Plus: Book of the day
IN TODAY’S EDITION
1️⃣ The four spiciest lines from Saudi’s WEF |
2️⃣ Book of the day |
3️⃣ Tiktok’s owner has ‘no plans’ to sell |
Hi Intriguer.
An interesting book dropped a few years ago: ArtCurious: Stories of the Unexpected, Slightly Odd, and Strangely Wonderful in Art History.
Among other surprises, it details the way Manhattan’s Museum of Modern Art apparently worked with the CIA to help boost pro-American messaging during the Cold War.
As for today’s briefing, the museum is also home to the original ‘I ❤ NY’ logo conceived in the 1970s to help repair New York’s grimy image. The designer apparently came up with it in the back of a cab, which somehow makes it feel even more New York-y.
How’s that relevant? Today’s briefing leads with what’s essentially another branding exercise: the World Economic Forum (WEF) summit now wrapping in Saudi Arabia. But it’s an exercise that’s producing some intriguing insights into our world.
Hamas reviews latest ceasefire-hostages deal.
Hamas officials have confirmed they’re reviewing the latest counterproposal submitted by Israel, with one source claiming the group could respond as soon as today (Monday). Hamas has reiterated its opposition to any deal that doesn’t include a permanent end to the war, though there are reports of a more limited truce in the works, including the release of 33 hostages.
Solomon Islands leader withdraws from race.
China-friendly leader Manasseh Sogavare has pulled out of the race to continue as prime minister of Solomon Islands after his party suffered an electoral upset earlier this month. He’s endorsed a successor who could still muster the numbers to form a government. Opposition parties, who’ve pledged to scrutinise the controversial 2022 security pact Sogavare signed with China, say they have the numbers and will unveil their own nominee for PM soon.
ICC reportedly mulls arrest warrants for Israeli officials and Hamas.
Israeli officials reportedly believe the International Criminal Court (ICC) is considering issuing arrest warrants for several senior Israeli officials, including Prime Minister Benjamin Netanyahu, for Israel’s actions in Gaza. The court is said to be mulling arrest warrants for Hamas figures also. Israel (like the US, China, Russia, and others) doesn’t recognise the ICC’s jurisdiction.
Musk makes surprise China visit.
Tesla CEO Elon Musk made an unannounced visit to China over the weekend where he met up with Chinese Premier Li Qiang. The US billionaire is seeking permission to enable Full Self Driving (FSD) mode in China, where the feature is not yet available. Tesla recently reported a fall in revenue.
Two European leaders consider their future.
Scottish First Minister Humza Yousaf is poised to quit his post after failing to muster enough support to survive a no-confidence vote due later this week. And Spanish Prime Minister Pedro Sánchez just announced he’ll continue as PM, days after mulling an exit following a preliminary investigation into his wife, which he’s said is political.
TOP STORY
The four spiciest lines from Saudi Arabia’s World Economic Forum
Power panel (L-R): The head of US mega-fund Lazard; the leaders of Rwanda, Nigeria, and Malaysia; and the head of the IMF; all moderated by the WEF president
The two-day World Economic Forum (WEF) 'Special Meeting on Global Collaboration, Growth and Energy for Development' wraps in Riyadh today.
And it’s attracted enough big names, across enough big topics, sitting on a big enough stage, in big enough chairs, to be worthy of your attention.
Here are the five most intriguing quotes you need to know, and why.
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"Please do not impose your problems on us" – Anwar Ibrahim, the prime minister of Malaysia
Anwar was repeating his same line that made waves earlier in the year. Ie, he's well aware the West and China are competing – particularly in his home turf of Southeast Asia – but while he’ll handle it all with care, it’s just not his problem.
Western leaders might well respond that they’re not seeking to impose problems, but merely offer alternatives to China. Yet Anwar is an example of how, in a multipolar world, leaders will tick ‘all of the above’ if given the chance.
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"Being green is not a religion" – Prince Abdulaziz bin Salman (ABS), Saudi Arabia's energy minister
Getting a rare audience LOL, ABS went on to compare the world’s climate debate to the Spanish inquisition, with folks being tested according to a script: "you are either a believer or a non-believer".
So it was interesting to then hear from Pakistan's prime minister, who emphasised that his country makes little contribution to greenhouse gas emissions, yet is already bearing the brunt of historic floods. And speaking of him…
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"Back on track" – Shehbaz Sharif, the prime minister of Pakistan
That’s how the newly returned Sharif referred to Pakistan in a side meeting with the IMF chief at the summit yesterday. And his timing was neat ahead of today’s internal IMF meeting to discuss the final tranche of Pakistan’s latest bailout.
Interestingly, Sharif’s office says he also raised the possibility of a further IMF bailout – Pakistan's 24th. This is because – notwithstanding Pakistan’s growth, cooler inflation, and efforts to stabilise spending – it still owes around $24B in debt and interest this year. That’s triple what its central bank now has in the vault.
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"The hallmark of leadership is taking difficult decisions" – Bola Ahmed Tinubu, the president of Nigeria
It’s been almost a year since Tinubu took office with a speech that surprised everyone by ending Nigeria’s popular fuel subsidies. While this caused hardship for folks at home, he’ll have known (or at least hoped) the key international lenders and investors in this Riyadh audience saw it all as a sign he’s taking a prudent approach to Nigeria’s economy.
And that’s where his core message overlapped with what just about every other world leader has said at this summit in Riyadh: “we’re open for business”.
INTRIGUE’S TAKE
This summit – and the way it’s being delivered – is partly a branding exercise for both the WEF and the Saudis. For the WEF, hosting this in Riyadh and packing it with emerging world leaders is a way to shrug off criticism that, after 54 years of turtle-necks in Davos, it was becoming too elitist and out-of-touch.
Likewise for the Saudis, it's an attempt to project the kingdom as something beyond a time-limited petrostate – rather, it wants to be a ‘pole’ in this new multipolar world of ours, not to mention the place to, say, negotiate Middle East peace, eradicate polio, or watch Ronaldo earn his $220M.
Once you keep this marketing aspect in mind, you remember to take some of the content on stage with an Ontario quarry of salt.
But even factoring that in, you can hear some clear and interesting messages from emerging market leaders: they’re grappling with their own issues, they’ll make their own choices, and they’ll bristle when the world forgets.
Other intriguing lines:
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“Israel has the right to full security, and it is our duty” – Palestinian Authority leader, Mahmoud Abbas. Adding to this line, he said: “We, as Palestinians, have the right to determine our fate and to an independent state just like the rest of the peoples of the world.”
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"We haven’t seen this kind of debt since the Napoleonic Wars" – Børge Brende, the WEF president and former Norwegian foreign minister. Directed mostly at the US and China, Brende was picking up on the recent IMF report that warned of global risks from unsustainable debt.
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“The world is today walking a tightrope, trying to balance security and prosperity" – Faisal Alibrahim, the Saudi economy minister. The thing about a tightrope is, as Alibrahim went on to say, you're only ever a "miscalculation or miscommunication" away from a fall.
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MEANWHILE, ELSEWHERE…
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🇨🇳 China: TikTok’s parent company ByteDance has said it has no plans to sell the hit social media platform, despite the US Congress passing a ‘sell-or-ban’ law to cleave the app away from Beijing’s influence. TikTok has previously said it will challenge the new law in court.
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🇦🇿 Azerbaijan: President Ilham Aliyev has defended his country’s decision to continue investing in its oil and gas sector, stating “it’s a gift from God.” Azerbaijan will host this year’s COP29 climate summit.
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🇰🇮 Kiribati: Local authorities have served an Australian-born former high court judge a deportation notice, only days after MPs voted to remove him from his post. A UN official called the judge’s discharge, due to alleged “misbehaviour”, a setback for Kiribati’s judicial independence.
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🇨🇴 Colombia: US-based car giant General Motors has announced it’s closing down its manufacturing plants in Colombia and Ecuador as the company shifts its focus to next-generation vehicles. GM reported higher profits in North America last week, offsetting losses in China.
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🇧🇫 Burkina Faso: The ruling junta has suspended BBC and Voice of America radio stations for reporting on a Human Rights Watch investigation into the mass killing of civilians by the army. According to the report, the Burkina Faso army killed over 200 civilians suspected of having cooperated with armed Islamist groups.
EXTRA INTRIGUE
🤣 Your weekly roundup of the world’s lighter news
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Australian doctors are pleading with bite victims to please stop bringing snakes to hospital to ‘help’ identify the poison.
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A Ghanaian man has hugged 1123 trees in one hour to set a new world record – congrats?
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A boy has found a ‘holy grail’ Lego octopus on a UK beach, decades after a massive Lego shipment was lost at sea during a storm.
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Businesses in the Indian tech hub of Bengaluru are offering free beer and health check-ups as an incentive to vote in the current elections.
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And a US cat has reunited with her family after she was mistakenly posted alongside a return package hundreds of miles from home.
BOOK OF THE DAY
Credits: Canbury Press.
Ever wondered how world trade really works, and why politicians sometimes fib about it? Well, friend of Intrigue and certified LOL-merchant Dmitry Grozoubinski just wrote a book explaining exactly that. Drawing on his first-hand experience as a trade negotiator, plus a dash of his trademark wit, Dmitry uncovers the forces that get you that fresh Scottish salmon on a Bahamas waterfront restaurant.
Pre-order his book here, and if you’re lucky enough to be in London in May, head along to his book launch on Thursday the 23rd!
DAILY POLL
What do you think is the biggest risk to the global economy today? |
Last Thursday’s poll: What would convince you to buy an electric vehicle?
🟨🟨🟨🟨🟨🟨 💸 Lower prices (23%)
🟨🟨🟨🟨⬜️⬜️ 🔌 More charging stations (18%)
🟩🟩🟩🟩🟩🟩 🛣️ Longer battery range (23%)
⬜️⬜️⬜️⬜️⬜️⬜️ 🏎️ Cooler models (1%)
🟨🟨🟨🟨🟨⬜️ 🙅♂️ Absolutely nothing (21%)
🟨⬜️⬜️⬜️⬜️⬜️ 🚙 I already have one! (7%)
🟨⬜️⬜️⬜️⬜️⬜️ ✍️ Other (write in!) (7%%)
Your two cents:
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🛣️ P.M: “I live in the US Southwest. At this point there are few public charging stations available. As a woman, to have to wait for at least 20 minutes to charge my vehicle becomes a safety issue, in addition to a major irritant.”
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💸 M.D: “There needs to be a long-term vision for serious infrastructure development of the power grid if electric vehicles are going to be viable. “
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🙅♂️ Y.J: “I will never, l repeat, NEVER buy an electric vehicle! They are not conducive to where l live in the winter, colder climates!”
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✍️ A.W: “Long term warranty and confidence in the long term maintenance costs of the vehicle. The notion of having to replace the battery pack is a critical concern.”
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🚙 R.T: “More efficient and cheaper batteries are coming, the infrastructure is growing quickly, even apartment buildings (new ones at least) are installing chargers.”
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🔌 C.H: “More ethical mining operations for materials required to manufacture batteries.”
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Editor’s corner
Thanks to our many readers in Portugal who highlighted that last Thursday (April 25) was also the 50th anniversary of Portugal's Carnation Revolution, which toppled the longest fascist dictatorship in Europe and ushered in democracy.
Thanks also to those Intriguers who pointed out that we accidentally dropped our Myanmar map pin on neighbouring Thailand in Friday’s edition! 🤦