Weekend Papers Summary
FINANCIAL TIMES
-Taiwanese voters are set to vote on a new president and parliament in a crucial election that could influence China's approach to the democratic nation. The eighth national vote since 1996 has been overshadowed by threats from Beijing, who claims Taiwan as part of its territory and refuses to use force to control it. The Democratic Progressive party candidate, Lai Ching-te, is the frontrunner.
-The Houthis have intensified their assaults, launching nearly 30 attacks against commercial vessels, seized at least one ship, and fired on American forces. This has caused companies like Maersk and BP to suspend transits through the Red Sea, disrupting global trade and increasing costs. The US has retaliated by deploying warships from the US, France, and UK to patrol the southern Red Sea and western Gulf of Aden, hoping other countries will deploy vessels to deter the rebels.
-The US has bombed Iranian-backed Houthi rebels in Yemen for the second day in a row, escalating the conflict. The attack on a radar facility was a follow-on from joint US-led strikes to degrade Houthi rebels' ability to disrupt commercial traffic in the Red Sea. The US and UK, backed by other allies, have struck over 60 Houthi targets at 30 locations.
-Citigroup is set to cut at least 20,000 jobs, accounting for 10% of its workforce, following its worst quarter in 14 years. The cuts could cost up to $1.8B but could save up to $2.5B a year by 2026. The bank reported a $1.8B loss in 2023, largely due to charges and expenses. Despite the disappointing performance, Citi CEO Jane Fraser praised progress in simplifying the bank and forecasting a turning point in 2024.
-Poland's Prime Minister Donald Tusk has warned his ruling coalition to explore alternative methods to pursue central bank governor Adam Glapinski, who was accused of turning monetary policy into a political tool by the rightwing Law and Justice Party. The constitutional court ruled that lawmakers could not make Glapinski stand trial, and Tusk emphasized that the focus should not be on hunting Glapinski.
-Vienna is ranked as one of the most livable cities due to its focus on children's well-being rather than property developers. Children in Gleis 21 have a community of neighbors to support them. Meanwhile, leading cities like Hong Kong, Sydney, San Francisco, New York, and London are at risk of becoming child-free zones due to affordability issues. Primary schools in London boroughs are closing due to insufficient pupils.
-US aviation regulators have announced that the 737 Max 9 will remain grounded until Boeing provides additional data. The Federal Aviation Administration is analyzing data from initial inspections of 40 of the 170 grounded jets before lifting the flying ban imposed after a mid-air blowout on an Alaska Airlines flight. Boeing has provided instructions to airlines on how to inspect the planes.
-Nike, under the leadership of John Donahoe, has been struggling to maintain its dominance in the sport of running. In 2019, Nike's Vaporfly 4% running trainers were a technological breakthrough, allowing elite athletes to wear Nike shoes with the logo covered up. However, the Vaporflys, a carbon-fibre plate inserted into the midsole, have since been adopted by other brands. At the 2023 World Athletics Championships, athletes from other brands won more gold medals, highlighting the shift in the sportswear industry during Donahoe's tenure.
-The Iowa caucuses on Monday night will mark the start of the presidential primary season and test Donald Trump's frontrunner status for the White House nomination. The polls make Trump the clear frontrunner in a shrinking field of Republicans vying for the party's presidential nomination. Iowans will show whether the former president is living up to the billing. Subscribers can share up to 10 or 20 articles per month using the gift article service.
-Israel has denied South Africa's allegations of genocide against Palestinians during the Gaza war, arguing that the allegations are "profoundly distorted". South Africa brought the case under the 1948 Genocide Convention, claiming that Israel committed genocide by killing Palestinians, causing serious physical and mental harm, and inflicting conditions of life calculated to bring about their physical destruction.
-Beijing has negotiated a formal ceasefire between Myanmar's military and a rebel guerrilla alliance, marking a test for China's ability to mediate in foreign conflicts. The Myanmar military and rebel alliance agreed to withdraw military personnel and ceasefire at talks in Kunming, ensuring the safety of Chinese border residents and personnel involved in projects in Myanmar.
THE NEW YORK TIMES
-The US has led a second strike against Houthis in Yemen as the conflict escalates. The military fired at a target in response to rising attacks on Red Sea shipping, which the Houthis linked to the war between Israel and Hamas.
-American-Led strikes leave yamen back on the brink of war. Yemen’s Houthi militia, shaped by years of civil war, says that it welcomes a battle with the United States and that strikes will not stop its Red Sea attacks.
-With the U.S.-led attacks in Yemen, the war in Gaza has escalated into a wider conflict. How wide will it get?
-Speaker Mike Johnson is facing intense pressure from far-right Republicans to abandon the agreement he struck with Democrats to keep the government funded.
-The House spent $40,000 on identification pins, even as most of its Republican members publicly condemned spending.
-Taiwan holds election for a new leader amid threats from China. The race pits the governing party, which has emphasized the island’s sovereignty, against an opposition that favors reviving engagement with China.
-Federal scientists recommend easing restrictions on marijuana. Researchers found that cannabis may have medical uses and is less likely to cause harm than drugs like heroin, newly disclosed documents show.
-Republican candidates have spent heavily in Iowa, but the state is seeing fewer visitors, and winter storms have upended events and travel plans.
-In Iowa, candidates are fighting the weather — and each other — just ahead of the caucuses.
-Ron DeSantis has made lots of changes to try to revamp his struggling campaign. But he rarely tries talking about himself.
-Donald Trump’s lawyers may question whether the documents he took from the White House were related to national defense, and whether it put security at risk. A Trump lawyer asked a judge for more time to review allegations of a relationship between two Georgia prosecutors.
-Bruce Falck, who left Twitter during Elon Musk’s takeover bid, had other things on his mind: completing a longed-for family home in Northern California.
-UFO’s remain a mystery to lawmakers after classified briefing. Members of the House went into a confidential briefing hoping for answers about what the government knows about alien life. They emerged with more questions.
THE NEW YORK POST
-Plaintiff E. Jean Carroll has warned that Donald Trump will flout court orders during his $10M defamation trial in Manhattan. Carroll, who claimed Trump sexually abused her in 1996, claims Trump will not heed the judge's instructions if he takes the stand. US District Judge Lewis Kaplan has found Trump liable for defamation, and Carroll is asking for more than $10M in damages. The trial will determine the amount of damages Trump must pay, in addition to the $5M ordered by jurors in a separate case.
-The Federal Reserve system experienced a record loss last year due to increased income expenses, according to preliminary figures. The negative $114.3B in federal income after expenses was attributed to a rise in interest expenses during a rate hike campaign to combat inflation. The Fed paid a mix of financial institutions $281.1B in 2022, while earning interest from bonds totaled $163.8B. Operating expenses at 12 regional banks stood at $5.5B in 2023.