FINANCIAL TIMES
-The US Congress has averted a government shutdown after the Senate passed a stop-gap funding measure, passing through both the House and House. The bill, 85-11, won support from both parties and is now headed to President Joe Biden, who will sign it into law later on Saturday. Congress missed the midnight deadline to head off the shutdown, but not by enough to cause disruption. The bill did not include any change to the debt ceiling, despite President-elect Donald Trump's call for lawmakers to use the legislation to scrap the mechanism. The bipartisan approach prevailed, ending a week of volatility in Washington.
-A car drove into a crowd at a Christmas market in Magdeburg, Germany, killing at least two and injuring dozens more. Local officials believe it was a deliberate attack, with police detaining a man originally from Saudi Arabia. The incident claimed two lives and injured at least 60 people, 15 of them severely. The suspected perpetrator, believed to be 50, lived in Germany since 2006 and worked as a doctor in Magdeburg. The incident is described as a "terrible tragedy" and a catastrophe for the city, the state, and Germany as a whole. The incident occurred in the Old Market, near Magdeburg's Gothic cathedral.
-Donald Trump's team has informed European officials that he will demand NATO member states increase defense spending to 5% of GDP, while maintaining military aid to Ukraine. Trump's closest foreign policy aides shared his intentions in discussions with senior European officials this month. During his campaign, Trump vowed to cut off aid to Ukraine, force Kyiv into immediate peace talks, and leave NATO allies undefended if they failed to spend enough on defense. However, he now intends to maintain US military supplies to Kyiv after his inauguration. Trump is also to demand NATO more than double its 2% spending target to 5%, which only 23 of the alliance's 32 members currently meet.
-WhatsApp has won a US lawsuit against Israeli spyware maker NSO Group for its use of its Pegasus hacking tool to infiltrate the phones of journalists, activists, and dissidents. A judge in the Northern District of California ruled that NSO breached hacking laws and its service agreement with WhatsApp by injecting over 1,000 devices with its Pegasus spyware. The ruling does not address the rights of the individuals whose phones were hacked but gives a victory to technology groups seeking to prevent platforms from being abused by targeted groups. The ruling also benefits tech giants like Apple and Amazon. The summary judgment means an upcoming trial will focus on damages rather than NSO's liability. WhatsApp expressed gratitude for the decision and said NSO can no longer avoid accountability for their unlawful attacks.
-At a meeting of EU leaders to maintain support for Ukraine after Donald Trump returns as US president, German chancellor Angela Merkel became upset when Polish President Andrzej Duda called for the EU to confiscate and spend €260B worth of Russian sovereign assets immobilized at European financial institutions. This idea was promoted by the US and UK but resisted by Germany, France, and Italy. Scholz criticized Duda for not understanding how this would affect the stability of financial markets and claiming that they don't even use the euro. Ukraine and its European allies are entering a critical few weeks, with Trump reportedly promising to end the war in a day after his inauguration. Trump's campaign rhetoric suggests he could force Ukraine to accept a peace deal favoring Moscow or abandon Kyiv altogether.
-US regulators have approved Eli Lilly's Zepbound to treat adults with sleep apnea and obesity, marking a victory for the drugmaker as it seeks to expand its weight-loss drugs franchise. The FDA cleared the way for the drug to be used to treat moderate-to-severe obstructive sleep apnea in obese adults. This approval puts Eli Lilly ahead in the sector-wide race to build on the rocketing US demand for anti-obesity medications, which analysts forecast could result in more than $100B in annual sales by 2030. The upbeat news contrasts with that of European rival Novo Nordisk, whose stock fell more than 20% on Friday after disappointing results from tests of its latest obesity drug. Zepbound is set to become the first prescription drug for adults with moderate-to-severe obstructive sleep apnea and obesity.
-On the eve of Baathist Syria's collapse, Bashar al-Assad and eldest son Hafez were driven in a Russian armored vehicle from their home in the Malki district of Damascus. By midnight, Assad was on his way to Russia's Hmeimim air base on Syria's north-west coast. Assad told his army to fold and ordered them to burn down offices and documents. An HTS commander denied that the group negotiated Assad's departure. Moscow made the Assads wait until 4am on December 8, when they were granted refuge on humanitarian grounds.
-Qualcomm has won over Arm in a US jury's decision in a dispute over its acquisition of chip company Nuvia in 2021. Arm has vowed to seek a retrial due to a "deadlock" as jurors failed to reach a decision on one of the three questions they were asked to answer. The case alleged Qualcomm breached a chip design license when it bought Nuvia, and Arm filed the lawsuit against one of its biggest customers in 2022. The jury found in Qualcomm's favor on the second and third questions, but was unable to reach a verdict on whether Nuvia had breached its own license with Arm. Qualcomm said it was pleased with the verdict, as it had "vindicated Qualcomm's right to innovate" and confirmed that the products at issue were protected by its existing contract with Arm.
-Argentina is planning to expand its nuclear energy sector by partnering with a US investor and small modular reactor technology, according to top adviser to President Javier Milei. The Argentine government's nuclear power policy will hand over the Buenos Aires province site for the country's fourth plant to a 1.2GW project designed by Argentine research facility Invap, which will use nascent SMR technology. The capital to develop the project will be American, with 100% private direct foreign investment. The first plant is expected to be operational by 2030, and the country aims to become an SMR technology exporter. The plan also aims to attract technology companies using energy-intensive artificial intelligence to set up data centers in the country's cooler south.
-Venture Global, a major US LNG gas developer, has filed for an IPO to capitalize on investor interest in potential export booms under President-elect Donald Trump. The company plans to build and operate five LNG terminals on the US Gulf Coast and has submitted IPO paperwork to the US Securities Exchange Commission. The expected size of the New York Stock Exchange listing is not disclosed. Venture Global is expected to raise $3B to $4B, making it the largest energy listing in over a decade and one of the largest in US history. JPMorgan analysts estimate Venture Global's enterprise value at $100B, including debt raised to build its terminals. The IPO documents show that the company has raised about $54B since its 11-year-old founding, earning nearly $20B in gross proceeds and expected to generate $107B in revenues in the coming years.
NEW YORK TIMES
-The Senate has approved a spending measure to keep government money flowing through mid-March, sending it to President Biden for his signature. The 85-to-11 vote followed House passage of the legislation, which also provided $100B in disaster relief for parts of the nation still recovering from storms. The action pushed major spending decisions into 2025 and the first months of the incoming Trump administration and a Republican-controlled Congress. The White House said President Biden would sign the measure on Saturday and that no agencies would shut down despite the technical lapse in funding. The end to days of shutdown drama came after House Republicans stripped out a provision demanded by President-elect Donald J. Trump to suspend the federal debt limit.
-President-elect Donald Trump has attempted to avoid responsibility for the consequences of a bipartisan spending deal, stating that it would be better to let the government shut down under President Biden's watch than to allow a politically damaging stalemate when he takes office next month. Trump expressed his desire for Biden to be blamed for any political fallout and urged Republicans to help solve the problem. This move signals that Trump understands the clock is ticking as he will take the oath of office in 31 days, returning him to power and accountability after a four-year absence.
-The Senate has passed bipartisan legislation to provide full Social Security benefits to public sector retirees who currently receive them at a reduced level. The bill, which would cost nearly $196B over a decade, was passed by a lopsided 76 to 20 vote, reflecting the broad popularity of the initiative. The House passed the bill by a wide margin of 327 to 75 last month, and President-elect Donald J. Trump recently supported it. The bill's approval comes amid a prolonged dispute over spending and debt, with Republicans promising significant cuts and both parties lamenting the nation's debt ballooning.
-President-elect Donald Trump ordered House Republicans to back legislation raising the debt limit, but many refused. This breach reveals a disconnect between Trump and his party, which could impact their efforts to pass transformative tax and domestic policy legislation next year. Trump has a laissez-faire attitude towards the federal debt and a willingness to spend freely, but some lawmakers in his party adhere to an anti-spending philosophy. In the spending bill fight, Trump aimed to absolve himself of responsibility for dealing with the debt ceiling, which is expected to be reached in January. Raising it while President Biden is in office and Democrats hold the Senate could avoid a messy internal Republican fight next year when Trump is in the White House and his party is in full control of Congress.
-German authorities are investigating a motive behind a driver's SUV attack on a Christmas market in Magdeburg, killing at least four people and injuring over 200 others. The attack occurred at a narrow alley in the city, marking the start of the Christmas holiday after a year of gloomy news about a slowing economy and the collapse of the German government. The driver, a Saudi Arabian citizen, had lived in Germany for decades on a visa that granted him permanent residency. The attack fueled polarizing debates over uncontrolled immigration in Germany and fueled the country's upcoming snap elections in February. The police in Magdeburg said 41 people were severely injured.
-The Biden administration has withdrawn plans to enact federal student loan forgiveness and establish rules for transgender athletes' participation in school sports teams. The move was seen as a tacit acknowledgment that these regulations would not be implemented under incoming President-elect Donald Trump. Criticizing transgender protections was a central theme during Trump's campaign. The decision was also intended to protect both policies from immediate manipulation by the Trump administration, ensuring they could not be quickly rewritten and that the Trump administration would have to introduce its own regulations from scratch.
-The collapse of President Bashar al-Assad's government in Syria has left a devastating economic crisis. Following 14 years of civil war and political repression, most of Syria's infrastructure, including oil and gas wells, roads, and farmland, is in ruins. Ninety percent of the population lives in poverty, and the value of the Syrian pound has plummeted. The central bank's reserves of foreign currency are nearly depleted, making it difficult to buy essentials like food, fuel, and spare parts. The country's most profitable export is captagon, an illegal amphetamine controlled by a cartel of politically connected elites.
-Russia is attempting to rebuild its influence in the Middle East after the collapse of the Assad regime in Syria. President Vladimir V. Putin praised Russia for providing military support to President Bashar al-Assad during the civil war and receiving two military bases in return. He claimed that Russia had achieved its goal of preventing a terrorist enclave in Syria. However, military experts, political analysts, and a US government official argue that Russia's situation is different from Putin's rosy assessment. If rebel factions in Syria decide to expel Russian forces from the bases, Moscow will be left without the resources or real estate to maintain a significant military presence in the region.
-Canada's Prime Minister Justin Trudeau has been criticized by political ally Jagmeet Singh for failing to work for the people and for rearranging his cabinet. Singh, who has provided Trudeau's Liberal Party with the necessary votes to pass legislation, has promised to bring a motion to defeat the government in the House of Commons after Parliament returns next month. He believes Trudeau's Liberals have repeatedly let people down and don't deserve another chance. The Conservative Party is likely to support such a motion, which could lead to an immediate general election. Singh's rejection of the government comes as Trudeau faces threats from President-elect Donald Trump to impose 25% tariffs on imports from Canada and Mexico unless they curb the flow of undocumented migrants and drugs into the US.
NEW YORK POST
-Saudi doctor Taleb A., who was arrested for a car attack on a Christmas market in Germany, has been identified as an anti-Islam activist. A Saudi Arabian refugee, A. fled to Germany in 2006 and gained official refugee status in 2016. He worked as a doctor and psychotherapist in Bernburg after receiving his permanent status. A. was prominent in the Saudi community in Germany as an anti-Islam and women's rights activist, running a website and social media channels dedicated to those causes. He warned prospective refugees to eschew Germany due to the government's tolerance of radical Islam. A. also posted pro-Israel content and supported Germany's right-wing anti-immigration party AfD. In social media posts, A. criticized the German government for promoting Islamization and alleged authorities were censoring him due to his views.
-President Biden is considering commuting the death sentences of most of the 40 men currently on federal death row for murder, according to a report by the Wall Street Journal. The report suggests that Attorney General Merrick Garland has recommended that Biden commute the sentences to life imprisonment for all but a handful of the 40 cases. Garland urged Biden not to spare certain prisoners, such as Robert Bowers, who fatally shot 11 people in 2018 at the Tree of Life synagogue in Pittsburgh, and Dylann Roof, who massacred nine black parishioners in a racist 2015 attack on the Emanuel AME Church in Charleston, SC.
-Amazon workers, affiliated with the Teamsters union, are continuing a strike at seven of the company's delivery hubs just days before Christmas. The union has not indicated how many employees are participating in the walkouts or when it will end. The workers first joined picket lines on Thursday after Amazon ignored a deadline the union had set for contract negotiations. Starbucks stores are also going on a five-day strike to protest lack of progress in contract negotiations with the coffee company. The Teamsters have mainly focused on organizing delivery drivers, who work for contractors handling package deliveries for the company. Amazon has rebuffed demands to come to the negotiating table since it doesn't consider the drivers to be its employees.