The world economy shrugs off both the trade war and AI fears: Can anything bring it down? Economist
AP: China accuses US of cyberattack on national time center
The Register: China blames US for cyber break-in, claims America is world's biggest bit burglar
+ 'US is … the greatest source of chaos in cyberspace'
CNBC: AWS outage: Company working to restore service as users report a resurgence in issues
+ Amazon Web Services, which suffered a major outage early Monday, is the leading provider of cloud infrastructure technology, accounting for about a third of the market.
+ Downdetector showed user reports of problems at sites including Amazon, Snapchat, Disney+, Reddit and Canva.
+ Amazon said in an afternoon update that it was working to fully restore service “as quickly as possible.”
Guardian: Amazon Web Services outage shows internet users ‘at mercy’ of too few providers, experts say
+ Crash that hit apps and websites around world demonstrates ‘urgent need for diversification in cloud computing’
CNN: Amazon says systems are back online after global internet outage
The day Amazon broke the internet for millions of Americans: WSJ reports the prolonged outage offered a reminder of the fragility of global internet connectivity and Amazon’s role underpinning much of online infrastructure.
Bloomberg: Trump expects Taiwan on agenda for Xi meet, predicts trade deal
Trump affirms support for nuclear sub deal: Politico reports Australia and the UK have feared for months that the US would pull out of the AUKUS pact.
Trump touts deal with Australia on rare earths ahead of Xi meeting: WP reports the White House has criticized China’s efforts to limit access to materials and minerals needed for manufacturing.
+ America and Australia agreed to invest $3bn in critical-minerals projects over the next six months, in a bid to advance “self-reliance” in processing such materials.
+ “In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them,” Trump said.
US and Australia strike critical minerals deal as Trump backs AUKUS: Nikkei reports president says submarine partnership is 'all set' and advancing 'very rapidly.'
A rare earths alternative to China? Australia eyes timely pitch to Trump: China’s escalating curbs on the critical minerals has given Australia, a longstanding US ally, the opportunity to reposition itself to a transactional president. WP
America’s rare earth delusion: China’s critical minerals chokepoint has been hiding in plain sight for decades. Rana Foroohar
China rare-earth magnet exports to US tumble 30%: Nikkei reports the drop last month amid overall rise in global shipments suggests bid for leverage amid trade rift.
How China took over the world’s rare-earths industry: Beijing used bare-knuckle tactics in multidecade effort to consolidate control over supplies. WSJ
Why the China doves are wrong: American business leaders cozying up to Beijing refuse to see that the Communist Party wants us to fail. Shyam Sankar
Texas crackdown on China casts shadow over immigrants and descendants: Efforts to curb Beijing's influence rattle residents, academics and investors. Nikkei
The toxic tragedy of US-China trade talks: The sides lack seasoned interlocutors and it shows. Economist
China is well positioned for a trade showdown with Trump: Rare earths are not the only Chinese product that America would struggle to replace. Gideon Rachman
China is testing American resolve in the trade war: Both sides view the confrontation through a lens of mistrust and containment, with China playing the long game and the US considering marshaling allies to counter China's strategy. Karishma Vaswani
Who’s in, who’s out? Xi’s party meets under shadow of purges: The supposed reappearance in China of the former ‘wolf warrior’ foreign minister Qin Gang has raised speculation he might be about to be fully rehabilitated. The Times
China faces nationalist backlash as it turns to migration for growth: Telegraph reports unemployed youth accuse Beijing of ‘repeating the West’s mistakes’ with plan to attract skilled workers.
China’s economy expands at slowest pace in a year: WSJ reports Beijing said economy grew 4.8% in the third quarter, a deceleration that nonetheless keeps it on track to hit its official annual target.
A troubled $140 billion bet on China property gets even worse: Many foreign investors are stuck with real estate assets that are increasingly difficult to sell. Bloomberg
There is an alarm flashing at the heart of the US economy: Investors nervously await outcome of Donald Trump and Xi Jinping’s expected meeting. Telegraph
Israel strikes Gaza and temporarily halts aid, saying Hamas broke truce: NYT reports Israel launched a wave of attacks on Gaza after accusing Palestinian militants of attacking its forces across cease-fire lines. Both sides say they are still committed to the truce.
Bloomberg: Trump vows to ‘eradicate’ Hamas as fragile Gaza truce resumes
Reuters: US steps up diplomacy after Gaza truce shaken
US ramps up diplomacy around Gaza ceasefire; Vance travels to Israel: WP reports Steve Witkoff and Jared Kushner’s trip was planned in advance of Israeli strikes across Gaza, launched after two Israeli soldiers were killed in Rafah.
White House works to preserve Gaza deal amid concerns about Netanyahu: NYT reports the Trump administration strategy is to try to keep Prime Minister Benjamin Netanyahu of Israel from resuming an all-out assault against Hamas, US officials said.
Today: Vice President JD Vance will visit Israel.
This weekend’s violence in Gaza shows how fragile the cease-fire really is: NYT reports a round of violence on Sunday was short-lived, but analysts expect more tensions between Israel and Palestinian militants that will put the truce under strain.
Reuters: Zelenskiy paints meeting with Trump as a success, touts new Patriot systems
Bloomberg: Zelenskiy slams Budapest as Putin summit venue but says he would go
Russia and Ukraine are no closer to cease-fire after Trump’s pressure on Zelensky: WSJ reports the US president wants swift end to conflict, but both sides are digging in over the region in Ukraine’s east.
Trump told Zelenskyy he’d try to end the war ‘on the current line’ in difficult White House meeting: Politico reports Ukraine’s leader left Washington without a promise of Tomahawk missiles from his US counterpart, but insiders blamed poor timing given events in the Middle East.
In tense meeting, Trump told Zelensky to concede land, meet Putin’s demands: WP reports following the trip to Washington, Zelensky has set up a series of calls and meetings with his main European backers.
Trump keeps getting played by Putin. Will Budapest be different? A Russia-Ukraine ceasefire might be possible if only Trump would apply more pressure on Putin. Max Boot
Putin is facing his Waterloo: Bondarchuk’s epic revels in Soviet savagery. Aris Roussinos
EU pushes back on Trump’s demand Ukraine cede territory to Putin: Politico reports the top diplomat Kaja Kallas said EU countries should stand behind the principle of territorial integrity for Ukraine.
Europe can rearm in 5 years to deter Russia, Finnish president says: The Times reports Alexander Stubb has emerged as one of the European leaders with the strongest relationships with President Trump, whom he claims is 100 per cent committed to NATO.
EU agrees to stop importing Russian gas by end of 2027: Le Monde reports the plan announced on Monday is part of a broader EU strategy to wean the bloc off Russian energy supplies.
Berlin to buy more jets from US, media say: DW reports the defense minister wants to order 15 US F-35 fighter jets at a cost of some €2.5 billion, a report says. The populist AfD would like to make Donald Trump an honorary citizen of a southwestern district.
Britain to host Vietnam’s top leader in state visit: Politico reports the two-day visit, starting Oct. 29, is expected to include meetings with Prime Minister Keir Starmer and King Charles III.
Britain needs reliable and affordable energy to achieve its growth ambitions: As US ambassador to the UK, this is what the nation must do to attract investment. Warren A. Stephens
Nigel Farage on the rise: The man who would replace Britain’s Conservative Party holds forth on immigration, social unrest, the “mum vote,” and what’s “far right” these days. Chronicles
Macron hosted Sarkozy four days before start of incarceration: Le Monde reports Sarkozy is to be jailed Tuesday over a scheme to acquire Libyan funding for his 2007 presidential run, for which he was convicted of criminal conspiracy.
France puts a former president, Nicolas Sarkozy, behind bars: Economist reports the first French ex-head of state to be jailed since Marshal Pétain.
Canada is launching a new financial crimes agency and making changes to banking laws to clamp down on online fraud and other scams.
Canada tells pension funds to invest at home in age of ‘economic nationalism’: Industry minister wants financial institutions to help cut country’s economic dependence on the US. FT
+ Mark Carney’s government is trying to foster economic nationalism at home to navigate Donald Trump’s trade wars.
Stellantis president summoned to Ottawa over plans to send 3,000 Brampton jobs to the US: Toronto Star reports that Industry Minister Mélanie Joly "summoned" Jeff Hines to discuss next steps for the company, according to one source.
After an ICE raid in rural Georgia, Hyundai keeps betting on America NYT
After Bolivia, will more Latin America nations move towards Trump? Rodrigo Paz’s stunning victory in Sunday’s presidential election — overturning two decades of socialist rule — points to a sea change in the continent’s relationship with the US. The Times
Bolivia's president-elect says will resume ties with US after nearly two decades: AFP reports Bolivia's new center-right president-elect said Monday he would seek to reinstate diplomatic ties with the United States that were broken off nearly two decades ago under leftist ex-leader Evo Morales.
Colombia’s leader accuses US of murder, prompting Trump to halt aid: NYT reports President Gustavo Petro said a US strike in the Caribbean had killed a fisherman. President Trump said he would cut aid and impose new tariffs on Colombian imports.
Colombia has recalled its ambassador to Washington after Trump threatened to increase tariffs on the country and called Colombian President Gustavo Petro an “illegal drug leader.”
Argentina's central bank and the US Treasury signed a currency swap line for $20 billion, a vote of confidence for President Javier Milei ahead of a crucial midterm election.
BAT: Argentina's government formalises US$20-billion currency swap deal with United States
+ Milei requires a good election result to justify a second swap.
Argentine peso weakens to fresh low despite US interventions: FT reports currency gains sparked by estimated $400mn of US purchases melt away ahead of election for president Javier Milei.
US banks are hunting for collateral to back $20 billion Argentina bailout: WSJ reports banks are looking for assets or guarantees from the US that would back a private-sector loan to support Argentine President Javier Milei.
AP: Trump suggests US will buy Argentine beef to bring down prices for American consumers
Trump Argentina beef plan risks rancher ire, little price relief: BAT reports Donald Trump vowed to boost beef imports from Argentina, but this may bring little relief to consumers – and risk angering US ranchers.
Argentina CEOs strive to surf Milei volatility at annual retreat: Upcoming national election and volatility in financial markets dominates conversation at annual gathering in Mar del Plata. BAT
Officials, locals undercut Trump claims about Venezuela drug boats: WP reports Trump says the US is blowing up boats carrying deadly fentanyl to the United States. US and other officials say the route under attack carries cocaine and marijuana to Europe and Africa.
CNN: US releasing survivors of strike on suspected drug vessel to their home countries
Yankees come home: Exactly 20 years ago next month, Washington silently retreated from the region. Now it’s coming back, in full swing. Marcelo J. García
Today is Day 21 of the government shutdown: There’s no resolution in sight to the crisis.
+ This is now the third-longest government shutdown in US history.
+ Small business loans have stalled, as have loans to farmers, with US Department of Agriculture offices closed nationwide.
+ Trump — mostly checked out during the standoff — leaves Friday for Asia after spending the weekend in Palm Beach.
CNBC: White House economic advisor Hassett says shutdown could end this week
Trump administration hunts for ways to pay air traffic controllers: Politico reports controllers received partial pay last week and may receive no pay next week.
+ Since July 4, the House of Representatives has conducted just 20 days of business in the last 16 weeks.
Speaker Johnson continues to resist swearing in Democratic Rep.-elect Grijalva: ABC News reports Johnson has maintained that he is "following the Pelosi precedent."
‘We’re going to have a vote’ on member stock trading, key GOP hard-liner says: Politico reports Rep. Chip Roy (R-TX-21) said there’s still bipartisan interest in forcing a floor vote on congressional trading.
Reuters: US appeals court lets Trump send troops to Portland
The power struggle over who will run NASA is turning ugly: WSJ reports Transportation Secretary Sean Duffy has been steering space agency on interim basis, but Trump’s former nominee Jared Isaacman is interested in the role.
NASA wants companies to compete with SpaceX over a contract to put astronauts on the moon due to delays with Elon Musk's Starship spacecraft.
White House begins demolishing East Wing facade to build Trump’s ballroom: WP reports the president had claimed construction of the $250 million ballroom wouldn’t ‘interfere’ with the existing White House structure.
Part of White House is reduced to rubble. Trump’s ballroom will rise in its place. NYT reports the president had pledged that construction wouldn’t “interfere with the current building,” a promise that always seemed unrealistic given the grand scale of the plans.
Trump is literally demolishing the White House NY Mag
Trump nominee says he has a ‘Nazi streak,’ bashes MLK Jr. Day, according to texts: Politico reports Paul Ingrassia’s bid to lead a whistleblower agency is set for a Senate confirmation hearing Thursday.
I worked for Biden. Here’s the gold in Trump’s foreign policy. The president leverages America’s power well and ignores domestic criticism. Ned Price
Will Trump do it? It pays to bet ‘no’: Polymarket data shows wagers against Trump taking action would have yielded returns similar to the S&P 500. And gambling that he'll actually follow through was a losing proposition. Bloomberg
‘If you can’t beat them, join them’: Why politicians everywhere are emulating Donald Trump: Analysts say the key to the president’s enormous following is his ‘unlikeable character.’ Telegraph
Mamdani maintains wide lead in New York City: A new AARP/Gotham Polling survey finds Zohran Mamdani leading the New York City mayoral race with 43%, followed by Andrew Cuomo at 29% and Curtis Sliwa at 19%.
Disney+ cancellations jump after Kimmel suspension: NYT reports roughly three million Americans canceled the streaming service in the month that it temporarily suspended Jimmy Kimmel’s show. About 4.1 million people canceled Disney-owned Hulu.
Lower-income Americans are missing car payments: NYT reports inflation and a tough job market are making it harder for some people to pay back the car loans they signed in better times.
Americans can’t afford their cars any more and Wall Street is worried: Telegraph reports Goldman Sachs’ president warns ‘it’s not going to be pretty’ as default fears mount.
How Americans are feeling about their chances on the job market, according to an AP-NORC poll: Americans are growing increasingly concerned about their ability to find a good job under President Donald Trump, an Associated Press-NORC Center for Public Affairs Research poll finds, in what is a potential warning sign for Republicans as a promised economic boom has given way to hiring freezes and elevated inflation.
+ Some 47% of US adults are “not very” or “not at all confident” they could find a good job if they wanted to, an increase from 37% when the question was last asked in October 2023.
The warning signs lurking below the surface of a record market: WSJ reports utilities, healthcare, and consumer staples are leading the S&P 500 this month.
Oura Health Oy plans to launch a Blood Pressure Profile study to detect early signs of hypertension without displaying actual systolic or diastolic readings.
Vision restored in blind patients with revolutionary microchip: The Times reports a tiny retinal implant connected to smart glasses allows patients who had completely lost their central sight to see again.
Blindness cured with ‘revolutionary’ bionic chip: Telegraph reports an electronic implant restores sight to patients with age-related condition, heralding ‘new era’ for artificial vision.
Apple stock hits new record on report of strong iPhone sales: WSJ reports early sales of the new iPhone 17 are outpacing last year’s launch of the iPhone 16 in US and China, a research firm says.
Crypto miners riding the AI wave are leaving Bitcoin behind: Bloomberg reports shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency, as more pivot to hybrid models built around artificial intelligence and high-performance computing.
How to avoid being hurt when the AI bubble bursts Merryn Somerset Webb
Claude enters the lab: Anthropic bets big on life sciences: FT reports AI group tailoring its chatbot to integrate with biomedical databases and coding tools.
How Sam Altman tied tech’s biggest players to OpenAI: The CEO’s dealmaking blitz has convinced Silicon Valley’s giants to tether their fates to his company, essentially making it too big to fail. WSJ
Suno, a startup that generates music using artificial intelligence, is in talks to raise over $100 million at a valuation of more than $2 billion, according to people familiar with the matter, quadruple its previous valuation.
G+M: Sora’s uncanny AI makes it difficult to distinguish real from fake
AI data centers Create fury from Mexico to Ireland NYT
BC proposes industrial electricity rules putting resource development before AI, data centres G+M
Canadian province moves to limit AI power use, ban crypto mining: Bloomberg reports British Columbia proposed legislation to limit how much electricity will be available to artificial intelligence data centers, and moved to permanently ban new cryptocurrency mining projects. The government of Canada’s third-most populous province will prioritize connections to its power grid for other purposes like mines and natural gas facilities because they provide more jobs and revenue for people in BC, the energy ministry said Monday.
America’s most successful restaurant chain feeds a dumpling frenzy: WSJ reports Din Tai Fung’s large restaurants, rapid service and hand-folded soup dumplings make it chain with highest average sales in US.
Despite abstemious Gen Zs, the booze industry is going strong: It’s too soon to declare the death of drinking. Economist
Southwest unveils a new cabin design. It’s all blue and some seats have more legroom. NYT reports the redesign features German-made seats, space for premium customers and USB charging ports. The move is part of the company’s plan to offer more upscale options.
Kering sells beauty branch to L'Oréal, refocusing on fashion: Le Monde reports Kering, the luxury company owned by the Pinault family, sold Kering Beauté, which notably includes Creed perfumes, to the cosmetics giant L'Oréal for €4 billion, and has promised to hand over the Gucci license in 2028.
Women-focused resorts are the next big thing in wellness: And Canyon Ranch is paving the way with a new Austin location. Bloomberg
Louvre heist leaves France asking how it could have happened: Sky-high visitor numbers and dwindling funds for revamps may have made the landmark museum unexpectedly vulnerable. WSJ
Spectacular Louvre heist highlights security flaws at world's largest museum: Empress Eugénie's 2,000-diamond tiara and the necklace from the sapphire set of Queen Marie-Amélie and Queen Hortense, made up of eight sapphires and 631 diamonds, were among the items stolen by a gang of four thieves who entered through a window. Le Monde
How the Louvre museum heist unfolded: A timeline of how the thieves broke into the Parisian gallery and made off with French crown jewels. Plus, what was stolen in the daylight robbery. The Times
Why steal from the Louvre? It may have more to do with stones than art. Sunday’s robbery at the Paris museum could be the latest example of thieves targeting museums for jewels and precious metals to break down and sell on. NYT
Louvre heist: Where might the loot end up? The heist at the Louvre in Paris has shocked the art world, though such spectacular thefts have a long tradition. What drives the perpetrators, and where might the loot end up? DW
The murky underworld where the Louvre thieves hope to hawk their stolen jewels: A multibillion-dollar global black market deals in gold, diamonds and other precious metals and jewels stolen from museums and private collections. WSJ
Sky News: Maccabi Tel Aviv fans will not be able to buy tickets to Aston Villa match next month, Israeli club says
AFP: US confirms Mexico, Costa Rica, Jamaica as co-hosts for 2031 Women's World Cup bid
Vanderbilt is a top 10 college football team. You can believe it, because it’s true. The famously woebegone, now-revived Commodores beat LSU to soar to the program’s highest ranking since 1947. Jason Gay
The Southeastern Conference is eating itself alive: The college football league that boasts that it’s the deepest and toughest in the country is rapidly running out of unbeaten teams. WSJ
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
A11. | October 21
