ITK Daily | November 23

Happy Wednesday.

Here’s today’s ITK Daily.

To be ITK, know this:

Learn more | Global Great Lakes: Overview deck of the Global Great Lakes mission and services offerings.?Learn more here.

The future of the global economy is the Great Lakes.

Ukraine war continues to slow global growth, report says: “Risks remain tilted to the downside,” the Organization for Economic Cooperation and Development said, predicting economies will grow only 2.2 percent next year.?NYT

+ The Organization for Economic and Cooperation and Development released its outlook for the global economy for 2023 on Tuesday, and the Paris-based club of rich nations is a little bit more optimistic about next year than other observers.

+ The organization is bullish about China.?

Reuters: Bolsonaro challenges Brazil election he lost to Lula

+ Brazil's currency deepened losses after news of the electoral complaint, losing 1.5% against the U.S. dollar in afternoon trading. The real was already suffering from investor concerns about Lula's spending plans and economic policymakers.

AP: US and Chinese defense chiefs meet amid strained relations

US, Chinese defense chiefs meet in reflection of easing tensions: WSJ reports bilateral gathering in Cambodia follows summit between President Biden and Xi Jinping this month.

Kamala Harris seeks to strengthen Philippines alliance amid fraught China relations: WSJ reports the vice president touts proposed expansion of a military pact, pledging $7.5 million for the country’s maritime law-enforcement agencies.

+ Harris became the highest-ranking US official to visit Palawan island in the South China Sea, which has been at the front line of the tense maritime feud between China and several Southeast Asian countries.

+ Her historic visit symbolizes Washington's pledge of "unwavering" security commitments to its oldest Asian ally.

China's soaring COVID cases bring shutdowns in Beijing, elsewhere: Nikkei reports China is imposing coronavirus controls in Beijing and other major cities as infections soar near record levels, less than two weeks after saying it would ease the country's strict zero-COVID policy.

In China, youth frustration over zero-COVID policy is taking a political turn: Young people feel robbed of their youth by an increasingly autocratic power, to the point of daring to criticize the regime more openly.?Le Monde

+ After three years of a zero-Covid strategy enforced with the utmost firmness in China, weariness is turning into frustration, and frustration sometimes into anger.

+ The consequences of this ultra-strict approach affect the daily life of most Chinese as well as the economy. (The International Monetary Fund forecasts growth in 2022 at 3.2%, the second lowest since 1977).

WSJ: Indonesia earthquake death toll rises to at least 268

Britain’s trade honeymoon is over: Forging an independent trade policy was a key Brexit selling point — but now the rubber’s hitting the road.?Politico

Germany and France join forces against Biden in subsidy battle: EU’s top economies leave behind their recent tensions to push for EU action amid trade war fears.?Politico

France, Germany, Italy agree on next-generation space rockets: AFP reports France, Germany, and Italy, the three biggest contributors to the European Space Agency - ESA , said Tuesday they have agreed to guarantee the future of the next-generation Ariane 6 and Vega-C rocket launcher systems.

+ The ESA has had to scramble to find a way to get its missions into space after Russia withdrew its Soyuz rockets in response to European sanctions over Moscow's war in Ukraine earlier this year.

International community rallies around Moldova in the face of Russian threat: Le Monde reports France has announced an aid package of €100 million for the vulnerable former Soviet republic, whose security is considered crucial in the context of the war in Ukraine.

Qatar and France: 50 years of advantageous friendship: Qatar has been subject to criticism from many angles in France, ahead of the World Cup. But over the past half-century, the two countries have formed a mismatched couple that has known ups and downs but has consistently found answers to each other's needs.?Le Monde

Qatar World Cup critics are unprepared for the rest of this century: The West will have to make far worse moral compromises as the center of global power creeps elsewhere. current progress 0% Janan Ganesh?

Randi Weingarten: Until yesterday, I had no idea who she was.

Mike Pence staffs up with an eye on 2024: Politico reports the former VP is bringing on Ben Sasse’s spokesperson. More hirings are likely to come.

Naomi Biden in Vogue:

Hoo boy...

+ @AshleyRParker: I spent four years covering the Trump WH and two years covering the Biden WH. What’s fascinating is that they both lie, albeit in v different ways. Trump team was shameless, whereas Biden team is too cute by half.

@seungminkim: "The wedding of Naomi Biden and Peter is a private one.?The family — it’s a family event.?And Naomi and Peter have asked that their wedding be closed to the media, and we are respecting their wishes." @PressSec, last week

Dumb move here by Team Biden.

Carmakers try to frustrate US push to cut China from EV supply chain: FT reports the world’s largest carmakers are trying to water down a Biden administration effort to replace Chinese components with US ones in electric-vehicle manufacturing, as the industry grapples with dependence on battery materials processed overseas.

+ Carmakers still depend heavily on minerals processed in China, and they worry that they will lose customers for any vehicle not made $7,500 cheaper by the US government.

Inside Sam Bankman-Fried’s extravagant penthouse lifestyle in the Bahamas, where the T-shirt-clad FTX founder lived like royalty?Fortune

+ “In 1706, the Bahamas got designated as a pirate republic. Nothing has changed except for the design of the suits they wear.”

+ Even as FTX was the biggest business story in the world, locals clammed up. That included six white-shoe law firms—ordinarily, attorneys love to gab, but in this case, I encountered a wall of silence. Only one said it was because they were involved in the case.?

+ “People come here and do what they need to do. If they shit the bed, they shit the bed and leave. If they make their money, then they stay here for a while. It’s just another day in the Bahamas.”

HP ?said it plans to cut between 4,000-6,000 employees by the end of 2025.

Dell Technologies ?warned of a worsening decline after a 17% drop in third-quarter laptop and desktop sales.

Disney do-over: Can Bob Iger pick up where he left off??From streaming and cord-cutting to finding a successor, the returning chief will confront some familiar issues.?FT

Elon Musk?has lost $100 billion this year, but he’s still the world’s richest person.

Blanchett and Yeoh films top indie Spirit Award nominations: AFP reports Michelle Yeoh's "Everything Everywhere All At Once" and Cate Blanchett's "Tar" led the Spirit Awards nominations Tuesday, underlining their credentials as the indie films to watch this awards season.

Manchester United?has reached an agreement with Cristiano Ronaldo to mutually terminate his contract with immediate effect.

Word on the street...Cristiano Ronaldo will join the Detroit Lions...

WSJ: Glazer family says it will explore a sale of Manchester United

+ The Glazers bought United in 2005 in a ￡790 million deal that was extensively funded by debt, and the club was valued at ￡3.7 billion by Forbes in the summer.

The Times: Pep Guardiola agrees two-year extension with Manchester City

An all-time upset at the World Cup: Thoughts from a shock in the desert: Saudi Arabia 2, Argentina 1.?Jason Gay

The French mastermind behind Saudi’s historic upset of Argentina: Hervé Renard has made it his specialty to turn around national teams in Africa and Asia.?WSJ

+ “I think many French journalists didn’t even know that the manager of Saudi Arabia was French,” Renard said on Tuesday.

+ “Football is not for the dreamer. If you work very well and play very well, the results will arrive.”

+ "All the stars in the sky were aligned for us, but don't forget Argentina are still a fantastic team."?

Saudi Arabia?declares a public holiday following the team's victory over Argentina at the World Cup.

Back in the day, I coached a youth soccer team that lost 11-1 to an Argentinian team. Fully completely defeated.

A draw was good for the USMNT. But at some point, ‘good’ isn’t good enough.?Steven Goff

CONCACAF : Undefeated. Just sayin'.

Upcoming NCAA men's basketball Final Fours:

2023 - Houston

2024 - Phoenix

2025 - San Antonio

2026 - Indianapolis

2027 - Detroit

2028 - Las Vegas

2029 - Indianapolis

2030 - Dallas/Fort Worth

Enjoy the ride + plan accordingly.

-Marc?

Caracal produces ITK Daily.

Caracal is a geopolitical business communications firm specializing in global business issues at the intersection of globalization, disruption, and politics.

Caracal believes that to be a world-class geopolitical business communicator, you need global street smarts coupled with holistic, high-frequency, and high-low communications.

To receive Caracal ITK Daily by email, subscribe here.