FINANCIAL TIMES
-The National Assembly of South Korea has impeached President Yoon Suk Yeol following his decision to impose martial law (failed). The Constitutional Court must approve the impeachment within 180 days of the parliamentary vote. In the meantime, Yoon will be suspended from duties and constitutional authority will be passed to Prime Minister Han Duck-soo. The motion passed by a margin of 204-85, with opposition parties only needing the support of eight out of 108 lawmakers from the president's People Power party.
-Russia is withdrawing some of its Syria-based forces following the fall of Bashar al-Assad's regime, according to satellite photography and a Ukrainian intelligence assessment. Images show an increase in ground vehicles at the Hmeimim air base, the arrival of large transport aircraft, and the disassembly of Russian helicopters and air defenses. But, it is unclear whether this is the start of a partial or complete withdrawal. Russia's presence in Syria is a legacy of its intervention in the Syrian civil war from 2015, and its future in the country depends on negotiations with a new government in Damascus. Losing the air base at Hmeimim and Russia's naval base at Tartus would be a strategic problem for Moscow.
-Porsche SE is set to write down its stake in Volkswagen by up to 40% due to uncertainty over potential plant closures and strikes. The company expects to write down VW's value between €7B and €20B due to the lack of financial data. Porsche also expects to write down its stake in Porsche AG by €1B to €2B. The book value of both stakes will remain significantly higher than their respective stock market values. The announcement comes as VW prepares to enter the fifth round of negotiations with union IG Metall.
-McKinsey will pay $650M to settle a US criminal investigation into its work for opioid manufacturers. The deferred prosecution agreement with the US Department of Justice acknowledges McKinsey's responsibility for conspiring with Purdue Pharma to aid and abet misbranding of prescription drugs. The firm has previously paid $1B in civil settlements over its work, which ceased in 2019. The agreement limits McKinsey's ability to work for other pharmaceutical companies and prohibits the firm from marketing, selling, promoting or distributing controlled substances. Martin Elling, a former senior partner who advised Purdue Pharma, has also agreed to plead guilty to one count of knowingly destroying documents with the intent to obstruct justice.
-Ukraine has fired its commander, Oleksandr Lutsenko, who led operations in the eastern Donetsk region. Lutsenko is accused of having failed to stop Russia's sweeping offensive, which has taken an area half the size of London in just the past month. Lutsenko will be given another post in the army's ground forces and replaced by Brigadier General Oleksandr Tarnavskyi. Ukraine's top general, Oleksandr Syrsky, said battles were raging against a Russian army "superior?.?.?primarily in manpower." Deep State, a Ukrainian war-tracking group close to the defence ministry, said Ukrainian troops defending four villages south of Pokrovsk were under threat of encirclement, with Russian forces attacking "from all sides."
-The Syrian economy faces a critical challenge as over 90% of the population lives below the poverty line and receives less than 6 hours of electricity daily. Pantries are often empty due to shortages of essential goods, high inflation, and the crumbling Syrian pound. Over 80% of the country's oil products were imported from Iran, which supported Assad during the war. Domestic manufacturing has been severely hampered, with factories destroyed and workers sent to war. The government has haemorrhaged cash to fund military spending, public sector salaries, and subsidized goods, which are essential parts of the Ba'athist state.
-TikTok has lost an emergency bid to temporarily halt a deadline under a US "divest or ban" law, leaving the app's fate uncertain in the country. The US Court of Appeals for the District of Columbia Circuit rejected the emergency motion filed by the platform and its Chinese parent company, requesting the law be stayed from taking effect next month while it asks the Supreme Court to take up a challenge. The law, signed by President Joe Biden earlier this year, orders TikTok to be banned in the country if the app fails to divest from its parent by January 19, 2025. The ruling places TikTok's future in the hands of the Supreme Court, which will need to decide if it will hear the appeal.
NEW YORK TIMES
-South Korea's National Assembly has voted to impeach President Yoon Suk Yeol, following his declaration of martial law. The vote has suspended Yoon from office, and Prime Minister Han Duck-soo will serve as interim leader. Yoon has expressed his intention to fight the impeachment in the Constitutional Court, which could take up to six months to decide whether to reinstate or formally remove him. The National Assembly received a strong vote in favor of impeachment, with 12 lawmakers from Yoon's party joining the opposition.
-South Korea's president, Yoon Suk Yeol, may have sealed his political fate by declaring martial law on December 3, triggering public outrage. The National Assembly voted to impeach Yoon, who was suspended from office. Yoon's approval ratings have been some of the lowest in South Korea's history, with scandals and unpopular decisions leading to low approval ratings. The Constitutional Court will decide Yoon's fate, which could take months. Yoon faced angry voters who were upset at his leadership amid growing inequality, rising prices, and threats from North Korea.
-The New York FBI field office reported that investigators received a tip from the San Francisco Police Department identifying Luigi Mangione as a suspect before he was arrested in the killing of UnitedHealthcare CEO Brian Thompson. The tip was one of many law enforcement officials received in the days after Thompson's death. Mangione's family reported him missing in San Francisco weeks before the killing. The timing of when the bureau gave that information to the New York police remains unclear, as well as whether it might have helped speed his arrest. Mangione was not on the department's radar before being captured in Altoona, Pennsylvania, after a McDonald's customer recognized him from pictures distributed by authorities.
-Jessica Tisch, New York's police commissioner, was tasked with overseeing a manhunt after the death of UnitedHealthcare's CEO. She was informed of the incident while giving her sons breakfast. She ordered that all officers receive photos of the gunman and assigned 10 analysts from the intelligence bureau to work with detectives. Over five days, investigators scoured thousands of hours of footage and analyzed ballistics and dove in Central Park. Not only did the police in New York, but also the FBI in San Francisco, who recognized a surveillance photo of the suspect as a man declared missing by his family.
-Scott Bessent, the Treasury secretary pick for President-elect Donald Trump, has proposed a three-pronged plan to revive the US economy, aiming to increase growth to 3%, cut the budget deficit to 3% of GDP, and increase US energy production by three million barrels of oil per day. Bessent, a hedge fund investor and student of "Abenomics," has been involved in meetings with Japanese Prime Minister Abe and has bet against the yen.
-President-elect Donald Trump has been ordered by a federal judge to appear in a defamation lawsuit against ABC News and its anchor George Stephanopoulos. The deposition is expected to occur next week, as Trump is defending several cabinet nominees and working on his transition team. The suit was filed in March, alleging Stephanopoulos damaged Trump's reputation by repeatedly claiming responsibility for raping writer E. Jean Carroll.
-Iran's recent obliteration of its dominant presence in Syria has sparked a public backlash over the billions of dollars spent and Iranian blood shed to support the Assad regime. Critics, including conservatives, have been circulating on television, talk shows, social media, and newspapers. Former lawmaker Heshmatollah Falahatpisheh has suggested Iranians should rejoice at the fall of President Bashar al-Assad, stating that no one will waste Iran's money for maintaining a spider web. The sentiment has spread, with even those who fought in Syria questioning the worth of the money spent.
-Senator Mitch McConnell, a polio survivor, has defended the polio vaccine amid reports that Robert F. Kennedy Jr.'s lawyer has petitioned federal regulators to withdraw the vaccine. McConnell argued that the petition could jeopardize his confirmation as health secretary in the incoming Trump administration. He emphasized that efforts to undermine public confidence in proven cures are dangerous and advised anyone seeking Senate consent to serve in the incoming administration to avoid association with such efforts.
-New Jersey residents have been captivated by bright lights in the night sky, believed to be drones. Federal authorities have provided few answers about the objects or their origin, leaving residents and local leaders frustrated. While U.S. officials have not corroborated the reported drone sightings, they suggest many might be manned aircraft. Lawmakers are frustrated with the lack of information and are urging the federal government to share more about its investigation.
-California and 11 other states are expected to be granted permission by the Biden administration to ban the sale of new gasoline-powered cars by 2035, a highly ambitious climate policy. However, President-elect Donald Trump is expected to revoke this permission soon after taking office, as he pledges to scrap Biden-era climate policies. California is expected to fight any revocation, paving the way for a legal battle with the new administration. California has long been a leader in climate policies and innovation.
-Elon Musk has asked a federal court to block OpenAI's transition from a nonprofit to a for-profit company. OpenAI responded with a legal filing, arguing that Musk is merely attempting to stifle OpenAI's efforts to build a rival company, xAI. The filing argues that Musk's motion would debilitate OpenAI's business and mission. OpenAI also disputed Musk's claims in a previous lawsuit.
NEW YORK POST
-The NY Post claims that a newly minted Iranian drone carrier, the Shahid Bagheri, sailing in the Persian Gulf. The carrier, a converted shipping container, was last seen on November 12 when it was captured by satellite imagery in Bandar Abbas. The Shahid Bagheri, a converted shipping container, was outfitted to support drone operations and was believed to have headed straight to the Persian Gulf to partake in naval exercises. The carrier left its home Iranian port between November 12 and November 28, and was believed to have been heading straight to the Persian Gulf to partake in naval exercises. The new images show the overhauled ship, along with two other Iranian drone vessels, Shahid Roudaki and Shahid Mahdavi, off the Bandar Abbas port in the Persian Gulf. Theories have swirled in the US that Iran could be behind the mysterious drone sightings across the tri-state area.
-President-elect Donald Trump is considering saving the failing Waldorf-Astoria hotel in Washington, DC and rebranding it as a Trump International Hotel. The Trump Organization, the incoming commander-in-chief's company, is considering options such as a licensing deal or possibly buying back the lease on the government-owned, 125-year-old Old Post Office building. The luxury lodge became a popular hangout for Republican insiders during Trump's first four years in the White House. Republican operatives spent $266K there in its first six months alone, according to FEC data. However, visitor numbers dropped after Hilton took over the hotel and the real estate mogul ended ties with the hotel. It is still "to be determined" whether the Trump Organization would want to wrestle back full control of the hotel by buying back the lease it sold in 2022 or agree to a licensing deal.