A commission will present its findings today on the Credit Suisse-UBS merger, focusing on the actions of Swiss authorities during the crisis. Meanwhile, Switzerland and the EU are expected to officially conclude their negotiations, with key decisions on financial contributions and the free movement of persons anticipated. Other notable news includes ongoing investigations into a Chinese ship in the Baltic Sea and a tragic stampede in Nigeria that resulted in the deaths of 35 children.
Kaja Kallas, Estonia's former prime minister, has taken office as the EU's high representative for foreign affairs amid significant geopolitical challenges. Known for her strong stance against Russia, she aims to revitalize EU foreign policy discussions and address the bloc's diverse interests, following a tenure marked by her predecessors' struggles. Kallas's assertive approach and commitment to supporting Ukraine position her as a formidable figure in European diplomacy.
President-elect Donald Trump indicated that Ukraine may receive reduced military aid from the U.S. once he takes office, questioning why Europe contributes less despite the ongoing conflict. He emphasized the need for NATO allies to share the financial burden and called for an immediate ceasefire and negotiations to end the war. Trump also noted his strong ties with Vladimir Putin and expressed confidence in brokering peace, while commenting on Russia's diminishing interest in Syria following the conflict in Ukraine.
The EU's defense chief proposed a joint borrowing mechanism to fund military spending, aiming to raise €500 billion over the next decade. This initiative would provide loans to member states, allowing them to meet NATO's defense spending target of 2% of GDP through reimbursement.
The economic landscape under Trump 2 is marked by potential growth from tax cuts and deregulation, particularly benefiting financials and energy sectors, while tariffs may negatively impact imports and emerging markets. Gold prices have corrected sharply post-election, influenced by a stronger USD and geopolitical uncertainties, with expectations of continued central bank gold buying. The overall economic outlook suggests a soft landing, but risks from fiscal policies and inflation remain significant.
Kaja Kallas and António Costa, newly appointed EU leaders, visited Kiev to express solidarity with Ukraine amid ongoing conflict. Their trip, while symbolic, did not yield new military or financial commitments, as concerns grow over potential U.S. policy shifts under Donald Trump. Ukrainian President Zelensky is now open to a ceasefire, linking it to NATO membership for unoccupied territories, emphasizing the need for strong security guarantees.
Canadian Prime Minister Justin Trudeau described his recent meeting with U.S. President-elect Donald Trump at Mar-a-Lago as an "excellent conversation." The three-hour dinner covered a range of topics, including trade, border security, and defense, amid concerns over Trump's proposed tariffs on Canada and Mexico.
The cryptocurrency market has recently surged, with a global market cap exceeding $3.1 trillion, marking a 2.8% increase in just one day. Amid ongoing conflict, Ukraine is intensifying efforts to combat financial crimes related to cryptocurrencies, training officials in Vienna. Meanwhile, the Russian Ruble has plummeted to a 17-month low against the dollar due to economic pressures from the war.
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