๐ŸŒ Davos in the Desert


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Todayโ€™s newsletter supported by:

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Hi there Intriguer. We regret to advise that Salzburg airport does not have a helpdesk for tourists accidentally flying to Austria instead of Australia. It was just an ad campaign. But we live in hope for such a helpdesk in Sydney, Canada, where tourists do occasionally stagger out into the snow looking for the beaches of Sydney, Australia.

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Todayโ€™s briefing is a 5 min read:

  • ๐Ÿ‡ธ๐Ÿ‡ฆย Saudi Arabia hosts an investment forum near a war.

  • ๐Ÿ‡ญ๐Ÿ‡ฐย Hong Kong is still in a slump.

  • โž• Plus: A presidential assassination, how the papers are covering a migration summit in Mexico, and why folks in Turkey are tweeting about steam.

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โฑ๏ธ Around the world in sixty seconds

  1. ๐Ÿ‡น๐Ÿ‡ญย Thailand: The Thai Navy plans to buy a frigate instead of a submarine after Germany banned its engines from being used by the Chinese manufacturer. Thailand had four subs decommissioned after World War II, and has spent decades trying to replace them.

  2. ๐Ÿ‡ท๐Ÿ‡บย Russia: Russiaโ€™s upper house has voted to rescind its ratification of a decades-old nuclear test ban treaty. The move now awaits final approval from President Putin, who says Russia is โ€˜mirroringโ€™ the US (which signed but never ratified the treaty).

  3. ๐Ÿ‡ฆ๐Ÿ‡บย Australia: Prime Minister Anthony Albanese announced at the White House yesterday (Wednesday) a $65M plan to build undersea internet cables to eight Pacific Island nations. The partners have contracted Google to build the cables.

  4. ๐Ÿ‡จ๐Ÿ‡ทย Costa Rica: Investigators have opened an inquiry into the disappearance of $6.2M from the country’s aptly-named national bank, Banco Nacional. Five bank employees are suspected to have stolen the money, which amounts to .06% of the bankโ€™s total assets.

  5. ๐Ÿ‡น๐Ÿ‡ทย Turkey: To a standing ovation from his party yesterday, President Erdogan said Hamas isnโ€™t a terrorist group, but rather โ€œa group of mujahideen defending their landsโ€. Erdogan also cancelled a planned trip to Israel, which wouldโ€™ve been his first since 2005.

๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia | Geo-economics

The 7th edition of the Future Investment Initiative kicked off this week. Credits: FII.

Saudi Arabia kicks off its โ€˜Davos in the Desertโ€™

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Saudi Arabiaโ€™s Future Investment Initiative, nicknamed โ€˜Davos in the desertโ€™, kicked off on Tuesday as global business and finance leaders descended on Riyadhโ€™s Ritz-Carlton hotel for three days of talks.

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Does that hotel ring a bell? Itโ€™s the same spot where the crown prince (โ€˜MBSโ€™) infamously detained 400 of the kingdomโ€™s princes, tycoons, and ministers for a violent โ€˜purgeโ€™ just days after his first Desert Davos in 2017.

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His second Davos in the Desert was in October 2018.

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Does that month ring a bell? Itโ€™s when Saudi officials dismembered Saudi dissident writer Jamal Khashoggi in the kingdomโ€™s Istanbul consulate. Most of the conferenceโ€™s A-list attendees pulled out after the news broke.

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But this weekโ€™s attendee list suggests the event is definitely back, with a pretty broad agenda including:

  • ๐Ÿค– AI – Saudi Arabiaโ€™s sovereign wealth fund called for global partnerships to shape the development of AI

  • ๐Ÿ”‹ Manufacturing – The kingdom announced a new Hyundai car plant with Koreaโ€™s president, who attended the event, and

  • ๐Ÿ™๏ธ Neom – Riyadh unveiled a $10B deal with Danish logistics giant DSV to support the construction of the Neom desert megacity.

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Intrigue’s take: One topic that was notably absent? The Israel-Hamas war a few hundred miles away, and the unfolding humanitarian crisis in Gaza.

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The weekโ€™s Ritz-Carlton program opened on Gazaโ€™s deadliest day reported to date. But Saudi officials are avoiding interviews, and guest speakers seem to be following their lead, with only a few notable (if broad) mentions of the war from folks like the IMF chief and Citigroup CEO.

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This approach suggests the Saudis are well aware whatโ€™s at stake for them and the entire region if the Israel-Hamas war spreads.

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Also worth noting:

  • Reports emerged overnight of a brief Israeli ground raid into Gaza ahead of an expected wider invasion.

๐Ÿ“ฐ How newspapers coveredโ€ฆ

A migration summit hosted by Mexico

Mรฉrida, Mexico

โ€œLatin America migration summit: Mexico faces an unprecedented crisisโ€

Miami, US

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โ€œMexico is hosting several countries to discuss regional migration. The U.S. is not among themโ€

Havana, Cuba

โ€œMexican Summit on Migration Opposes โ€œCoercive Measuresโ€โ€

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Todayโ€™s newsletter is supported by: Ryse

Last chance to invest before this company becomes a household name

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Through retail distribution deals with Best Buy, Ring changed doorbells and Nest changed thermostats. Early investors in these companies earned massive returns, but the opportunity to invest was limited to a select, wealthy few.

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The game has changed, and for once, investors can invest in a company thatโ€™s gearing up for a massive retail rollout.

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RYSE is set to debut in 100+ Best Buy stores this month, and you’re in luckโ€”you can still invest at only $1.25/share before their name becomes known nationwide.

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They have patented the only mass-market shade automation device, and their exclusive deal with Best Buy resembles that which led Ring and Nest to their billion-dollar buyouts.

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๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong | Geo-economics

Hong Kongโ€™s economy needs a hand

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Hong Kongโ€™s chief executive, John Lee, announced several major tax cuts during his annual policy address yesterday (Wednesday).

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The cityโ€™s status as East Asiaโ€™s premier business hub has been in question since (if not before) Beijing started openly consolidating power over Hong Kong in 2020. And its economy has taken a hit:

  • ๐Ÿ“‰ Trading volumes at Hong Kongโ€™s stock exchange have slumped for three straight years as foreign investors withdraw, and

  • ๐Ÿ  House prices have slipped 15% from their 2021 peak.

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So Leeโ€™s hoping to turn things around with some targeted tax cuts.

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Intrigueโ€™s take: There are lots of ways to imagine Hong Kongโ€™s future, but here are two:

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โ˜๏ธ Scenario 1: The city is just in a transition period. There might be an exodus of Western companies, but theyโ€™ll soon be replaced by firms from the mainland plus Chinaโ€™s new partners in the Gulf and beyond.

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โœŒ๏ธ Scenario 2: As Beijing erodes the cityโ€™s unique legal status, it also erodes the thing thatโ€™s long made Hong Kong thrive, leaving it the poorer, integrated cousin among Chinaโ€™s โ€˜Greater Bay Areaโ€™ of cities like Shenzhen.

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Lee seems to be banking on scenario 1, but itโ€™s not really his call.

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Also worth noting:

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โž• Extra Intrigue

Hereโ€™s what people around the world googled yesterday, Wednesday 25 October

  • ๐Ÿ‡ฌ๐Ÿ‡ง Britons searched for โ€˜Dave Courtneyโ€™ after the former gangster-turned-actor passed away.

  • ๐Ÿ‡น๐Ÿ‡ท Folks in Turkey googled โ€˜Steamโ€™ after the popular videogame distribution platform announced it was no longer pricing its service in the volatile Turkish Lira.

  • ๐Ÿ‡ช๐Ÿ‡ฌย And Egyptian football fans looked for โ€˜super leagueโ€™ after the continentโ€™s new eight-team African Football League kicked off.

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๐Ÿ—ณ๏ธ Poll time!

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Do you think Hong Kong will lose its status as a leading financial hub?

Login or Subscribe to participate in polls.

๐Ÿ“œ Today in history

Kim Jae-kyu, director of the Korean Central Intelligence Agency, stands trial for assassinating President Park Chung-hee in 1979. Credits: The Korean Herald.

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Today in 1979, South Korean President Park Chung-hee was assassinated by his erstwhile friend and head of Koreaโ€™s Central Intelligence Agency, Kim Jae-kyu. Kim later explained he had killed Park (at dinner) to restore democracy in the country, though many believe he did so to preserve his own power.

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Thursdayโ€™s poll: If you were the leader of your country, what % of GDP would you set apart for defence spending and why?
(The global average is currently 2.2%)

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1๏ธโƒฃ 0% โฌœ๏ธโฌœ๏ธโฌœ๏ธโฌœ๏ธโฌœ๏ธ (4%)

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2๏ธโƒฃ 1-2% ๐ŸŸจ๐ŸŸจโฌœ๏ธโฌœ๏ธโฌœ๏ธ (32%)

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3๏ธโƒฃ 3-5% ๐ŸŸฉ๐ŸŸฉ๐ŸŸฉโฌœ๏ธโฌœ๏ธ (46%)

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4๏ธโƒฃ 6-10% ๐ŸŸจโฌœ๏ธโฌœ๏ธโฌœ๏ธโฌœ๏ธ (11%)

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5๏ธโƒฃ >10% ๐ŸŸจโฌœ๏ธโฌœ๏ธโฌœ๏ธโฌœ๏ธ (7%)

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Your two cents:

  • 1๏ธโƒฃ 0% N.C: โ€œLetโ€™s all just try to get along!โ€

  • 2๏ธโƒฃ 1-2% S.Z: โ€œContext is super important too. If you are like Armenia and squished between two antagonistic countries, you probably should up your defense spending. If you are New Zealand? Probably just chill.โ€

  • 3๏ธโƒฃ 3-5% L.K, S.A, & R.V: โ€œIf you want peace, prepare for war.โ€ [Vegetius]