Flagship

Bessent backs tougher Russia sanctions

US President-elect Donald Trump’s pick to lead the Treasury suggested tougher sanctions against Russia’s oil sector are on the way. Hedge fund manager Scott Bessent said he is “100% on board” with sanctions that would bring Moscow to the table for talks to end the Ukraine war. Trump’s plans for economic restrictions targeting Russia are still in the early stages, Bloomberg noted, but the eventual approach will be “pivotal to the global oil market”: The Biden administration’s aggressive sanctions on Russian oil last week already drove up oil prices. During his confirmation hearing Thursday, Bessent also signaled alignment with Trump on his sweeping tariff plans, though Wall Street sees him as a possible moderating force on the issue.

Canada, Mexico mull tariff response

Canada and Mexico appear to be mulling a united response to Donald Trump’s trade threats. Mexican President Claudia Sheinbaum met this week with Canadian business leaders, a gathering seen as a “first step” toward a joint defense of the countries’ existing trade agreement, El País wrote. The former head of Canada’s Liberal Party told the Financial Times’ Gideon Rachman that both countries need to pull together a “hemispheric” response. The talk of cooperation comes as Ottawa plans its answer to Trump’s threat of higher duties: It has reportedly drawn up a list of US-manufactured items worth $105 billion for potential retaliatory tariffs, and is even considering cutting off its energy supply to the US.

Trump weighs ways to save TikTok

Donald Trump is reportedly exploring ways to prevent TikTok’s demise in the US — for the time being. The incoming president is considering an executive order to suspend enforcement of a law passed last year requiring TikTok’s Chinese owner to either sell the app or face a ban a day before Trump takes office, The Washington Post reported. In an apparent show of support, Trump reportedly invited TikTok’s CEO to sit on his inauguration dais Monday, alongside other Big Tech bigwigs. An ebullient tech industry has embraced Trump’s return to power and is planning a flurry of parties on the sidelines of his inauguration: “​​The elite of Silicon Valley are set to revel in their new clout,” The New York Times wrote.

Israel delays Gaza ceasefire vote

Israel delayed a cabinet vote to approve a ceasefire and hostage release deal with Hamas, after accusing the Palestinian group of reneging on parts of it. Hamas denied the allegations, but disagreements over last-minute details pushed the vote to Friday, alongside internal dissent among Prime Minister Benjamin Netanyahu’s coalition. Two hard-right ministers in his government threatened to quit over the six-week truce, set to take effect Sunday. The rebellion could threaten the Israeli leader’s hold on power, analysts said, but “I don’t think Netanyahu has the power to back off from the deal,” a former adviser to the Israel premier told the Financial Times. “Because he was cornered by Trump.”

Sri Lanka balances India, China ties

The Sri Lankan president’s visit to China this week — his second international trip after India — underscored the South Asian island’s geopolitical balancing act. President Anura Kumara Dissanayake left Beijing with a $3.7 billion investment agreement with a Chinese state-owned oil giant and a pledge for more economic cooperation. India is also looking to make inroads with the country on trade to counter China’s growing influence. Sri Lanka recently lifted a ban on foreign research vessels in its waters; New Delhi had supported the moratorium over security concerns about a Chinese boat that conducted research in the area in late 2023. The reversal, which could avoid alienating Beijing, shows Sri Lanka’s strategy of being “as non-aligned as possible,” an expert said.

Europe aims to boost military research

The European Union’s push to increase university participation in military research is raising concerns in academic circles. While China and the US have fostered collaboration between their defense and research establishments, European academics have traditionally kept their distance from military projects, with some universities explicitly banning such work. “There is a lot of pressure” to shift from civilian research, a German particle physicist told Science, calling the trend “extremely worrying.” The EU’s defense commissioner called increased military R&D crucial for the bloc’s self-reliance, particularly amid uncertainty about future US commitments. NATO’s efforts to bolster Europe’s defense innovation have been complicated by complex regulations and fragmented markets across member states.

Whiskey showdown in India

Two global alcohol giants are battling for dominance in India’s burgeoning whiskey market, as liquor sales falter in more developed countries. The UK-based Diageo and France’s Pernod Ricard are hoping to take advantage of India’s rising incomes and growing drinking-age population. But making a profit as a whiskey distributor is difficult in India, Bloomberg reported, in part because of intense regulations and astronomical taxes for moving alcohol between states. The India operations of both companies are seen as lagging behind their global counterparts’. Meanwhile, Indian whiskey is drawing overseas acclaim; despite the country having a different climate than many whiskey-producing regions, connoisseurs point to its indigenous grains and innovative distillation techniques.

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David Lynch’s impact on film, TV

US filmmaker David Lynch, who exerted a vast influence on the big and small screen and challenged America’s ideas about itself, died aged 78. The writer-director was known for his surrealist style that explored the darkest elements of the human psyche, from the seminal TV mystery Twin Peaks, to the highly acclaimed movie Blue Velvet, which probed the depravity lurking beneath a small town’s idyllic façade: “The unassuming setting of suburbia and the atmosphere of film noir, once worlds apart, became inextricable after the movie’s release,” The Atlantic wrote in 2016. Famously reticent, Lynch refused to elaborate on the meaning of his enigmatic films. “I like things that leave some room to dream,” he once said.

K-pop had a tough 2024

The multibillion-dollar K-pop industry struggled in 2024, even as its cultural footprint expanded. The genre’s physical album sales — which have remained popular despite the rise of streaming — fell 19% last year, the first decline in nine years, according to a report. Shares of the four largest K-pop entertainment companies also took a hit, thanks to a lack of major new releases and tours, and negative publicity surrounding leading industry executives. The head of the country’s music association warned of a “great crisis for the industry,” but K-pop is expected to rebound in 2025 as juggernaut acts BTS and Blackpink plot comebacks.

Lynx released in illegal rewilding