ITK Daily | December 9
Happy Friday.
Here’s today’s ITK Daily.
To be ITK, know this:
With Bernard Arnault now the world’s richest man, here's a rant I penned back in December 2019 on how Bernard Arnault is like a cuckoo bird.
Insights | Better to innovate, create, or aggregate?
Arnault has never stitched a bag, designed a ring, or launched a product - he and his team have simply made them better.
Going from zero to one sounds sexy and will get you on the cover of magazines, but a better move might be to innovate and make something better.
+ “Arnault is like a cuckoo: he moves in and takes over others’ nests rather than building his own,” says Dana Thomas, author of Deluxe: How Luxury Lost Its Lustre
How Estonia is helping Ukraine take on Russian cyber threats: Estonia is playing a leading role in providing cybersecurity and digital support for Ukraine, areas the Baltic nation dominates in. Politico
Ukrainian ingenuity is ushering in a new form of warfare at sea: Are uncrewed attack vessels the wave of the future? Economist
Ukraine says Western allies shouldn’t fear Russia falling apart: Ukrainian foreign minister says Kyiv has the right to strike inside Russia to defend itself, refuses to compromise on territory, and sees no prospect for peace talks. WSJ
As the French worry about possible power cuts, Macron tries to keep up morale: Le Monde reports that faced with the risk of load shedding in January, the government is fumbling over how to handle the potential power cuts, afraid of sparking panic.
'Playing spot the difference between the French and British economies reveals their parallel decline': The two countries love to compare themselves, but the real lesson is that their economies are both in decline. Le Monde
The secret lives of MI6’s top female spies: For the first time ever, SIS officers reveal why women often make the best spies for our times. FT
AFP: Croatia to join Europe's passport-free Schengen area from January
Monte dei Paschi: How far did Italy go to draw a line under its troubled bank? After 15 years of scandal and state aid, Rome was prepared to bend the rules to ensure the world’s oldest lender could be safely sold off. FT
Politico's annual ranking of the most influential people in Europe Politico
South Africa and Ramaphosa still have a lot to clean up Bobby Ghosh
The US’s new approach to Venezuela is starting to bear fruit: Talks between the Biden administration and the Maduro government could pave the way for increased oil production and opposition politicians participating in elections. Bloomberg
Bloomberg: Mexico’s AMLO to host Biden, Trudeau for summit in January
+ Only second North American Leaders’ Summit since Obama
+ Biden faces domestic pressure to stem the flow of migrants
The cienfuegos affair: Inside the case that upended the drug war in Mexico: A Times Magazine-ProPublica investigation reveals how the US painstakingly built a case against a Mexican general suspected of links to organized crime — and then decided to let him go. NYT
Lula expected to appoint leftwing loyalist as Brazil’s finance minister: FT reports the choice of Fernando Haddad would disappoint investors hoping for a more market-friendly choice.
Argentina urges EU to renegotiate South American trade pact: President Alberto Fernández says the existing deal will hurt Argentine and Brazilian car industry. FT
Peru has had five presidents in 25 months. Can Dina Boluarte stick? After years of official corruption and chaos, half of Peruvians no longer "support" democracy. WP
Who is Dina Boluarte, the new president of Peru? The country’s first woman president takes power as corruption and discontent test democracies across Latin America. NYT
Peru coup: Ousted Peruvian leader Pedro Castillo could face up to 20 years in prison.
RCMP scraps tech contract worth $550k with firm tied to China after outcry: Global News reports the RCMP is suspending a radio communications contract with an Ontario-based company that has ties to China amid concerns of foreign interference, according to Public Safety Minister Marco Mendicino’s parliamentary secretary.
Analysis: Jiang Zemin was almost fired before embarking on market reforms: The drastic turnaround that put China on a growth surge has lessons for Xi. Nikkei
Letter from Apple supplier Foxconn’s founder prodded China to ease zero-COVID rules: WSJ reports Foxconn Technology Group founder Terry Gou warned that the government’s strict policies would threaten its position in global supply chains.
Beijing allows US export-control checks on Chinese tech companies: FT reports the Biden administration says China’s commerce ministry has allowed inspections ahead of the trade blacklisting deadline.
Xi Jinping hails ‘new era’ in China-Saudi Arabia relationship: FT reports Xi pledges to strengthen ties with Gulf as visit coincides with low point between Riyadh and Washington.
China's global basing ambitions: Defense implications for the United States. RAND
Going big in Japan: The British Army is back in Japan. Combining the influence of soft power and the expertise of operational training. This month the British Army has been fostering closer ties with an important strategic partner in the East. British Army
Nikkei: Japan's Kishida seeks $7bn in tax hikes for defense buildup
+ PM stresses avoiding burden on households, promises no increase next year
Modi's BJP clinches biggest election win in India's Gujarat: Nikkei reports the ruling party set for record 7th term in PM's home state despite setbacks elsewhere.
The new spheres of influence: Sharing the globe with other great powers. Graham Allison
+ @GOPLeader: Under a Republican majority, I will establish a China Select Committee to expose and fight against the Chinese Communist Party's cyber, trade, and military threats against America.
+ Rep. Mike Gallagher (R-WI) will chair the committee.
With respect to the Communist Party of China (CCP), the committee will investigate:
- CCP's role as supplier and producer of fentanyl and its failure to stop or control what is coming out of China
- Deceptive trade practices
- Supply chain risks and vulnerabilities
- Acquisition of agricultural land in America
- Pursuit of advanced technologies at the expense of US intellectual property
- Exploiting US investment to power the CCP national security state
- Advancing CCP doctrine in US academic institutions
- Malign influence, coercion, and lobbying efforts at the state, local and federal levels to advance their agenda
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- Spread of CCP propaganda and its covert threat inside the US
Macron slams TikTok over 'addiction' and censorship: Le Monde reports TikTok, which is owned by Beijing-based tech giant ByteDance, is used by over 1 billion people worldwide every month.
+ @GregAbbott_TX: I've banned TikTok on state issued devices.
Following Governor Larry Hogan (R-MD), Greg Abbott (R-TX) becomes the second governor who wants to be President but will most likely end up in someone's Cabinet to ban TikTok on state government devices.
In London, a hotbed of ultra-conservative lobbyists just a stone's throw from Westminster: The headquarters of Britain's most influential libertarian think tank has been targeted by environmental activists. This highlights their hidden role within the Tory party. Le Monde
In the UK, a cautious Labour Party contends with the idea of gaining power: Rishi Sunak's arrival as British PM has not changed much for the Conservative party, which is still scoring low in opinion polls. Le Monde
Bloomberg: FTC votes to file suit to block Microsoft’s $69 billion Activision deal
+ Deal would make Microsoft the No. 3 gaming company, behind Tencent
+ Commissioners voted 3-1 to sue to block the transaction
+ The antitrust enforcer sued Microsoft to prevent its planned $75 billion deal for Activision Blizzard, taking one of its biggest shots under the Biden administration at halting a merger of technology giants.
Unilever is considering the sale of Klondike and Breyers.
Hyundai's Chung Euisun drives new era at South Korean automaker: Dynasty scion pushes electric and hydrogen vehicles, more inclusion, and openness. Nikkei
Good ad this: Mrs. Hayes Chevy
Seattle Times: Final Boeing 747 rollout for ‘Queen of the Skies’
+ The first 747, constructed in Everett, made its maiden flight on Feb. 9, 1969.
NPR: The very last 747 jet has been made, ending a run of more than 50 years
+ Since the production of the 747 began in 1967, Boeing says 1,574 of the airplanes were built.
+ It started carrying commercial passengers in January 1970, when Pan Am used a 747 for a flight from New York to London.
Jack Ma quits as head of leading China business group: FT reports the Alibaba founder continues to slide out of public view after offending Beijing.
Good webinar this: Motivate employees at an annual kickoff meeting: In this webinar on December 15 @ 12:00 om ET, Duarte CEO Nancy Duarte will share lessons from successful annual kick-offs and stories from her personal journey as a communicator and leader. Whether you lead a Fortune 500 organization or a small team–this webinar will help you evolve as a strategic leader and broaden your influence. RSVP here.
22 rules of storytelling from Pixar David Hieatt
No problem, no opportunity Dave Trott
The biggest FTX red flag was flying over the Bahamas: For centuries, the islands have been home to dubious businesses. Mark Gongloff
Kevin O'Leary said he lost all of the $15 million FTX paid him to act as a spokesman.
+ "It was not a good investment," O'Leary told CNBC.
SEC asks public companies to detail crypto exposure: WSJ reports the regulator is asking public companies about their exposure to distressed crypto entities following the collapse of trading platform FTX and its affiliates.
Wirecard trial of executives opens in German fraud scandal: BBC reports financiers and politicians were dazzled by Wirecard's success until its equally spectacular collapse into ignominy. The setting for Thursday's trial is a high-security courtroom at Stadelheim prison in Munich.
You're being lied to about electric cars: Science has repeatedly shown EVs are better for humans, despite the meme you just retweeted. Jonny Lieberman
The US government's first-ever sale of offshore wind development rights off the coast of California drew $757.1 million in high bids, mainly from European companies seeking a foothold in the US wind-power industry's expansion to the Pacific Ocean.
Bloomberg: SpaceX’s first moon trip crew to include artists, DJ Steve Aoki
+ You can watch the dearMoon crew announcement here.
Good pod this: Tom Power speaks with Atsuko Okatsuka: Before she was a comedian, Atsuko Okatsuka lived out of a garage with her mother and grandmother. She now says those seven years living undocumented in the United States were formative to her comedy career. She joined Tom Power live in studio to talk about her journey, finding fame on TikTok, and how she's feeling as she prepares to record her first HBO stand-up special. Listen here.
How I learned to love jazz fusion, the worst music in the world: The person who embraces the musicianship of the likes of Dave Koz is one who has found peace and has zero f*cks to give. Jeff Gordinier
The 50 best albums of 2022 Pitchfork
He’s the bad boy of chess. But did he cheat? An American teenager, Hans Niemann, defeated Magnus Carlsen, the world’s best chess player. Then Mr. Carlsen accused his opponent of cheating. It’s either overdue justice or paranoia. NYT
A psychologist spent five years studying World Cup penalty shootouts: Every job requires performance under pressure. Here’s what everybody can learn from the most tense few minutes in sports. WSJ
+ There are more people who have traveled to space than soccer players who have taken a penalty kick in a World Cup shootout.
Soccer’s greatest beauty: It takes two hours: At a time when college football games last longer than graduate school, the World Cup makes a case for briskly-played action. Jason Gay
Today's World Cup quarterfinals:
CRO v BRA @ 10:00 am ET
NED v ARG @ 2:00 om ET
World Cup 2022 in charts: How football is changing: Latest FIFA statistics show players are running further and shooting less but scoring just as much. FT
Andrew Luck finally reveals why he walked away from the NFL ESPN
Enjoy the ride + plan accordingly.
-Marc
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