73 trillion “as interest rates north of 5% and volatility in fixed-income markets drove investors to havens.” (Bloomberg)
Walmart tumbles 8% on cautious holiday outlook for consumer spending. (Financial Times)
Starbucks employees in 30 cities across the U.S. walked out “in the largest work stoppage in the five-decade history of the company.” More than 360 Starbucks locations have unionized over the past two years, “but the union and Starbucks have yet to reach an agreement on a labor contract at any of the stores. The strike coincides with ‘Red Cup Day,’ an annual promotion that brings many customers to the company's stores for a free holiday-themed reusable cup.” (ABC News)
Technology
The government wrapped up its case in the Google antitrust trial on Thursday. “No decision on whether to hold closing arguments, the final phase of the trial, has been made. They may be held in the spring, according to courtroom discussions about future hearings.” (Reuters)
Apple has fallen further behind in effort to make an iPhone modem chip, “stymied by the complexity of replacing an intricate Qualcomm Inc. component. After already delaying a plan to have an in-house chip ready by next year, Apple is now likely to miss a goal to ship the component by the spring of 2025.” That would “postpone the release until at least the end of 2025 or early 2026 — the final year of Apple’s recently extended contract with Qualcomm.” (Bloomberg)
Amazon will begin letting auto dealers sell cars through its site next year, starting with Hyundai. Amazon “has slowly muscled its way into the car-buying business over the years, launching digital showrooms on its site for shoppers to research and compare vehicles, but not purchase them directly” through its site. (CNBC)
British regulators have “approved a therapy that uses the gene-editing technique CRISPR. The approach treats two inherited blood disorders, including sickle cell disease, which afflicts mostly people of African ancestry, by modifying a patient’s blood stem cells in the lab and returning them.” The therapy is the first of its kind approved anywhere in the world. (Science)
Two Israeli startups are rejecting the investments of Web Summit’s venture arm “after former Web Summit CEO Paddy Cosgrave referred to Israel’s retaliatory strikes on Gaza as ‘war crimes.’ Startups rarely attempt to return investments after the money is wired, underscoring how the conflict is dividing companies and institutions and their backers.” (The Information)
IBM has pulled its advertising presence from X “as Elon Musk continues to endorse far-right talking points — agreeing with posts this week that promoted antisemitism and pushed support for white pride.” (The Verge)
Smart Links
GM UAW members ratify contract after 54.7% approval in vote. (Detroit Free Press)
Cryptocurrency Prices Surge, Driven by a Potential Bitcoin Fund. (New York Times)
China-funded airport opens in Cambodia with more projects to come. (Nikkei Asia)
Alibaba reverses cloud unit spinoff plan amid new U.S. chip rules. (Nikkei Asia)
Google DeepMind wants to define what counts as artificial general intelligence. (MIT Technology Review)
From toy to tool: DALL-E 3 is a wake-up call for visual artists — and the rest of us. (Ars Technica)