ITK Daily | August 18

ITK Daily is geopolitical business intelligence.

Happy Friday.

Here’s today’s ITK Daily.

To be ITK, know this: 

Biden to host trilateral summit with Japan, South Korea: "Biden is using the presidential retreat at Camp David to help with a diplomatic mission – hosting the first-ever trilateral summit with Japan and South Korea, two countries that are putting aside a fraught history in the face of shared security challenges,” CNN reports.

At Camp David, Biden looks to cement a fragile truce: Improved relations between Japan and South Korea could bolster the president’s legacy — if they endure. Politico

US, Japan and South Korea to deepen security ties to deter China: Washington convinces Tokyo and Seoul to move past historical disagreements. FT

With an eye on China, Biden pulls Japan and South Korea closer: President Biden will host the leaders of the two Asian democracies at Camp David, as Russia’s invasion of Ukraine spurs them to rapidly mend relations. NYT

US, Japan, South Korea to work toward security hotline at summit: Trio aims to institutionalize cooperative relationship beyond individual leaders. Nikkei

Camp David summit with Japan and South Korea is a major Biden achievement Max Boot + Sue Mi Terry

One summit, three allies and a very important message for China Daniel Russel

US sees ‘decisive decade’ ahead in competition with China, Russia: White House releases National Security Strategy document; climate change, energy, and food security also identified as issues. WSJ

China’s Xi calls for patience as Communist Party tries to reverse economic slump: AP reports Xi Jinping has called for patience in a speech released as the ruling Communist Party tries to reverse a deepening economic slump and said Western countries are “increasingly in trouble” because of their materialism and “spiritual poverty.”

+ “We must maintain historic patience and insist on making steady, step-by-step progress,” Xi said in the speech. Qiushi said it was delivered in February in the southwestern city of Chongqing. It is common for Qiushi journal to publish speeches months after they are delivered.

Reuters: China's state banks seen selling dollars for yuan in London and New York hours

China's largest real estate company teeters on the brink of bankruptcy: Le Monde reports after Evergrande in 2021, it's the turn of Country Garden to default on its debt, despite its reputation as a model of good governance. These troubles reveal the scale of the crisis in a sector that accounts for a quarter of China's gross domestic product.

Reuters: Global markets fixated on China's growth slowdown

China signals end to party conclave as economy, diplomacy woes mount: Nikkei reports the nation's challenges likely discussed at secretive meeting in Beidaihe.

Why are China’s young people so disillusioned? Xi Jinping wants them to focus on the party’s goals. Many cannot see why they should. Economist

Tibet's unfailing devotion to the Dalai Lama: Tibetans venerate their spiritual leader, who fled to India because of the Chinese occupation of his country, so recent accusations against him concerning his behavior with a child have hurt them deeply. Le Monde

Reuters: Indonesia delays plan to invest $20 bln in energy transition funds

The Times: Let Russia have Ukrainian territories, Nicolas Sarkozy says

+ French former president says retaking Crimea is ‘an illusion’

Sarkozy criticized for call to compromise with Russia: Le Monde reports France's former president suggested the war in Ukraine could be ended with referendums in occupied territories, and that Ukraine should remain 'neutral.'

Is there any real prospect of negotiations between Russia and Ukraine? For Moscow, accepting Zelenskyy’s peace plan would be an unconditional surrender. But Kyiv needs security guarantees. Domitilla Sagramoso

China, Belarus seek closer military ties: DW reports Chinese Defense Minister Li Shangfu's visit to Belarus comes as both countries face diplomatic tensions with the West. Belarus is a key ally in Russia's ongoing invasion of Ukraine.

Mohammed bin Salman has been invited to visit the UK for the first time since the murder of Jamal Khashoggi, the Saudi Arabian embassy said.

Japan's tech industry needs Africa's critical minerals: Tokyo has signed agreements with a number of African countries as competition with China for key raw materials and minerals heats up. DW

Why is Niger so important for the West? Niger has been an important ally for Western countries in fighting Islamist groups and is a major transit route from Africa to Europe. Economically, the African country is also a significant uranium exporter. DW

Following Argentina's presidential primary elections, devaluation sends prices soaring: On Monday, the Argentinian government devalued the peso by the largest amount in four years. Suppliers and convenience stores immediately passed on the loss in value to consumers by raising prices. Le Monde

Bloomberg: Argentina presidential frontrunner calls China an ‘assassin’

Defend Trump and ‘hammer’ Ramaswamy: DeSantis allies reveal debate strategy: NYT reports hundreds of pages of blunt advice, memos, and internal polling were posted online by the main super PAC backing the Florida governor, offering an extraordinary glimpse into his operation’s thinking.

WP: Awkward Americans see themselves in Ron DeSantis

Trump indicted. DeSantis struggling. Is this Tim Scott’s moment? WSJ reports the South Carolina senator’s numbers have ticked up, with recent polling in Iowa putting him in third place behind Trump and DeSantis.

WP: Tim Scott announces second major ad buy of his presidential campaign

The 6 kinds of Republican voters NYT

+ The Moderate Establishment (14%)

+ The Traditional Conservatives (26%)

+ The Right Wing (26%)

+ The Blue Collar Populists (12%)

+ The Libertarian Conservatives (14%)

+ The Newcomers (8%)

Mortgage rates hit highest level in more than 20 years: WSJ reports the average rate rose to 7.09%. Rising rates have hit housing hard: Would-be buyers are locked out, and would-be sellers are staying put.

"Technology is neither good nor bad; nor is it neutral." --Kranzberg’s First Law of Technology

Google is testing a chatbot that offers life advice.

The skeptical case on generative AI: Hype is huge around the technology, but some uncomfortable truths are also being raised. John Thornhill

+ UN Secretary-General António Guterres endorsed creating a UN agency to deal with AI threats.

+ Nearly half of the generative AI job postings in the past year were in San Francisco, San Jose, New York, Los Angeles, Boston, and Seattle, making them AI boom towns.

Pressure on Vietnam EV maker VinFast to live up to NASDAQ splash: Nikkei reports the newcomer automaker looks to win over drivers in the crowded global electric market.

Daft Punk and the album that was a Hollywood blockbuster: For the French duo, who see their creations as more than music, imagery has always been paramount, leading them to adopt the methods of American movie studios for their 2013 album 'Random Access Memories'. Le Monde

Making the Seine swimmable by 2024, a huge challenge before the Paris Olympics: Le Monde reports the first trial run for the swimming events got underway in Paris on Wednesday with around 100 triathletes diving in to scout the competition course. They are the first to be officially allowed to swim in the river.

Enjoy the ride + plan accordingly.

-Marc 

Marc A. Ross | Chief Communications Strategist @ Caracal

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