Make money not war: Trump’s real plan for peace in Ukraine: The Kremlin pitched the White House on peace through business. To Europe’s dismay, the president and his envoy are on board. WSJ
In war and peace, US must stand with Ukraine Michael R. Bloomberg
Bloomberg: Rubio, Witkoff meet Ukrainian team in pursuit of peace deal
Rubio says ‘much work’ to be done after talks with Ukrainian officials: NYT reports Secretary of State Marco Rubio and other US officials met with a Ukrainian delegation led that was without Andriy Yermak, who resigned as chief of staff to Ukraine’s president on Friday.
Ukraine says it held ‘difficult but productive’ talks with US on peace plan: FT reports Donald Trump’s special envoy due to travel to Moscow this week as Washington tries to clinch a deal.
Zelensky’s fight for survival is more personal than ever: After losing his most trusted aide to a corruption scandal and growing questions about Ukraine’s war strategy, the president faces the prospect of defections. The Times
Russia’s next move: Which Putin will turn up to the peace talks? The Russian leader could play diplomat, accountant or mischief-maker when Steve Witkoff’s US delegation arrives in Moscow. The Times
Russia gains the upper hand in the drone battle, once Ukraine’s forte: WSJ reports Moscow’s military has gotten better at using the war’s deadliest weapons: small, cheap drones.
Chinese parts supplier takes stake in leading Russian drone maker: FT reports tie-up marks new level of co-operation between Moscow and Beijing’s military industrial complexes.
Mystery blasts rock Russia-linked oil tankers off Turkey’s coast: WSJ reports the two vessels belong to the so-called shadow fleet that Moscow has tapped to sidestep Western sanctions on the movement of its oil.
Our military must mobilise like France or we’ll meet our Waterloo: The threat to our country has been building for at least 20 years and no government has acted. Rod Liddle
NATO is preparing to confront Russia with limited US support: The worst-case scenario is now a possible one: European troops fighting off an invasion largely alone. Bloomberg
NATO considers being ‘more aggressive’ against Russia’s hybrid warfare: Alliance’s top military officer says it could become proactive in dealing with threat from Moscow. FT
Europe thinks the unthinkable: Retaliating against Russia: Countries are looking at joint offensive cyber operations and surprise military drills as Moscow steps up its campaign to destabilize NATO allies. Politico
Flood death toll rises rapidly across south-east Asia to more than 900: FT reports large parts of Indonesia, Thailand, Vietnam, Malaysia and Sri Lanka reeling after rare cluster of storms.
For Taiwan, sushi diplomacy is about far more than food: On an island where every utterance can enrage China, it’s become a symbol of solidarity with Japan. The Times
China is making trade impossible: Europe has nothing to offer, and difficult decisions to make. Robin Harding
Is China winning the innovation race? Once the world’s factory, Beijing’s relentless focus on R&D means the country has become the world’s laboratory. FT
China used to be a cash cow for Western companies. Now it’s a test lab. Intense competition pushes some brands to adapt to Chinese tastes and introduce lower prices—and use the country as an innovation hub to learn from. WSJ
Bloomberg: China factory activity slumps for longest stretch on record
+ China’s factory activity improved but remained in contraction in November, extending its streak of declines to a record as the country’s economic slowdown deepens.
+ The non-manufacturing measure of activity in construction and services reached 49.5, after inching up to 50.1 in October, driven by weakness in the real estate and residential services sectors.
+ Chinese policymakers are in no rush to act now that their annual growth target of around 5% for this year looks to be within reach, despite the recent downswing in the economy.
China services activity hits 3-year low while factory slump persists: FT reports data from national statistics agency indicates continuing weak demand in economy.
Bloomberg: India plans to pitch arms deal with Russia during Putin visit
Indian outreach to Taliban is ratcheting up Afghan-Pakistani tensions: WP reports Afghanistan and Pakistan appear headed toward a new military escalation.
India is a rising power, but breathing in its capital is hazardous: NYT reports with little being done to clean the skies over New Delhi, the huge city struggles with toxic air.
Australia is about to ban teens from social media — or so it thinks: Under-16s will lose access to apps like TikTok on December 10, but they’re already finding ways around it, and some are even going to court. The Times
Bloomberg: Iran says it held talks with Turkey on nuclear issue and Israel
Netanyahu asks Israel’s president to pardon him in corruption cases: NYT reports Prime Minister Benjamin Netanyahu made the contentious appeal weeks after President Trump had made the same request to the Israeli president.
Pope Leo calls for a two-state solution in Mideast conflict: The pope, arriving in Lebanon, also encouraged that country’s Christians to stay where they are, despite economic, political, and security concerns. NYT
As Pope Leo visits Lebanon, Christians are fleeing the Middle East: WP reports Christians are still the largest religious minority in the Middle East, the region where Jesus was born, lived, and died, but the community is shrinking.
Europe’s largest capital without a subway is finally getting one Bloomberg
Poland: An economic miracle at the heart of Europe: Hollowed out by 50 years of communist rule, Poland has transformed itself into a powerhouse. But can it avoid the mistakes of other Western nations? The Times
Italy’s Borromeo family lists islands to rival Lake Como: Bloomberg reports they plan to use proceeds from the listing of Kaleon SpA — originally founded in 1983 to manage the family estates at the lake in northern Italy — to develop the area and transform their business into a platform to oversee other historic and artistic sites in Italy and elsewhere.
Swiss voters reject 50% inheritance tax for the super-rich: FT reports overwhelming majority opposed wealth tax in contentious referendum.
Why France’s politics are broken — and what that means for its economy Bloomberg
Bloomberg: Starmer girds for six-month fight to save his premiership
+ Keir Starmer has six months to prove his mettle to his party amid doubts that he can reverse plunging public confidence in his UK administration.
+ Ministers and aides say Starmer needs to convince his lawmakers and the public before local elections in May that “Starmerism” can be a vote winner.
+ Pollsters are doubtful that Starmer, Reeves and the government can turn things around, with one saying it's "very unlikely" they will be able to do so, given historical trends.
Bloomberg: AI may help Britain’s economy, but not soon enough for Labour
+ The Office for Budget Responsibility said artificial intelligence could provide as much as a 0.8 percentage-point lift to productivity growth within 10 years, but most of the effects are likely to arrive in the second half of that decade.
+ The technology only provides a modest boost of around 0.2 percentage points to productivity growth in the OBR's current five-year forecast, which would be too late to significantly alter the precarious fiscal situation facing Chancellor of the Exchequer Rachel Reeves.
+ The OBR estimates that around 40% of jobs could be materially impacted by AI in the next decade, though most of these roles are complemented rather than replaced, with finance and professional services among the most exposed sectors.
Scotland wants to issue its own bonds. Last time it paid with its independence. The first Scottish bonds in over 300 years, already known as ‘kilts,’ could help exorcise the ghosts of the past. WSJ
Scotland the home of the super-rich? If only SNP was brave enough: The party likes to differentiate itself from all things English — so instead of squeezing the wealthy like Rachel Reeves it should offer tax breaks to millionaires. Alex Massie
Fed-up UK Millennials are mobilizing to push for economic growth: An emerging political movement aims to make infrastructure, housing, and growth cool for a generation of frustrated Britons. Bloomberg
The battle over Africa’s great untapped resource: IP addresses: Chinese entrepreneur stirs controversy by amassing millions of IP addresses and leasing them to companies outside Africa; internet-service providers cry foul. WSJ
Mark Carney agrees to new pipeline project to bolster oil exports to Asia: FT reports Canadian PM’s deal with premier of Alberta is condemned by environmentalists and indigenous groups.
Mexico’s attorney-general quits in fuel-smuggling scandal: FT reports veteran lawyer Alejandro Gertz Manero came under pressure following case against co-owner of Miss Universe pageant.
Big baychecks can’t woo enough sailors for America’s commercial fleet: WSJ reports the US faces a growing sailor shortage despite maritime jobs offering big pay and significant perks.
My three weeks navigating ice in the Arctic Ocean: Melting ice is making the far north even more dangerous. WSJ
Hondurans vote in tense election as Trump says ‘democracy is on trial’: FT reports presidential candidates accuse each other of fraud amid fears that the result will not be accepted.
In announcing pardon of drug trafficker while threatening Venezuela, Trump displays contradictions: President Trump’s statements on social media less than 24 hours apart showed the dissonance in his campaign against drug trafficking. NYT
Trump’s focus on drug war means big business for defense startups: Drones, sensors, and AI platforms developed for other theaters are being rebranded as tools for the fight against ‘narco-terror.’ WSJ
Will Trump invade Venezuela — and what comes next? Pressure is rising on Maduro’s regime amid reports he and Trump have spoken by phone. The Times
Trump says airlines should consider Venezuelan airspace closed: WP reports the president’s announcement follows growing US threats to attack the South American nation.
The US needs a strategy in Venezuela, not airstrikes Bloomberg-Editorial
Venezuela’s wily ruler digs in to defy Donald Trump: Nicolás Maduro has overcome numerous attempts to oust him. FT
WP: Hurry up and wait: Ordinary Venezuelans try to prepare for US attack
Why Russia and China are sitting out Venezuela’s clash with Trump: The ‘Axis of Authoritarianism’ is depleted by the war in Ukraine and preoccupied with trade negotiations. WSJ
Here are the Caribbean allies helping the US against Venezuela: The Dominican Republic and Trinidad and Tobago are hosting US forces and facilities. Grenada is considering it. WP
A lost generation of news consumers? Survey shows how teenagers dislike the news media AP
Since Trump’s return, bets on his brand have soured: Stocks and cryptocurrencies tied to the president and his family have tumbled amid a broader rout of riskier assets. WSJ
Trump’s $21 trillion investment boom is actually short trillions: Bloomberg Economics analysis shows real investment commitments closer to $7 trillion, and many of those are in question. Bloomberg
Inside Trump’s push to make the White House ballroom as big as possible: President Trump’s ever-growing vision has caused tension with contractors. His architect has taken a step back as the president personally manages the project. NYT
In a time of crisis, Trump falls back on rants rather than unity: The president has used the language of divisiveness at a time when tragedy demands leadership. WP
Congressional committees to scrutinize US killing of boat strike survivors: In a rare split with the Trump administration, GOP-led panels in the House and Senate say they want a full accounting in the September military attack. WP
Lawmakers suggest follow-up boat strike could be a war crime: NYT reports top Republicans have joined Democrats in demanding answers about the escalating military campaign the Trump administration says is aimed at targeting drug traffickers.
Hegseth conscripts the Pentagon for Trump’s ‘retribution campaign’: In threatening to deploy the military justice system against Democrats, Hegseth has joined Trump’s norm-shattering bid to punish political foes. WP
Will MAGA’s chaos lead to a lame duck? The GOP lost key elections, Trump lost Marjorie Taylor Greene … omens of a meltdown are multiplying. Tobin Harshaw
MAGA has taken DC power dining to a whole new level: In Trump’s Washington, espresso Martinis, beef tallow, and members’ clubs have replaced puritanical dinners and warm white reception wine. FT
How Democrats lost white, rural America Nia-Malika Henderson
The next big battleground test: A Wisconsin race that has tortured Republicans: Republicans and Democrats have each poured tens of millions into the state's recent Supreme Court races — and the GOP has gotten crushed. Politico
‘The new price of eggs.’ The political shocks of data centers and electric bills: Democrats zeroed in on utilities and affordability to win Republican support in upset elections in Georgia and Virginia. Can the same playbook work in 2026? NYT
‘A full-blown crisis’: Americans brace for a surge in healthcare costs: West Virginia is at the epicentre of a looming disaster over rising insurance premiums as affordability concerns soar. FT
Silicon Valley’s man in the White House is benefiting himself and his friends: David Sacks, the Trump administration’s AI and crypto czar, has helped formulate policies that aid his Silicon Valley friends and many of his own tech investments. NYT
Fears about AI prompt talks of Super PACs to rein in the industry: As artificial intelligence companies prepare to pour money into the midterm elections, some in the AI world are hatching plans of their own to curb the industry’s influence. NYT
How Big Tech is creating its own friendly media bubble to ‘win the narrative battle online’: At a time when distrust of big tech is high, Silicon Valley is embracing an alternative ecosystem where every CEO is a star. Guardian
The new billionaires behind the AI data center boom: From software to buildings, the race into artificial intelligence has vaulted 16 executives into new stratospheres of wealth. Bloomberg
Data centers are a ‘gold rush’ for construction workers: Surging demand means six-figure pay and more perks. WSJ
Inside the power-hungry data centres taking over Britain: Our thirst for AI is fuelling a new construction wave of giant data centres. But can our electricity and water systems cope — and what will the neighbours say? The Times
The AI industry is built on a big unproven assumption: In addition to the projections about reaching artificial general intelligence and replacing millions of human workers, there’s the mundane matter of how long AI chips will last. Bloomberg
AI doesn’t add up if you neglect the mathematicians: We are failing to invest in the mathematical community at a time when we need it more than ever. Ewan Kirk
AI can cook the entire market now Bloomberg
AI bubble poses £26 billion problem for UK: The spending watchdog warns of huge potential drop in tax revenues if share prices plummet. The Times
Why ChatGPT still has a winning edge over Google's AI Parmy Olson
OpenAI’s lead under pressure as rivals start to close the gap: Three years since the debut of ChatGPT, the $500bn start-up is facing significant challenges to its dominance in AI. FT
Leave me alone, AI: If I wanted your tedious advice on how to do the simplest thing online, I would have asked for it. Pilita Clark
AI could replace 40% of American jobs, says report: McKinsey report finds that with today’s technology, AI agents and robots are ready to automate about 57 percent of work hours in the United States. The Times
Google delays opening of ‘landscraper’ London HQ until 2026: The Times reports foxes have moved in before the employees at the King’s Cross project, which has been beset by issues including the sale or collapse of contractors.
Luca Ferrari: Europe needs to smash the language barrier: The Italian entrepreneur runs Bending Spoons — a $12 billion company you’ve probably never heard of, buying the businesses you do know, such as AOL. The Times
Target needs more than a vibe shift to turn its business around: The ailing retailer has lost its cheap-chic appeal. Can a new CEO get it back on its feet with his old boss next door? Bloomberg
Lululemon is having an identity crisis. Its founder blames the CEO. The athleisure brand’s estranged founder, Chip Wilson, is telling anyone who will listen how the current leadership is messing up. WSJ
America loves a $13 lunch bowl. Don’t bet against it. Consumers may be struggling, but they still want fresh and fast offerings from restaurants like Cava and Chipotle. WSJ
What I learned about five-star service at the Harvard of hospitality: Today’s hospitality is all about experience and empathy, and the secret to stellar service might just be brewing at your local Starbucks. Bloomberg
Inside the ‘unicorn uni’ where start-ups can take off in two months: In the London office of venture capitalist Antler, tech entrepreneurs gather for eight weeks in pursuit of expert coaching, an investor network … and £500,000. The Times
Would you track your stools like you track your steps? Equipped with sensors and AI, smart toilets promise to monitor hydration, gut health, and even cancer risk — if users can get past the ick factor. Bloomberg
These very hungry microbes devour a powerful pollutant WP
How the arrival of one Arctic tern halted work on entire nuclear plant: Protecting fish at Hinkley Point C isn’t the half of it, according to John Fingleton, who highlighted the costs and delays of big projects in Britain. The Times
Your ETF is ruining capitalism John Authers
How capitalism took over the world: In a bold new history, Sven Beckert traces the origins of our modern economy, from global port cities to the halls of power. NYT
Capitalism’s latest critic ignores its secret sauce Adrian Wooldridge
Ken Burns still thinks America is perfectible: The American Revolution filmmaker talks about the hypocrisies of US history and what’s missing from our political lives today. Bloomberg
Is AI killing the art connoisseur? Such specialists are an endangered species, but computer attribution is often wrong — and can be out by as much as a century. FT
Bloomberg: JPMorgan’s billionaire clients want sports teams more than fine art
+ Some 20% of 111 billionaire families served by JPMorgan Chase & Co. now own controlling stakes in sports teams, up from 6% three years ago.
+ About a third of the families surveyed invested more broadly in sports teams or stadiums, making it their top specialty asset class ahead of art and cars.
+ The heads of billionaire families are also boosting their private markets activity, with nearly 70% preferring active roles in private investments, such as taking board seats.
The SEC lost its last unbeaten team—and won college football’s rivalry weekend: The Big Ten has the top two teams in the country, but after a wild week and one major upset, the Southeastern Conference has as many as seven teams in playoff contention. WSJ
College football’s worst-kept secret confirmed: Lane Kiffin will coach LSU: WSJ reports the most-coveted name in this year’s coaching cycle ended weeks of speculation by announcing he will leave Ole Miss ahead of the 12-team playoff for Baton Rouge.
Christian Horner’s move to Aston Martin collapses: The Times reports owner Lawrence Stroll understood to have told team members that former Red Bull boss will not be joining, despite speculation linking him with role amid restructure.
Why can’t I just watch sports on television? It shouldn’t be this hard to be a fan. Stephanie Hayes
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal Daily | December 1
