Nissan To Raise Capital
Wednesday, May 28th, 2025
World Events — Eroding Support From Israeli Allies
The Economists
Israel is facing a convergence of three acute crises under Prime Minister Benjamin Netanyahu: a deepening humanitarian catastrophe in Gaza, rapidly eroding support from key European and Western allies, and a constitutional showdown over control of the security services and judiciary. In Gaza, Israel’s intensified military campaign and continued blockade have resulted in tens of thousands of civilian deaths, mass displacement, and a looming famine, with aid agencies warning that the entire population is at critical risk of starvation and essential supplies have run out. Internationally, the humanitarian toll and the government’s approach have led to a dramatic shift among allies: the UK has suspended trade talks, the EU is reconsidering its association agreement, and even Germany—Israel’s main arms supplier—may restrict military exports, while the US expresses growing discomfort. Domestically, Netanyahu’s unilateral moves to appoint a hardline Shin Bet chief and bypass legal protocols have sparked open conflict with Israel’s security establishment and judiciary, deepening institutional rifts as he faces corruption charges and mounting public exhaustion with the war. Netanyahu’s strategy appears to be escalating these crises to maintain his political survival, but this risks isolating Israel internationally, destabilizing its institutions, and pushing the country toward an unpredictable breaking point.
Tech — The Story of a Stolen iPhone
FT
After Sam’s iPhone was snatched in London, he tracked its journey across the city and then, astonishingly, to Hong Kong and on to Shenzhen, China—nearly 10,000 km away—where it entered the vast second-hand phone markets of Huaqiangbei. In Shenzhen, traders buy up phones from around the world, including those that are remotely locked and unusable, because every component can be resold or recycled for profit, from screens to chips to even plastic. The Feiyang Times building specializes in overseas models, attracting traders from across Asia, Africa, and the Middle East, who often seek SIM-locked or iCloud-locked devices for parts or resale in markets where import duties or network restrictions make them attractive. Most sellers are cagey about the origins of their stock, but it’s widely acknowledged that many stolen phones from the West arrive via Hong Kong’s free trade port, where wholesalers and daily auctions move thousands of devices—locked or not—into Shenzhen’s markets. While locked phones can’t be used as normal, they still fetch a price for parts, and the supply chain is so sophisticated that even stolen or bricked devices find buyers, illustrating the global scale and complexity of the second-hand phone trade.
Business — Nissan Seeks to Raise $7 Bil Funding
Nissan Motor Co. is seeking to raise over $7 billion through a mix of debt and asset sales, including up to ¥630 billion in convertible securities and bonds and a £1 billion syndicated loan guaranteed by UK Export Finance, as it faces a looming debt repayment wall and operational challenges. The funding effort comes as Nissan’s cash reserves are projected to dwindle by March 2026 if US tariffs persist and no further cash infusions occur, with internal forecasts warning of potentially record operating losses. The UK government’s support, including guarantees for loans and substantial backing for EV and battery production in Sunderland, underscores Britain’s strategic commitment to its automotive sector, with Nissan’s investments helping secure thousands of jobs and accelerate the UK’s transition to electric vehicles. While the fundraising plan has yet to be approved by Nissan’s board, it highlights the company’s urgent need to stabilize its finances amid global trade headwinds, restructuring, and the rapid shift to electrification.
Society — How Young Voters Put Trump in the White House
The Economists
In the 2024 election, millennials and Gen Z—now the largest voting bloc—shifted sharply toward Donald Trump, helping propel him back to the White House despite still favoring Kamala Harris by a narrow margin overall. Democrats’ historic advantage with young voters was slashed from a 25-point lead in 2020 to just 4 points in 2024, with young men in particular swinging decisively for Trump (56% for Trump vs. 40% for Harris), while young women remained solidly Democratic. Economic anxiety was the dominant factor: young voters, especially those facing high unemployment and inflation, prioritized jobs and the cost of living over other issues, fueling their move rightward. The shift was especially pronounced among young Black and Latino men, who swung toward Trump by double digits compared to 2020, undermining Democratic hopes that a more diverse youth electorate would secure their advantage. Turnout among young voters also fell, compounding the impact of the swing. However, this new allegiance appears unstable: Trump’s approval among under-30s has already plunged since taking office, suggesting that young voters remain highly persuadable and their support could shift again as political and economic conditions evolve.
The Daily Spark
American workers work from home on average 1.6 days per week, which is more than workers in Italy, France, and China, see chart above.
Song Recommendation — In My Arms (Illenium)
Quote of the Day
“I have no idea to this day what those two Italian ladies were singing about. Truth is, I don't want to know. Some things are best left unsaid.” — Shawshank Redemption