Newsletter Dec 11, 2024

Quick Six

Biden calls Trump's economic plan 'disaster' in parting shot
Outgoing President Joe Biden on Tuesday branded his successor Donald Trump's economic plans a "disaster," in a speech hailing his own legacy. Biden said Trump's threats to slap huge tariffs on imports were a "major mistake" and challenged Trump to build on his administration's success. Biden's speech comes after Trump won a second term largely on the back of US voters' anger at the high costs of living in the US. Biden said consumers would pay the price for the tariffs that Trump has vowed to slap on China, Canada and Mexico -- America's three biggest trading partners.
WHY TRUMP SAYS TARIFFS ARE ANSWER TO TRADE WOES

General Motors pulls the plug on Cruise robotaxi program
General Motors is slamming the brakes on its Cruise robotaxi program, dealing a blow to the automaker's plans to place advanced technology at the forefront of its business development. GM said it would no longer fund the controversial robotaxi project due to the demands and competition. The timing of the surprising move comes after Cruise pleaded guilty last month to submitting a false report to influence a federal investigation. Cruise was ordered to pay a $500,000 criminal fine to settle the case.
SEE THE CHALLENGES THAT KILLED GM'S ROBOTAXI PLAN

Global coffee prices reach record high amid climate issues
Coffee prices have surged to record highs, with Arabica beans reaching $3.44 per pound--an 80% increase in 2024. YCharts values Arabica coffee at roughly $6.72 per two pounds (2.2 kilograms). Robusta prices also hit new peaks, driven by severe weather in Brazil and Vietnam, the world's top coffee producers. Rising demand, including a doubling of coffee consumption in China over the past decade, has further strained supplies.
SEE HOW COFFEE PRICES ARE IMPACTING GLOBAL TRADE

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Markets

DJIA	44,247.83	-0.35%
S&P 500	6,034.91	-0.30%
Nasdaq Composite	19,687.24	-0.25%
Japan: Nikkei 225	39,234.18	-0.34%
UK: FTSE 100	8,280.36	-0.86%
Crude Oil Futures	68.98	0.57%
Gold Futures	2,738.40	0.74%
Yen	151.58	-0.26%
Euro	1.05	0.02%
* As of market close

Assad's exit puts US, Syria at a crossroads

For more than a decade, the US has sought to keep out of Syria's political debacle, seeing no viable partner. Islamist rebels' toppling of strongman Bashar al-Assad has forced a debate over just what US interests are. President-elect Donald Trump, on the eve of Assad's fall, called Syria "a mess" and stated that the US should not be involved. Lame-duck President Joe Biden's administration claims that clear US interests in the region are at stake, including preventing Syria from fragmenting and avoiding a resurgence of the extremist Islamic State.

CAN THE UNITED STATES TRUST THE NEW SYRIAN REGIME?

Mystery drone swarms rattling New Jersey

It's a bird! It's a plane! Well, those classic lines from "Superman" hold no water when it comes to the latest drone sightings in New Jersey. The mysterious drones, according to some witnesses, were as big as small airplanes, and are leaving citizens asking, "Where did they come from?" The drone sightings over the past two weeks have left many frustrated since authorities have not yet given any answers on what they were and where they originated. What made residents nervous was that they were reportedly flying near military research facilities.

WATCH FOOTAGE OF MYSTERY DRONES OVER NEW JERSEY

Merch sites cash in on CEO murder suspect

E-commerce platforms are brimming with merchandise inspired by the fatal shooting of UnitedHealthcare CEO Brian Thompson. Products on sites like Etsy, TikTok Shop, eBay, and Redbubble range from T-shirts and hoodies to stickers and even Christmas ornaments. The surge in merch has been fueled by online fanfare surrounding the shooting, with some framing the attack as a critique of the health insurance industry. Social media users have shared stories of denied coverage while celebrating Luigi Mangione, who has been charged with murder.

CHECK OUT THE BIZARRE MANGIONE MERCH THAT'S FOR SALE

Extra point

What US company sells the most annually in licensed merchandise?

Tuesday's answer: Before buying Fox News, the New York Post and other major outlets, Rupert Murdoch's first US media acquisitions were the San Antonio News and San Antonio Express newspapers in 1974.

In partnership with WeatherTech, LLC.

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