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Democrats win key state and native elections

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Democrats win key state and native elections

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Good morning.

Democrats clinched a collection of victories in state and native elections this morning, simply because the 2024 race for the White Home kicks into gear.

Latest polls had prompt US president Joe Biden was trailing Republican frontrunner Donald Trump in 5 of the six key swing states. Responding to the election outcomes on social media Biden mentioned: “Throughout the nation tonight, democracy gained and MAGA misplaced. Voters vote. Polls don’t. Now let’s go win subsequent yr.”

Abortion rights emerged as a central concern in a number of races. In Ohio, a state Trump gained in 2020 by 8 share factors, voters decisively backed a measure to codify abortion rights into the state’s structure.

In Virginia, plans by Republican governor Glenn Youngkin for a ban on abortion after 15 weeks of being pregnant with some exceptions have been rejected after voters delivered a majority to Democrats within the state’s legislature.

In Kentucky, a state gained by Donald Trump in 2020, Democratic governor Andy Beshear secured a second time period, growing his majority by three share factors from when he was first elected in 2019. Learn how the evening went for Democrats right here.

Right here’s what else I’m holding tabs on right this moment:

  • GOP debate: A gaggle of Republican presidential hopefuls will take the stage for a main debate in Miami, most likely with out frontrunner Donald Trump, as soon as once more. The previous US president is as an alternative holding a rally throughout city.

  • G7: US secretary of state Antony Blinken is in Japan for a gathering of G7 overseas ministers, in addition to a bilateral assembly with Japanese prime minister Fumio Kishida.

  • Disney: The world’s largest leisure group will report its fourth-quarter earnings later right this moment, as the corporate tries to show round its enterprise with price cuts. Disney named a new chief monetary officer on Monday.

5 extra prime tales

1. The Client Monetary Safety Bureau is planning to extend its oversight of know-how firms. The regulator is looking for powers that may permit it to supervise firms that supply digital wallets akin to Google and Apple. The principles would permit the bureau to repeatedly look at the books of firms that course of greater than 5mn transactions a yr. Learn the complete story right here.

2. Two of the world’s greatest non-public fairness corporations have reported starkly diverging fortunes as KKR boosted its fundraising expectations whereas Carlyle axed jobs as a part of a cost-cutting drive. The outcomes underscore how the 2 funding teams, which have been roughly the identical dimension a decade in the past, have since moved aside.

3. Benjamin Netanyahu claimed Israel’s month-long offensive in opposition to Hamas had been an “extraordinary success” as Israeli troops started working inside Gaza Metropolis. The prime minister’s feedback got here after he earlier mentioned Israel would keep an indefinite grip over Gaza after its struggle with Hamas. Listed here are the most recent updates on the struggle.

  • Battle for Gaza Metropolis: The bottom invasion exposes Israeli troops to the perils of shut fight in an city setting in opposition to dug-in Hamas fighters.

  • Market response: Oil costs tumbled to the bottom in additional than three months yesterday, reversing all features made since Hamas attacked Israel on October 7.

4. Unique: Ron DeSantis’s largest donor has advised the FT he’s contemplating backing Trump. Robert Bigelow gave greater than $20mn to the DeSantis marketing campaign earlier within the yr, however mentioned the assault by Hamas in Israel final month has confirmed him the US wants a “streetwise” chief like Trump. Learn the complete interview right here.

5. South Korean defence firms are anxious a number of high-profile arms offers are being put in danger by an anticipated change of presidency in Warsaw. Poland agreed a collection of offers price roughly $13bn with South Korean firms to interchange arms despatched to the nation by Ukraine. Learn right here about why South Korea is anxious.

Visible Story

Overdoses killed almost 110,000 People final yr. The drug that was by far most answerable for these deaths was fentanyl, an artificial opioid that’s 50 occasions as potent as heroin. The US authorities has made makes an attempt to focus on the producer of the drug however, as this FT story reveals, the drug’s provide chain that spans from China to Mexico could be very laborious to disrupt.

We’re additionally studying . . . 

  • WeWork’s chapter: The autumn of the best-known identify in versatile workspaces has raised questions for the remainder of the sector as firms minimize workplace sizes.

  • Israel-Hamas struggle: Confronted with the true prospect of direct confrontation with the US and Israel, Iran seems to have quietly decoupled its pursuits from these of the Palestinians, writes creator and scholar Kim Ghattas.

  • Sanctions: Chopping off drawback international locations from the monetary system has grow to be a standard a part of US overseas coverage, however it has seen combined outcomes.

Chart of the day

Central banks are at odds over how to reply to a attainable soar in power costs ought to the Israel-Hamas struggle escalate. Whereas rate-setters have conventionally ignored volatility within the power markets, central financial institution heads in Canada and the UK have signalled they would want to handle the inflationary danger of upper oil and fuel costs, whereas their European and US counterparts seem extra relaxed.

Take a break from the information

What drove the French to overthrow the monarchy? From protest literature to phrase of mouth, historian Robert Darnton’s new guide The Revolutionary Mood offers a really superb account of how 18th-century Parisians obtained and interpreted public occasions, writes Tony Barber, placing them on the street to revolution.

The ‘Tree of Cracow’ in the garden of the Palais-Royal
The ‘Tree of Cracow’ within the backyard of the Palais-Royal, the place folks would collect to cross on information and gossip © Archives Charmet/Bridgeman Pictures

Extra contributions from Tee Zhuo and Benjamin Wilhelm

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