Hello,

Power shifted hands and accents this week. In Washington, a long-standing figure prepared to leave center stage.

Across continents, states and capitals tested new alignments.

But it was in New York, often a mirror for national change, where the loudest signal came: a fresh face, a fresh agenda, a fresh posture.

The shape of what follows is less certain than the movement away from what was.

Let’s dig in.

In today’s edition:

Putin signals Russia may resume nuclear tests

Nancy Pelosi ends storied career

New York makes history

Turkey issues ‘genocide’ arrest warrant

More than 700 U.S. flights canceled

Hungary gains U.S. exemption

Russian President Vladimir Putin has directed his government to prepare proposals for the possible resumption of nuclear-weapons tests if the United States moves first.

During a meeting of Russia’s Security Council on November 5 2025, Putin said Moscow would respond accordingly to recent remarks by President Donald Trump that the U.S. could resume nuclear testing.

Putin emphasized that Russia would act only if the U.S. did first, but he nonetheless ordered ministries and agencies to prepare “on a wartime footing”.

Russia has not conducted explosive tests since the collapse of the Soviet Union in 1991, meaning any move would mark a major reversal of the global moratorium.

The international implications are profound. Arms-control regimes and non-proliferation treaties rely heavily on the informal moratorium on testing.

If Russia revives testing, it could undermine decades of diplomatic norms and prompt either a U.S. response or wider escalation.

Domestically, it signals a willingness to re-engage Cold War-style posturing as a foreign-policy tool.

In Washington, Nancy Pelosi announced on November 6 2025 that she will not seek reelection to the House, marking the end of nearly four decades in Congress.

Pelosi was first elected in 1987 and became the first woman Speaker of the House in 2007.

Her leadership spanned landmark legislation, impeachment proceedings and shifts in party identity.

In announcing her departure she framed it as a transition: “With a grateful heart I look forward to my final year of service”.

Her decision opens a new chapter for Democratic leadership and raises questions about how the party adapts without her institutional influence.

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Zohran Mamdani, a 34-year-old self-described democratic socialist from Queens, has been elected mayor of New York City, becoming the city’s first Muslim mayor and one of its youngest in more than a century.

Mamdani defeated former governor Andrew Cuomo and Republican candidate Curtis Sliwa in the November 4 general election, securing over 50 % of the vote while Cuomo drew about 41%.

His platform emphasised major affordability reforms: a rent freeze for regulated units, free bus transit, universal childcare and a minimum wage target of US$30 by 2030.

The victory signals a shift in urban governance. New York faces escalating housing costs, infrastructure strain and demographic change; Mamdani’s win suggests voters are embracing structural reform rather than incremental tweaks.

It also challenges conventional identity-politics dynamics: a Muslim mayor, a younger generation, and a progressive agenda in America’s largest city.

Yet the challenge is real. New York’s municipal machinery is among the most complex in the U.S., with entrenched real-estate interests, fiscal constraints and lingering pandemic-era disruptions.

Mamdani’s transition team is all female, signalling a break in style if not in substance. Whether his bold agenda translates into effective governance remains to be seen.

His inauguration is set for January 1 2026. The national significance is clear: if a democratic socialist can win in New York, others may follow.

And if the capital of global urban influence changes its tone, so too might the broader American narrative.

Turkey has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and 36 senior Israeli officials, accusing them of genocide and crimes against humanity related to the Gaza conflict.

The move dramatically escalates tensions between Ankara and Jerusalem; Israel rejected the warrant as a “publicity stunt.”

The decision follows Turkey’s earlier legal action against Israel before the International Court of Justice. The episode reflects how international law, national politics and conflict narratives are intertwining in highly charged arenas.

In the United States the Federal Aviation Administration has instructed airlines to cancel a minimum of 4 % of flights at 40 major airports this week, amounting to more than 700 cancellations so far, as the government shutdown delays staff pay and forces operational cuts.

Airlines warned more severe cuts may follow: up to 10% by mid-November and potentially as high as 20% if the shutdown continues.

This disruption ahead of the holidays highlights how political impasses translate into real-world infrastructure and logistic threats.

After a meeting between President Donald Trump and Hungarian Prime Minister Viktor Orban in Washington, the United States granted Hungary an exemption from sanctions on Russian oil and gas imports — reportedly for one year.

Hungary argued its land-locked geography and reliance on Russian pipelines required special treatment.

The exemption signals a shift in the sanctions regime and may complicate the broader strategy of Western pressure on Moscow.

Tesla Inc. shareholders approved a compensation package for CEO Elon Musk valued at up to US$1 trillion over time, with more than 75 % of votes in favour.

The package ties rewards to long-term performance goals, including ambitious production and valuation targets.

It renews the scrutiny on extreme executive compensation and raises questions about corporate governance in rapidly expanding tech companies.

President Donald Trump announced a deal with pharmaceutical companies to significantly reduce the cost of popular weight-loss drugs for U.S. patients, including those on Medicare and Medicaid.

Under the agreement, injectable GLP-1 drugs will drop substantially in price; broader reforms are being considered to expand coverage and shift negotiation power.

The move underscores how health-care policy remains a key arena for executive action.

Jamie Dimon, chief executive of JPMorgan Chase & Co., predicted that advances in artificial intelligence will lead to a shortened workweek, possibly just three and a half days, in developed economies.

Dimon said companies and governments must prepare for this shift in structure, with retraining, redeployment and early retirement plans taking on new importance.

The comment points to how business models, and time itself, are being recalibrated.