Massive forest fires have been raging in Los Angeles for six days, claiming at least 24 lives, destroying thousands of homes and forcing over 100,000 people to flee their homes. Strong winds threaten to further exacerbate the situation. The fires have already devastated over 38,000 hectares of land as firefighters and international aid workers battle the flames. Governor Gavin Newsom is talking about one of the worst natural disasters in US history, with damage of up to 150 billion dollars. Those affected are facing the loss of their livelihoods while reconstruction work begins.
Before the devastating fires, Pacific Palisades in Los Angeles was known for its luxurious homes, manicured gardens and lively shopping streets. Today, the neighborhood is a landscape of ruins after the Palisades Fire, which burned over 20,000 hectares. Popular places such as the Palisades Village shopping center have been destroyed and many houses have been burned down to their foundations. Even more affordable mobile home complexes such as the Pacific Palisades Bowl Mobile Estates were completely destroyed. The neighborhood remains an evacuation zone as the fires continue to rage.
The USA has imposed new sanctions against Russian oil producers and tankers, which are intended to severely restrict exports to China and India. This affects 183 ships, which accounted for 42% of Russian oil shipments last year. This will increase global oil prices and transportation costs. China and India, which previously imported large quantities of Russian oil, will now have to rely more on supplies from the Middle East, Africa and America. This will drive the prices for these alternatives even higher. Russian suppliers could be forced to sell their oil below 60 dollars per barrel in order to continue using Western insurance companies and tankers.
Global stock markets have fallen, while the US dollar has reached a two-year high. This was due to a strong US labor market report, which dampened expectations of interest rate cuts by the Federal Reserve. US 10-year government bonds reached yields of 4.79%, a 14-month high. In Asia, stock markets also fell, while the euro and the British pound slipped further against the dollar. Oil prices rose to multi-month highs in the face of reduced Russian exports, while gold remained stable despite the stronger dollar. The upcoming reporting season, particularly for US banks, could trigger further market fluctuations.
Thailand's cabinet has approved the legalization of casinos and gambling to boost tourism, revenue and jobs. Prime Minister Paetongtarn Shinawatra emphasized that this would increase state revenue and curb illegal gambling. The plan envisages large entertainment centers with legal casinos, similar to those in neighboring countries. Experts expect 5-10% more tourists and up to 220 billion baht (approx. USD 6.3 billion) in additional revenue. Up to 15,000 new jobs could be created. Despite support from former Prime Minister Thaksin Shinawatra, there is resistance from conservative groups.
In a telephone call with Israeli Prime Minister Benjamin Netanyahu, US President Joe Biden called for an immediate ceasefire in the Gaza Strip and the release of the hostages, according to the White House. Both spoke about progress in the negotiations and humanitarian aid. Biden emphasized the urgency of reaching an agreement before he leaves office on 20 January, while Netanyahu praised the USA's support for Israel's security. Talks in Doha between Israel and Hamas have made progress but face obstacles. The conflict began in October 2023 when Hamas attacked Israel. Since then, over 46,000 people have reportedly died in Gaza, while a humanitarian crisis continues.
In Bucharest, tens of thousands demonstrated in support of far-right candidate Calin Georgescu, whose election victory was annulled by the Constitutional Court in November. The protesters demanded the resignation of President Klaus Iohannis and the reversal of the court's decision. Georgescu, who represents pro-Russian positions, had surprisingly come first. The court justified the annulment with manipulations in the election process. New elections are planned for May 2025.
In the run-off election for the Croatian presidency, incumbent Zoran Milanović came out on top with almost 75% of the vote. His challenger, Dragan Primorac from the ruling HDZ, achieved around 25%. Milanović, a former prime minister, criticized Andrej Plenković's government and its pro-Ukrainian policies. Although he condemned the Russian attack on Ukraine, he opposed Western military support for Kiev. In foreign policy, there were repeated tensions with the government.
Donald Trump has announced that he will put pressure on Denmark to give up Greenland by imposing drastic tariffs. His reasoning: The USA “needs it for national security”. As always, raw materials play a role. It's never about what political actors claim.
Federal President Frank-Walter Steinmeier reacted as follows to the FPÖ's government mandate: ''If it ever comes to the right-wing forces being in first place in our country, I personally will not give them a mandate to form a government. Whatever the cost.''
The Iranian president will visit Moscow next Friday to hold talks with the Russian president and sign a comprehensive strategic cooperation agreement between the two countries.
Firefighters from Mexico have arrived in Los Angeles to help the more than 14,000 responders already battling the Palisades Fire.
Hebrew media: The Israeli delegation negotiating the hostage deal, led by the head of the Mossad, arrives in the Qatari capital Doha.
The US president-elect is prepared to completely lift restrictions on long-range weapons for Ukraine in order to bring Putin to the negotiating table, says Trump adviser Waltz. The USA is also prepared to impose energy sanctions against Russia in order to strengthen Ukraine's negotiating position.
“As Iran is always ready to support other countries, we are ready to help Canada, Mexico, Panama and Greenland in the fight against American aggression and terrorism” - Iran Military on X Iran is ready to support Canada, Mexico, Panama and Greenland in their fight for independence.
Chancellor Germany's Scholz opposes Trump's call to increase NATO defense spending to 5%.
A judge sentenced Donald Trump to an unconditional discharge on Friday for concealing hush money payments to a porn actress. This was despite the US President-elect's latest attempts to become the first convicted felon in the White House.
On February 23, 2024, Denmark and Ukraine signed a bilateral security agreement that includes, among other things, mutual assistance in the defense of borders and sovereignty. Conclusion. Ukraine pledged to protect Denmark if the US seizes Greenland by military force.
The US has increased the bounty for information leading to the arrest of Venezuela's President Nicolás Maduro to 25 million dollars. He is accused of drug trafficking and corruption.
Federal election: Economists check election promises Tax cuts & innovation impulses: at the start of the Bundestag elections, (almost) all parties have now presented their economic concepts. (WiWo)
Ströer: Wants to sell its core business. With outdoor and digital advertising, Ströer has become one of the largest advertising marketers in Germany - even #1 in the outdoor business. Now the Group is planning to sell its core business and is hoping to raise ~€4 billion, as analyzed by Handelsblatt. (HB)
Mahle: Automotive supplier made ~€1.1 bn less turnover in 2024. Mahle is one of the most important suppliers to the German automotive industry. The decline was particularly strong in Europe and the US, China was neutral while India and South America grew. (HB)
- DAX: Sank at the weekend due to strong US jobs data (NTV)
- Real-time bank transfer: Now mandatory for banks (SZ)
- Eventin oil tanker: Accidental ship with ~100 tons of oil lies in the Baltic Sea (HB)
- Cars: Charging e-cars was significantly cheaper than refueling in 2024 (TGS)
- GTA 6: expected to sell ~$3.2 billion in its first year (NTV)
- US job market: 256k new jobs in December 2024 (WSJ)
- Tesla: Expected to lose billions in subsidies under Trump (AXS)
- Bond markets: Sales volume increases significantly (WSJ)
- China: Shares at lowest level since 2016 (BBG)
- Prada: Interested in Versace takeover (HB)
Comments
Post a Comment