ITK Daily | November 21

Happy Monday.

Here’s today’s ITK Daily.

To be ITK, know this:

At COP27, poorer countries secure climate-damage fund: WSJ reports poorer countries secured a deal at United Nations climate talks to create a fund for climate-related damage as part of a broader agreement that failed to yield faster cuts in global emissions.

+ Who pays, the amount of money, and the details of how the fund operates are to be worked out at future international talks.

+ The US and the EU had previously resisted the idea of a fund, worried it could pave the way to establishing legal liability.

The world will never agree to phase out petroleum. And that’s OK: There’s a new divide in climate talks. It’s no longer the gap between rich and poor that matters, but the one between fossil fuel importers and exporters. David Fickling

Brazilian wins race to head Latin America’s top development bank: WSJ reports economist Ilan Goldfajn, a former central banker and respected technocrat, beat rivals from Chile and Mexico.

+ Ilan Goldfajn secures overwhelming support after Argentina pulls candidate.

+ The IDB arranged funding of more than $23bn to Latin America and the Caribbean last year, and its president is chosen by the 48 shareholder countries.

+ The US wields the most votes, with 30 percent, followed by Brazil and Argentina with 11.4 percent each, and Mexico with 7.3 percent.

French-speaking bloc examines unrest in Africa: AFP reports facing calls to do more to resolve global crises, the world's French-speaking leaders met in Tunisia Sunday to discuss growing instability and popular discontent in francophone Africa.

Bloomberg: Macron lashes out at Russia’s ‘predatory’ strategy in Africa

+ Moscow stoking anti-French sentiment, Macron tells TV5 Monde

+ France is trying to counter Russian ‘disinformation’

Turkish jets strike Kurdish militants after Istanbul bombing: FT reports the foreign minister says ‘it’s reckoning time’ following overnight attacks in Syria and Iraq.

+ The operation came a week after Turkey blamed the PKK for a bomb attack in Istanbul that killed six people, and the ministry’s statement cited Ankara’s right to self-defense in carrying out the assault.

Zaporizhzhia shelling: Explosions at occupied nuclear site in Ukraine: BBC reports more than a dozen powerful explosions have been recorded near a huge Russian-occupied nuclear power plant in south Ukraine since Saturday evening.

+ The International Atomic Energy Agency said there were multiple explosions near the plant.

China and Australia are going back to business, without illusions: Mutual suspicions are too great now for the relationship to return to its previous warmth. Dave Sharma

Australia learns there’s no replacement for the Chinese consumer: Spat with China leaves wine merchants to seafood sellers facing hard slog to find alternative markets. Bloomberg

For rivals Japan and China, the new space race is about removing junk WP

Japan’s prime minister sacks 3rd minister in a month: AP reports the internal affairs minister in Japanese Prime Minister Fumio Kishida’s government was forced into resigning over funding irregularities on Sunday, in a blow to the scandal-prone Cabinet that has already lost two ministers in one month.

+ PM Kishida under fire as scandals distract from year-end legislative agenda

+ The current parliamentary session ends on December 10. Extending the session could delay work on tax and budget proposals for fiscal 2023.

US-Europe trade booms as old allies draw closer: Russia’s attack on Ukraine and China’s economic travails are encouraging a trans-Atlantic trade and investment renaissance. WSJ

Today: Vice President Kamala Harris visits the Philippines.

Top US House Republican McCarthy plans special China committee: Reuters reports Kevin McCarthy, the Republican leader in the US House of Representatives, said on Sunday he would form a select committee on China if he is elected speaker of the chamber, accusing the Biden administration of not standing up to Beijing.

+ "China is the No. 1 country when it comes to intellectual property theft. We will put a stop to this and no longer allow the administration to sit back and let China do what they are doing to America."

Bloomberg: TikTok draws bipartisan fire in US on China surveillance concern

+ Senators Cotton and Warner warn of dangers to young app users

+ Biden administration weighing deal to keep the app running in US

A US Navy warship sailed through the Taiwan Strait on November 5, a Pacific Fleet spokesperson told Nikkei on Saturday, but the transit was not disclosed at that time in a likely attempt to avoid provoking China ahead of a bilateral summit.

US lawmakers to foreign allies: Midterm results show our democracy is safe: Politico reports members of a bipartisan delegation at the Halifax International Security Forum highlighted the resounding defeat of candidates who backed Donald Trump’s efforts to overturn the 2020 election.

Election 2022: Only 26 House seats (6% of the races) flipped from one party to the other.

As Biden turns 80, some Democrats see age as issue for potential 2024 bid: WSJ reports the president has called himself a bridge to a new generation, but some in his party say it is time to step aside.

DeSantis, others draw distinctions with Trump in 2024 GOP nomination race: WSJ reports the Las Vegas gathering of Republican Jewish Coalition generates applause for both the former president and his rivals.

+ FL Gov. Ron DeSantis had the prime-time speaking slot Saturday and walked on stage to a reception unmatched by others.

+ DeSantis says Florida is a model and he’s ‘only begun to fight’

AP: Trump’s growing GOP challengers revive fears of 2016 repeat

A weakened Trump tries again. Can a challenger take him down in 2024? A crowded field of rivals could take shape, but many in GOP now look to Florida Gov. DeSantis as the alternative. Dan Balz

Democratic Senate loss in Ohio raises bar for Sherrod Brown in 2024: Tim Ryan’s loss to JD Vance is another reminder that Ohio is no longer a swing state. Can Brown, the Democratic incumbent, hold the seat in what’s shaping up as a crucial Senate election in 2024? NYT

Debunking the myth of the tech gods Christopher Mims

FTX businesses owe more than $3bn to largest creditors: FT reports the collapsed crypto group’s 50 largest creditors are all customers and are all due more than $20mn.

Sony-Honda venture plans to tap entertainment prowess for its electric cars: FT reports 索尼 and Honda plan to use music, movies, and the PlayStation 5 to take on Tesla and the rest of the automotive industry by developing an electric car built around a premium entertainment experience.

+ The comments by the joint venture heads show how companies are working to adapt to shifting consumer preferences in cars.

The Los Angeles Auto Show focuses on electrification WSJ

Banksy has accused clothing retailer GUESS?, Inc. of stealing his iconic “Flower Thrower” motif for a store display on Regent Street in London, and has urged his 11.5 million Instagram followers to shoplift from the store.

An unlikely hub for big-tech challengers emerges in Utah: Bloomberg reports for decades, conservative economic thought on the virtues of the free market has reigned supreme in American jurisprudence, nourished by scholars at places such as the 美国芝加哥大学 and George Mason University . The University of Utah is looking to change that.

+ With a new initiative dubbed “The Utah Project on Antitrust and Consumer Protection,” the university wants to position itself as a center of progressive economic thought and policymaking even though it’s based in a state better known for its conservative politics.

Welcome to Lagos fashion week 2022: One of the most style-obsessed cities in Africa, Lagos also has one of the world’s most vibrant fashion weeks. The Times

Ellen Pompeo is leaving ‘Grey’s Anatomy’ after 19 seasons as Meredith Grey.

Black Panther: Wakanda Forever dominated the North American box office for a second straight weekend, taking in an estimated $67.3 million as part of its global total of $546 million.

Gary Oldman breaks his silence: ‘I’d be happy to go out after Slow Horses’: The actor talks divorce, booze, and why he’ll happily retire after Mick Herron’s spy drama. The Times

It’s football on a heavy acid trip but the Qataris have what they crave — the world’s attention: Air guitar, ￡20 beer, and Bangladeshis posing as Argentina fans — this World Cup is a festival of bonkers but its hosts could still be the ultimate winners. Josh Glancy

Qatar's PSG takeover has not strengthened French football: Ten years after Qatar bought the Paris club, other French teams are yet to benefit from any trickle-down effect. Jean-Pascal Gayant + Stéphane Guy

AFP: Ko wins Ladies Professional Golf Association (LPGA) Tour Championship and Player of the Year

Enjoy the ride + plan accordingly.

-Marc

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