REUTERS WORLD NEWS: US Senate Too Close to Call, Russia Retreat, Asian Leaders Meet, More

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Reuters

The Reuters Daily Briefing

Friday, November 11, 2022

by Linda Noakes

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U.S. Senate control is still a toss-up, Russia says its pullout from Kherson is complete, and Musk warns of Twitter bankruptcy

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Today’s biggest stories

Staff adjudicate ballots for the U.S. midterm elections at the Maricopa County Tabulation and Election Center in Phoenix, Arizona, November 10, 2022. REUTERS/Jim Urquhart

U.S.

Arizona and Nevada election workers were toiling to tally hundreds of thousands of uncounted ballots that could determine control of the U.S. Senate, a process officials in the two battleground states warn could drag on for days.

Even before the contest in Georgia between Democratic Senator Raphael Warnock and his Republican challenger Herschel Walker headed for a December 6 runoff, a staggering $262 million had already been spent on the race. Now, political analysts expect the campaigns to unleash an advertising blitz and boost spending to levels approaching the historic runoffs in Georgia two years ago.

Florida Governor Ron DeSantis arguably had the best night of anyone on Election Day, trouncing his Democratic opponent on his way to re-election and cementing himself as the Republican Party’s top rising star. What comes next is trickier.

A federal judge in Texas ruled that President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated, delivering a victory to conservative opponents of the program.

Tropical Storm Nicole swept across Florida, weakening but still carrying a powerful punch with a mix of heavy rains and fierce winds that downed power lines, flooded homes and left at least two people dead.

A Ukrainian serviceman stands on a street in a village near the newly recaptured city of Snihurivka, in Mykolaiv region, November 10, 2022. REUTERS/Valentyn Ogirenko

WORLD

Moscow announced that its forces had completed their withdrawal from the strategic Ukrainian city of Kherson, after Ukraine said it had reclaimed dozens of landmine-littered settlements abandoned by the Russians. Here’s what you need to know about the conflict right now.

China eased some of its strict COVID rules, including shortening quarantines by two days for close contacts of infected people and for inbound travelers, and removing a penalty for airlines for bringing in too many cases.

Southeast Asian heads of government held talks with global leaders that were dominated by efforts to address a failing peace plan in Myanmar, as well as responses to other tensions in the region, including the Korean peninsula and Taiwan.

The protests sweeping Iran have sounded the death knell for a once vibrant reform movement, revealing a big divide with Iranians in the streets demanding an end to theocratic rule. The reformists, who emerged as an influential force in the 1990s urging more political and social freedoms, have distanced themselves from the main demand of protesters.

A charity-run ship carrying around 230 migrants rescued at sea docked at a French port after being turned away by Italy, as a war of words over their fate between the two countries intensified.

A Twitter employee is seen entering the offices in New York City, November 9, 2022. REUTERS/Brendan McDermid

BUSINESS

Twitter’s new owner Elon Musk raised the possibility of the social media platform going bankrupt, capping a chaotic day that included a warning from a U.S. privacy regulator and the exit of the company’s trust and safety leader. In his first company-wide email, Musk warned that Twitter would not be able to “survive the upcoming economic downturn” if it fails to boost subscription revenue.

Regulators froze some assets of distressed cryptocurrency exchange FTX and industry peers raced to limit losses amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried.

Britain’s economy shrank in the three months to September at the start of what is likely to be a lengthy recession, underscoring the challenge for finance minister Jeremy Hunt as he prepares to raise taxes and cut spending next week.

European companies have delivered positive surprises this earnings season but profit growth could dry up in a matter of months as high inflation and recession rattle the economy, potentially dragging the bear market out for even longer.

Funds adhering to environmental, social, and corporate governance principles have been hit by unprecedented outflows in the market downturn, as investors prioritize capital preservation over goals such as tackling climate change.

More than 1,000 shipments of solar energy components worth hundreds of millions of dollars have piled up at U.S. ports since June under a new law banning imports from China’s Xinjiang region over concerns about slave labor, according to federal customs officials and industry sources.

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