Good Morning

Heavy snowfall has led to chaotic traffic conditions in parts of Bavaria and Baden-Württemberg. Within 18 hours, there were over 380 weather-related accidents in which at least 30 people were injured, mostly slightly.

Following the use of a new medium-range missile against the Ukrainian city of Dnipro, Russia has threatened further attacks on Ukraine and its Western supporters. President Putin declared that Russia would respond to any escalation with a “mirror image” reaction. Meanwhile, US Deputy Secretary of Defense Richard Johnson hinted that the US could adapt its nuclear strategy to meet the threat from Russia and China. Russia recently changed its nuclear doctrine to punish states supported by nuclear powers. In addition, the USA reported that the Russian attack on Dnipro was primarily intended to intimidate Ukraine and its allies. Ukraine's President Zelensky called for a decisive response from the international community to the attack.

In the dispute over Iran's nuclear program, the International Atomic Energy Agency (IAEA) has passed a resolution accusing Iran of a lack of cooperation. In response, the Iranian Foreign Ministry announced the introduction of new centrifuges to accelerate uranium enrichment. Iran denies that it is working on nuclear weapons, but the enrichment of uranium to almost weapons-grade levels is causing international concern, especially in Israel. The IAEA is demanding that Tehran answer questions about suspicious nuclear facilities and activities, otherwise the UN Security Council could impose sanctions. However, Iran has already violated the 2015 Vienna nuclear agreement several times after the US withdrew from the deal in 2018.

US authorities accuse Indian billionaire Gautam Adani of bribing officials with millions to secure power contracts for a major solar project. Following delays to the project, bribes are said to have overcome resistance from local energy suppliers. Investigations uncovered collusion and charges were brought in 2024. After this became known, the Adani Group's stock market value plummeted and planned bonds were halted. Adani rejects the allegations.

Donald Trump, the US President-elect, has nominated the former Attorney General of Florida, Pam Bondi, as US Attorney General. She replaces Matt Gaetz, who withdrew his candidacy following allegations of misconduct. Bondi, a Trump ally, has experience as Florida's top law enforcement official and worked on Trump's opioid commission during his first term. Trump praised Bondi as “tough on crime” and promised to end the “politicization” of the Justice Department with her appointment. Bondi was previously part of Trump's defense team during his first impeachment trial. However, critics point to previous controversies, including a donation from the Trump Foundation during her time in office.

US President Joe Biden has softened his stance and allowed Ukraine to fire US missiles at targets deep inside Russia for the first time. The change in strategy came in response to the deployment of North Korean troops to Russia and the election victory of Donald Trump, who is skeptical about supporting Ukraine. Biden hopes to strengthen Ukraine by easing arms restrictions before Trump's inauguration potentially curtails US aid. Ukraine has already implemented the new arms regulations and attacked a Russian ammunition depot with US ATACMS missiles. Critics warn of an escalation, while the government justifies the move as a targeted message to Russia and North Korea.

Russia's President Vladimir Putin declared that the war in Ukraine would be globalized by Western arms supplies. Following attacks by Ukraine with US and British missiles, Russia responded with a hypersonic missile attack on a factory in Dnipro. Putin warned that Russia would attack military targets in countries that use their weapons against Russian territory. The West sees an escalation and warns of global risks.

At the end of COP29 in Baku, host Azerbaijan is calling for more cooperation in order to reach an agreement on climate financing. The focus is on billions of dollars in payments from rich countries to help developing countries deal with the consequences of climate change. Experts estimate the annual requirement at 1 trillion dollars by the end of the decade, but resistance from wealthy countries is delaying progress. There is disagreement over grants or loans and the role of private investment. A new draft is expected by midday on Friday. UN Secretary-General António Guterres urged urgency: “Failure is not an option.”

Despite international praise for its recycling system, South Korea is demonstrating the challenges of effective plastic waste management. As talks on a global plastics agreement begin in Busan next week, experts warn that South Korea's approach has weaknesses. Although the country claims to recycle 73% of its plastic waste, Greenpeace estimates that the actual rate is only 27%. Large quantities end up in landfill or incineration, partly for financial reasons. One example: a recycling plant in Asan with 19,000 tons of plastic remains unused due to financial problems.

Northvolt: files for bankruptcy protection in the USA. The Swedish battery cell manufacturer Northvolt wants to reorganize under Chapter 11 rules. This will enable the company to raise new capital. The factory project in Germany is not affected for the time being. (FAZ)

Party, tanks, private equity - Toxic management culture at Triton Partners? The billion-euro fund is the largest shareholder in the armaments company Renk. According to the Handelsblatt newspaper, insiders are making accusations that the financial investor's management culture is characterized by alcohol and chauvinism. Triton denies this. (HB)

Bill Hwang: Founder of US hedge fund Archegos sentenced to 18 years in prison With his fund, he bet enormous sums on just a few shares, causing billions in losses for investors such as Credit Suisse. Bill Hwang has now been sentenced by a court in New York. (FT)

October insolvencies: Number of company bankruptcies rises by 23% A lack of orders and higher costs are causing more and more companies in Germany to give up. In October, the number of regular insolvencies filed rose by 22.9% compared to the same month last year, as the Federal Statistical Office (Destatis) announced today. (TAG)

Because of Trump: Head of the US Securities and Exchange Commission resigns in January Gary Gensler, the head of the US Securities and Exchange Commission (SEC), is stepping down in January. In doing so, he wants to pre-empt a dismissal by Donald Trump. Gensler is a critic of cryptocurrencies such as Bitcoin. (MM)

Putin: “Russia reserves the right to strike back!”  Russian President Vladimir Putin declared in a nationwide address: “Russia considers itself entitled to use weapons against military facilities of those countries that allow their weapons to be used against Russia.”  - This concerns the USA, UK and France

Tensions in Belarus: State media make accusations against NATO and Baltic states Belarusian state media accuse NATO's V4 Battlegroup and the Baltic states of having drawn up a battle plan for a large-scale offensive. This offensive is intended to support the Belarusian opposition groups serving under the Ukrainian army in order to take south-western Belarus by force.

Spokeswoman Karine Jean-Pierre reiterated that the Biden administration “fundamentally rejects” arrest warrants against Netanyahu and Gallant. Asked about the Republicans' call for sanctions against the justice officials, Jean-Pierre told reporters: “We are consulting with our partners, including Israel, about our next steps.

• Russia closes a certain part of its airspace for missile tests from November 22-23
• Journalist Tucker Carlson calls Biden a lame duck and asks why he has just started a war with the most dangerous country in the world.
• Olaf Scholz enters the election campaign as the SPD's candidate for chancellor.
• Russia is once again the most important supplier of hydrocarbons to the EU for the first time since May 2022, when its share was 22.9 
• Brazil's ex-President Bolsonaro charged with attempted coup d'état
• Visit canceled: Diplomatic tensions between Israel and the Netherlands
• DAX: Stabilizes at +19,000 points (TAG)
• VW collective bargaining round: Ends without result - warning strikes from December (WIWO)
• Paypal competition? European payment service Wero launches - German financial institutions join in (HB)
• Commerzbank: Has a new CFO (MM)
• Pistorius: Defense Minister renounces SPD candidacy for chancellor (SPG)
• China shares: Domestic investors in speculation fever (RT)
• Citadel Securities: High-frequency trader targets European government bonds (FT)
• Gautam Adani: India tycoon indicted on massive bribery and fraud charges in the US (CNBC)
• Marc Rowan: Apollo CEO seen as favorite for US Treasury Secretary (FT)
• International Criminal Court: Issues arrest warrant against Israeli Prime Minister Netanyahu (LTO)