REUTERS WORLD NEWS: US Mid-Term Elections, Help for Poor Nations at COP27, More Ukrainian Refugees Predicted

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Reuters
The Reuters Daily Briefing

Wednesday, November 9, 2022

by Linda Noakes

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Here’s what you need to know.

Democrats are doing much better than many had expected, Meta is cutting more than 11,000 jobs, and the crypto market is crumbling

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Today’s biggest stories

Supporters react at an election night party for Democratic U.S. Senate candidate John Fetterman, in Pittsburgh, Pennsylvania, November 8, 2022. REUTERS/Quinn Glabicki

U.S.

Control of Congress was up for grabs after the U.S. midterm elections, with many of the most competitive races uncalled, leaving it unclear whether Republicans would crack Democrats’ tenuous hold on power.

Here is our live results graphic, and here are the key takeaways from the elections so far.

In a critical win for President Joe Biden’s party, Democrat John Fetterman flipped a Republican-held Senate seat in Pennsylvania, beating Republican celebrity doctor Mehmet Oz and bolstering his party’s chances of holding the chamber.

Republicans have picked up a net six seats in the House of Representatives that had previously been held by Democrats with 71 of 435 races not yet called, Edison Research projected.

Democrats won elections for governor in the ‘blue wall’ states of Michigan, Pennsylvania and Wisconsin, enabling them to defend against Republican-dominated state legislatures on issues such as abortion rights and fair elections.

Problems with dozens of electronic vote-counting machines in the battleground state of Arizona were seized upon by former President Donald Trump and his followers, who falsely claimed it was evidence of election fraud by Democrats.

A police officer stands in front of the entrance of the Sharm El Sheikh International Convention Centre during the COP27 climate summit in Egypt’s Red Sea resort of Sharm el-Sheikh, November 9, 2022. REUTERS/Emilie Madi

WORLD

Finance took center stage at the COP27 climate talks, with U.N. experts publishing a list of projects worth $120 billion that investors could back to help poorer countries cut emissions and adapt to the impacts of global warming. Here’s what to watch today at COP27.

Eastern European countries are preparing for a possible wave of Ukrainian refugees as Russia targets power and heating plants ahead of winter, with President Volodymyr Zelenskiy saying about 4 million people are already without power. Here’s what you need to know about the conflict right now.

North Korea fired at least one ballistic missile into the sea, as South Korea said it had identified debris from an earlier launch as part of a Soviet-era SA-5 surface-to-air missile. North Korea’s missile launches show no scarcity of weapons funding and materials despite sanctions.

An earthquake in western Nepal killed at least six villagers, four of them children, as the tremor destroyed mud and brick houses in remote communities living in the foothills of the Himalayas.

Israel described what has been an open secret for two decades – that it has used drones not just for surveillance but also in strikes within the country, against Palestinian militants in Gaza, and possibly targets as far away as Iran or Sudan.

BUSINESS

Meta Platforms said it will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.

Crypto giant Binance signed a nonbinding agreement to buy FTX’s non-U.S. unit to help cover a “liquidity crunch” at the rival exchange, in a stunning bailout that raised fresh concerns among investors about cryptocurrencies.

Tesla CEO Elon Musk has sold $3.95 billion worth of shares in the electric vehicle maker, according to U.S. regulatory filings, days after he completed his purchase of Twitter for $44 billion.

Nissan reported a 45% jump in second-quarter profit and sharply hiked its full-year outlook, helped by cost-cutting, higher-margin sales and a weaker yen. Honda posted a 16% rise in second-quarter profit and lifted its full-year outlook, as better pricing, strong sales of motorcycles and the weak yen helped it ride out semiconductor shortages.

Adidas further slashed its outlook for 2022 as it weighed the impact of its split from Ye, the rapper formerly known as Kanye West, while sluggish demand in China continued to impact sales.

Retailer Marks & Spencer warned of a “gathering storm” of higher costs and pressure on household budgets, as it reiterated full-year profits would fall. The 138-year old clothing and food group is one of the biggest names in British business.

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