ITK Daily is geopolitical business intelligence.
Happy Wednesday.
Here’s today’s ITK Daily.
To be ITK, know this:
China fires Foreign Minister Qin Gang: Politico reports the minister had been missing from public view for weeks.
WP: Chinese Foreign Minister Qin Gang removed from post after only 7 months
China’s foreign minister replaced after unexplained absence: China replaced Foreign Minister Qin Gang, whose disappearance from the public stage weeks ago sent a wave of uncertainty through the country’s political system. WSJ
China’s foreign minister is removed, a mysterious downfall for a Xi ally: Qin Gang, a sometime favorite of Xi Jinping, was replaced by Wang Yi, a seasoned diplomat, leaving many unanswered questions about Qin’s fall. NYT
Who is Qin Gang, China's sacked foreign minister? China has sacked Qin Gang as foreign minister and appointed his predecessor, Wang Yi, to the post. Qin has not been seen in public since June 25, triggering widespread speculation about his whereabouts. DW
Bloomberg: China’s new Foreign Minister Wang Yi has longstanding ties with US counterparts
+ Biden’s national security adviser had a back channel with Wang
+ Xi ‘defaulted’ to someone known abroad, analyst says
The case for a hard break with China: Why economic de-risking is not enough. Oren Cass + Gabriela Rodriguez
Modi’s India is moving in an illiberal direction: His government has taken huge risks in riding the tiger of politicized religion. Martin Wolf
Reuters: Kremlin accuses West of trying to sabotage its showcase Russia-Africa summit
Inside the desperate diplomatic efforts to salvage US-South Africa ties: South Africa’s support for Russia after its invasion of Ukraine has incensed some in Washington. FP
Globalization is not to blame for Britain’s insecurity problem: The country’s precarious low-wage jobs and shortage of affordable housing are hardly the fault of international forces. Sarah O’Connor
Daily chart: These are the most liveable cities in Europe: A great region remains great. But instability has hurt living standards in some cities. Economist
Chilean President Boric: 'China offers opportunities as long as we don't become dependent on it': During a stop in Paris on his European tour, Gabriel Boric also spoke to Le Monde about his fears of the rise of the far right in his country. Le Monde
How fentanyl changed the game for Mexico’s drug cartels: In less than a decade, traffickers have created a highly profitable business to feed US demand for the synthetic opioid. FT
To shape the future of AI, we must act quickly: The US is committed to leading on the governance of the technology. Antony Blinken + Gina Raimondo
Politico: North Dakota Gov. Doug Burgum qualifies for first GOP primary debate
AP: Ramaswamy slated to headline South Carolina county GOP fundraiser in return to early voting state
DeSantis lets go of more than a third of campaign staff as reset continues: Politico reports the cuts, which were confirmed by advisers, will amount to a total of 38 jobs shed across an array of departments.
Donors, don’t fund a Trump plurality: As in 2016, Republican candidates won’t drop out soon enough. Here’s how to give them a push. Mitt Romney - WSJ OpEd
UPS, Teamsters reach agreement on new contract, averting strike: WSJ reports the five-year labor deal covers roughly 330,000 package delivery drivers, sorters.
AP: US consumer confidence jumps to a two-year high as inflation eases
LVMH reports slowdown in US luxury market: FT reports Louis Vuitton owner says economic pressure is weighing on US revenues but sales in China are rebounding.
X: The brand, the generation, and Elon Musk: The unfurling of Twitter’s new branding had the same chaotic energy Elon Musk has brought to the company. NYT
From Twitter to X: The prolonged epilogue to a chaotic story: Twitter quickly established itself as the official communication channel for celebrities and governments. But it has been losing momentum since being taken over by Elon Musk, who hopes to give it a fresh start with a new logo. Le Monde
Spotify hit by cost of unwinding aggressive podcast push: FT reports the group suffers overall loss of €302mn in three months to end of June.
Tech firms once powered New York’s economy. Now they’re scaling back. After years of steady growth, many technology companies are laying off workers and giving up millions of square feet of office space in the city. NYT
US regional lenders PacWest and Banc of California agree merger: FT reports Warburg Pincus and Centerbridge to invest $400mn in newly issued equity.
GM reverses plan to retire Chevrolet Bolt as it chases EV target: FT reports the electric car with affordable retail price to be produced with newer Ultium battery technology.
Sales of electric vehicles in the US are accelerating: Tax credits, discounts, and improved production capacity have lifted demand for EV manufacturers. FT
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal produces ITK Daily.
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