Happy Tuesday.
Here’s today’s ITK Daily.
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ITK Radio | Ann Carpenter
Ann is a seasoned mining and mineral development professional with over thirty-five years of experience.
Ann has global experience in corporate and business development, property and corporate valuation, and strategic planning and implementation, and she is an experienced corporate director, technical advisor, and mining advocacy leader.
You can catch the conversation here.
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Ukrainian-backed troops stage cross-border incursion into Russia: WSJ reports Ukrainian military intelligence identifies fighters as two volunteer groups of Russian citizens.
Ukraine war: Russia battles armed group in border region: BBC reports an armed group has crossed from Ukraine into Russia's Belgorod region, and clashes there have injured a number of people, Russian authorities say.
'Sabotage' group crossed into Russia, Belgorod governor says: DW reports Ukrainian officials said the attack was carried out by Russian citizens. The Russian border region of Belgorod has been hit several times since the Kremlin ordered its invasion of Ukraine.
BBC: Ukraine war: Wagner chief vows to hand Bakhmut to Russian army by June
Zelensky brings his khaki fashion to Rome. Does anyone care? Before stopping in Paris, Ukrainian President Volodymyr Zelensky visited Italian Prime Minister Giorgia Meloni on May 13. This face-to-face meeting had patriotic overtones. Marc Beaugé
To aid Ukraine in fight against Russia, allies look to security model like Israel’s: WSJ reports NATO membership isn’t on the table for now, but US and European allies could provide Kyiv guarantees for weapons and advanced technology.
Military briefing: How Russia is fortifying its frontline for Ukraine’s counteroffensive: While Kyiv spent months preparing an operation to liberate occupied territory, Moscow has been digging in. FT
Peace, food, and fertilizer: African leaders' challenge heading to talks with Moscow, Kyiv: A delegation of six African leaders set to hold talks with Kyiv, and Moscow aims to “initiate a peace process” but also broach the thorny issue of how a heavily-sanctioned Russia can be paid for the fertilizer exports Africa desperately needs. ABC News
Sudan weeklong ceasefire due to start to allow delivery of aid: Guardian reports the deal to stop fighting comes as journalists’ syndicate accuses the paramilitary group of targeting reporters.
G7 Summit: Africa seeks new role as nations eye its resources BBC
How Wagner Group rode roughshod over the law to keep control of its African ‘client state’: A judge who refused to help men from the Kremlin now lives under guard, Anthony Loyd writes in the last of his Central African Republic dispatches. The Times
Turkey election: Third-place finisher endorses Erdogan: DW reports ultra-nationalist Sinan Ogan has thrown his support behind the incumbent in the runoff vote. He had previously called for all refugees to be deported as one of his demands for an endorsement.
+ @Itwitius: 3rd runner up in Turkish presidential election, Sinan Ogan, has endorsed President Erdogan for the May 28 runoff between Erdogan and Kilicdaroglu, Al Jazeera reported on May 22. He won 5% in 1st round. Erdogan's chances of victory now much improved.
AFP: France unveils plan to cut greenhouse gas emissions by 50 percent by 2030
Prominent economist and Macron consultant recommends 'taxing the wealthiest to finance the climate transition': Le Monde reports in a report published on May 22, Jean-Pisani-Ferry calls for debt to support the climate transition and advocates a specific tax on the assets of the wealthiest.
Messi, Ronaldo lead Saudi Arabia's multibillion-dollar makeover: Crown Prince Mohammed bin Salman wants to diversify the economy with a tourism boost, but many observers fear the effort will divert attention from Saudi Arabia's human rights record. Bloomberg
China’s $23 trillion local debt mess is about to get worse: What happened in cash-strapped Hegang points to a long economic slog for the rest of the country. Bloomberg
Bloomberg: US-Papua New Guinea defense deal seen as bid to counter China
+ Pact will facilitate joint exercises between the two sides.
+ Biden skipped the visit to return to Washington for debt talks.
The China hawk in Washington rattling corporate boardrooms: Republican Rep. Mike Gallagher aims to counter Beijing by telling ‘American companies to act like American companies.’ WSJ
Biden sees coming ‘thaw’ with China, even as he rallies allies against Beijing: NYT reports during the Group of 7 meeting that just wrapped up, President Biden forged a consensus approach toward China despite tensions between the major powers over their approach.
When you're in a Cold War, play for time: “De-risking” is Washington's new word for detente. It's the right strategy as China's economy slows and its social problems grow. Niall Ferguson
Indonesia bets on critical mineral export bans as deadline nears: History of policy flip-flops could hamper climb up resource value-chain. Nikkei
New Zealand loses fight with Australia over mānuka honey trademark: Guardian reports the Intellectual Property Office rules that New Zealand beekeepers’ attempt to stop Australian producers from using the name did not meet necessary requirements.
Henry Kissinger at 100: What he can tell us about the world: Political fashions come and go. But his biographer says we should still listen to a statesman who’s so prescient on geopolitics. The Times
A US foreign policy for the middle class: Biden’s G7 appearance reveals the challenges and contours of his new economic order plans. Rana Foroohar
Tim Scott formally kicks off presidential bid, saying ‘our nation is retreating’: WP reports the Republican from South Carolina is betting that an emphasis on his personal story, his Christian faith, and a more optimistic message than some rivals, combined with significant campaign cash, will be enough to carry him to the nomination.
How DeSantis is trying to lure older voters away from Trump: The Florida governor is courting the large, politically influential group by pointing to his efforts to lower prescription drug prices. But his pitch can be lost on some voters. NYT
DEL-SEN: Democratic Sen. Tom Carper of Delaware says he will not seek reelection to a 5th term, opening up a seat in the liberal state.
The battle to defeat Jon Tester in Montana is personal for Republicans: The Democratic senator has been able to win consistently in a deep-red state. WP
Why the 2022 midterms broke for Democrats and what that means for 2024: Young voters and White women without college degrees played an important role in their success. Dan Balz
Congress isn’t ready for the AI revolution: What happens when millions of people lose their jobs to computers? Kevin Dugan
Remembering Sam Zell: Sam Zell, founder of Equity Group Investments, died at the age of 81. Wall Street Week remembers his legacy in real estate and energy investing. Bloomberg
Bloomberg: Micron tumbles after China says its chips pose security risk
+ China’s cyberspace agency probed the memory-chip maker.
+ US defended Micron, saying the ruling has ‘no basis in fact.’
China's Micron ban creates chip dilemma for Samsung, SK Hynix: Move could leave supply gaps, but the US has urged South Korea not to fill them. Nikkei
EU hits Meta with record €1.2B privacy fine: Politico reports the tech giant transferred Europeans’ data to the US unlawfully, Irish privacy regulator said.
EU slaps Meta with record $1.3 billion fine for data privacy violations: WP reports industry representatives argue the ruling creates legal uncertainty for many companies who commonly transfer data across international waters.
The EU’s $1.3 billion blockbuster Meta fine shows it’s the de facto global tech regulator: FC reports disciplinary actions imposed by the EU cause companies like Meta to consider new ways to meet the most stringent levels of regulation.
Meta just got hit with a record-setting tech penalty. Now it’s Biden’s move. Politico reports the US-EU split is turning costly.
European regulators signal they are fed up with Facebook Chris Stokel-Walker
TikTok sues Montana over first US state ban: FT reports the Chinese-owned social media app says the newly signed law is an unconstitutional infringement on its rights.
TikTok sues Montana, calling state ban unconstitutional: NYT reports the Chinese-owned video app filed the lawsuit days after Montana’s governor signed the ban, which takes effect on Jan. 1, into law.
Chatbots don’t know what stuff isn’t: Today’s language models are more sophisticated than ever, but they still struggle with the concept of negation. That’s unlikely to change anytime soon. Quanta Mag
Apple’s new headset meets reality: The device has strayed from Tim Cook’s original vision, but it will still define the field. Bloomberg
How did Hyundai get so cool? Korean carmaker known for budget brands becomes EV innovator; sets sights on Tesla. WSJ
Ford strikes lithium deals in bid to secure EV battery supplies: FT reports the carmaker seeks to reduce $7bn cost gap with rivals by simplifying ranges and supply chains.
Demand for battery minerals is increasing — how can we keep up? CBC
The crackdown on risky chemicals that could derail the chip industry: Evidence that the materials vital for semiconductor production are toxic for humans and the environment is mounting. But safe alternatives are many years away. FT
Syngenta, the Chinese-owned agricultural giant, said it is seeking to raise $9.3 billion by going public on Shanghai’s stock exchange.
Bloomberg: Jamie Dimon has no plans to step down as JPMorgan CEO anytime soon
FT: JPMorgan plans ‘unmatched’ $15.7bn spending spree on new initiatives
Allen & Overy and Shearman plan merger to create $3.4bn law firm: FT reports the deal is first tie-up between a ‘magic circle’ group and an American rival in more than 20 years.
NBCUniversal’s new leader, a Hollywood outsider, steps into the spotlight: Mike Cavanagh, a veteran of the financial crisis, has just been given a leading part in the unending drama of Hollywood. NYT
Disney’s ABC, ESPN weakness adds pressure to make streaming profitable: WSJ reports earnings from traditional TV have fallen sharply after helping to offset Disney+ losses in recent years.
+ @davetrott: I haven't been reading Campaign or Marketing Week lately. Am I supposed to be panicking about ChatGPT, or the Metaverse, or Bitcoin, or QR codes, or Pokemon GO?
Uber’s diversity chief put on leave after complaints of insensitivity: NYT reports the executive hosted sessions about race and being a white woman that were titled “Don’t Call Me Karen,” prompting an employee uproar.
Nuclear Now: With unprecedented access to the nuclear industry in France, Russia, and the United States, filmmaker Oliver Stone explores the possibility of overcoming the challenges of climate change and energy poverty through the power of nuclear energy. Trailer.
Venice Architecture Biennale focuses on Africa: DW reports the first ever Architecture Biennale curated by an African, it features many works by Africans and the African diaspora.
+ The final episode of Succession has a runtime of 1 hour and 30 minutes.
Good night, sweet prince: Our critic assesses the achievement of Martin Amis, Britain’s most famous literary son. AO Scott
Koepka hands LIV Golf — and Saudi Arabia — first major win: DW reports Brooks Koepka was subjected to booing for his participation in the LIV Golf tour, but the American's fifth major tournament title gave the new Saudi-backed tour a boost with the first major win by an active player.
Mark Cavendish said on Monday he will retire at the end of the season, bringing the curtain down on the career of one of cycling's all-time great sprinters.
The public golf course pro who shocked the PGA Championship: Michael Block—$150 for a lesson—had the tournament of a lifetime. He’s exactly what sport needs. Jason Gay
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
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