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Election season: 2024 is set to be a record year for voters around the world

Election season: 2024 is set to be a record year for voters around the world

Election season

It’s a good year to be in the business of political punditry, with more than 70 countries, representing over 4 billion people, set to head to the polls in 2024, according to The Economist.

While the US Presidential election will likely dominate international headlines, it is India that will actually undertake the largest democratic exercise globally: its 900 million registered voters are set to take center stage in May, as Narendra Modi's ruling BJP looks to secure a third term in power.

Of course, significance isn’t determined solely by numbers. In 10 days, Taiwan’s population of 24 million will elect a new leader to steer the country through its rocky relationship with mainland China, as tensions escalate sharply.

Not all votes count the same

The record number of elections this year is testament to the decades of progress that have seen democracies flourish, with a majority of countries now classified as democratic regimes.

But not all elections are created equal: some 33% of countries — including Russia, which is set to hold an election in March that is all but guaranteed to yield Putin as the winner — are classified as “electoral autocracies” by the V-Dem project, meaning that their elections lack meaning, freedom, and fairness. Indeed, some analysts believe democracy has lost ground in recent years.

Zooming out: This year’s elections offer another fresh challenge, as generative AI tools may now be used to spread misinformation more effectively than ever.

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Starbucks sells control of China business for $4 billion

Starbucks disclosed on Monday evening in a regulatory filing that it will sell control of its ailing China business to Boyu Capital for about $4 billion.

Under the agreement, Boyu will own a 60% stake in the China segment, which will become a joint venture between Boyu and Starbucks. The coffee chain will retain a 40% interest in the entity and will continue to own and license the brand and intellectual property.

Bloomberg reported earlier this year that the company was looking to sell its China segment. The American coffee giant has struggled to succeed in China, its second-largest market after the US.

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