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Hi Intriguer. I’ve always loved the quip that “a camel is a horse designed by committee”. It captures how a clunky process can generate unwieldy results.
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I mention that because the world just marked the 75th anniversary of a text literally designed by committee: The Universal Declaration of Human Rights. It’s more poetic than most texts, partly because that committee (chaired by Eleanor Roosevelt) brought on poet Archibald MacLeish for a final polish.
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And speaking of poetry, a former New York governor once famously said you campaign in poetry, but govern in prose. And that’s the theme of today’s briefing as Javier Milei, Argentina’s maverick new president, pivots a little closer to the mainstream, with implications for the world.
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– Jeremy Dicker, Managing Editor
TODAY’S NEWS
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The EU turns to AI. The EU has agreed on a landmark text to regulate artificial intelligence after a series of marathon negotiations last week. The bill is the world’s first comprehensive set of AI rules and could serve as a blueprint for other countries looking to regulate the powerful technology, but industry leaders have warned the package is too burdensome.
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Last-minute visit. US President Joe Biden is set to host his Ukrainian counterpart Volodymyr Zelensky at the White House tomorrow (Tuesday), days after Congress failed to approve further military aid to Ukraine. A similar deadlock is also threatening EU aid to Kyiv.
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Choppy waters. The Philippines has summoned the Chinese Ambassador after two incidents over the weekend involving Chinese coast guard vessels water-cannoning Philippine resupply vessels in disputed waters. The US and Europe both criticised the behaviour of China, which in turn blamed the Philippines for ignoring “multiple stern warnings”.
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Third time’s the charm. Voting has kicked off in Egypt’s presidential election, with incumbent El-Sisi projected to win an unprecedented third term. Critics have accused El-Sisi of cracking down on political opponents, but he’s unlikely to face much international blowback given Egypt’s key role as a mediator and humanitarian access point in the ongoing Israel-Hamas conflict next door.
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Not special. India’s Supreme Court has backed the government’s decision to revoke the autonomous status of the state of Jammu and Kashmir in a landmark ruling today. The status of India’s only Muslim-majority state has been at the centre of more than 75 years of hostility with neighbouring Pakistan.
TOP STORY
Credits: Tomas Cuesta / Getty Images
Maverick Milei takes the reins in Argentina
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Maverick libertarian economist Javier Milei was sworn in as Argentina’s president yesterday (Sunday), on the 40th anniversary of his country’s return to democracy.
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Inheriting an economic mess (such as empty coffers and $100B in debt), his 35-minute inaugural address contained few surprises compared to his famously unorthodox campaign. Milei said:
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The outgoing government and broader political class had “left the country at the brink of its biggest crisis in history”
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This means there’ll be tough decisions ahead, “but unfortunately they didn’t leave us any option”, and
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The solution lies in the ideas of freedom and a new social contract “in which the state does not direct our lives, but rather safeguards our rights“.
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The president didn’t offer specifics, though flagged spending cuts equivalent to 5% of GDP, and ended the address with his trademark slogan of “long live freedom, damnit!“. The gathered crowd came straight back with a “¡Viva!”
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In parallel, Milei had already named some notably mainstream figures to his cabinet, including the highly regarded Luis Caputo as finance minister.
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How highly regarded?
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When Caputo restored the country’s access to international credit back in 2016, the then president declared him “the Messi of finance”. And honestly, we can’t think of a higher compliment in a country so mad about Messi (the soccer star).
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These kinds of mainstream appointments, plus other pirouettes to the centre, partly reflect Milei’s political reality: he only controls 10-15% of Argentina’s legislature, so he’ll need to do deals with the opposition to get much done.
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And we won’t have to wait long to see how this all pans out: he’s already signed a cost-cutting decree to halve the number of government ministries, and Milei’s team says he’ll unveil further sweeping reforms (like deregulation) this week.
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All the while, business leaders are cheering him on, while unions and social organisations are planning protests. Viva, indeed.
INTRIGUE’S TAKE
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Ukrainian leader Volodymyr Zelensky’s attendance at Milei’s inauguration also stood out to us. Zelensky probably had three goals in mind.
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First, it’s an effort to build support for Ukraine in a region that’s been pretty equivocal in its response to Russia’s invasion
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Second, he got a chance to speak directly to Hungarian leader Viktor Orbán (seated nearby), who’s consistently tapped the EU’s brakes on support for Ukraine, and
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Third, he likely also had an eye to audiences in the US, where there’s been overlap between those who’ve enthusiastically welcomed Milei as president, and those who’ve questioned US support for Ukraine.
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So getting a bear hug from Milei, an outspoken backer of Ukraine, potentially helps defuse some of the politics playing out in the US Congress, which is still debating US military aid to Ukraine.
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Also worth noting:
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Other attendees included Chile’s left-leaning leader, right-leaning figures like former Brazilian leader Bolsonaro, plus the US energy secretary, Israel’s foreign minister, and a mid-ranked envoy from China (a country Milei described as an “assassin”).
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The left-leaning leaders of Latin America’s three other biggest economies (Brazil, Mexico and Colombia) were no-shows, which perhaps isn’t surprising given some of Milei’s fiery campaign rhetoric. But still, it’s hard to see projects like the region’s free trade deal with the EU now progressing any time soon.
SUPPORTED BY THE DAILY UPSIDE
It’s Time to Rethink Your 2024 Media Diet
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In this current market landscape, we all face a common challenge.
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Many conventional news sources (you know who) are driven by the pursuit of maximum clicks. Consequently, they resort to disingenuous headlines and fear-based tactics to meet their bottom line. In a new cycle filled with mundane headlines and shallow social media posts, it’s essential to seek out only the highest quality sources of information and analysis.
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Fortunately, we’ve found one.
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Meet The Daily Upside. Founded by a team of investment bankers, scholars, and journalists, this free business newsletter has a singular mission: to empower you with market intelligence and facilitate wealth creation.
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Sent to your inbox before markets open, this free newsletter is a trove of concise insights, in-depth analysis, and a dose of wit, all aimed to make you a more well-rounded investor.
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Don’t take our word for it — join hundreds of thousands of investors who trust The Daily Upside.
MEANWHILE, ELSEWHERE…
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🇭🇰 Hong Kong: Voters went to the polls for district elections yesterday (Sunday) to select 88 of the city’s 470 lawmakers (the rest were appointed or elected indirectly). It’s the city’s first election in almost four decades without pro-democracy candidates, and turnout was at an all-time low of 27.5% (compared to 71.2% at the last election in 2019).
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🇧🇬 Bulgaria: Russia has vetoed a bid by Bulgaria (an EU member) to host next year’s COP climate talks, in retaliation for the EU’s opposition to Russia’s invasion of Ukraine. That leaves Azerbaijan, which relies on oil and gas for ~90% of its exports, as the last bid standing.
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🇰🇭 Cambodia: At least two of China’s naval vessels became the first ships to dock at Cambodia’s Ream Naval Base on Friday. Western countries say Cambodia has agreed to allow Chinese ships to dock at the base for 30 years, an allegation both China and Cambodia deny.
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🇬🇹 Guatemala: Local prosecutors have called on Guatemala’s electoral authorities to annul the results of August’s election, citing alleged voter registration discrepancies. Arévalo, who’s due to take office on 14 January, has denounced this latest twist as a “perverse” coup attempt (the US and regional bodies take a similar view).
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🇸🇾 Syria: Syria’s military reportedly struck residential areas in the province of Idlib on Saturday, killing six civilians. Idlib is partly controlled by Al-Qaeda’s former Syria branch, in a conflict that’s killed half a million people since Syria’s president crushed street protests in 2011.
EXTRA INTRIGUE
Your weekly roundup of the world’s more surprising news
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Hotel security has found a missing $800k ring in a vacuum cleaner bag at the Ritz Hotel in Paris, days after a Malaysian businesswoman reported it missing.
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Police in Wales have had to detonate an old ammunition shell that a couple had unwittingly been using as a garden ornament.
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Astronauts on the International Space Station have finally found a tomato that disappeared eight months ago.
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Canadian authorities have captured a runaway kangaroo after it punched a police officer in the face.
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And residents in a small Italian town are relieved various recent car tyre slashings have been caused by a dog with gingivitis, not the mafia.
PHOTO OF THE DAY
Source: Modern Ghana
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Cryptic billboards have been popping up across Ghana over the past month, depicting a mysterious ‘man in a mask’ with various messages hinting at a 2024 presidential bid, like “A New Ghana” and “Embrace the Change.“ According to local media, the anonymous group plans to reveal its identity soon, but most suspect it’s a Ghanaian businessman popularly known as Cheddar.
DAILY POLL
If you could travel back in time to spend a week with an ancient civilisation, where would you go? |
Thursday’s poll: Do you think Vladimir Putin’s international isolation is over?
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🟩🟩🟩🟩🟩🟩 👍 Yes, many leaders seem to have moved on (39%)
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🟨🟨🟨⬜️⬜️⬜️ 👎 No chance (23%)
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🟨🟨🟨🟨🟨⬜️ 🤔 Not yet, but soon (35%)
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⬜️⬜️⬜️⬜️⬜️⬜️ ✍️ Other (write in!) (3%)
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Your two cents:
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👍 M.L: “While most countries in the West (US, EU) are continuing to keep him on ice, it seems that the rest of the world is ready to move on from Russia’s war in Ukraine.”
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👎 C.L: “If Putin visiting the Middle East (even the wealthy petrostates), and taking meetings with the president of Iran is what passes for “isolation over”, then I think we’ll all be better off if he stays in that lane for as long as he wants.”
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✍️ B.R: “Did it ever really begin…?”