China’s Own Export Ban

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Global Recap
December 21, 2023 • Read in: 8 minutes

Hi Global Recap readers,

If you are in the US stock market, I know you’ve been smiling for the past few days - seeing greens showing signs of shooting up like it’s 2021 again.

Hopefully, what I have to share today won’t dampen your hope and euphoria too much.

(I am not a doom & gloom bear btw.)

🌐 Around the world:

  • Ikea’s warning.

  • Ukrainians are being “invited” to fight.

  • China waves its monopoly card.

  • Germany warns of a possible New Year’s Eve violence.

  • More Gazans are blaming Hamas.

Let’s get into today’s news.

⚠️ Ikea’s Red Alert

Ikea’s sounding the alarm: Yemeni rebels are stirring up trouble in the Red Sea, and it’s throwing a wrench in global trade.

The furniture giant’s scrambling to find alternate routes as key shippers hit the pause button on the Suez Canal.

  • Dodging Bullets: Major companies are dodging the Suez Canal - rerouting ships to go around Africa and bracing for longer hauls.

  • Inflation Fears: This could crank up costs, nudging the recently easing inflation numbers northward.

  • Coalition Call: The US is rallying the troops for a naval coalition to safeguard the crucial corridor.

  • Plan B: Ikea’s scrambling for alternatives, eyeing air and rail to keep their flat-packs flying.

📢 Hello? Ukrainians Living Abroad?

Ukrainian Defense Minister, Rustem Umerov.

Ukraine’s Defense Minister, Rustem Umerov, will be calling for Ukrainian men abroad for military service, framing it as an “invitation” with consequences for non-compliance.

  • Troop Needs: President Zelensky seeks 450k-500k soldiers.

  • Aid Hiccups: Recently, US and EU financial support has been wavering.

  • Russian Numbers: Putin claims there are 617,000 Russian troops in Ukraine.

🚫 China’s Own Export Ban

Did you think that the US was the only country capable of banning key tech exports?

Think again. China’s also clamping down on rare earths refining tech exports, citing national security. Holding a near monopoly in the “heavy rare earths” market, they’re keeping their processing secrets close to the chest - thwarting Western attempts to catch up in the strategic metals game.

  • Near Monopoly: China’s got a tight grip on refining heavy rare earths, crucial for EVs and medical devices. China and Myanmar produce 100% of the world’s heavy rare earths.

  • Race On: The West’s scrambling to find alternatives.

  • Global Impact: This move could spell trouble for anyone not on Team China, with geopolitical tensions simmering.

🚨 New Year’s Alert

Germany braces for New Year’s Eve, fearing a repeat of last year’s violence. Interior Minister Nancy Faeser warns of potential violence against police and emergency services, citing the Middle East tensions as a possible aggravator.

  • Context: Since the start of the Israel-Hamas conflict in October, we’ve seen a noticeable rise in radical Islamist terror attacks in Europe.

  • Preparations: Police are ramping up efforts to prevent attacks.

  • Past Mayhem: Last year saw at least 41 officers injured in Berlin alone.

  • Legal Push: Calls for tougher penalties on attackers.

  • Radical Concerns: Faeser highlights the risk of violence intertwining with radicalization.

Gaza Strip

More Gazans Blaming Hamas

🚨 Gazans Face Aftermath. Following the initial euphoria over Hamas’ attacks on Israel, a somber reality has set in among Gazans.

📉 Hamas Support Wanes. While the militant group initially enjoyed a surge in popularity, the tide of public opinion is turning as the cost of war becomes apparent.

According to a recent survey by the Palestinian Center for Policy and Survey Research:

  • Poll: 1 in 5 Gazans (19%) directly blame Hamas for the suffering. In contrast, only 6% of West Bank citizens blame Hamas.

  • In Gaza: General support for Hamas has increased slightly to 42% over other Palestinian parties - leaving the majority still unsupportive.

  • In the West Bank: Support for Hamas tripled to 44%.

This is noteworthy as Gaza often shows more support for Hamas, in comparison to the West Bank, which is far away from the Israel-Hamas conflict.

“… the majority of the Palestinians remains unsupportive of Hamas.”

From the Palestinian Center for Policy and Survey Research survey press release.

👥 Dissenting Voices Grow. A significant minority of Gazans are now openly blaming Hamas for the war’s devastating impact, marking a shift in attitudes.

“I hate Hamas, the government. I never respected them. But the militants? I believe in them so much, they are sacrificing their souls for the sake of Palestine. If they prepared for the attack for two years, why didn’t they also make plans for the two million Palestinians they put under fire without asking their opinion?”

A banker from Gaza.

*Note: This banker differentiates between Hamas and the militants who invaded Israel on October 7, 2023.

“Damn Hamas, May God be my witness: If I see Ismail Haniyeh, I will hit him with my slippers.”

A Gazan hairdresser.

“On the first day, people were happy. But as Israel started pounding Gaza, destroying infrastructure and killing civilians, things started to change. There is a lot of criticism among Palestinians that the Oct. 7 attack - the killing of Israeli civilians, women and children - was a strategic mistake that provoked Israel into the current war.”

Mkhaimar Abusada, a political scientist at Gaza’s Al-Azhar University.

🤔 Why It Matters. The changing sentiment in Gaza could signal a critical juncture for Hamas’ long-term control over the enclave.