China Evergrande Granted 5 Weeks to Negotiate or Face Liquidation
The Hong Kong High Court gave the crisis-hit China Evergrande Group a five-week reprieve to negotiate a deal with creditors or face liquidation, adjourning a liquidation hearing until Dec. 4. This comes after the property developer announced Monday that it has been working on a revised debt restructuring plan.
Justice Linda Chan stated that this postponement, the fifth since offshore creditor Top Shine Global filed a winding-up petition against the company in June 2022, will be the last before a decision is made on the liquidation order.
Anti-China narrative
Doubts remain over the future of the highly indebted Chinese property developer as fears of its liquidation grow. With Hui's freedoms limited and a five-week window to strike a deal, the company may not survive. A failed Evergrande could spill over into other parts of the economy, leading to China's own Lehman-style crisis.
Pro-China narrative
While Western media keeps trying to promote Evergrande's case as if its potential collapse would negatively affect China's economic prospects, the fact is that such claims expose just how little they understand the Chinese development model. Because Evergrande has engendered this crisis by not following Beijing's directions, the group must shoulder its responsibility without a bailout.
UAW Reaches Tentative Deal with General Motors
The United Auto Workers (UAW) union reportedly struck a tentative agreement with General Motors on Monday, suggesting it has now agreed to pending deals with Detroit's Big Three automakers.
The deal — which comes after the UAW announced similar agreements with Stellantis and Ford last week — is set to end a strike that began on Sept. 15, with 13K union members walking off the job after their contracts expired.
Left narrative
The UAW's push for labor rights and fair pay has resulted in success, having achieved record pay increases and benefits as part of its agreements with Detroit's Big Three. Labor rights and general economic equality have been on a staggering decline in the US, and hopefully, this win for workers can be a beacon of hope for the future of employment rights. The UAW's strike has worked, and it should serve as a starting point for all labor movements.
Right narrative
Union members have squeezed auto manufacturers for everything they have, and the UAW strike will cripple Detroit's auto industry. It's understandable for workers to demand better wages and benefits, but the UAW deals come with a ridiculously high pay increase. This may be a short-term win for workers, but with labor costs up and share prices down, it's only a matter of time before the workers feel the same pain that the automakers are feeling right now.
Nerd narrative
There's a 50% chance that at least 447K workers will go on strike as part of major work stoppages in the US in 2023, according to the Metaculus prediction community.
Report: Russian Hackers Breached 632K DOJ, Pentagon Email Addresses
Bloomberg — citing the US Office of Personnel Management (OPM) — reported on Monday that a Russian-speaking criminal group is responsible for a large-scale cyberattack earlier this year that hacked the email addresses of around 632K employees from the Justice and Defense departments.
The hackers targeted vulnerabilities in the widely used file-transfer software called MOVEit to reportedly compromise several areas within the Defense Department, including the Air Force, Army, US Army Corps of Engineers, Office of the Secretary of Defense, and Joint Staff and Defense Agencies.
Anti-Russia narrative
While CLoP appears to be primarily interested in extorting money from its victims rather than undermining national security, the US must work to bring charges against all cyber criminals. It's no secret that Russia — alongside the likes of Iran and China — has been attempting to undermine US cybersecurity, and with the 2024 election cycle getting ever closer, it's paramount that Washington sends the message that it won't tolerate such behavior.
Pro-Russia narrative
It's no surprise that Russian hackers would target the US, given that multiple Western countries, particularly Ukraine with the help of Washington, have attacked the Russian government in a similar manner. Furthermore, the West has also likely supported unofficial, criminal cyberattacks against Moscow. NATO is the one pushing this war into the cybersphere, but what it should really worry about is when its own hackers will eventually turn against it.
US to Remove Four African Countries From Trade Program
In a letter sent to the speaker of the US House of Representatives on Monday, Pres. Joe Biden announced his intention to remove the Central African Republic (CAR), Gabon, Niger and Uganda from the African Growth and Opportunity Act, a move that will be effective on Jan. 1, 2024.
He argued that these sub-Saharan countries had failed to address concerns over non-compliance with the trade program qualifying criteria, adding that he would continue to evaluate whether they align with the requirements for eligibility.
Pro-establishment narrative
This trade program has been a significant driver for economic growth for many sub-Saharan countries, so this decision — although not yet set in stone — will be damaging to the expelled states. With the Act's beneficiaries desperate for the program to be extended for at least another 10 years post-2025, Biden has reaffirmed that supportive political will remains a necessity in any country's dealings with the US.
Establishment-critical narrative
The US continues a social reconstruction of the African Growth and Opportunity Act directed towards the wider purpose of retaining international influence in response to the perceived rising threats of China and Russia. When originally formed, the Act was intended to assist the economies of sub-Saharan Africa — today, it is a proxy for hegemony that dismisses the legitimate sovereignty of African nations to make their own domestic decisions.
India: Opposition Leaders Reportedly Receive iPhone Hacking Alerts
Several Indian opposition lawmakers on Tuesday claimed to have received an alert message from Apple Inc., warning the Members of Parliament that their iPhones were being targeted by "state-sponsored attackers."
The iPhone manufacturer's alert reportedly warned that state-sponsored attackers may be trying to compromise their device and remotely access their sensitive data, camera, and microphone.
Narrative A
If "La Affair Pegasus 2021" is anything to go by, the Modi government's urge to spy on its critics is self-evident. The Indian state hasn't been exactly forthcoming on its spyware deals either, despite the massive negative reactions. If the many upcoming state elections and next year's national polls are taken as context, then the matter becomes one of the legitimacies of Indian democracy itself.
Narrative B
India's opposition must stop carping about surveillance every time it runs out of issues to attack the government with. If Apple has warned lawmakers about a hacking attempt, then the company must explain the matter and not the government. The opposition must slow down and cooperate with the probe instead of distracting public attention from the country's progress.
Nerd narrative
There's a 75% chance that the BJP will form the government after the next Indian general election in 2024, according to the Metaculus prediction community.
FDA Warns 26 Eye Drop Brands Could Lead to Infection, Vision Loss
According to the US Food and Drug Administration (FDA), at least 26 over-the-counter eye drop brands, including those sold under store brands could lead to serious eye infections resulting in vision loss or blindness. The agency is calling for the recall of store brands from CVS Health, Rite Aid, Target Up&Up, Leader (Cardinal Health), Rugby (Cardinal Health), and Velocity Pharma.
This follows an FDA inspection of the manufacturers' facilities, during which it found unsanitary conditions and positive bacterial test results in "critical drug production areas."
Establishment-critical narrative
US pharmaceutical companies have for decades outsourced drug manufacturing overseas, leading to challenges in FDA oversight. While foreign inspections have intensified, domestic oversight has waned. This shift, combined with reduced inspections, raises concerns about the quality and safety of common-use drugs available to Americans. The government should have changed course after it recalled 60M Johnson and Johnson vaccines, but since it didn't, hopefully, these latest headlines will bring institutional change.
Pro-establishment narrative
The FDA's job is to do exactly what it did regarding these dangerous eye drops. The agency conducts inspections of medical facilities ranging from drug manufacturers and blood banks to food processing plants and tobacco manufacturers. When companies disregard federal law and put Americans at risk, the agency will be there to uncover such violations, warn the public about them, and hold those responsible to account.
Israel's Netanyahu Rules Out Cease-Fire With Hamas
Israeli Prime Minister Benjamin Netanyahu rejected calls for a cease-fire with Hamas on Monday. Comparing the Oct. 7 attacks by Hamas to the Pearl Harbor and Sept. 11 attacks on the US, Netanyahu said Israel was justified in retaliating, stating that it would wage war against Hamas "until victory."
"Calls for a cease-fire are calls for Israel to surrender to Hamas, to surrender to terrorism, to surrender to barbarism. That will not happen," Netanyahu said. He added: "The Bible says that there is a time for peace and a time for war. This is a time for war. A war for our common future. Today we draw a line between the forces of civilization and the forces of barbarism. It is a time for everyone to decide where they stand."
Pro-Israel narrative
Calls for a cease-fire are calls for Israel to surrender to Hamas. Israel will never surrender to Hamas after what it did on Oct. 7. In fact, the Hamas terror organization needs to be eradicated so it can never commit these types of atrocities again.
Pro-Palestine narrative
After 23 days of unrelenting Israeli airstrikes — which Gaza has had to endure under an Israeli blockade that's left it without food, clean drinking water, medicine, and electricity — millions of people are on the brink of a humanitarian catastrophe. A cease-fire is needed immediately.
Nerd narrative
There's a 50% chance that Israel will lift the blockade on electricity, food, gasoline, and medicine in Gaza by December 2023, according to the Metaculus prediction community.
Meta to Launch Ad-Free Facebook, Instagram Tier in Europe
Meta, which owns Facebook and Instagram, announced Monday that starting in November, users older than 18 can pay a monthly subscription fee for its platforms and no longer see ads. It will cost €9.99 (or about $10.50) per month for desktops and €12.99 (about $13.70) for iOS and Android.
The move, which will apply to Meta's two major social media platforms in the EU, the European Economic Area, and Switzerland, will then add an additional charge of €6 per month per desktop account and €8 per month per phone account listed under a user's Account Center.
Narrative A
While many users may be happy to avoid what they see as pesky advertisements in their social media feeds, the growing number of ad-free platforms will be a detriment to companies trying to reach potential customers. There are also ethical concerns over all these platforms — from Meta and YouTube to X and Snapchat — charging those with less financial means to use their services. Ad-based social media gave everyone free access to the internet, something that could be lost if this trend grows.
Narrative B
As non-human bot accounts take over the digital dialogue and targeted advertising becomes more and more intrusive, subscription-based social media can certainly become the new norm. However, in order for users to feel they're paying a fair price, these tech giants are going to have to provide more bang for their buck. The digital world is at a historical impasse, which is why Silicon Valley, either by legal force in the EU or by choice in the case of Elon Musk, must prove itself willing to protect our data while building platforms worth a subscription.
Senate Dems. Plan to Subpoena GOP Donors Over Alleged SCOTUS Gifts
Democrats on the Senate Judiciary Committee announced on Monday that they intend to subpoena Republican donors Harlan Crow and Robin Arkley, as well as conservative activist Leonard Leo, concerning their involvement in the payment of luxury items and travel for Supreme Court justices.
While Crow is a known benefactor of Justice Clarence Thomas of over two decades, with payments including vacations, school tuition fees, and the purchasing of Thomas' mother's house, Arkley and Leo are reported to have helped arrange and pay for a private jet trip in 2008 for Justice Samuel Alito.
Democratic narrative
The acceptance of lavish gifts from Republican billionaires has led to an extraordinary judicial crisis that has all but undermined the legitimacy of the Supreme Court. Several Justices have skirted ethics, and the conservative majority may truly be seen as no more than politicians in robes. The current behavior of unelected justices in the US undermines America's trust in its very own democracy and has led to damaging regressive rulings that have harmed society.
Republican narrative
Democrats continue to spread fictional tales of a corrupt Supreme Court undermined by economic incentives deriving from the right. Data shows that, despite the left's rhetoric, the Supreme Court has been more likely to side with liberal judicial stances in recent years. It's the creation of misleading scandals and the continued manipulation of the media which is why the public continues to hold grave mistrust against our judicial institutions, rather than the Supreme Court itself.
Nerd narrative
There is a 3% chance of any change in the composition of the US Supreme Court in 2023, according to the Metaculus prediction community.
Boston to Remove Homeless Tent City
Boston Mayor Michelle Wu has enacted a new rule that will allow police to remove tents and other makeshift shelters at a homeless tent city known as "Mass and Cass" or "Methadone Mile" — an area stretching from the corner of Melnea Cass Boulevard and Massachusetts Avenue known for its crime and substance abuse.
Effective Wednesday, police will be able to start removing tents and stopping future encampments in the area, which, between May and July of 2023, had an average of 700 to 900 emergency calls per week, according to City of Boston statistics.
Right narrative
After years of being plagued with crime-riddled tent cities, it seems some Democratic mayors are finally doing something about the homelessness crisis. It's absolutely tragic how much American cities have degenerated over the last several decades under Democratic leadership, and it's about time there be common sense solutions to the issues of open drug abuse and violent crime.
Left narrative
While Mayor Wu and the City of Boston think they are doing a service to the community by clearing tents and offering services to homeless people, they're also throwing many out of their dwellings and putting marginalized people at risk. There isn't enough housing to shelter these displaced people, with the trans community likely to be disproportionately impacted. As always, the most marginalized are paying the highest price.