Emmanuel Macron tries to ease riot-hit New Caledonia

Good morning. We’ve got a number of tales at this time you gained’t need to miss:

• The billionaires snapping up Singapore ‘shophouses’

• JPMorgan’s ‘tough going’ in China

• Huge Meals’s ferocious marketing campaign towards junk meals regulation

However we begin within the Pacific — 1,500km east of Australia, to be exact — the place French President Emmanuel Macron made a short go to to New Caledonia yesterday aimed toward easing a political disaster that sparked lethal rioting. 

Talking within the capital Nouméa, Macron promised to not instantly power by way of a controversial electoral reform within the territory, which is strategically necessary to the French navy and can be residence to huge nickel reserves.

The Pacific archipelago has been riven with unrest since mid-Might when French lawmakers voted to increase the best to vote in New Caledonian provincial elections to all residents who’ve lived there for greater than a decade.

The change is opposed by a lot of the indigenous Kanak inhabitants who worry it could dilute their political affect in favour of the non-indigenous inhabitants that started to reach throughout the colonial interval. Right here’s extra on the place the scenario stands after Macron’s 18-hour go to.

And right here’s what I’m maintaining tabs on at this time and over the weekend:

• Financial knowledge: Japan and Malaysia report CPI inflation price knowledge for April.

• Cross-Strait tensions: China continues its largest navy workouts round Taiwan in additional than a yr, which it known as “punishment” for what it claimed was a “provocation” from Taiwan’s new president Lai Ching-te.

• India: The nation’s staggered election enters its sixth part Saturday with voting in Delhi.

How properly did you retain up with the information this week? Take our quiz.

5 extra high tales

1. Unique: Ray Dalio’s household workplace purchased two “shophouses” in Singapore for about S$25.5mn (US$18.9mn) in 2021, in keeping with individuals with direct information of the deal. The Bridgewater Associates founder’s Dalio Household Workplace introduced it was shifting into the Asian monetary hub throughout the pandemic. Right here’s why billionaires are snapping up the city-state’s heritage properties.

2. JPMorgan chief government Jamie Dimon mentioned yesterday that components of its funding banking enterprise in China had “fallen off a cliff” in recent times. His feedback to attendees on the financial institution’s flagship convention in Shanghai spotlight to the challenges western establishments face to retain a foothold in China’s huge however largely closed-off monetary markets.

3. The chief government of Chinese language electric-car maker Nio mentioned an EU investigation of EV imports from China didn’t “make sense”. William Li, who’s also known as China’s Elon Musk, mentioned the corporate will proceed to push forward with its plans to increase in Europe and would take into account partnering with a neighborhood producer to construct a manufacturing facility there.

• The actual Elon Musk: The billionaire’s AI start-up has secured new backing from Silicon Valley enterprise capital giants Lightspeed Enterprise Companions, Andreessen Horowitz, Sequoia Capital and Tribe Capital.

4. Segantii Capital Administration has instructed buyers it’ll hand again their cash, weeks after Hong Kong authorities introduced a prison insider dealing case towards the hedge fund and its founder Simon Sadler. Staff have been instructed yesterday that the choice might imply the fund would shut down, in keeping with one particular person near the agency.

5. International model fast-food franchise homeowners in India have suffered plunging earnings as customers wrestle to deal with rising residing prices. Sustained inflation for the reason that coronavirus pandemic has compelled many individuals to in the reduction of on consuming out or flip to cheaper avenue meals, regardless of robust financial development.

The Huge Learn

Almost twenty years of scientific analysis has linked the consumption of ultra-processed meals to weight problems, most cancers and diabetes. Research present that such merchandise — from snack bars to breakfast cereals — encourage overeating however might depart the eater undernourished. This rising physique of proof presents a concrete menace to the meals business, for which UPFs are extraordinarily worthwhile. Huge Meals has hit again with a ferocious marketing campaign in a technique one knowledgeable has known as “deny, denounce and delay”.

We’re additionally studying . . . 

Chart of the day

Spain attracted greater than 85mn vacationers final yr, a document quantity that was practically double its inhabitants because it competed to steal France’s title because the world’s high vacationer vacation spot. However the surge in guests is scary offended outbreaks of “tourism-phobia”.

Take a break from the information

Structure is turning into decreased to gigantic flashing billboards, writes Edwin Heathcote. As soon as the final word artwork of three dimensions, the medium is taking a brand new form. Sphere in Las Vegas, an enormous dome of LEDs clad in 54,000 sq m of lights, naturally directs our gaze in the direction of its display, however, maybe, it’s watching us as properly.

Further contributions from Nora Redmond and Tee Zhuo