Seasonal Shopping Prices Drop

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BUSINESS & ECONOMY

📉 US Bankruptcy Trend Likely to Extend into 2024, with a Slower Pace Predicted

Facing its highest bankruptcy rate since 2020, the U.S. retail sector struggles under high inflation and interest rates. Art Hogan remarks, "The end of ultra-low interest rates... ushered in a resurgence of bankruptcy filings." Retail, a major part of consumer discretionary bankruptcies, could see changes with expected M&A increases and potential monetary policy easing in late 2024.

🛍️ Seasonal Shopping Trend Highlight, Prices on the Decline

U.S. shoppers are experiencing price reductions this holiday season with toys (3% cheaper), sports equipment, and significant items like washing machines (12% down). Mastercard's chief economist Michelle Meyer predicts ongoing price moderation, a sentiment echoed by Stanford's Neale Mahoney, who stated, "People will key in on certain prices," underscoring the psychological effect on consumers amidst an overall increase in consumer prices.

WORLD

🌍 6.2 Earthquake in China's Gansu and Qinghai Claims 118 Lives

A 6.2 magnitude earthquake struck near the Gansu-Qinghai border in China just before midnight on Monday, killing at least 118 and injuring hundreds. The quake caused landslides, buried a village in silt, and hampered rescue efforts due to subzero temperatures. This event adds to the history of seismic activity in the region, recalling the devastating 2008 Sichuan earthquake.

🌋 Iceland's Reykjanes Peninsula Rocked by Volcano Eruption Weeks Following Evacuation

Iceland's Reykjanes peninsula experienced a dramatic volcanic eruption on Monday night, following seismic activity and the evacuation of nearby Grindavík. Emitting lava and smoke, the eruption is the fourth and largest since 2021 but poses no immediate life threat. Authorities warn against visiting due to toxic gases, yet no critical infrastructure or flights are impacted. 

🌍 US Forms 10-Nation Coalition to Combat Houthi Aggression in Red Sea

The U.S. has formed a 10-nation coalition, including the UK, France, and Italy, to protect the Red Sea trade against Houthi rebel attacks. US Defense Secretary Lloyd Austin emphasizes the need to tackle challenges from this "non-state actor" for "freedom of navigation." The initiative follows escalated attacks on ships, notably the Norwegian-owned Swan Atlantic. Major shipping companies have suspended Red Sea transit, significantly impacting global trade.

SCIENCE & TECH

🍏 Apple Halts Sales of Two Newest Apple Watch Models

Apple halts U.S. sales of Apple Watch Series 9 and Ultra 2 from December 21 due to a patent dispute with Masimo Corp, following an ITC ruling on blood oxygen sensor infringement. This decision, affecting holiday sales and stock value, comes amidst a presidential review, with Apple prepared to comply yet planning an appeal. The SE model remains unaffected.

🔍 Google Agrees to $700M Settlement in Play Store Dispute

Google will pay $700 million to settle a Play Store monopoly lawsuit, with $630 million for U.S. consumers and $70 million for state funds. The settlement includes expanding user choice billing and simplifying app sideloading, maintaining safety warnings for five years. Following its antitrust defeat to Epic Games, Epic's Corie Wright criticized the settlement, saying it offers "no true relief" to consumers and developers.

🚫 Adobe terminates $20 billion deal to acquire rival Figma

Adobe and Figma have called off their 2022 merger agreement, lacking regulatory approval from the European Commission and UK authorities. Adobe's CEO Shantanu Narayen stated, "it is in our respective best interests to move forward independently," despite shared visions. Both companies have amicably concluded the agreement with Adobe paying Figma the agreed termination fee of $1 billion.

SPORTS & ENTERTAINMENT

👗 Princess Diana's Iconic Dress Auctioned for $1.15 Million

Princess Diana's black and blue evening dress, designed by Jacques Azagury, sold for $1.15 million, over 11 times its expected price. Elizabeth Holmes, a fashion critic, described Diana as a "fashion icon," emphasizing her strategic use of style. The sale aligns with "The Crown's" final season, showcasing Diana's lasting fashion influence.

🏅 Mets Extend Contract Offer to Leading Free Agent Candidate

The New York Mets, highlighted in Andy Martino's SNY report, are pursuing Japanese ace Yoshinobu Yamamoto with a "financially aggressive" offer. Yamamoto, potentially signing a $300 million contract, dined with Mets owner Steve Cohen, signaling his top priority status. The Mets face a significant rotation gap if unsuccessful, amidst competition from other teams' interests.

OTHER NEWS

🌪️ Nearly 400,000 in Northeast Lose Power Following Storms

A severe storm hit the Northeast U.S., causing widespread power outages affecting nearly 400,000 homes and businesses. Massachusetts experienced over 121,100 outages. The storm, marked by heavy rain and strong winds, led to downed trees and disrupted power in several states. Utility companies prepared with extra crews, while the National Weather Service issued flash flood warnings, cautioning that wet roads would hinder travel.

🚔 Texas Governor Approves Law for Police to Detain Illegal Migrants

Texas Gov. Abbott's new law, effective in March, allows police to arrest and judges to deport migrants suspected of illegal entry, likened to Arizona's 2010 "Show Me Your Papers" law. Critics anticipate legal challenges, citing federal jurisdiction over immigration. Abbott argues it'll drastically reduce illegal crossings. The ACLU plans a lawsuit, calling it an overreach and dangerous for Texas.

🏭 US Steel to Be Acquired by Japanese Firm in Landmark Deal

US Steel, once the world's largest company, has been acquired by Japan's Nippon Steel for $14.1 billion, symbolizing its decline and industry changes. Despite CEO Burritt's optimism about the deal benefiting the U.S., the United Steelworkers union and lawmakers like Senators JD Vance and John Fetterman oppose the foreign takeover, citing national and economic security concerns.

THIS DAY THAT YEAR

On 19 December 2012, Park Geun-Hye made history by becoming South Korea's first female president-elect. She was officially inaugurated into office the following year. However, her presidency took a historic turn when she became the country's first democratically elected leader to be impeached, with her removal from office occurring in 2017.

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