CHANNELING GEOPOLITICS: THREE STORIES ABOUT CANALS

Some people build walls to cut off their rivals, but Saudi Arabia is taking its ongoing diplomatic dispute with Qatar to a whole other (sea) level. Riyadh reportedly wants to dig a canal along their shared 38-mile border that would turn the small, peninsular kingdom into an actual island. If that weren’t enough, part of the canal zone is to be used for dumping nuclear waste. Last year, Saudi Arabia and the UAE isolated the Qataris symbolically, by imposing an air and sea blockade over Doha’s alleged support for terrorism (psst: it was really about long-running tensions between a House of Saud that sees itself as the neighborhood heavy and a Qatari monarchy that has shrewdly sought to be an independent player in the Gulf.) But a year later, the embargo seemsonly to have strengthened Qatar’s economic and diplomatic resilience. If the canal gets built, how bad could island life be?


Meanwhile, now that Turkey’s President Erdogan has secured his supercharged presidency, let’s see if he follows through on a megalomaniacal infrastructure project to match. The Kanal Istanbul — which would bypass the treacherous Bosporus strait as an easily navigable link between the Black Sea and the Mediterranean — is by Erdogan’s own admission a “crazy” project and a “dream.” But officials have been laying the groundwork for the project in recent months. What a way it would be for Erdogan to celebrate the centenary of the modern Turkish state in 2023. One critical issue to consider is that while international law regulates free passage for merchant and military vessels through the chronically-congested Bosporus, any new canal would be entirely under Istanbul’s jurisdiction, giving Erdogan huge discretion over Russian, American, and potentially Chinese access to the Black Sea. That won’t sit well with Putin, Trump, or Xi, will it?

Da ultimo, we travel to the most famous canal city of all — Venice — where Chinese policemen have recently completed a seasonal pilot program to patrol the city’s plazas and waterways with their Italian counterparts. The program, which Marco Polo himself would doubtless love, is now in its third year and it reflects the tremendous surge of Chinese global tourism in recent years. According to the latest figures from the UN World Tourism Organization, Chinese tourists spent $261 billion abroad in 2016, roughly equal to outlays by American, German, and British travelers combined. That China is sending its own policemen — unarmed and accompanied though they may be — to patrol foreign cities (Rome and Milan are also part of the program) is a subtle but extraordinary milestone in the expansion of China’s global clout. In a sense it mirrors the broader sweep of Chinese power today, in which Beijing is broadening its commercial and infrastructure networks first — and then slowly looks to expand its military reach to protect those assets thereafter.

In 2012, the United States created the Deferred Action for Childhood Arrivals (DACA) program to protect these young people from being deported. Yet just five years later, the program was rescinded, putting close to 700,000 DACA recipients at risk of being banished from the only home they've ever known. More than five dozen of these DACA recipients at risk are Microsoft employees. These young people contribute to the company and serve its customers. They help create products, secure services, and manage finances. And like so many young people across our nation, they dream of making an honest living and a real difference in the communities in which they reside. Yet they now live in uncertainty.

Microsoft has told its Dreamers that it will stand up for them along with all the nation's DACA recipients. It will represent them in court and litigate on their behalf. That's why Microsoft joined Princeton University and Princeton student Maria De La Cruz Perales Sanchez to file one of the three cases challenging the DACA rescission that was heard on Nov. 12 by the United States Supreme Court.

Read more on Microsoft On The Issues.

What do people think is driving the stock market's recent record high gains?


Well, there's really no precise answer, but analysts point to several factors. So, number one is strong third quarter earnings. Companies have reported stronger than expected results so far this season. The second is the jobs market. You saw the October jobs numbers exceed economists' expectations. And the third is the Federal Reserve cutting interest rates three times this year. That lowers borrowing costs for consumers and businesses and encourages them to spend more.

More Show less

In the predawn hours of Tuesday morning, Israel launched a precision attack in the Gaza Strip, targeting and killing a Palestinian Islamic Jihad (PIJ) commander. In response, the terror group fired more than 220 rockets at southern Israel. Exchanges of fire have brought cities on both sides of the Gaza border to a standstill and at least 19 Palestinians are dead and dozens of Israelis wounded. With this latest escalation, Israel now faces national security crises on multiple fronts. Here's what's going on:

More Show less