The gunman suspected of killing ten people and injuring ten others in Monterey Park, on the eastern edge of Los Angeles, was identified as 72-year-old Huu Can Tran. The victims had gathered to celebrate the Chinese lunar new year in a ballroom-dancing venue. The suspect later shot himself in a van after being surrounded by police. The motive for the attack is unknown. It was one of the deadliest mass shootings in California’s modern history.

Citadel, the hedge fund run by Ken Griffin, earned investors $16bn (on assets of $53bn) last year, an industry record. The last time a hedgie reported such juicy profits was in 2007, when John Paulson cleaned up betting against subprime mortgages. Citadel bucked a trend: even including its mammoth return, the top 20 funds made $22.4bn in 2022, the lowest for six years, according to LCH Investments.

Russia ordered Estonia’s ambassador, Margus Laidre, to leave the country within a fortnight. The foreign ministry pinned the downgrade in relations on an “unfriendly step to radically reduce the size” of its own outpost in Tallinn. Meanwhile, diplomatic pressure to send Leopard tanks to Ukraine continued building on Germany, their maker. Poland said it would apply for permission to send its own stock.

Argentina and Brazil said they would begin preparatory work to develop a common South American currency. In a jointly written article, leaders of both countries said the currency—perhaps called the “sur”—would reduce costs and external vulnerability. According to the Financial Times, the proposal will be discussed at a summit in Argentina this week. It would be the world’s second-biggest currency bloc.

New Zealand’s ruling Labour Party formally elected Chris Hipkins to succeed Jacinda Ardern as leader, and thus the new prime minister. Mr Hipkins promised to narrow his government’s focus, to concentrate on the country’s economy, and in particular the cost-of-living crisis. Mr Hipkins, currently minister for police, public service and education, will be sworn in on Wednesday.

Thousands demonstrated across America on the 50th anniversary of Roe v Wade, the Supreme Court decision that made abortion a constitutional right. Around 200 marches took place in 46 states to protest against the court’s reversal of Roe last June. Since then 12 states have passed near-total bans on abortion, while others have tightened restrictions.

Luiz Inácio Lula da Silva, Brazil’s new president, accused his predecessor, Jair Bolsonaro, of committing genocide against the Yanomami people in the country’s Amazon. He said Mr Bolsonaro’s government had allowed the Yanomami’s protected reservation, home to an estimated 30,000 tribespeople, to be plundered by gold miners, leading to widespread malnutrition and disease. A medical emergency has been declared.

Fact of the day: 60%, the proportion of horses that were owned by Elizabeth II that have been sold at auction since her death in September. Read the full story.


China enters a new covid era

PHOTO: AFP

Three years ago the 11m people of Wuhan, a Chinese city, were the first to be locked down to stop the spread of a strange new virus. Covid-19 had actually emerged weeks earlier, but authorities played down its dangers, allowing millions to leave before the city and its surrounding province were sealed. But in 2023, after China abruptly dropped strict pandemic controls, the country’s rulers are intent on promoting a return to normality. Celebrations of the lunar new year holidays began over the weekend.

For unknown numbers of Chinese it is a more sombre new year. Official death tolls stand at around 70,000 between December 8th and January 19th. The true number is far higher, according to exhausted funeral workers and doctors. Millions heading to home towns and villages hope they will not infect elderly relatives, though it may help that many villagers have already had the virus. An exhausted country is ready to move on.

Europe’s happy shoppers

PHOTO: DPA

In 2022, Europe’s consumers presented economists with a puzzle. Following Russia’s invasion of Ukraine, consumer confidence—measured through surveys on households’ financial situation and their overall economic outlook—tanked. Europeans worried about the war’s impact on the rest of Europe, high energy costs and potential economic hardship. Economic forecasters feared a recession.

Yet spending in shops held up fairly well. That was because the labour market remained strong, the post-pandemic spending boom still had legs and governments transferred billions to households to help pay energy bills. Since then, prices for gas, power and fuel have come down to pre-war levels and a severe energy crisis has been avoided. The release of new data on consumer sentiment on Monday should reflect that and show that Europeans are bullish. The European consumer is not exactly known for pushing the world economy forward, but has nonetheless proved remarkably resilient in this crisis.

 
 

Will Vladimir Putin order another mobilisation?

PHOTO: REUTERS

As the West promises more heavy weapons to Ukraine, rumours abound that Vladimir Putin will soon announce a second wave of mobilisation. Russia has not deployed all of the roughly 300,000 men recruited in the first drive, yet a new call-up would still be needed to sustain another large-scale offensive, which Ukraine reckons will begin in the coming weeks. The recent appointment of Valery Gerasimov, Russia’s senior general, to take command of the invasion may also signal that a fresh attack is coming.

For the offensive to stand a chance, claims Ukraine, Russia would have to call up half a million more men. That would be politically difficult. The first mobilisation sparked widespread protests in September; an estimated 700,000-800,000 men fled the country in one month. Families have become only more unsure about sending their loved ones off to war. Mr Putin is committed to his fight. His people will have to consider the costs—not that anyone is asking their opinion.

India’s banking boom

PHOTO: GETTY IMAGES

For years India’s economic growth was hindered by a rotten banking sector, plagued by bad loans and shoddy management. Now that constraint is easing. Banks’ credit growth rose to a ten-year high in December. Earlier in 2022, the share of bad loans fell to a seven-year low. The turnaround is a consequence of several factors. Government reforms to clean up balance-sheets have worked. A popular mobile-payments platform has brought more funds into the banking system.

Private banks are flourishing. On Saturday ICICI, the country’s second-biggest private bank, reported a 34% year-on-year increase in profits for the last quarter of 2022. Axis Bank, the third biggest, posted an increase of 62% as it reported results on Monday. A global economic slowdown will hurt momentum, but the central bank is not too worried. It predicts that, in the worst possible scenario this year, Indian banks will remain resilient. In the best case, they will thrive.

 

Art in the desert

PHOTO: DIRIYAH BIENNALE FOUNDATION

With its famous undulating roof line, the Canopy Terminal at Jeddah airport is often the first view that pilgrims enjoy when they land in Saudi Arabia for the Hajj. From Monday, it will also be home for three months to the first Islamic Arts Biennale, featuring an indoor exhibition that focuses on qiblah or the “sacred direction” and an open-air show about hijrah, or migration, that began with the journey that the Prophet Muhammad took from Mecca to Medina in 622. Forty-four artists have created works that examine how Islam’s most sacred sites give Muslims around the world a sense of community and belonging.

Politically, the Biennale is the latest expression of soft power by the crown prince, Muhammad bin Salman, and his cousin, Badr bin Farhan Al-Saud, the culture minister. They are keen to use art to project a gentler image for the kingdom after the murder of Jamal Khashoggi, a journalist, and a huge increase in public executions in 2022.

The discovery is the latest in a series of such findings that has caused a furore over Mr Biden’s mishandling of government files.

 

The presidential mislaying of classified documents is infectious

Another president, another special counsel

www.economist.com

Turkey’s objections are holding up the accession to NATO of both Sweden and Finland.

 

The charismatic Ms Ardern resigned as prime minister last Thursday, complaining that she has nothing “left in the tank.”

 

The Iranian rial dropped to a record low against the dollar, as inflation continued to spiral. A year ago the dollar was worth well under 300,000 rials on unofficial markets; now it will fetch more than 440,000.

 

The make-up style from China, which involves trying to look alluring and innocent all at once, is now trending in Japan. Read the full story.

 

Japanese youngsters want to look like Chinese starlets

Fashions used to flow the other way

www.economist.com

 

France and Germany’s fractious friendship

 

They will then hold a joint cabinet meeting, and finish with dinner à deux.

 

Seven justices backed Roe in 1973; last June, five voted to ditch it as “egregiously wrong from the start”.

 

This weekend the remaining eight teams in contention for the NFL championship on February 12th will be whittled down to four. 

 

Their last meeting ended without a winner: the game was cancelled when Damar Hamlin collapsed with a stopped heart after taking a helmet to the chest.

 

It has now been adapted into a film, which premieres this weekend at the Sundance Film Festival.

 

“Cat Person” describes a brief, discomfiting liaison. Margot (Emilia Jones), a 20-year-old student, meets Robert (Nicholas Braun, of “Succession” fame), a 34-year-old man.

 

That evening, despite Margot’s increasing revulsion, they have sex.

 

Weekend profile: Matteo Messina Denaro, captured mafioso

 

Nicknamed U Siccu (the skinny one) and more sinisterly as Diabolik, Mr Messina Denaro was among the Sicilian Mafia bosses who felt themselves so powerful in the early 1990s that they could take on the state.

 

He was a leading ally of the Corleonesi clan, which originated in the market town of Corleone and which wrested control of Cosa Nostra with a campaign of unparalleled savagery.

 

His fellow patient noted that, even in the torrid heat of a Sicilian summer, “Andrea” always arrived at the hospital in a formal, long-sleeved shirt.

 

 

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