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Putin’s Hypersonic Missiles, Pope Benedict’s Funeral, Will & Harry’s Brawl

The coffin of the late Pope Emeritus Benedict XVI is carried into St. Peter’s Basilica, where he will be laid to rest in the former tomb of Pope St. John Paul II underneath the basilica.
Renate Mattar, Bertrand Hauger and Anne-Sophie Goninet

👋 ¡Ola!*

Welcome to Thursday, where Russian President Vladimir Putin reportedly deploys hypersonic missiles, the funeral for Pope Benedict is held in Rome, and Prince Harry accuses his brother William of a physical attack. Meanwhile, Stephane Frachet in business daily Les Echos has everything you knead to know about France’s baguette battle.

[*Galician, Spain]


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• Putin deploys hypersonic missiles: According to state news agency TASS, Russian President Vladimir Putin has ordered one of Russia’s most modern warships to sail through the Atlantic Ocean to the Mediterranean Sea. The ship is reportedly equipped with cutting-edge hypersonic missiles — weapons that travel five times the speed of sound and are particularly hard to detect.

• Pope Benedict funeral: Pope Francis opened the funeral ceremony for his predecessor Pope Benedict XVI, who died on Dec. 31, at the age of 95. An estimated 50,000 mourners are currently gathered at St. Peter’s Square in Vatican City to pay their respects to the first pontiff in almost 600 years to resign from his position.

• U.S. House still without a speaker: Republican leader Kevin McCarthy failed to secure enough support to win the U.S. House speakership. As a result, the House is still without a speaker after six votes over two days, which paralyzes Congress and intensifies dissensions without the Republican party.

• China to reopen border with Hong Kong: After three years of tight control due to the pandemic, borders between mainland China and Hong Kong will reopen on Sunday. Additionally, travelers won’t have to quarantine anymore when going from Hong Kong to the mainland. This change comes as Beijing is lifting its severe Covid preventive measures.

• Israel frees longest-serving Palestinian prisoner: Israeli authorities released Palestinian prisoner Karim Younis, 66, who finished serving his 40-year jail sentence. Younis was arrested in 1983 for the killing of an Israeli soldier.

• Amazon to cut 18,000 jobs: Amazon chief executive Andy Jassy announced on Wednesday that job cuts will exceed 18,000 roles, a number that currently represents 6% of the company’s corporate workforce. Mr Jassy also stated that this decision will hit hardest in the company’s e-commerce and human-resources departments.

• Amateur archeologist cracks Ice Age enigma: Ben Bacon, a London furniture conservator and cave paintings enthusiast, helped specialists understand the meaning of 20,000-year-old markings that had stumped them thus far by suggesting they were a form of "proto-writing" system used by hunter-gatherers to record animal life-cycles.


“Bigger basket of essential products to calm panic,” titles Croatian business daily Poslovni dnevnik, after Croatia’s government announced it was adding new items to a list of essential products with fixed prices, as the country battles soaring inflation and rising prices led by its adoption of the euro currency at the start of the year. The government had established a first package last September containing basic products such as sunflower oil, milk, flour, sugar and meat.



Ukraine Economy Minister Yulia Svyrydenko said in a statement that the country’s war with Russia caused its gross domestic product to fall by 30.4% in 2022 — the largest annual fall since Ukraine won its independence from the Soviet Union in 1991. Svyrydenko noted however that the fall was less than initially expected, thanks in part to “systemic financial support from international donors.”


Let them bake bread! France's independent bakeries struggle to survive

The baguette is now on UNESCO’s cultural heritage list. But France's independent bakeries are struggling to survive amid rising energy costs and competition from larger chains, reports Stephane Frachet in business daily Les Echos.

🥖 Six billion baguettes are made in France every year. But one question remains: will there still be independent bakeries in three to four decades? The French National Confederation of Bakery and Pastry (CNBPF), which represents 35,000 artisan bakeries, is trying to stand out amid a boom in bakery and pastry chains. In 1970, there were around 50,000 independent bakeries. Now, 33,000 are still in operation, but that means that every year, 400 bakeries disappear in France according to the CNBPF.

💸 UNESCO’s recognition arrives just in time for independent and artisan bakeries. In 2020, the CNBPF launched a baker certification, but it requires an audit that only a handful of bakers can afford. And on top of that, energy bills keep rising. The chains manage to overcome these difficulties because of bulk purchases on bigger volumes.

🌾 Another thing that works in the chains' favor: Their shops attract entrepreneurs who will be able to learn the job within the company and then open their own franchise. On the other hand, independents must already be certified bakers to open a store.

➡️ Read more on Worldcrunch.com


“He grabbed me by the collar, ripping my necklace, and he knocked me to the floor.”

— In his upcoming memoir, Spare, of which The Guardian says it obtained an early copy, Prince Harry reportedly accused his brother William of physically assaulting him during an argument about Harry's wife Meghan Markle.

✍️ Newsletter by Renate Mattar, Bertrand Hauger and Anne-Sophie Goninet

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Globalization Takes A New Turn, Away From China

China is still a manufacturing juggernaut and a growing power, but companies are looking for alternatives as Chinese labor costs continue to rise — as do geopolitical tensions with Beijing.

Photo of a woman working at a motorbike factory in China's Yunnan Province.

A woman works at a motorbike factory in China's Yunnan Province.

Pierre Haski


PARIS — What were the representatives of dozens of large American companies doing in Vietnam these past few days?

A few days earlier, a delegation of foreign company chiefs currently based in China were being welcomed by business and government leaders in Mexico.

Then there was Foxconn, Apple's Taiwanese subcontractor, which signed an investment deal in the Indian state of Telangana, enabling the creation of 100,000 jobs. You read that right: 100,000 jobs.

What these three examples have in common is the frantic search for production sites — other than China!

For the past quarter century, China has borne the crown of the "world's factory," manufacturing the parts and products that the rest of the planet needs. Billionaire Jack Ma's Alibaba.com platform is based on this principle: if you are a manufacturer and you are looking for cheap ball bearings, or if you are looking for the cheapest way to produce socks or computers, Alibaba will provide you with a solution among the jungle of factories in Shenzhen or Dongguan, in southern China.

All of this is still not over, but the ebb is well underway.

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