FINANCIAL TIMES
-Syrian rebels are advancing south towards President Bashar al-Assad's remaining strongholds, claiming to have liberated the last village on the outskirts of Homs city. Homs is the largest city still controlled by Assad's regime. The rebels, led by Islamist group Hayat Tahrir al-Sham, have already captured Aleppo and Hama. The assault poses the most serious threat to Assad's rule in a decade, reigniting a 13-year civil war that had been largely frozen since 2020. Joint Syrian and Russian forces have shelled rebel forces in Homs's northern suburbs.
-Jean-Louis Bidet and his team of skilled carpenters have transformed 1,300 oak trees into the wooden backbone of Notre-Dame, a Paris cathedral that was nearly destroyed by a devastating fire in 2019. The carpenters used axes and no modern tools to assemble and install the massive wood frame that supports the roof, almost identical to the 13th-century original. In the upper reaches of the gothic cathedral, a state-of-the-art fire protection system was installed to safeguard the wood frame, known as la forêt (the forest). The restoration, made possible with donations of around €840M, took just over five years and involved the work of around 2,000 workers, many of them from small businesses showcasing French craftsmanship.
-A US appeals court has upheld a law requiring TikTok's owner ByteDance to sell the platform or face a ban next year. The law, signed by President Joe Biden, orders TikTok to be banned in the country if the app does not divest from its parent by January 19, 2025. The unanimous ruling from the US Court of Appeals for the District of Columbia Circuit ruled the law constitutional and did not violate First Amendment protections for free speech. The decision puts TikTok in a precarious position in one of its biggest markets, with the law's political future uncertain. TikTok CEO Shou Zi Chew plans to seek an injunction of the ban, pending review by the US Supreme Court.
-South Korean President Yoon Suk Yeol has issued a terse apology for his failed attempt to impose martial law, ahead of an impeachment vote that will decide his political future. In his first public appearance since withdrawing his decree, Yoon apologized for causing anxiety and confusion to the public. He stated that the martial law process caused inconvenience and confusion to the people and sincerely apologized. Yoon's remarks represent a last-ditch attempt to win over wavering members of his own party and save his presidency following a tumultuous week. He insisted he would not make a second attempt to impose martial law.
-A report by investment bank Noble & Co suggests that the value of rare whiskies sold at auction has dropped by 34% by volume and 40% in value in the year to October 1, indicating a potential burst in the asset class popular with wealthy investors. The decline is attributed to a weakening global economy and high inflation, which stifled demand for high-end drinks.
-Romania's constitutional court has canceled the deciding round of the country's presidential election due to allegations that Russia used TikTok to promote the leading candidate, Calin Georgescu. The decision was made after Romanian authorities published documents indicating Moscow had sought to undermine the vote. The move was criticized as anti-democratic by some politicians and analysts. The court argued that the election process was "flawed throughout" by irregularities and breaches of electoral law, distorted the vote and its democratic principles. The date of the new vote will be set by Romania's government, after a new coalition is formed following parliamentary elections.
-The US economy added 227,000 jobs in November, a significant increase from the previous month, which was impacted by hurricanes and the Boeing strike. The unemployment rate rose 0.1 percentage point to 4.2%. The jobs report, published by the Bureau of Labor Statistics, is one of the final big data releases before the Federal Reserve's December 17-18 meeting, where it will decide whether to proceed with a third consecutive interest rate cut. Analysts believe that the figures are not strong enough to undermine the case for a final rate reduction this year.
-France's Crédit Agricole has increased its stake in Banco BPM, complicating UniCredit's approach to the Italian lender. The French lender has entered into financial contracts to lift its holding from 9.9% to 15.1%, and will seek Italian regulators' approval to own up to 19.99% of Banco BPM. This move mirrors UniCredit's use of derivatives to build a surprise stake in Germany's Commerzbank. The move follows Banco BPM rejecting its €10.1B takeover bid last month. The move marks UniCredit's latest attempt to establish a European banking champion. Italian Prime Minister Giorgia Meloni's government had hoped that Banco BPM could encourage consolidation in the banking sector.
-The EU and four South American countries have signed a trade deal that would create a 700M people market by dropping tariffs on over 90% of goods. The agreement, the largest either has signed, was reached after 25 years of talks at a summit in Uruguay. The EU exported €56B in goods in 2023 and €28B in services in 2022. However, European farmers and environmental groups have vowed to mobilize against the deal, claiming that farmers in Mercosur, including Argentina, Brazil, Paraguay, and Uruguay, damage the environment and operate with lower standards for animal treatment and pesticide use.
-Donald Trump's Middle East envoy, Steven Witkoff, has held talks with Israeli and Qatari officials to push for a ceasefire in Gaza and the release of Israeli hostages before returning to the White House. Witkoff met with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani, who has been a mediator in Hamas-Israel talks. He then flew to Israel to meet Prime Minister Benjamin Netanyahu and Mossad chief David Barnea in Vienna. The talks, which took place within weeks of the US election, highlight the urgency Trump's victory has injected into negotiations.
-Canada is establishing new consulates in Alaska and Greenland, appointing an Arctic ambassador, and enlisting Indigenous communities to monitor the region. The move is part of a new Arctic security policy announced by foreign affairs minister Mélanie Joly and defence minister Bill Blair. The new ambassador will be Indigenous, and remote communities will serve as "eyes and ears" in the north. Rising temperatures are allowing Arctic areas to become navigable and exploit natural resources, heightening security challenges and geopolitical competition.
NEW YORK TIMES
-South Korean lawmakers are voting on the impeachment of President Yoon Suk Yeol, despite his apology for his declaration of martial law earlier this week. Yoon bowed his head in a speech, expressing his deep regret for causing anxiety and discomfort, but stopped short of resigning. This was his last-minute attempt to avoid being impeached by the National Assembly, where the opposition needs only eight deserters from his governing People Power Party to join them to pass the impeachment bill. It is unclear how many of his party's 108 lawmakers might vote against him. Tens of thousands of protesters from across the country massed outside the Parliament to demand his resignation.
-Protests in Seoul have intensified since President Yoon Suk Yeol's short-lived declaration of martial law, causing a political crisis in the country. The largest rally at the National Assembly on Saturday was expected to be the largest yet, with a festival-like atmosphere. The crowds grew so large that Seoul's subway operator closed three nearby stations, and people continued to flow in, moving through an area that the police had closed off to traffic. People carried signs and blankets to bundle up against the freezing temperatures, and chants and music could be heard from blocks away. The rally was set up along the three-quarter mile stretch of road leading up to the National Assembly, broadcasting speakers and performers leading the crowd in chants and songs, many with lyrics calling for Yoon's impeachment.
-Iran has begun to evacuate its military commanders and personnel from Syria, signaling its inability to help President Bashar al-Assad maintain power amid a resurgent rebel offensive. Top commanders of Iran's powerful Quds Forces, the external branch of the Revolutionary Guards Corps, were among those evacuated to neighboring Iraq and Lebanon. This move signifies a significant turn for both President al-Assad and Iran, which has used Syria as a key route to supply weapons to Hezbollah in Lebanon. Guards personnel, some Iranian diplomatic staff, their families, and Iranian civilians were also being evacuated. The evacuations were ordered at the Iranian Embassy in Damascus and at bases of the Revolutionary Guards. Iranians began to leave Syria on Friday morning, speaking on condition of anonymity to discuss a sensitive issue.
-Rebel groups fighting to overthrow Syrian President Bashar al-Assad have made rapid gains in the country, causing alarm among neighboring countries and prompting border closures. The government's chief patron, Iran, has also withdrawn its military commanders and personnel from the country. The gains have presented the most serious challenge to al-Assad's power in years. The withdrawal of Iranian personnel, including top commanders of Iran's Quds Forces, is significant, as they have been loyal to the regime for over a decade. Iranians are now leaving Syria, heading towards Lebanon and Iraq. The situation has raised concerns about the stability of the country.
-Iran has tripled its production of near-bomb-grade fuel, according to the United Nations' chief nuclear inspector. This move is expected to intensify the challenge it poses to the incoming Trump administration and potentially open the way for a new negotiation with the West. The International Atomic Energy Agency's director general, Rafael M. Grossi, described the acceleration as a "dramatic acceleration." The increase in production of uranium enriched to 60 percent purity is just shy of the levels needed to produce a weapon. It is unclear whether Iran is trying to avoid a crisis or gather bargaining chips for negotiations with the United States. The situation remains uncertain.
-Police have discovered a backpack in Central Park, possibly a link to the gunman who killed Brian Thompson, the chief executive of UnitedHealthcare, in Midtown Manhattan. The discovery came after the police provided the most detailed timeline of the suspect's furtive activities during a 10-day stay in New York City. The suspect likely fled town within an hour of the killing on a zigzag escape route through Manhattan by bike, foot, cab, and bus. The police have made no arrests in the attack on Mr. Thompson, the 50-year-old executive who led UnitedHealthcare, one of the United States' largest health insurance companies. Chief Kenny stated that "we do not have his name," but "at this point, we believe he acted alone." Authorities have disclosed that they obtained DNA from a water bottle at the scene and took it for testing. Experts in facial recognition technology disagree on whether the widely circulated security-camera images of a smiling man wearing a hooded jacket would contain enough detail to identify him.
-The presidential transition to his second term has been influenced by the involvement of wealthy investors, including Elon Musk and Larry Ellison. Musk, the Tesla CEO, and Ellison, the Oracle co-founder, are among the billionaires Trump brought to the meeting. Trump, who had brought these two richest people to the meeting, issued a joking-not-joking challenge to his advisers. He asked them what they brought to the table. The involvement of wealthy investors has made this transition one of the most potentially conflict-ridden in modern history. Elon Musk and Ellison represent a new generation of tech leaders who often have a right-wing ideology and favor fewer constraints on entrepreneurship. The involvement of these wealthy investors has made the transition to his second term potentially conflict-ridden.
-The leaders of the Trump and Harris campaigns met in a tense room in Cambridge to discuss tactics. The room was decorated with maroon tablecloths and roses, and the walls were covered in dark-wood paneling. Senior staff members for the Biden-Harris campaign appeared to be undergoing a collective root canal without anesthesia, while five leading Trump campaign staff members and allies appeared to be holding the dentist's drill. The meeting was a result of a disagreement over the 'flawless' campaign tactics between the two candidates. The meeting was a significant moment in the ongoing political battle between the Democratic and Republican parties. The meeting highlights the ongoing tensions and potential conflicts between the two political parties.
-Greece is reviving Hadrian's Aqueduct, an ancient water supply system that supplied water to the city for centuries. The 15-mile network, which runs beneath the city, is still functional and is being used to alleviate water scarcity due to global warming. The reservoirs that supply water to Athens have dropped to their lowest levels in over a decade, and farmers are struggling to produce crops. To address this, Athens is investing in modern water-sourcing measures, such as a new connection to an artificial lake and desalination units, and turning to an older asset: Hadrian's Aqueduct, which dates back to when Greece was part of the Roman Empire.
-President-elect Donald Trump's second term is set to disrupt trade alliances, with Europe's largest deal with South America potentially signaling how countries will diversify their trade relationships. Trump's threats to impose tariffs on the rest of the world are encouraging some countries to diversify their trading relationships and find alternative avenues for their products. The European Union's tie-up with South America demonstrates the kind of shifting trade alliances that Trump's presidency could bring. The European Union finalized its biggest trade deal to date, signing an agreement with members of Mercosur, a South American trade bloc that includes Argentina, Bolivia, Brazil, Paraguay, and Uruguay. This move could lead to a potentially damaging trade war.
NEW YORK POST
-White House Press Secretary Karine Jean-Pierre has stated that Rep. Jim Clyburn played a crucial role in convincing President Biden to pardon his son Hunter Biden. Biden, 82, "wrestled" with the decision to pardon his son for any and all crimes he committed between 2014 and 2024. However, a visit by Clyburn, 84, tipped the scales and led the president to go back on his repeated promises not to do so. Hunter was convicted of three felony charges in June of lying on a gun purchase form in 2018 claiming he was not using or addicted to drugs when in fact he had an active crack cocaine habit at the time. A sentencing hearing in the case had been set for Dec. 12. Clyburn, who has long had President Biden's ear, spoke with the lame-duck commander in chief two weeks ago and pushed for Hunter's pardon, according to Jean-Pierre.
-Paramount Global's $8B merger with Skydance Media faces several hurdles as it seeks US regulatory approval. The deal's outlook has become murkier since Donald Trump won the presidential election, partly because the president-elect has filed a $10B lawsuit claiming Paramount's CBS network engaged in "voter interference through malicious, deceptive, and substantial news distortion." The beef is over a controversial "60 Minutes" interview with Kamala Harris, which Trump claims was edited to eliminate her clunky language and prop up her image during the crucial days before Election Day. FCC Commissioner Brendan Carr has already expressed concerns about the Paramount merger. One possible scenario is that Paramount, controlled by media heiress Shari Redstone, is forced to conduct an internal investigation into the "60 Minutes" interview to satisfy Trump and FCC Commissioner Brendan Carr.