Asia & the Pacific

Last May, Chinese solar panel manufacturer LONGi signed an agreement with Saudi trading company El Seif Group to establish large-scale solar manufacturing infrastructure in Saudi Arabia. The deal came several months after the Trump administration's imposition of global tariffs on imports of Chinese solar panels and cells.

What the Iron Man-like character is claiming for his futuristic automotive company is not unheard of. On a systemic basis, mammoth institutional investment—especially from sovereign wealth funds (SWFs)—is flowing into start-ups and technology-oriented publicly traded companies. In this case, Saudi billions would help Mr Musk escape the pressures of being publicly listed. SWFs have invested large sums into high-growth start-ups promising innovation and financial returns. In fact, just this month, Saudi’s Public Investment Fund (PIF) announced a US$1bn investment in Tesla’s rival, Lucid, and a US$2bn stake in Tesla. The rise in SWF balance sheets and activity is having ramifications on global efforts to be more Silicon Valley-like, and on Silicon Valley itself.

Early in Richard Rhodes’s new book, “Energy: A Human History,” we hear of a prominent citizen using colorful language to lament the state of his polluted city and urge his government to shut down industry or move it elsewhere: “If there be a resemblance of hell upon earth, it is in this volcano [on] a foggy day.” Though this could easily apply to modern-day Beijing, the speaker here is John Evelyn, a wealthy horticulturalist and one of the founders of the scientific Royal Society of London — and he’s complaining about London in 1659.

"The Trump camp's insistence that the intelligence is not worthy of a deep dive has put it squarely in opposition to a fact-based inquiry supported by scores of nonpartisan intelligence professionals. The consequences of Trump's posture are dangerous for his governing in the future (and are a bit of an insult to those who risk their lives to get information for his daily briefings, which he doesn't attend)."

"But what about deterring operations that are not equivalent to an armed attack? There are grey areas in which important targets, say, a free political process, are not strategically vital in the same way as the electrical grid or the financial system. Destroying the latter two could damage lives and property; interference with the former threatens deeply held political values."