After the fall of Assad and his flight to Russia, a new era is beginning in Syria. Rebels, led by the former al-Qaeda group HTS, captured Damascus after 13 years of civil war. The international community welcomes the end of Assad's rule, but warns of uncertainties. The reconstruction of the country poses an enormous challenge, while the return of millions of refugees becomes possible. Regional and global states are observing the effects on the balance of power in the Middle East.
South Korean President Yoon Suk-yeol is not allowed to leave the country after his attempt to impose martial law failed. There are calls for his resignation and he is under criminal investigation for treason. Power has been delegated to the prime minister, triggering a constitutional crisis. The incident has sparked protests, exacerbated tensions in the military and threatened political stability. The opposition is pushing for impeachment proceedings, while the US is expressing concern about the situation.
VW and IG Metall are in dispute over wage cuts and plant closures. Strikes at nine locations are intended to exert pressure. VW points to falling demand and high costs, the union rejects cuts and threatens longer strikes.
Police in New York are closing in on the suspect in the murder of UnitedHealth manager Brian Thompson. Thompson, 50, was shot dead in a targeted attack on Wednesday. The masked perpetrator fled by e-bike into Central Park. Investigators found a backpack with clothing, but no weapon. The suspect may have left the city after boarding a bus. Police and FBI are offering a combined $60,000 reward for clues. The motive remains unclear.
According to EU scientists, 2024 will be the hottest year ever, with temperatures over 1.5 °C above pre-industrial levels. Extreme weather events and record CO₂ emissions will characterize the year. A possible La Niña cooling in 2025 will not change the long-term warming trend.
Friedrich Merz, CDU candidate for chancellor, has arrived in Kiev for a solidarity visit. He emphasized that Germany must continue to support Ukraine militarily in order to strengthen its self-defence capability and persuade Russia to negotiate.
The Ukrainian air force reported the downing of 18 of 37 Russian drones and two cruise missiles. Russia stated that it had intercepted 13 Ukrainian drones.
Freiburg's Archbishop Stephan Burger called for further military aid and emphasized that the right to self-defence is also justified from a Christian perspective. Trump announced that he might cut US aid to Ukraine.
In an interview, Trump defended tariffs as a means of political pressure and emphasized that they do not only pursue economic goals. He called for the deportation of all illegal migrants, including their US-citizen family members. He also criticized NATO countries for insufficient contributions and announced that US support for Ukraine could be cut under his presidency.
Despite repeated criticism of the US Federal Reserve's (Fed) monetary policy, US President-elect Donald Trump has announced that he will not replace Jerome Powell as Fed Chairman for the time being. Trump explained in an interview that Powell would probably not resign if he asked him to. Powell, whom Trump himself appointed in 2018, had previously emphasized that he could not legally be dismissed before the end of his term of office. Trump had repeatedly criticized the Fed's high interest rates during his first term of office.
Despite a ceasefire in place since November 27, Israel has once again attacked targets in Lebanon. The Israeli army reported attacks on a Hezbollah weapons depot in which fighters from the pro-Iranian militia were hit. Two people, a woman and a man, were killed in an airstrike near the Israeli border. Israel stated that the attacks were directed against “threats” from Hezbollah fighters, without providing details. Lebanon has repeatedly accused Israel of violating the ceasefire, while Hezbollah has also shelled Israel.
The markets reacted calmly to the surprising fall of Syria's President Assad, with only slight rises in gold and oil prices (+0.4%). Analysts see this as a blow to Russia's influence in the region, as the loss of strategic bases in the Mediterranean threatens. In Asia, South Korea's political crisis and a fall in China's consumer prices are weighing on the markets. The South Korean won is approaching a two-year low and the KOSPI index fell by over 2%. This week's focus is on US inflation data, the ECB and BoC interest rate cuts and China's economic policy for 2025.
Crédit Agricole increases stake in BPM - to prevent UniCredit takeover. The UniCredit story is entering the next round. After the Italian bank announced its intention to acquire a majority stake in the Italian bank BPM, the majority owner of BPM - the French Crédit Agricole - has now increased its stake from 9.9% to 15.1%. (FT)
Aviva convinces with new offer for DirectLine of $4.6 billion. DirectLine is one of the UK's largest insurers - and particularly strong in car insurance. Asset manager (and insurer) Aviva has raised its offer by 10% - and won DirectLine's approval, according to the Wall Street Journal. (WSJ)
Observer will now be sold to startup Tortoise News after all. The Guardian Media Group and the startup Tortoise News have been negotiating the sale of the traditional newspaper The Observer to the startup for almost two years. The deal was finalized over the weekend, as reported by the Financial Times. (FT)
- The famous “Santa Rally” is in full swing, but the markets could start 2025 with new challenges.
- DAX: Expected to start the week on a positive note (futures are positive) (TGS)
- Michael Grosse: Becomes CEO of DAX group Sartorius (HB)
- DB Cargo: 5,000 jobs to be cut (NTV)
- Railroad line: Berlin-Hamburg to be reopened soon (HB)
- Postal carriers: Fewer and fewer (HB)
- Syria: Rebels take over Damascus, Assad flees to Moscow (NYT)
- Omnicon: And Interplay, two of the world's largest advertising agencies, are about to merge (WSJ)
- ASML employee: Allegedly spied for Russia for years (HB)
- Trump: Won't replace Jerome Powell as Fed chief before 2026 (FT)
- Disney: Investing heavily in the cruise ship business (WSJ)
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