Weekend Papers Summary
FINANCIAL TIMES
-Hamas has delayed the release of hostages in Gaza due to insufficient aid delivery. The group freed 24 captives in a deal with Israel, which included paused offensive, release of Palestinians in Israeli prisons, and increased aid. Hamas' military wing has reportedly complained to Qatar and Egypt about the insufficient aid delivery.
-Palestinians have returned to their shattered neighborhoods after 48 days of Israeli bombardment, seeking food and fuel. The truce agreement includes provisions for increased humanitarian supplies.
-Russia launched its largest drone attack on Kiev, wounding five people and leaving nearly 200 buildings without power. The attack, which began at 2:30am local time and lasted over six hours, involved Shahed kamikaze drones that changed course to confuse and evade Ukrainian air forces, according to Ukraine's air force.
-Chris Christie is avoiding pressure to withdraw from the 2024 White House race and narrow the field of candidates challenging Donald Trump for the Republican presidential nomination. Despite struggling in national polling, Christie is aiming to participate in the Alabama debate in December. His supporters believe he offers a clear contrast to Trump, performs well in New Hampshire, and is strong on foreign policy during international turmoil.
-Nigeria's Aliko Dangote, the richest person in Africa, is set to launch a $20B oil refinery outside Lagos, potentially transforming Africa's largest economy. The facility, which could start producing diesel, kerosene, and jet fuel, could be operational by next month, provided sufficient crude oil is secured and the plant works as planned. Dangote believes the refinery could reach 650,000 barrels a day by 2024.
-The Israeli shekel has become the world's top performing currency this month, driven by billions of dollars of central bank purchases since the Hamas war. The currency has risen by around 8% in November to 3.74 shekels per dollar, reversing a fall of nearly 6% in the first 20 days of the conflict. The rebound indicates confidence in the war's containment, the Israeli government's strong balance sheet, and foreign financial inflows.
-Israel has escalated a diplomatic dispute with Spain and Belgium after accusing the EU countries of supporting terrorism in response to their prime ministers' criticism of its Gaza bombardment. The Israeli and Spanish foreign ministers exchanged harsh words and summoned each other's ambassadors for reprimands. Spain's Prime Minister Pedro Sánchez and Belgian counterpart Alexander De Croo continued a visit to the Middle East, while Israel's Foreign Minister Eli Cohen condemned the false claims of Spain and Belgium, which support terrorism.
-Ireland's Taoiseach (ie: head of government, prime minister), Leo Varadkar, has pledged to introduce tougher legislation to combat far-right groups responsible for inciting riots in Dublin following a knife attack. Around 500 people and riot police clashed on Thursday night, with rumours that the attacker was an immigrant. Varadkar described the rioting as "shameful" and promised to accelerate hate crime legislation already before the Dáil parliament to modernize incitement to hatred legislation for the social media age. He also promised to toughen legislation to use CCTV footage to apprehend the perpetrators.
-Geert Wilders's attempt to form a government in the Netherlands has been halted by the liberal VVD party's leader, Dilan Yesilgöz, who stated she would not form a coalition with Wilders. However, the outgoing justice minister could support a centre-right cabinet from outside, without clarifying whether Wilders' anti-Islam Freedom party could be considered centre-right. Wilders' Freedom party came first in the parliamentary elections, but needs the support of at least two other parties to form a majority in the lower house.
-US online shopping reached record highs on Thanksgiving Day, with shoppers spending over $5.5B online, an all-time high. Black Friday sales are expected to reach $9.6B, a 6% increase from last year. The festive shopping mood is also evident on the ground, with stores reporting heavy foot traffic.
-Prime Minister Narendra Modi's Bharatiya Janata party is preparing for national polls next year by battling a revived opposition in five state elections in November. The polls will be held in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram, with results due on December 3. The elections aim to strengthen the BJP's political dominance and counter the Indian National Congress.
-The European Commission approved Italy's spending plans and reforms for its €194B share of the EU post-pandemic recovery fund, boosting Prime Minister Giorgia Meloni's government. This agreement allows Brussels to approve Italy's next €16.5B tranche, which officials hope to receive by the end of the year. Italy is the largest beneficiary of the €800B recovery fund.
-India's rapid development of a digital payments system and online banking has led to financial inclusion. However, law enforcement agencies struggle to keep up, and regulators are working to improve financial literacy. In 2021, over 60% of cybercrime cases were frauds, with nearly half of frauds involving Rs100,000 or more classified as "card/internet" by the Reserve Bank of India.
NEW YORK TIMES
-Hamas said it has delayed 2nd hostage release, citing problems with aid delivery. The group’s armed wing claimed Israel was not adhering to the terms of an agreement for releasing hostages.
-Israelis welcome some hostages home. The return of 13 Israeli hostages out of more than 200 provided a glimmer of hope for a nation still traumatized by the Hamas assault of October 7.
-Gaza civilians, under Israeli barrage, are being killed at historic pace. In less than two months, more than twice as many women and children have been reported killed in Gaza than in Ukraine after two years of war.
-Derek Chauvin is said to have been stabbed in federal prison. Mr. Chauvin, a former Minneapolis police officer who was convicted of murdering George Floyd during a 2020 arrest, was serving a sentence of more than 20 years.
-Who would Donald Trump choose as his running mate? While voting has yet to begin for the GOP primary, the former president has casually weighed the pros and cons of some contenders.
-Gov. Ron DeSantis faces critical decision on cruise ships in Key West. A campaign donor to DeSantis wants to expand cruise ship operations in Key West, where voters have tried to restrict them.
-Despite bans, disabled women are still being sterilized in Europe. Governments have declared the practice a human rights violation. But they have made exceptions that are divisive among parents, doctors and social workers.
-Behind Mike Johnson’s rise is a GOP "consumed by the Far Right." After their party was decimated in 2008, mainstream Republicans believed they could harness rising far-right forces. Instead, they were overrun by them.
-Hollywood is being forced to make some difficult decisions on guns. Real guns or replicas? Blank fire or special effects? The killing of a cinematographer on a film set has some in the industry rethinking their approach to firearms.
-Donors give over €300,000 for immigrant who intervened in Dublin stabbing. A Brazilian man stopped a stabbing that prompted one of the worst anti-immigrant riots in recent history.
NY POST
-US Joint Chiefs of Staff Chairman Gen. Charles Q. Brown has expressed concerns about Israel's war in Gaza, stating that it would be a large order to eliminate the terrorist organization. This has caused controversy among elected officials, who argue that it is inappropriate for the general to discuss such divisions in public. Rep. Mike Gallagher suggests that if General Brown is concerned about the time it may take for Israel to complete the mission, he should advise the president to drop his push for a ceasefire and focus on ensuring Israel has the necessary lethal aid.
-Black Friday shoppers spent a record $9.8B online, up from $9.12B the day after Thanksgiving 2022, according to Adobe Analytics. The top items were electronics like smart watches, televisions, and Bluetooth headphones, as well as Barbie Fashionistas dolls, Mini Brands toys, cordless and robot vacuums, cookware, skincare, and coffee makers. However, inflation fears and higher prices remain a concern. 72% more shoppers used "buy now, pay later" flexible payment options like Klarna and Afterpay than the previous week.
Laurent Chekroun Equity Sales
Makor Securities London Ltd. | Makor Group
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