Europe is going on a huge military spending spree: But with America now an unreliable ally, will it be enough to counter Russia? Economist
DW: Poland, Germany prepare to sign defense collaboration agreement in 2026
Bloomberg: Ukraine ramps up strikes on Russian oil and targets tankers
NYT: Zelensky stresses sovereignty as US pursues peace talks with Russia
Ukraine fears being ignored in US plan to end Russia’s war: Politico reports the US was keen to finalize Ukraine’s position on territorial issues and security guarantees in ongoing talks in Florida.
Zelensky seeks support in Paris as Trump pushes plan: Le Monde reports the Ukrainian president traveled to Paris on Monday to shore up European support in a meeting with Emmanuel Macron. Zelensky said he was also expecting a call with the US president without giving a timeline.
Kremlin says Putin to meet US envoy Witkoff Tuesday afternoon: Kyiv Post reports the pair will meet after American and Ukrainian officials held negotiations on a US plan that Washington wants to be a basis to end fighting between Moscow and Kyiv.
‘Very optimistic’ Trump sends son-in-law to negotiate with Putin: Jared Kushner will join Steve Witkoff to relay Ukraine’s counteroffer to the Russian leader in Moscow, effectively sidelining the secretary of state Marco Rubio. The Times
EU tells Trump: You can’t pardon Putin for war crimes in Ukraine: Any move to “wipe the slate clean” for Russia in a peace deal would be “a historic mistake of huge proportions,” the EU justice commissioner tells Politico.
Russia claims to have captured Pokrovsk: DW reports Kremlin spokesman Dmitry Peskov says Russian forces captured the key city in eastern Donetsk. Meanwhile, President Zelenskyy and France's Macron spoke with US envoy Steve Witkoff ahead of talks with Putin.
Sudan offers Russia its first naval base in Africa: WSJ reports a Red Sea port would give Moscow a vital edge in the strategic waters.
South African radio host accused of recruiting for Russia: DW reports that a radio presenter appeared in court, accused of recruiting men to fight for Russia in Ukraine. Former President Jacob Zuma's daughter is facing similar allegations in a separate matter.
Bloomberg: Putin allows visa-free entry for Chinese citizens into Russia
How China is using AI to extend censorship and surveillance: China is expanding the use of AI throughout its criminal justice system and developing tools to deepen its monitoring of ethnic minorities, a new report finds. WP
The future of China’s “electro-state”: China has built the machinery of an innovative, low-carbon industrial economy capable of leading the global net-zero transition and the unfolding AI revolution. But whether this model will be sustainable depends on China's ability to overcome several major challenges. Ludovic Subran
China poses 'real national security threats' to UK, Starmer warns: Sky News reports the prime minister also describes China as a "nation of immense scale, ambition and ingenuity" and a "defining force in technology, trade and global governance."
Starmer: ‘Dereliction of duty’ not to engage with China: Politico reports in a speech on Monday night, Starmer condemned the previous Conservative governments’ colder approach to Beijing.
Starmer urges UK business to boost trade with China despite security threats: FT reports PM aims to give companies ‘the confidence, clarity and support’ to make deals with Beijing.
Who could shield Taiwan from China? A new answer is emerging. The island is making leaps in military spending and acting with greater focus than ever before. Ely Ratner
Bloomberg: US moves to deepen minerals supply chain in AI race with China
+ The US will seek agreements with eight allied nations to strengthen supply chains for computer chips and critical minerals needed for AI technology.
+ The initiative will begin with a meeting at the White House on Dec. 12 between the US and counterparts from Japan, South Korea, Singapore, the Netherlands, the UK, Israel, the United Arab Emirates, and Australia.
+ The US wants to cut dependence on China and have a stable relationship with China, but also be ready to compete and ensure US companies can build transformative technologies without coercive dependencies.
Flood death toll rises rapidly across south-east Asia to more than 1000: FT reports large parts of Indonesia, Thailand, and Sri Lanka reeling after being hit by rare cluster of storms.
To avoid tariffs, UK agrees to Trump’s demand to pay more for drugs: NYT reports President Trump has complained that wealthy countries like Britain pay too little for drugs, leading America to bear much of the burden of the costs of medicines.
UK and US reveal zero-tariff deal on pharmaceuticals: Le Monde reports the accord, announced on Monday by officials from the Trump and Starmer administrations, aims to 'address long-standing imbalances in US-UK pharmaceutical trade.'
Trump’s tariffs are hitting India hard: Donald Trump’s punishing tariffs have laid bare the fragility of India’s export model, which depends on a handful of markets and a narrow band of relatively low-value-added products. Only by embracing a new model – which emphasizes diversification, regional cooperation, and value addition – can India build long-term resilience. Shashi Tharoor
Why the Gulf monarchs shower Trump with gifts: Until now, no president had yielded to royal temptations from abroad. Franklin Foer
Trump, Xi, Putin, and the strongman race: The Chinese leader is ending the year in a better position than his American and Russian counterparts. Gideon Rachman
Trump's interference and contradictions across Latin America: The US president has brought to Latin America the same virulence and threats he routinely directs at his political opponents at home. There, too, he has multiplied contradictions that make his policy direction increasingly difficult to decipher. Le Monde-Editorial
Trump becomes the wild card in razor-thin Honduras election: NYT reports President Trump warned that if his favored candidate didn’t win, the United States would “not be throwing good money after bad” at the country.
Honduras election heads for photo finish with top two rivals tied: FT reports Nasralla whittles down Trump-backed Asfura’s lead to just 515 votes as both claim they will win.
Honduras election: 'Technical tie' between two candidates: DW reports US President Donald Trump has threatened to cut aid to Honduras if Nasry Asfura, of the right-wing National Party, is unsuccessful in the presidential election.
Trafficking humans is the drug-gangs’ grimmest business: Mass migration and sex tourism are causing a new wave of exploitation across Latin America. Economist
White House denies ‘war crime’ after giving Maduro ultimatum to resign: The Times reports the presidents spoke on the phone last week as the US continued to put pressure on Venezuela and execute lethal strikes on ‘drug boats.’
White House says second strike on alleged drug boat was legal: WSJ reports it said the admiral who ordered the strike, which is reported to have killed survivors of the initial attack, was acting under the defense secretary’s authority.
The Hill: White House confirms Hegseth authorized second strike on drug boat
WP: Trump says Hegseth denied issuing order to kill boat crew
Was Pete Hegseth’s boat strike order a war crime? Nia Prater
Lawmakers spoke privately to Trump’s top general after boat strike revelations: WP reports the call between Joint Chiefs Chairman Gen. Dan Caine and leaders of the House and Senate Armed Services committees occurred as both panels opened inquiries into the Sept. 2 attack.
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.
‘At what point does this cross a line into international criminality?’ Politico reports an expert on international law weighs in on the legality and global implications of the Trump administration’s drug boat killings.
+ Rep. Mike Turner (R-OH) said on CBS' "Face the Nation" on Sunday that if a second strike on shipwrecked survivors happened, “that would be an illegal act.”
Reuters: Trump’s campaign of retribution: At least 470 targets and counting
How a deep red Tennessee House district turned into a political battleground: Tuesday marks the special election for Tennessee's 7th Congressional District. ABC News
Slumping Trump says ‘whole world is watching’ Tennessee special election: WSJ reports polls show Democrat Aftyn Behn close behind Republican Matt Van Epps in race for House seat in solid-red district.
Johnson and Trump try to avoid an upset House loss in Tennessee: NYT reports Speaker Mike Johnson put the president on speakerphone during a Monday stop in the state, underscoring the unusual amount of national attention on a House special election.
GOP faces a familiar dilemma: What to do about Obamacare? WP reports subsidies are set to expire at the end of the year. Senate Republicans have promised a vote on extending them before then.
Top Mace adviser leaves her campaign, citing loyalty to Trump: Politico reports Austin McCubbin, a longtime GOP operative, announced his resignation in a pointed post on X on Monday.
Steve Cohen wins approval for casino near Mets stadium: NYT reports the baseball-team owner and billionaire investor gains one of three licenses granted to operate casinos in New York City.
A surprise when your package arrives: You have to pay the tariff: NYT reports the end of a tariff exemption on goods worth $800 or less has left some US shoppers with an extra shipping bill that must be paid before delivery.
Bloomberg: Costco joins companies suing for refunds if Trump’s tariffs fall
America’s tariffs jolted the global economy. Its AI spending is helping save it. Global trade and growth forecasts go up for now, but tariffs will bite soon. WSJ
New York won’t reign forever. Bring on Y’all Street. As Dallas gets a Nasdaq exchange, Texas looks more like America’s financial center. Matthew Lynn
WSJ: Bitcoin prices decline in sharpest slide since March
Bloomberg: Crypto downturn wipes out almost $1 billion in levered bets
Top gun traders: Stock bets and crypto culture take over the military: Camaraderie, competition, and a strong bull market help troops accrue new wealth; ‘I was trying to punch my ticket.’ WSJ
Drone boot camp: Army exercises test soldiers, tech, and plans for future: The training showed integrating new systems such as drones is not easy. Commanders are betting the often-frustrating lessons will pay off on the battlefield. Bloomberg
Can the US trust AI with national security? Nowhere are the stakes higher for making sure the systems stay aligned with their creators’ purposes. Judd Rosenblatt + Cameron Berg
The state of AI: When will we reach economic singularity? Perhaps AI’s lack of impact on productivity is the normal lag of any new technology. Richard Waters + David Rotman
Lessons from the frontiers of AI adoption: Why coders and call-centre agents are especially vulnerable to the technology. Economist
Top consultancies freeze starting salaries as AI threatens ‘pyramid’ model: Productivity gains from technology are spurring debate about reliance on large numbers of junior advisers. FT
Accenture dubs its 800,000 staff ‘reinventors’ as it adapts to AI: FT reports the move follows in footsteps of Disney’s ‘imagineers’ and Amazon’s ‘ninja coders.’
1 in 6 German workers worried about job losses due to AI: DW reports 16% share of German employees are worried that their jobs may be at risk because of artificial intelligence (AI), according to a labor market survey carried out by career platform Xing.
Investors expect AI use to soar. That’s not happening: Recent surveys point to flatlining business adoption. Economist
College students flock to a new major: AI: At MIT, a new program called “artificial intelligence and decision-making” is now the second-most-popular undergraduate major. NYT
OpenAI takes stake in Thrive Holdings in latest circular deal: FT reports deal means start-up will take share in group set up by Josh Kushner’s Thrive Capital.
Apple artificial intelligence head John Giannandrea is stepping down from the role, capping a tumultuous tenure that included a fumbled entry into generative AI.
Nvidia and Fanuc team on 'physical AI' push for industrial robots: Partners aim for factory robots that can perform tasks from human voice commands. Nikkei
Three Mile Island’s nuclear revival pits those who fled against job seekers: A generational rift hangs over the reboot of the plant to power Microsoft data centers. For some, it is a step backward; for others, it is the key to economic revival. WP
Disney seeks energy trader as big firms try to curb power costs Bloomberg
Travis Kavulla explains why electric bills shot up: It's not just datacenters. Bloomberg
Will Volkswagen’s radical revamp be enough? A year after revealing plans for capacity cuts and job losses in Germany, some think more retrenchment is needed. FT
Shopify breaks down on busy Cyber Monday: WSJ reports the outage at the e-commerce host interrupted transactions for merchants who use Shopify’s technology to sell products online.
Office-to-residential conversions are booming and New York is the epicenter: A tour of Manhattan buildings you can now call home, and a peek inside the architectural hacks that make transformations possible. WSJ
Ozempic is changing how we spend money and time, plus what we eat: As people’s bodies change because of GLP-1s, so does their spending across industries including fashion, restaurants, gyms and travel. WP
Michelin honored the cheesesteak. Not all Philadelphians cheered. The gastronomic guide has singled out three restaurants that serve the sandwich, setting off a loud local debate about tradition and innovation. NYT
How Pepsi trounced Coca-Cola in the Middle East: Its dominance is entwined with the region’s turbulent politics. Economist
A weird way to watch TV is bringing people a surprising amount of joy: Clips of classic shows and popular movies are filling algorithmic feeds, giving viewers a way to relive the joy without the time commitment. WP
What the Ralph Lauren Christmas trend reveals about our cultural moment: Plaid! Velvet! Bows! Dickens! A rejection of minimalism! This holiday microtrend has it all. WP
Oxford names 'rage bait' as Word of the Year 2025: DW reports the term "rage bait" has been chosen as Oxford's Word of the Year for 2025, reflecting the rise of outrage-driven online content. It beat contenders "aura farming" and "biohack" in a public vote.
Three drivers, 58 laps, one champion: F1 is headed to a final-race showdown: Formula One’s world championship is going down to the wire, with McLaren duo Lando Norris and Oscar Piastri and Red Bull’s Max Verstappen set to square off in a three-way title fight. WSJ
McLaren have passed line of stupidity — it’s time to prioritise Norris: Commitment to ‘papaya rules’ is admirable, but in sport where marginal gains are everything, for team to allow Max Verstappen a sniff at title is ridiculous. Owen Slot
How Nick Saban and ESPN tried to help Lane Kiffin coach two teams at once: Kiffin wanted to stay at Mississippi through the College Football Playoff even after taking the job at LSU. That only made sense on television. Steven Godfrey
Lane Kiffin to LSU sets maddening precedent amid all-time hypocrisy in college football Stewart Mandel
Detroit News: Pat Fitzgerald signs contract to be next Michigan State football coach
+ @ScottHughesCBB: SOURCE: Michigan State head coach Tom Izzo plans to retire at the conclusion of the 2025-26 college basketball season.
2026 FIFA World Cup draw: Everything you need to know about Friday’s soccer extravaganza: Co-hosts Canada, the US, and Mexico anxiously await the selection of 12 groups of four and where they’ll play starting in June. Toronto Star
Wrexham lands £18m in taxpayer funding despite Ryan Reynolds’ income: The Times reports the Championship team, part-owned by the Hollywood star, was awarded the non-repayable grants to refurbish its stadium and the surrounding area.
Turkey’s refs are caught up in a huge sports gambling scandal: The country’s football may be as corrupt as its politics. Economist
Jamaican bobsleigh team captures historic gold medal at Whistler competition: CBC reports nearly 40 years after the Jamaica bobsleigh team's first Winter Olympics inspired the film Cool Runnings, it made history again last weekend by capturing its first ever gold medal at an international bobsleigh competition. The team, composed of Shane Pitter, Andrae Dacres, Junior Harris and Tyquendo Tracey, beat out Canada to win gold at the International Bobsleigh and Skeleton Federation’s North American Cup in Whistler, BC, on Sunday.
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal Daily | December 1
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 | November 26
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