German Election Update: Scholz Loses Confidence Vote
German Chancellor Olaf Scholz lost a confidence vote in the Bundestag following the collapse of his coalition government. This triggers snap elections set for February 23, 2025. Scholz's Social Democrats (SPD) lag behind Friedrich Merz's Christian Democratic Union (CDU) in the polls.
Until a new government forms, Scholz's administration will serve as a caretaker government, limited in its authority. President Frank-Walter Steinmeier is expected to officially dissolve the Bundestag soon, initiating the formal election process. Campaigns for the elections are set to begin immediately, with both major parties launching their programs this week.
Europe Targets Russia’s ‘Dark Fleet’ with New Insurance Crackdown
European nations have agreed on stricter measures to counter Russia’s “dark fleet” of aging oil tankers evading sanctions. Tankers passing through key waterways like the Danish Straits and Gulf of Finland will now be required to provide proof of accident insurance. Ships without sufficient cover or those refusing to comply risk being added to sanctions lists. The initiative, agreed upon by the Joint Expeditionary Force in Tallinn, aims to curb Russia’s ability to bypass the G7-imposed $60-a-barrel oil price cap.
Trudeau Faces Political Crisis After Freeland’s Resignation
Canadian Prime Minister Justin Trudeau is grappling with a political crisis following the abrupt resignation of his finance minister, Chrystia Freeland, amid a dispute over how to respond to U.S. President-elect Donald Trump’s tariff threats.
The crisis deepened with the Liberals losing a key by-election in British Columbia, marking their third defeat this year. Opposition leader Pierre Poilievre has called for an early federal election, citing Trudeau's waning approval ratings and his perceived loss of control over the government.
SoftBank and Big Tech Court Trump with Investment Pledges
SoftBank CEO Masayoshi Son announced plans at Mar-a-Lago to invest $100 billion and create 100,000 U.S. jobs, echoing similar unverified promises made during Trump’s first term. Big Tech firms, including Amazon, Meta, and OpenAI, have also contributed $1 million each to Trump’s inaugural fund in a bid to curry favor.
UK Joins CPTPP as First European Member
The United Kingdom officially became the 12th Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member on December 15, 2024. This marks the UK's "biggest trade deal" since Brexit and positions it closer to fast-growing Indo-Pacific economies.
The CPTPP, comprising nations such as Australia, Canada, Japan, and Vietnam, accounts for 15% of global GDP and aims to lower trade barriers among members. UK officials hope the agreement will boost the economy by $2.5 billion annually, though it offers less comprehensive free trade than the EU.
Waymo to Begin Testing Robotaxis in Tokyo, Its First International Destination
Alphabet-owned Waymo announced it will start testing autonomous vehicles in Tokyo in early 2025, marking its first international expansion. The company has partnered with Japan’s largest taxi operator, Nihon Kotsu, and taxi app GO. Initially, drivers will manually operate Waymo’s Jaguar I-PACE vehicles to map key areas in Tokyo and collect data for AI training.
TSMC Denies Assisting Intel with U.S. Facilities
Taiwanese semiconductor giant TSMC has denied rumors of assisting Intel in setting up U.S. facilities, labeling the claims as a "mere misunderstanding." This follows comments by TSMC’s U.S. Chairman, Rick Cassidy, who told CNBC that the company meets with Intel weekly to support advanced process manufacturing and employee training. TSMC clarified that their collaboration is limited to production design discussions and does not extend to facility development.
TikTok Appeals to Supreme Court to Halt Federal Ban
TikTok has asked the U.S. Supreme Court to pause a federal law set to take effect on January 19, which bans the app unless its Chinese parent company, ByteDance, divests ownership. TikTok argues the law violates the First Amendment and claims no immediate national security threat justifies the ban. The company is also seeking time for President-elect Donald Trump’s incoming administration, reportedly interested in halting the ban, to address the issue.
The ban would prevent app stores and internet service providers from supporting TikTok, effectively shutting down the app in the U.S. unless ByteDance sells its stake. TikTok claims divestment is not feasible and emphasizes the law's harm to creators and users. President-elect Trump has expressed openness to resolving the dispute but has not announced a specific plan.
BMW Adopts HVO 100 Diesel for Reduced CO2 Emissions
Starting January, BMW will fill all new diesel models built in Germany with HVO 100 hydrotreated vegetable oil, sourced from Neste. This renewable fuel, made from waste materials like cooking oil, produces up to 90% fewer greenhouse gas emissions than fossil diesel.
Zotac Leak Confirms Nvidia GeForce RTX 5000 Series Ahead of CES 2025
Graphics card maker Zotac has inadvertently revealed Nvidia’s upcoming GeForce RTX 5000 lineup, set to be officially announced at CES 2025. The leak, discovered through a dropdown menu on Zotac's website, lists five new GPUs: RTX 5090, 5090D, 5080, 5070 Ti, and 5070. Notably, the RTX 5060 was absent, suggesting a staggered launch similar to the 40-series.
The RTX 5090 is expected to feature GDDR7 memory with up to 32GB of VRAM, while the 5070 Ti is rumored to include 16GB of VRAM. The lineup will be based on Nvidia’s next-gen Blackwell architecture, promising significant performance advancements.
China Discovers Potentially Largest Gold Deposit in the World
A newly identified gold deposit in China's Hunan Province could be the largest ever discovered, with an estimated 1,000 metric tons of high-quality gold ore. Early examinations classify it as a "supergiant" deposit, with resources possibly measured in billions of ounces, surpassing renowned reserves like South Africa's South Deep mine.
Europe’s IRIS Satellite Constellation to Rival Starlink
The European Space Agency (ESA) is developing IRIS, a €10.6 billion ($11 billion) satellite constellation set to provide secure, high-speed internet to governments, businesses, and citizens, including remote areas. Consisting of 264 satellites in low Earth orbit and 18 in medium Earth orbit, IRIS aims to ensure constant connectivity with fewer satellites compared to SpaceX's Starlink, which has launched around 7,000 satellites since 2018.
Ripple USD (RLUSD) Launching Today
Ripple announced the global launch of Ripple USD (RLUSD), a USD-backed stablecoin designed for trust, utility, and compliance. Starting today, RLUSD will be available on major exchanges like Uphold, Bitso, and MoonPay.
The price of XRP is already up 13% in anticipation of the launch.
SEC's Campaign Against Crypto Continues as Gensler Targets Unicoin
Despite nearing the end of his tenure, SEC Chair Gary Gensler remains steadfast in his crackdown on the crypto industry. The SEC has issued a Wells Notice to Unicoin, signaling its intent to sue the crypto investment company for alleged fraud, deceptive practices, and selling unregistered securities.
Crypto Wallet Exodus to List on NYSE
Crypto wallet maker Exodus Movement (EXOD) has received approval to list on the NYSE American, with trading set to begin on December 18. Initially planned for May, the listing was delayed as the SEC reviewed the company's registration. Exodus CEO JP Richardson stated the move would enhance the company's visibility and liquidity for shareholders. Exodus shares, previously listed on OTC Markets, briefly rose 10.5% following the announcement.
