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autopilot, smart cities, china booming, what else?

if everything suddently is too complicated and difficult, go to sleep. When you wake up things will seem slightly easier.

Author

Micael Balioni
February 20, 2025

THE MUSTS

World

made in china

 China has reached the world's largest surplus

I know I’m a bit late to this, but with so much happening worldwide in the past few weeks, there were other important topics I had to cover first. That said, I couldn’t skip this: The Chinese government announced last year that it recorded a trade surplus—(exports minus imports)—of nearly $1 trillion.

  • “Made in China” is stronger than ever. The country’s exports grew 7% last year, solidifying its position as the world’s second-largest economy, trailing only the U.S. And speaking of records, the U.S. itself was responsible for one-third of China’s trade surplus, importing 6.9% of all Chinese goods in 2023.

But this time there was a plus: Trump's mandate promised to protect domestic industry by taxing Chinese products at up to 60%.

  • In practice, this seems to have led American companies to anticipate orders and stock up on more than usual supplies in order to avoid taxes as much as possible - which may have influenced this record.

Bizarre stat: Of everything manufactured on the planet in 2024, 1/3 was produced in China.

I wanted to talk about this here because we live in a world that is growing because of debt, so I thought it would be interesting to bring you a country that is doing exactly the opposite.

What else in on

  • Europe: After the US signaled that it might negotiate an end to the Ukrainian War without Europe's participation, Macron called other European leaders to an emergency summit. Ukraine is up for auction, who will pay the most? (Read)

  • El Salvador: 40% of prisoners are already working in the country’s work program for prisoners. The idea was to have a massive win-win - inmates reduce their sentence while the country grows in infrastructure and manpower. (Read)

  • Argentina: After Trump, now Javier Milei has announced the country’s withdrawal from the World Health Organization. The justification is similar to that of the US, citing the annual cost of US$10 million as the reason. (Read)

  • Spain: The Spanish government wants to shorten the working week from 40 to 37.5 hours. The measure has already been agreed with trade unions, but it still needs to go through parliament and could meet with resistance. (Read)

  • Italy: Margherita pizza! Italy performed its biggest crackdown on the Sicilian mafia in decades, arresting 160 members of Cosa Nostra following a wiretap investigation, the Financial Times reported. (Read)

 

Economy & Business

you know I love to talk about them

The success plans of the world's richest families

The average age of the 30 richest people in the world is 70 and the time to pass on the baton is now. El País explained what the generational change will look like in some of the greatest business empires of modern times and I wanted to bring them to you today:

  • Warren Buffett, 94: One of my favorites and the ninth richest person, with a fortune of $144bn, remains CEO of the Berkshire Hathaway conglomerate and doesn't want to hear the word retirement. His succession plan includes (a) placing Greg Abel, current vice-chairman, as chairman of Berkshire, (b) placing his son Howard as CEO and (c) the creation of a charity governed by his 3 children, who will receive his inheritance. Decisions on the distribution of the funds would require unanimous agreement between the three of them.

  • Rupert Murdoch, 93: The creator of one of the world's biggest media empires - and the inspiration for the Succession series - will have his future decided in court. A trust set up in 1999 provides for succession to the four children, but three of them have distanced themselves and publicly criticized their father's political stance. Lachlan, who remained true to his beliefs, ended up as Chairman of News Corp and Fox Corporation. Now, a court in Nevada is hearing a motion to reconsider the operation of the trust, on the grounds that the lack of consensus will damage the company and its value, which would harm the beneficiaries themselves.

  • Bernard Arnault, 75: The owner of LVMH, the world's leading luxury group and the fourth richest person in the world with $205 billion, has raised the CEO age limit to 80 in order to stay in charge a little longer. He has not yet decided which of his five sons will take over as CEO, but the succession plan is already underway, with all five equally represented in Financière Agache, which controls 48% of LVMH's capital. To avoid disputes, for the next 30 years they will not be able to sell their shares - an arrangement that obliges the five heirs to reach an agreement.

  • Carlos Slim, 84: the richest man in Mexico and Latin America, with U$89 billion and a vast portfolio of companies, is not considering stepping down from leadership, but has made a point of including all his children and even grandchildren in decisive positions in the group's companies. I love meritocracy.

  • Giorgio Armani, 90: He is still the designer, CEO and sole shareholder of the brand that bears his name, meticulously overseeing every detail, from the clothing collections to the financial decisions that guide the company. With no children or clear heirs, Armani says he is not looking for a single successor, but rather a collective of trusted collaborators made up of his nephews and nieces to fill the leadership void when he leaves and is even considering a possible IPO.

In addition to these, other families with lots of zeros after the comma are also deciding their successors and, consequently, the future of their empires. In Germany, the Porsche and Volkswagen families. In China, the family behind the country's former largest real estate developer, Yang Guoqiang. In Spain, the family behind the Mercadona supermarket chain and Amancio Ortega, the founder of Inditex (Zara, Oysho and Bershka).

What else is on:

  • Forever 21: The fast fashion company that was the love of millennials may be close to a financial crisis - and not for the first time. That's because Forever 21, which filed for bankruptcy in 2019 and was rescued by a group of investors, is now considering filing again, just over five years later. (Read)

  • Spotify: 1 in 12 people in the world use Spotify! The company exceeded expectations and recorded its first annual profit, propelling its shares up 10% and 150% in a year. The company is now investing in diversifying its content, focusing on partnerships and expanding monetization for creators. (Read)

  • Pinterest: Pinterest is proving that it's not just about saving decorating ideas and planning trips. The platform had its most profitable year, with the help of artificial intelligence, reaching a record $1.9 billion in profits. (Read)

  • Meta: Wants to read your thoughts with its new AI system capable of converting your inner voice into typed text with up to 80% accuracy. (Read)

  • Dell: The company is closing a $5 billion deal to supply AI servers with Nvidia GPUs to Elon Musk's xAi. (Read)

 

Technology & Science

does it feel like Mount Olympus?

Greece is creating a Dubai-style smart city

 

 The biggest smart city in Europe. The city of Ellinikon, 20 minutes from Athens, is getting off the ground and aims to generate a mere €10 billion in tax revenue.

The plan began more than 10 years ago, using the site of an old Greek airport.

 Focus on the χρήματα (money): As the modern buildings are being constructed, the large real estate company behind the creation of the city has already sold €641 million worth of apartments.

  • Why a smart city? The trend is for metropolises that have infrastructure, transportation and public spaces integrated with technology to increase the benefits and quality of life for citizens to appear and grow more and more.

Modern Dubai, for example, is at the top of the list of cities where people want to live and work. In figures, the smart cities market was valued at US$ 600 billion in 2023 and is projected to grow by 25% per year until 2029.

In Greece alone, the city is expected to add 2.5 points to GDP, with the creation of 80,000 new jobs - helping the country out of the famous economic crisis.

What else is on:

  • Speaking of Dubai... Musk announces underground car network in the city. The idea is to improve urban mobility by creating “wormholes” in big cities, which allow cars to escape from traffic through underground tunnels. The project already exists in Las Vegas. (Read)

  • Click Boom: The company Boom Supersonic has managed to break the sound barrier with its supersonic airplane, 50% faster and without emitting any audible sonic noise. (Read)

     

EDITOR’S RECOMMENDATIONS

Movies

I think it’s nice that we share the same sky

 Aftersun by Charlotte Wells: Aftersun is one of those films that quietly devastates you. Charlotte Wells’ directorial debut is breathtaking—subtle, poetic, and deeply personal. It’s not just a movie; it’s a memory unfolding before your eyes.

Aftersun is about a woman reflecting on a childhood vacation she took with her father 20 years earlier, piecing together memories—both real and imagined—to reconcile the man she knew with the one she never truly understood.

  • Paul Mescal and Frankie Corio deliver performances so natural it feels like watching real life. Their chemistry as Calum and Sophie is effortless, and every interaction between them carries an undercurrent of love, loss, and something left unsaid. Mescal, in particular, is extraordinary—his portrayal of Calum is filled with warmth, yet there’s an unshakable sadness behind his eyes. You feel it in the silences, in the way he moves, in the way he tries so hard to be okay.

What makes Aftersun so special is that it doesn’t over-explain or hand you easy answers. Instead, it lets you sit in the nostalgia, in the longing, in the gaps between what we remember and what we never truly understood. How many moments in our families, in our friends’ lives, do we assume, question, or wonder about—without ever fully grasping them?

I saw so much of my own father in Aftersun—in the way Calum hides his struggles, in the way he presents a version of himself that he hopes is enough. Maybe that’s what being a parent is sometimes: Protecting your child from the parts of you that hurt the most. And maybe that’s why this movie lingers—because it understands the weight of love, memory, and the things we never say out loud.

For me this wasn’t just a film; it’s an experience. Watch it. Feel it. And if you’ve already seen it, watch it again. Some things are worth revisiting. (Rating: 9/10)

WHAT ABOUT ME?

Micael

almost like living on the airplane mode

Hey there,

Today’s What About Me is going to be short. Maybe because it’s 11:32 PM on a Tuesday and I’m exhausted. Maybe because today’s message is meant to be short.

These past few weeks have flown by. Have you stopped to realize that almost two months of this year are already gone? And somehow, more than ever, I feel like I’ve been on autopilot. Days pass without me even noticing—work, routines, deadlines, the back-and-forth to the office, the kitchen breaks where I ask myself, what did I come here for again? It’s all automatic. And honestly, I’m not here to complain about it (at least not in this edition). Instead, I want to talk about those rare moments that break the cycle. Those unexpected, fleeting moments that suddenly snap you out of autopilot.

  • The other day, I went out with some former coworkers. I always liked them, but let’s be real—when it comes to work friendships, there’s always that question: Do we actually like each other, or do we just get along because we have to? Will these friendships last beyond the office? And most of the time, probably won’t.

But a few weeks ago, in the middle of my routine, I got messages from two of them—separately. We hadn’t spoken in months, yet both reached out to ask how I was doing and suggested meeting up. And I won’t lie—it made my day. It was this unexpected warmth, this small but meaningful reminder that maybe I wasn’t just a pleasant coworker to be around (although I do am a really pleasant coworker to be around), but someone they genuinely wanted to keep in their lives.

So, in the middle of my usual weekend study sessions, I decided to hit pause and see them. And what a great day it was. I don’t know if I was that happy because I truly missed them, or if it was just the feeling of breaking free from my routine for once. But that surprise, that little gift I gave myself—the chance to live a day instead of just letting it pass—was one of the best things that happened to me last week.

I'm running out of philosophical ideas to write about here. Maybe it's because I don't have time to reflect on them, so today I decided to simply write about something that made me happy last week.

Routine is inevitable. Autopilot is part of life. But every now and then, it’s just as important to step out of it. To stop going through life and in some days, actually live it.

With love,

Micael.

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