Happy Sunday.
To be ITK, know this:
The state of the world economy:
Commodities.
Chips.
Commerce.
Chaos.
Russia suspends UN-brokered grain deal with Ukraine: DW reports Russia blamed a drone attack in Crimea's Bay of Sevastopol for the halt, a day after the UN urged both sides to renew the grain deal. Meanwhile, the EU has already frozen €17 billion in Russian assets.
How Russia secretly takes grain from occupied Ukraine: Documents and photos reveal a complex shadow operation managed by private companies and arms of the Russian state. FT
+ Zaporizhzhia is one of the main grain-producing and processing regions of Ukraine, in turn one of the world’s biggest grain exporters. Moreover, Russia’s invasion of the country was causing global food shortages and sending prices for grains soaring.
+ Syrian-flagged vessels such as the Pawell, however, are frequent visitors to occupied Ukrainian ports, often taking consignments directly to Syria.
China's new Politburo: United only by loyalty to Xi Jinping: Fight for top positions looms as two dozen members share little connection. Nikkei
+ When General Secretary Xi Jinping assembled a new Communist Party Politburo for his third term as the party leader, he picked loyalists from different phases of his career to make sure no particular group would become a dominant force.
+ Of the 24 members who will set the party's economic, political and social policies, excluding Xi, 18 were either connected or owed their promotion to Xi.
+ While the Politburo's members appear to be individually aligned with Xi, they hardly present a united front. They come from difference phases of Xi's life.
Bloomberg: Xi kicks off third term with flurry of diplomatic activity
+ China to host leaders of Vietnam, Germany, and Pakistan this week
+ Boosting China’s global influence is a goal of Xi’s third term
US to invest $7bn in hydrogen hubs with eye on export to Japan: Nikkei reports Washington plans to meet 10m tonne demand for the clean fuel by 2030.
+ The US will first spend $7 billion to establish six to 10 hydrogen hubs, supporting up to 50% of expenses, up to $1.25 billion per location. Business proposals from companies will be accepted until April 2023.
+ Japanese power companies aim to reduce emissions by generating electricity using ammonia as fuel. To aid their efforts, Japanese trading companies are exploring ways to convert US hydrogen into ammonia, which is easier to transport by ship, and supply it to Japan.
+ The European Union also plans to produce 10 million tonnes of hydrogen per year by 2030 while importing another 10 million tonnes per year.
Goldman Sachs now sees Fed rates peaking at 5% in March: Bloomberg reports Goldman Sachs believes the central bank will lift its benchmark rate to a range of 4.75% to 5% in March, 25 basis points more than earlier expected.
Welcome to hell, Elon: You break it, you buy it. Nilay Patel
+ Twitter is a disaster clown car company that is successful despite itself, and there is no possible way to grow users and revenue without making a series of enormous compromises that will ultimately destroy your reputation and possibly cause grievous damage to your other companies.
+ I say this with utter confidence because the problems with Twitter are not engineering problems. They are political problems.
+ Twitter, the company, makes very little interesting technology; the tech stack is not the valuable asset. The asset is the user base: hopelessly addicted politicians, reporters, celebrities, and other people who should know better but keep posting anyway.
+ Germany is a huge market for Tesla. Are you going to flout Germany’s speech laws? I would bet not.
+ Are you ready to experience the pressure Twitter faces in the Middle East to block and restrict accounts? Are you ready for the fact that the Iranian government will fucking murder people over their social media posts?
+ The essential truth of every social network is that the product is content moderation, and everyone hates the people who decide how content moderation works.
+ Welcome to hell. This was your idea.
Do you share your Netflix password? 25% of Americans give out their password or use somebody else’s password for Netflix, higher than the share who said the same for any other major streamer.
Hydrogen-powered startups shine at the Paris Auto Show: An SUV with removable hydrogen-filled pods and a stylish sedan caught our attention. ARS Technica
+ Among the chief attractions at this year’s Paris Auto Show were hydrogen-powered vehicles developed by startups: the stylish and innovative Hopium Machina, a 500 hp (373 kW) car with a 621-mile (1,000-km) range reaching a maximum speed of 143 mph (230 km/h); and the NAMX SUV, the world’s first car partially powered by removable tanks.
+ One hydrogen-powered vehicle on display was a Citroen light commercial van with an 8.8-lb (4 kg) tank capacity, a range of 249 miles (400 km), and a refueling time of three minutes.
+ “The van uses a hybrid system of hydrogen and battery power. The battery, which provides a range of 50 km, is charged by the fuel cell,” Thierry Pinot of Stellantis told Ars Technica.
Every unicorn on the globe, in one map.
+ CB Insights' market map visualizes the 1,191 private companies worth $1B+ across artificial intelligence, e-commerce, fintech, and more.
Democrats horror movie trailer: A horrifying movie trailer depicts the scariest outcomes for the 2024 election. SNL
Top national security prosecutor joins Trump Mar-a-Lago investigation: WP reports national security law experts say prosecutors have amassed evidence that meets some key criteria for charging the former president.
+ The addition of Raskin to the team handling the Mar-a-Lago probe is another indication of the seriousness with which Justice Department officials view the case and underscores the high stakes for both Trump and those tasked with investigating him.
How ‘White Lotus’ creator Mike White tries to replicate a reality game show with every season: Director and showrunner Mike White talks about filming the second season in Sicily, his stints on ‘Amazing Race’ and why he was obsessed with Shelley Winters as a kid. WSJ
+ “Over the years, I’ve been like how do I go somewhere new every year and have a new adventure?”
Season 2 of The White Lotus returns tonight on HBO @ 9:00 pm ET.
Women's Rugby World Cup - Semi-Finals:
New Zealand v France
England v Canada
Enjoy the ride + plan accordingly.
-Marc
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