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Hong Kong rounded up at least 50 democracy activists. Authorities say they undermined the state by participating in a primary-style exercise ahead of a legislative election that was later indefinitely postponed.
…and China sentenced an ex-financial chief to death. Lai Xiaomin, who headed a giant state-run lender, was convicted of bribery, corruption, and bigamy.
Saudi Arabia will cut oil output by 1 million barrels a day. The announcement followed an earlier OPEC+ agreement to keep production levels flat, and sent crude futures above $50 a barrel.
The US banned China’s biggest payment apps. A new executive order bars transactions on Alibaba’s Alipay, and WeChat Pay in 45 days. Meanwhile, speculation is rife about the whereabouts of Alibaba’s Jack Ma, as Chinese regulators turn up the heat.
Italy’s government is again on the rocks. Former prime minister Matteo Renzi has threatened to pull support for current chief Giuseppe Conte over plans for EU coronavirus relief funds.
The World Bank’s 10-year outlook is gloomy. A semiannual report warned of a potential “lost decade,” while also cautioning a delayed vaccine rollout could stunt global growth in 2021.
Japan and Mexico agreed to add more countries to the Trans-Pacific Partnership. The UK, China, and South Korea have signaled interest in joining, and it’s possible US president-elect Joe Biden will revisit the trade deal.
What to watch for
Binge-watching US election coverage is back. Polls closed for Georgia’s two senate run-offs on Tuesday night, races that will determine if Democrats can wrest control of the US Senate. Early counting showed the Democratic challengers winning larger shares of votes in many counties than Biden did in November when he carried that state.
While the state’s election officials are reporting smooth sailing as far as ballot counting goes, outgoing president Donald Trump is stirring up doubt on Twitter, and it’s unclear yet when the nation will know the official results.
The world is watching Georgia to see if there is truth to the predictions that Trump’s effort to undermine the results of the 2020 general election have torn a hole in the democratic fabric of the US. The Electoral College’s votes will be officially counted in a joint session of Congress today, and the GOP is filing key objections in an attempt to turn the constitutional formality into a last-ditch effort to overturn the results.
Charting India vs. the world
India’s was one of the worst-performing economies even in the second quarter of the current financial year.
Pandemic-fueled pessimism and vaccine-fueled optimism turned 2020 into a rollercoaster for Indian stock markets. Investors may feel bullish at the moment, but high valuations coupled with a slow economic recovery could provide a reality check. Prathamesh Mulye breaks down why 2021 will be just as bumpy.
A new era of internet piracy
Despite premiering on WarnerMedia’s HBO Max streaming service at the same time it opened in theaters, Wonder Woman 1984 had one of the most financially successful debuts of 2020. The film was also one of the most pirated, notes Adam Epstein. That’s a troubling trend for Hollywood studios.
Without the buttress of a widespread, exclusive theatrical release to accumulate profits before pirates can get their hands on a digital copy of a film, studios become a lot more vulnerable to the financial effects of digital theft. Even a conservative estimate of a few million illegal opening-weekend downloads of WW84 would constitute at least $20 million in lost revenue.
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Surprising discoveries
India’s blackouts cost its economy $3 billion. Internet outages left businesses disconnected for hundreds of hours.
Is China’s vaccine halal? Indonesia is waiting for confirmation, despite Sinovac’s claim that the vaccine was free of “porcine materials.”
Flipper is a Tamogotchi-esque toy that hacks. The left-leaning genderfluid techno enthusiast electronic dolphin interacts with its user and evolves by hacking objects in its environment.
The numbers aren’t great. Out of all the startups that have filed for IPO since 1817, only 20 have been helmed by women.
Don’t just throw “world’s largest asshole” around without fact-checking. A meme about unlikeable politicians led an intrepid few to set the record straight on bluefin whale anus size.
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