U.S.
Elections
Democrats won a series of elections in early November, the first since Donald Trump took office. Mikie Sherrill and Abigail Spanberger both clinched tight victories to become the governors of New Jersey and Virginia, respectively. The two secured about 57% of the vote each compared to about 42% from their Republican opponents. In both states, nearly all counties shifted left when compared to the 2024 presidential election. In other news, Californians voted to approve Proposition 50, a redistricting measure portrayed as a response to redistricting attempts by Republican lawmakers of Texas. Both are predicted to win their respective parties as many as five seats in the House of Representatives by redrawing the lines of Congressional districts. Finally, Zohran Mamdani beat out Republican Curtis Sliwa and independent Andrew Cuomo to become mayor of New York City. A self-proclaimed democratic socialist, Mr. Mamdani is likely the most left-leaning mayor in the history of the current global finance center.
Asia
Hong Kong
At least 159 people were killed in a fire that devastated a Hong Kong apartment complex on November 26th. Though the cause of the fire was unclear, Hong Kong’s Independent Commission Against Corruption (ICAC) arrested 11 people as part of a corruption investigation into a renovation project occurring at the apartment buildings during the blaze. At least three of those arrested were scaffolding contractors. Despite all of this, Hong Kong decided to go ahead with legislative elections on December 7th. As has been reported in past editions of this column, the city’s major political opposition has all but disappeared due to increased pressure from China; as a result, establishment parties are almost certain to win the election. The authorities, however, have worked to increase voter turnout–including the ICAC–which arrested at least 11 individuals in the runup to the election on charges of “inciting others not to vote”.
Europe
Orbán Viktor Victorious
After meeting with U.S. President Donald J. Trump, Viktor Orbán of Hungary announced on social media that his country would receive a one-year exemption from American sanctions imposed on countries buying Russian oil. According to the Atlantic Council, about 86% of Hungary’s important oil comes from Russia (as of September 2nd), up from 61% before Russia’s invasion of Ukraine. In addition, the State Department released a fact sheet detailing other agreements reached during the meeting, many of which involved Hungary investing money into U.S. companies. This includes promises to buy $600 million worth of liquefied natural gas and $114 million of nuclear fuel.
2025 Booker Prize
The novel Flesh by David Szalay won this year’s Booker Prize, a prestigious literary award granted to what its judges deem the best English novel published in the U.K. or Ireland. Roddy Doyle, the chair of judges, described Flesh as a “spare but propulsive novel” that “follows a man from adolescence to old age as he is unravelled by a series of events beyond his grasp.” Mr. Szalay’s novel beat out the five other books on the Booker Prize’s Shortlist making him the first Hungarian-British writer ever to win the prize. This year’s winner of the Nobel Prize in Literature, László Krasznahorkai, is also Hungarian, making this a big year for literature in the small Eastern European nation.
Middle East
Iraqi Elections
Iraq held parliamentary elections on November 11th that ended with the incumbent prime minister–Mohammed Shia al-Sudani–gaining the most seats in the Council of Representatives. However, having only won 15% of seats in the assembly (46 out of 329), Mr. Sudani might struggle to form a majority government. According to the Washington Institute of Near-East Policy, a think-tank, he will likely face opposition from pro-Iran parties; a prospect that may lead to a prolonged negotiation process similar to 2021, when it took over a year for the country to form a government. Mr. Sudani improved ties with the U.S. during his first term, particularly since Donald Trump took office, by signing oil and gas deals with American companies. This could readily change if the pro-Iran parties, some of which are designated terrorist organizations by the U.S., pull ahead to form a government in the future.
