Ukraine accepts ‘core terms’ of plan that could give peace a chance: Zelensky is inching closer to accepting the basis of an agreement. Trump is optimistic, but European leaders doubt Moscow’s willingness to agree to a ceasefire. The Times
Relief and uncertainty for Ukraine and Europe after Trump's plan is overhauled: Negotiations in Geneva led to the removal of the most problematic points for European Union countries and Ukraine from the US plan. But the revised 19-point plan is yet to be finalized and must still be presented to the Russians. Le Monde
Trump pushes Ukraine and Russia on peace deal, but key issues are unresolved: President Donald Trump declared optimism about progress, but Ukraine and Russia remain far apart about whether Kyiv should surrender additional territory to Moscow. WP
Russia strikes Ukraine and signals resistance to amended peace plan: The attack killed at least seven people in Kyiv, the authorities said, as Moscow suggested it would resist changes negotiated by Ukraine. NYT
+ Germany and Romania scrambled fighter jets after two Russian drones crossed into Romanian airspace from Ukraine.
How the US drafted a Russia-friendly peace plan for Ukraine: Crucial input from Kremlin confidant influenced document that for week roiled relations among the US, Ukraine and Europe. WSJ
Witkoff advised Russia on how to pitch Ukraine plan to Trump Bloomberg
+ US presidential envoy Steve Witkoff held a phone call with Yuri Ushakov, Putin's top foreign policy aide, to suggest working together on a peace plan for Ukraine.
+ Witkoff advised Ushakov on how Putin could broach the issue with Trump, including setting up a call before Volodymyr Zelenskiy's White House visit and using the Gaza agreement as a way in.
+ The conversation offers insight into Witkoff's tactics for negotiating with Russia and the genesis of the 28-point peace proposal that emerged earlier this month, which the US has pushed Ukraine to accept as the basis of a deal.
Trump sends Witkoff to Moscow in hopes of finalizing Ukraine deal: Le Monde reports the US president said Tuesday his plan to end the war in Ukraine has been 'fine-tuned' and he’s sending envoy Steve Witkoff to meet with Russian President Vladimir Putin and Army Secretary Dan Driscoll to meet with Ukrainian officials. But European leaders remained skeptical, and Russian missiles continued to rain down on Kyiv.
Donald Trump sends top envoy to Russia to finalise US peace plan for Ukraine: FT reports president’s comments come as Moscow signals it could reject proposal that differs from Alaska talks.
Zelensky has clearly read ‘The Art of the Deal’: If Ukraine gets security assurances and Russia balks, Trump needs to punish Putin. WP-Editorial
The wrong sort of peace leads to the next war: Donald Trump’s approach to peacemaking ignores crucial lessons from history. Economist
Republicans fight with Trump’s team over Ukraine talks: Senator Mitch McConnell and several other lawmakers have accused President Trump’s team of appeasing the Kremlin, warning that doing so would not lead to lasting peace. NYT
Ukraine and the off-point peace plan: If the final peace plan is anything like the 28-point draft, Kyiv is in deep trouble. William A. Galston
Another attempt at peace in Ukraine: Despite Trump’s plan, the West lacks the unity of purpose to put pressure on Putin. Walter Russell Mead
Another Ukraine peace scare: It will take a lot more than what Donald Trump is doing to convince Putin that it’s in his best interest to stop. Holman W. Jenkins, Jr.
Can Trump deliver Putin? The hysterics will get hysterical all over again when it turns out peace isn’t nigh. Holman W. Jenkins, Jr.
Steve Witkoff’s been played by Putin. He has to go: Trump’s placeman at the negotiating table is out of his depth when it comes to peace in Ukraine. Roger Boyes
Dan Driscoll: Trump’s new man in the room with the Russians: After becoming the youngest army secretary in US history, the president’s ‘drone guy’ has been tasked with ending the war in Ukraine. The Times
Macron says that Russia has not shown any 'willingness to discuss' an amended version of US peace plan: Le Monde reports the French president's comments have come amid renewed attempts to broker an end to the nearly four-year war in Ukraine. He said 'continued pressure' would be put on Russia to negotiate, adding: 'We will continue to support Ukraine with force.'
Three people arrrested in Paris on suspicion of spying for Russia: The arrests of three suspects come amid increased fear of Russian interference across Europe. Le Monde
Russia's navy now has privileged access to the Gulf of Guinea: Le Monde reports according to the cooperation agreement between Russia and Togo, endorsed on November 19 during President Faure Gnassingbé's visit to Moscow, the two countries are now authorized to use each other's military ports.
Why China is reducing flights, upping retaliation against Japan: On today’s Big Take Asia podcast: Japan’s new prime minister recently raised the issue of support for Taiwan — and now China is retaliating economically. Bloomberg
Bloomberg: Japan-China spat clouds anime boom’s momentum in China
+ The China Film Administration has frozen approvals of new Japanese movie titles and postponed the release of at least six previously approved titles due to an escalating spat between Japan and China.
+ The spat, sparked by Prime Minister Sanae Takaichi's remarks about Taiwan, has also led to the cancellation of more than 20 performances by Japanese musicians and a comedy group.
+ The restrictions on Japanese films and live events are weighing on Japanese companies' ambitions to expand in China, with the uncertainty making it difficult for them to predict when China's censors will impose further restrictions.
Bloomberg: Xi puts biggest US-China flashpoint back on agenda in Trump call
+ Xi Jinping and Donald Trump discussed a diplomatic row with Japan in a phone call, with Xi asserting China's sovereignty over Taiwan and framing it as part of the post-World War II international order.
+ Trump made no mention of Taiwan or Japan in his statement on the call, instead stressing progress on trade and calling relations with China "extremely strong!", but later briefed Japanese Prime Minister Sanae Takaichi on the conversation.
+ The Taiwan issue is expected to feature more prominently ahead of Trump's visit to Beijing in April, with several developments, including a potential transit visit by Taiwanese President Lai Ching-te and US weapon sales to Taiwan, risking derailing US-China ties.
China and Japan are in a showdown, with Trump in the middle: With Japan’s new leader refusing to back down from China’s show of force and claims on Taiwan, Xi Jinping picks up the phone to try to pry the US-Japan alliance apart. NYT
Beijing, we have a problem … China grapples with risks of space race: As it hastily sends its Shenzhou-22 spacecraft as a lifeboat for the ‘Heavenly Palace’ Tiangong station, China learns orbiting the Earth is full of complications. The Times
North Korea’s relentless nuclear march revealed by new photos: The Times reports Kim Jong-un’s expanding weapons factory has the capabilities to fulfil its leader’s nuclear dream, yet Donald Trump had the chance to shut it down.
Taiwan’s president: I will boost defense spending to protect our democracy: An unprecedented military buildup by Beijing threatens peace and stability in the region. Lai Ching-te
Move aside Tokyo, the world has a new largest city: NBC News reports with an estimated population of nearly 42 million residents, Indonesian capital Jakarta soared from 33rd place to surpass Japan's Tokyo, according to a new United Nations report.
The fracturing of the world economy: Will the US or China abandon their current follies sooner? Martin Wolf
A shrinking world will turn our problems upside down: The political and economic priorities of a depopulating society could be very different from today’s. Sarah O’Connor
Britain’s most unpopular chancellor in decades faces another big test: Rachel Reeves, who has had a bruising tenure as the country’s top economic official, is set to announce tax and spending measures that risk stoking more discontent. NYT
Bloomberg: Reeves finally faces day of reckoning on her long-trailed budget
+ UK Chancellor of the Exchequer Rachel Reeves will announce her second budget, which she has drafted with bond-market investors and Labour Party backbenchers in mind.
+ Reeves needs to announce measures that will placate Labour MPs and gilt holders, and is expected to include a package of tax hikes, such as freezing income tax thresholds and imposing a mansion tax.
+ The budget will also focus on tackling the cost-of-living, with policies including hiking the national minimum wage and national living wage, freezing rail fares, and cutting energy bills.
Labour’s budget will probably focus on short-term survival: But it risks storing up greater economic problems for the future. Economist
How Ireland became the weak spot in Europe’s defences: With few ships and limited intelligence-sharing, some say the country cannot hope to protect itself or its infrastructure. FT
Bolsonaro to start serving 27-year sentence over coup plot: NYT reports Brazil’s Supreme Court ordered former President Jair Bolsonaro to begin serving a prison term for conspiring to remain in power after losing the last election.
Shorter days, signs of fatigue: Trump faces realities of aging in office: President Trump has always used his stamina and energy as a political strength. But that image is getting harder for him to sustain. NYT
What’s going on with Trump’s gold ‘Oval Office’ sign? Design experts read the writing on the White House wall. WP
Trump weighing the ouster of Kash Patel, according to sources: MS Now reports Patel has come under scrutiny for his stewardship of bureau resources, including his girlfriend’s security detail and use of a government jet.
Next Fed chair? White House National Economic Council Director Kevin Hassett is seen as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter.
Inside Atlanta’s first government-funded supermarket: Goal is for the store to become profitable without any government subsidy within three years. WSJ
‘Scraping for crumbs’: Americans squeezed by affordability crisis: Rising food, shelter, and healthcare costs are hitting hard in Bethlehem and the surrounding Lehigh Valley. FT
Grim retail sales data fuels concerns about health of US economy: FT reports consumer confidence drops to second-lowest level since pandemic as inflation lingers.
Retail sales in America rose just 0.2% month on month in September, below expectations, while consumer confidence fell to its second-lowest level in five years.
Market volatility underscores epic buildup of global risk: Some experts see a dangerous combination of factors reminiscent of practices that led to previous financial crises. NYT
The self-driving taxi revolution is here: It’s Waymo complicated than it looks. Economist
The auto industry was warned: Battery recycling was poisoning people: Despite decades of evidence on the toxic effects of lead battery recycling, companies opted not to act and blocked efforts to clean up the industry. NYT
Manufacturers start to phase out production of ‘forever chemicals’: FT reports groups including BASF respond to increased risk of litigation over ‘PFAS’ substances and regulatory intervention.
Chinese pharma is on the cusp of going global: Its fast-moving, cut-price drugmakers stand to make more money abroad than at home. Economist
AI investors want more making it and less faking it: Lackluster responses to Nvidia results and the chip maker’s deal with Anthropic point to a worsening environment. James Mackintosh
AI trade splinters as Google challenges Nvidia’s dominance: WSJ reports Alphabet took another step toward $4 trillion in market value, rising more than 1% to extend a monthslong rally.
Google has pierced Nvidia’s aura of invulnerability: But the search giant’s custom chips may prove tricky for others to adopt. Economist
Bloomberg: Google, the sleeping giant in global AI race, now ‘fully awake’
+ Google has released new AI software and struck deals, such as a chip tie-up with Anthropic PBC, that have reassured investors the company won’t easily lose to ChatGPT creator OpenAI and other rivals.
+ The company's newest multipurpose model, Gemini 3, won immediate praise for its capabilities in reasoning and coding, as well as niche tasks that have tripped up AI chatbots.
+ There are signs of rising demand for Google’s specialized AI chips, one of the few viable alternatives to Nvidia Corp.’s dominant gear, with a report that Meta Platforms Inc is in talks to use Google’s chips sending shares of its parent Alphabet Inc climbing.
Meta is in talks to use Google’s chips in challenge to Nvidia: WSJ reports a deal to use Google’s TPUs for Meta’s AI models could be worth billions and eat into Nvidia’s dominant market share.
Dell Technologies raises outlook as AI server shipments increase: WSJ reports the company anticipates full-year revenue of $111.2 billion to $112.2 billion as AI server shipments more than double.
Walmart is exploring bringing ads to Sparky, its new AI shopping agent: WSJ reports the retailer is looking for revenue opportunities in the shift to chatbot-guided e-commerce.
What is Agentic AI, and would you trust it to book a flight? Companies are racing to develop artificial intelligence tools that can make reservations for flights, hotels, and more on your behalf. Here’s what to know. NYT
Is ChatGPT conscious? Many users feel they’re talking to a real person. Scientists say it’s time to consider whether they’re onto something. NY Mag
HP to cut up to 10% of workforce as part of AI push: WSJ reports the computer and printer maker expects the restructuring to affect about 4,000 to 6,000 employees.
Four top contenders at Apple to succeed Tim Cook: John Ternus, Craig Federighi, Eddy Cue, and Greg ‘Joz’ Joswiak each oversee a different part of the company. WSJ
A ‘great unmasking’ on X is arming Americans with digital borders: The social media platform’s move to show users’ location is a great step toward online transparency. Sean Rad
Klarna launches stablecoin to cut cost of cross-border payments: FT reports digital token will aimed at merchants moving large sums and may also be offered to consumers.
Robinhood, Susquehanna to launch exchange to expand prediction markets offerings: WSJ reports the new exchange will help Robinhood offer additional prediction contracts tied to sports, elections, and other future events.
Bloomberg: Gambling, prediction markets create new credit risks, BofA warns
+ Bank of America is warning that the growth of prediction markets and sports gambling could lead consumers to take on too much debt and default on loans.
+ The bank's strategists point to the rising popularity of online betting and the creation of a new form of speculative engagement through platforms like Kalshi Inc. and Polymarket.
+ They warn that the negative financial effects of these wagers may be most pronounced for low-income consumers and especially for young men, and that firms like Bread Financial Holdings and OneMain Holdings are most exposed to these risks.
Pret A Manger’s recipe for a revival? Meal deals and £13 salads Bloomberg
The Vatican issued a new doctrinal note on marriage: “In Praise of Monogamy” describes marriage as an “indissoluble unity” between two people—a direct criticism of polygamy—and tells Catholics to marry only once.
Sir Richard Branson’s wife, Joan, dies aged 80: The Times reports Joan Templeman married the Virgin founder on his private island in 1989. He described her as ‘my rock’ as he announced her death
The 100 best comedy movies of all time Variety
With one movie and soundtrack, Jimmy Cliff changed reggae forever: The 1972 film “The Harder They Come” and its accompanying soundtrack brought the genre out of Jamaica and helped pave the way for future stars. NYT
France detains last suspected Louvre thief: WSJ reports authorities suspect he was the final member of a four-man team that made off with France’s crown jewels in broad daylight.
Forgotten Louvre security report highlighted specific balcony used by crown jewel thieves: Le Monde has learned that a 2018 security audit explicitly identified the balcony used by the thieves as a point of vulnerability, even noting the possibility that a freight lift could be used to access it.
TA: Elle Duncan is set to become the face of Netflix’s sports coverage: Sources
He’s college football’s most hated man—and he’s about to be the highest-paid coach of all time: Lane Kiffin has enraged more fanbases than any coach in recent history. It hasn’t stopped him from emerging as the most coveted candidate in college football’s craziest hiring cycle. WSJ
Lane Kiffin’s messed-up situation is a product of college football’s messed-up calendar TA
What’s eating the Eagles? Struggling Super Bowl champ is in a ‘funk’: Philadelphia remains atop the NFC East, but a stalled offense leads to a brutal collapse in Dallas. Jason Gay
The MLB manager who has never been anywhere near pro baseball: The San Francisco Giants are betting their future on a veteran college skipper with absolutely zero experience in the majors or minors. WSJ
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal Daily | November 26
