Wednesday Briefing: North and South Korea conduct dueling missile tests as arms race heats up

Wednesday, September 15, 2021

by Linda Noakes

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California Governor Newsom defeats the Republican recall effort, economic crisis stalks the Taliban, and billions are blown as Macau casino investors fold

Today's biggest stories

California Governor Gavin Newsom speaks after the polls closed on the recall election, at the California Democratic Party headquarters in Sacramento, September 14, 2021. REUTERS/Fred Greaves

U.S.

California Governor Gavin Newsom beat back a Republican campaign to oust him from office, sending a decisive message that voters in the deeply Democratic state supported his policies for tackling COVID-19, immigration and crime.

A one-year expansion of the U.S. child tax credit, a policy championed by President Joe Biden and his fellow Democrats over Republican opposition, has disproportionately benefited states that voted for former President Donald Trump in 2020, a Reuters review of Treasury Department data has found.

The Biden administration formally asked a federal judge to block enforcement of a new Texas law that effectively bans almost all abortions in the state under a novel legal design that opponents say is intended to thwart court challenge.

Tropical Storm Nicholas moved slowly through the Gulf Coast, drenching Texas and Louisiana with torrential rain, flooding streets and leaving hundreds of thousands of homes and businesses without power.

A 504-pound alligator believed to have killed a 71-year-old Louisiana man in Hurricane Ida floodwaters has been captured with what appears to be human remains in its stomach, the St. Tammany Parish Sheriff's Office said.

People watch a TV broadcasting file footage of a news report on North Korea firing what appeared to be a pair of ballistic missiles off its east coast, in Seoul, South Korea, September 15, 2021. REUTERS/Kim Hong-Ji

WORLD

Both North Korea and South Korea test fired ballistic missiles, the latest volley in an arms race that has seen both countries develop increasingly sophisticated weapons while efforts to get talks going on defusing tension prove fruitless.

China's armed forces concluded their first multinational peacekeeping exercise, showing off their combat prowess with drones and mine-clearing robots while seeking to project a more benign image.

A month after seizing Kabul, the Taliban face daunting problems as they seek to convert their lightning military victory into a durable peacetime government. A unit in Afghanistan's central bank leading a 15-year effort to counter illicit funding flows has halted operations, four staff members said, threatening to hasten the country's slide out of the global financial system.

Canadian Prime Minister Justin Trudeau defended his decision to shout at a protester who insulted his wife, Sophie Gregoire, as an increasingly tense election race enters its final days.

Haitian Prime Minister Ariel Henry replaced the chief public prosecutor who had been seeking charges against him as a suspect in the assassination of President Jovenel Moise, plunging the country into a fresh political crisis.

BUSINESS

Macau casino operator stocks plummeted by as much as a third, losing around $14 billion in value, as the government kicked off a regulatory overhaul that could see its officials supervising companies in the world's largest gambling hub. Here's how Macau is revising its multi-billion dollar gaming industry.

China Evergrande is teetering between a messy meltdown with far-reaching impacts, a managed collapse or the less likely prospect of a bailout by Beijing for what was once the country's top-selling property developer. "Stress is mounting for the most obvious grey rhino in China, namely the real estate sector," Natixis economist Alicia Garcia Herrero said.

Investors managing more than $10 trillion published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding down of oil and gas production.

Apple unveiled the iPhone 13 and a new iPad mini, expanding 5G connectivity and showing off faster chips and sharper cameras without raising the phone's price.

Boeing delivered 22 airplanes in August amid revived domestic travel and won orders for seven 787s in a respite for a program hobbled by industrial defects and a halt in deliveries.

Quote of the day

"I don't ever want to take live theater for granted ever again, do you? It's so sacred"

Lin-Manuel Miranda

'Hamilton' creator

Tears, joy and surprise guests as Broadway's big musicals return

Video of the day

Civilian SpaceX crew "grateful" ahead of launch

The four would-be citizen astronauts poised to ride a SpaceX rocket ship around the globe as the first all-civilian crew launched into orbit say they are eager for liftoff, feeling only "the good kind" of jitters.

And finally…

The micro-economy spinning around Messi's Paris adventure

As Argentine soccer superstar Lionel Messi settles into the French capital, the money train extends far beyond his new club.

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