FINANCIAL TIMES
-On Saturday, at least seven explosions were heard in Caracas, Venezuela. These coincided with reports of aircraft overhead and significant power outages in various areas. The Venezuelan government attributed these events to the United States, accusing it of targeting civilian and military sites while denouncing what it termed Washington's "military aggression." In response, authorities announced a "state of external disturbance" and urged national mobilization against this perceived “imperialist attack.” Thes incident unfolds amidst increased US pressure on Nicolas Maduro's regime, although the Trump administration has not confirmed any military involvement. The US has imposed new sanctions aimed at limiting Maduro's power and has declared a "total blockade" on oil tankers involved in US-sanctioned operations with Venezuela. President Trump has not excluded the possibility of a military ground operation to combat Venezuela's alleged drug trafficking and to compel Maduro to resign.
-Electric vehicle (EV) sales are expected to experience their slowest growth since the pandemic, with projections indicating a 13% increase to 24 million units in 2026, down from last year's estimated 22% rise. Key factors influencing this slowdown include dwindling demand in China, a decline in European growth, and a contraction in the US market, according to Benchmark Mineral Intelligence. Regulatory changes, such as the Trump administration's removal of tax incentives for EVs and the EU's less stringent approach to a petrol car ban originally set for 2035, alongside the easing of rapid growth in China, are expected to impact the industry's prospects negatively. Industry executives like Mark Wakefield of AlixPartners acknowledge these challenges, particularly the headwinds from China, which has traditionally driven growth, and anticipate further regulatory softening in Europe.
-Artificial intelligence, cryptocurrency speculation, and increasing credit in private markets suggest the US is facing significant fiscal and financial challenges, prompting concerns about the potential for a crash reminiscent of 1929. That’s the subject of the FT ‘Weekend Essay’. The complexity of identifying market bubbles is highlighted by Alan Greenspan's assertion that such bubbles are often recognizable only in hindsight, indicating a reluctance to acknowledge central bankers' role in maintaining financial stability.
-India's richest man, Mukesh Ambani, is intensifying competition against Coca-Cola and Pepsi in the fizzy drinks sector by promoting Campa Cola, a 50-year-old brand that is experiencing a revival amidst nationalist sentiment. Reliance Industries, Ambani's conglomerate, has initiated a price war, launching Campa Cola at Rs10, significantly lower than its competitors' prices, successfully increasing its market share from 2% in 2024 to 7% currently, as per GlobalData. The company aims to capture 25% of the market within the next three years, focusing on expanding distribution and enhancing production capacity to position Campa Cola as a national brand amidst ongoing tensions between India and the U.S. This strategy has compelled Coca-Cola and Pepsi to drop their prices in reaction to Campa Cola's growing presence.
-The gold price is projected to continue its historic rally, reaching $4,610 per troy ounce by the end of 2026, following a 64% increase in 2025. Analysts attribute this growth to persistent factors such as demand from emerging market central banks and investor interest in gold as a safe haven. The most optimistic forecast suggests a price of $5,400 per troy ounce, reflecting a 25% increase, with some analysts indicating that previous estimates have been overly cautious. They emphasize that investors are increasingly turning to gold as a hedge against the weakening US dollar.
-The number of influencers applying for the O-1B visa, designated for “exceptional” creatives, has surged post-Covid-19 pandemic, according to immigration attorneys and talent managers. Some lawyers report that influencers now represent over half their clientele, as follower counts and likes are easier metrics to demonstrate “exceptional ability.” The issuance of O-1 visas, which includes the O-1B for arts and O-1A for other remarkable abilities, rose over 50% from 2014 to 2024, compared to a 10% increase in total non-immigrant visas issued.
-The Trump administration's funding cuts to US universities and research programs are negatively impacting Europe's scientific community, according to Maria Leptin, president of the European Research Council. Although this situation has motivated more American researchers to seek European funding, Leptin emphasized that collaborations and shared insights between US and European scientists are critical. The ERC is responding by launching a new grant under its "Choose Europe" strategy to attract leading researchers with more generous funding options.
-Ukrainian President Volodymyr Zelensky has restructured Ukraine's security leadership by appointing military intelligence chief Kyrylo Budanov as head of the presidential office and nominating Mykhailo Fedorov as the new defense minister. This reshuffle follows a corruption scandal that led to the previous head's dismissal. Zelensky emphasized the need for internal changes to strengthen Ukraine amidst ongoing negotiations for security guarantees with Western allies and efforts to end the war with Russia. Budanov, maintaining communications with Moscow during the conflict, expressed commitment to addressing Ukraine's strategic security needs.
-A fire at the Le Constellation bar in Crans-Montana during New Year celebrations resulted in 40 fatalities and 119 injuries, reportedly caused by sparklers placed too close to the ceiling. Swiss prosecutor Beatrice Pilloud indicated that the investigation is focusing on these sparklers due to evidence from witness interviews and video footage. Investigators are also examining the potential presence of foam on the ceiling, which may have exacerbated the fire. Authorities aim to determine if any individuals bear criminal responsibility, with potential charges including arson and homicide by negligence. The process of identifying victims could take several days, with many injured reported in critical condition.
-The world’s leading driverless car companies, Waymo and Baidu, plan to launch robotaxis in London by 2026, as the city becomes a focal point for US-China competition in artificial intelligence. Waymo has initiated road tests with autonomous Jaguar models, while Baidu is set to introduce its RT6 cars after partnering with Lyft and Uber. The UK government's approval for commercial trials of driverless vehicles has accelerated these launches. Experts suggest this positions the UK as a regulatory leader in autonomous technology, contrasting with the more unregulated environments of Silicon Valley and Beijing.
-Donald Trump has issued a warning to Iran regarding the ongoing protests, stating that the US will intervene if the regime violently suppresses demonstrators. His message on Truth Social expressed readiness for action if Iran resorts to killing peaceful protesters, amidst widespread unrest fueled by economic issues like inflation. Reportedly, there have been fatalities and numerous arrests as protests escalate, with public displays of dissent, including funerals for demonstrators where anti-regime slogans were chanted. Protests continued across various cities on Friday night.
NEW YORK TIMES
-President Trump announced that the US conducted a significant military operation against Venezuela, resulting in the capture of President Nicolas Maduro and his relocation out of the country. This event marks the peak of a prolonged effort by the Trump administration to remove Maduro from power. Trump communicated this information via his social media platform, Truth Social, describing the operation as executed “in conjunction with US law enforcement.” Concurrently, Venezuelan government officials alleged that the U.S. launched military strikes in Caracas and other regions, with reports of substantial explosions occurring at a military base in the capital.
-President Trump's capture of Venezuelan President Nicolas Maduro follows a significant U.S. military deployment of approximately 15,000 troops to the Caribbean, deemed a “massive armada.” This move stemmed from a directive signed by Trump aimed at using military force against Latin American drug cartels labeled as terrorist organizations, leading to 35 lethal strikes on narcotics-carrying boats, resulting in over 100 deaths. Legal experts raised concerns regarding the strikes' legality, as Congress had not authorized them nor declared war on Venezuela. The troop increase aimed to oust Maduro, coinciding with accusations from Venezuela of US military attacks in Caracas and beyond.
-The New Year's fire at the Constellation bar in Crans-Montana, a Swiss Alpine resort, occurred in the crowded basement where young revelers, including 20-year-old Noa Bersier, were present. As he played billiards, the scene turned chaotic when a fire broke out from the ceiling, likely ignited by feux de Bengale, small fireworks that ignited the ceiling insulation. Bersier, who experienced severe burns while escaping, described the sensation of feeling his hands decompose. The tragedy resulted in 40 fatalities and numerous critical injuries, with victims being transported to hospitals across Switzerland, France, and Italy. Authorities deemed this incident one of the deadliest fires in Swiss history.
-During the first year of President Trump's second administration, Congress faced significant challenges regarding its authority, as Republican leaders often refrained from challenging a president who acted with little regard for legislative input. Trump made unilateral decisions, including altering the name of the John F. Kennedy Center for the Performing Arts, withholding funds from congressional initiatives, claiming broad tariff powers meant for Congress, and conducting military operations without congressional authorization. As midterm elections approach, Congress is at a crossroads, needing to decide whether to reclaim its powers or accept an ongoing diminished status. Representative Don Bacon voiced concerns that more assertive opposition from the Republican House could lead to improved policies, particularly regarding tariffs and international issues like Ukraine.
-The Israeli government accused New York Mayor Zohran Mamdani of antisemitism after he canceled two executive orders from his predecessor that barred city agencies from boycotting Israel and classified criticism of Israel as antisemitic. The accusation came via social media by Israel's Ministry of Foreign Affairs. The Ministry criticized Mamdani's actions, stating, “He scraps the IHRA definition of antisemitism and lifts restrictions on boycotting Israel,” and described them as "antisemitic gasoline on an open fire." Israel's consul general in New York, Ofir Akunis, claims that Mamdani's decisions could threaten the safety of Jewish communities and increase violent antisemitic attacks in the city.
-Mayor Zohran Mamdani's electoral success was bolstered by a grassroots volunteer campaign involving 100,000 individuals who engaged with voters through door-to-door efforts and calls. He has announced the formation of an Office of Mass Engagement aimed at increasing public participation in government decisions, particularly among marginalized communities. The office will be led by Tascha Van Auken, Mr. Mamdani's campaign field director and a former staff member on Barack Obama’s 2008 campaign. This new initiative will reorganize and combine several existing city agencies to enhance government responsiveness, with Mr. Mamdani emphasizing the necessity of listening to the needs of working New Yorkers.
-In 2000, a pivotal study declared glyphosate, the main ingredient in Roundup, to be safe for human health despite its alleged link to cancer. Recently, this study was retracted, causing a crisis regarding glyphosate's safety, which is vital to American agriculture, being extensively used on crops including soybeans and corn. The Environmental Protection Agency (EPA) continues to deem glyphosate safe, yet faces a 2026 deadline to reassess its safety following lawsuits from environmental and advocacy groups, compounded by pressures from health movements, particularly those linked to Robert F. Kennedy Jr. who has previous legal ties to Monsanto.
-Parts of the San Francisco Bay Area experienced flooding due to high tides and a new storm impacting California, which has been under a series of storms since mid-December. This weekend, the storm is forecasted to deliver heavy rain and winds statewide, raising alarm over potential landslides in Southern California where the ground remains saturated from prior storms.
NEW YORK POST
-Venezuela has accused the United States of carrying out airstrikes on military and civilian sites near Caracas following multiple explosions that were reported around 2 AM local time on January 3, 2026. These events occur amidst escalating tensions between Venezuelan leader Nicolas Maduro and the US. According to CBS News, President Trump ordered the strikes, although neither he nor Secretary of War Pete Hegseth has commented on the situation. The explosions, which affected sites in Miranda, Aragua, and La Guiera, caused significant fire and smoke and led to power outages in the region.
-The owner of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman is seeking over $1B in rescue financing amid the resignation of CEO Marc Metrick. The luxury retailer faces significant debts, including a $100M interest payment due to bondholders. If current discussions with investors fail, the company may resort to debtor-in-possession financing under Chapter 11. The urgency escalated after Saks missed an interest payment on a $2.7B loan from last year's acquisition of Neiman Marcus. The firm has reportedly secured a 30-day grace period for the payment.