News from January 2, 2025 at 8 PM

On the morning of January 1, a deliberate vehicle attack occurred in New Orleans, Louisiana, USA, resulting in at least 15 deaths and over 30 injuries. The suspect was shot dead. Hours later, a Tesla pickup truck exploded outside the Trump Hotel in Las Vegas, Nevada, killing one person and injuring seven others lightly. Police found explosives and fireworks launchers. Both incidents involved vehicles rented from the same rental platform. The FBI is investigating the New Orleans incident as an act of terrorism, and President Biden stated that the Justice Department is examining any links between the two incidents. The suspect in the New Orleans attack is suspected of being influenced by ISIS. The incidents have sparked concerns about the security situation in the US.

On January 2nd, the Muan Police Department in South Korea began investigating parties related to the Muan Airport plane crash, establishing a special investigation unit on suspicion of occupational negligence resulting in death. The police are obtaining data on the compliance of runway beacon stations, communication contents between the control tower and pilots, and aircraft maintenance records. The cockpit voice recorder data from the crashed plane has been converted into audio files, while the flight data recorder will be sent to the U.S. for analysis. In the afternoon of the 2nd, the wreckage of the crashed plane caught fire again, but was quickly extinguished by firefighters, with no casualties. The Korean police have issued travel bans on Jeju Air's representative director Kim Ripyeong and another senior executive, to further investigate those responsible for the accident.

On January 1, 2025, Ukraine halted the transit of Russian natural gas to Europe through its pipelines, ending Moscow's decades-long dominance over Europe's energy markets. Russia's state-owned energy giant Gazprom confirmed that gas exports to Europe via Ukraine stopped at around 8 a.m. local time (5 a.m. London time). This move marks the end of a five-year transit agreement between Russia and Ukraine, with neither side willing to strike a new deal amid the ongoing war. Ukrainian President Volodymyr Zelenskyy previously stated that Kyiv was not prepared to prolong the transit of Russian gas. Russia, which has transported gas to Europe via Ukrainian pipelines since 1991, claims that EU countries will suffer the most from the supply shift. Ukraine will lose up to $1 billion annually in transit fees, while Gazprom is poised to lose nearly $5 billion in gas sales. The European Commission has been working with the most impacted EU member states to ensure the entire 27-nation bloc is prepared. Slovakia, Austria, and Moldova are among the countries most at risk, having been the most dependent on Russian gas transit in 2023. Slovak Prime Minister Robert Fico warned of a 'drastic' impact on the EU and threatened to cut electricity supplies to Ukraine. Moldova declared a 60-day state of emergency over energy security fears. Ukrainian Energy Minister Herman Galushchenko described the cessation as a 'historic event,' noting Russia's financial losses. Polish Foreign Minister Radek Sikorski hailed it as a political victory. EU gas storage facilities are around 73% full, with Germany's inventories at nearly 80%. Analysts suggest the EU will need about 7.2 billion cubic meters of gas from the LNG market. The decision does not threaten EU winter energy security due to preparations and mild winter weather.

The Palestinian Authority temporarily suspended the broadcast of Qatar's Al Jazeera TV over 'inciting material,' as reported by the Palestinian official news agency WAFA. A ministerial committee comprising the culture, interior, and communications ministries decided to halt the broadcaster's operations, citing content that was 'inciting, deceptive, and stirring strife.' The decision is not expected to be enforced in Hamas-controlled Gaza, where the Palestinian Authority lacks power. Last week, Al Jazeera faced criticism from the Palestinian Authority for its coverage of the weeks-long standoff between Palestinian security forces and militants in the Jenin camp in the occupied West Bank. Fatah, the faction controlling the Palestinian Authority, accused the broadcaster of sowing division in 'our Arab homeland in general and in Palestine in particular,' urging Palestinians not to cooperate with the network. In September, Israeli forces issued a military order to Al Jazeera to shut down its operations after raiding its bureau in the West Bank city of Ramallah.

In December 2024, Tesla CEO Elon Musk publicly endorsed the far-right German party Alternative for Germany (AfD), causing consternation in Berlin. The AfD is labeled as an anti-immigration, anti-Islamic, right-wing extremist party. On November 13, 2024, Musk met with then President-elect Donald Trump in Washington, DC. On December 7, 2024, AfD co-leader Alice Weidel was expected to be nominated as a Chancellor candidate. An AfD spokesperson said Weidel is in contact with Musk's office for a live interview on X on January 10. Musk, who spent $250 million to help Trump return to the White House, has criticized German Chancellor Olaf Scholz and President Frank-Walter Steinmeier. He frequently supports far-right and anti-establishment parties in Europe, including Britain's Reform party and the AfD.

Syria's newly appointed Foreign Minister Assad al-Shibani arrived in Saudi Arabia on January 1 for his first foreign visit since taking office, accompanied by Defence Minister Murhaf Abu Qasra and Head of the General Intelligence Service Anas Khattab. Al-Shibani stated the aim was to open a new chapter in Syrian-Saudi relations. Saudi Vice-Minister of Foreign Affairs Waleed bin Abdulkarim El-Khereiji welcomed the delegation at Riyadh's international airport. Last month, a Saudi delegation met Syria's new leader Ahmed al-Sharaa in Damascus. Al-Sharaa, who heads the Islamist Hayat Tahrir al-Sham group that ousted President Bashar al-Assad, recently told Saudi-owned Al Arabiya that Saudi Arabia would play a significant role in Syria's future. Syria's economy and infrastructure have been devastated by over 13 years of civil war. Saudi Arabia, which severed ties with Assad's government in 2012, restored relations last year and helped Syria rejoin the Arab League.

On December 21, volunteers were working to clear spilled oil near the Black Sea resort of Anapa in Russia's Krasnodar region. Russian officials reported that oil leaked from two damaged tankers had spread to more beaches on Ukraine’s Russian-occupied peninsula of Crimea. In December, two aging Russian tankers, the Volgoneft-212 and Volgoneft-239, were hit by a storm in the Kerch Strait, which links the Azov and Black Seas. The tankers were carrying 9,200 tonnes of heavy fuel oil, with around 40% possibly spilling into the sea, an incident Russian leader Vladimir Putin termed an “ecological disaster.” On January 2, Russia’s emergency situations ministry identified two sites of oil contamination in Crimea, near the city of Kerch and Tobechytske lake. Nearly 73,000 tonnes of contaminated sand have been removed from dozens of kilometers of beaches on the Russian coast since the spill. Officials estimate that up to 200,000 tonnes of sand and soil could be contaminated. The regional cleanup headquarters published images of volunteers in white suits scooping contaminated sand off beaches, including in the popular resort city of Anapa. As of January 2, 2,100 birds had been rescued. Ukraine has called this spill “the largest in the Black Sea region in the 21st century,” blaming Moscow for using unsuitable ships for harsh winter conditions. Under Western sanctions, Russia has resorted to using a so-called “shadow fleet” of mostly old tankers to export its fuels.

A worker digging clay in a southern England limestone quarry discovered unusual bumps leading to the find of a 'dinosaur highway' and nearly 200 tracks dating back 166 million years. In June, a team of over 100 people excavated the Dewars Farm Quarry in Oxfordshire, expanding previous paleontology work and offering insights into the Middle Jurassic period. Kirsty Edgar, a micropaleontology professor at the University of Birmingham, said the footprints reveal details about dinosaur lives. Four sets of tracks show paths of giant, long-necked herbivores, possibly Cetiosaurus, while a fifth set belongs to the 9-meter predator Megalosaurus. Emma Nicholls, a vertebrate paleontologist at the Oxford University Museum of Natural History, noted that recent discoveries prove new evidence of these animals remains to be found. Nearly 30 years ago, 40 sets of footprints in the area were deemed scientifically significant, but are now mostly inaccessible. This summer's team took over 20,000 digital images and used drones for 3D models. Duncan Murdock, an earth scientist at the Oxford museum, said the detailed preservation helps recreate the dinosaurs' environment. The findings will be exhibited at the museum and featured on the BBC's 'Digging for Britain' program next week.

On the morning of December 31, 2024, Puerto Rico experienced a major blackout, leaving over 1.3 million customers without power. Officials indicated it could take up to two days to restore electricity. The outage plunged the island into silence as electrical appliances and air conditioners shut down. Luma Energy reported that nearly 90% of 1.47 million customers were affected, but by the afternoon, power had been restored to over 194,000 customers. The blackout was likely caused by a failed underground power line, which is under investigation. The outage impacted the government and tourism, with several cruise ships canceling trips. The governor and governor-elect called for a review of the power companies' contracts, while President Joe Biden offered federal assistance. The incident fueled public anger against the power companies, highlighting Puerto Rico's chronic issues with an aging power grid.

Hungarian legendary gymnast and five-time Olympic gold medalist Agnes Keleti passed away in Budapest at the age of 103 on the 2nd. Born on January 9, 1921, she was the world's oldest living Olympic champion. Keleti first won an Olympic gold medal at the 1952 Helsinki Games. In 1956, at the age of 35, she secured four gold medals at the Melbourne Olympics. Over two Olympic Games, she amassed five gold medals, three silver medals, and two bronze medals.

Israel's former Defense Minister Gallant announced his resignation as a member of parliament but stated he will remain in Prime Minister Netanyahu's Likud party. Gallant was removed from his defense post by Netanyahu in November last year due to significant disagreements over military actions in the Gaza Strip. Gallant had issued a conscription order for 7,000 people and accused Netanyahu and new Defense Minister Katz of trying to exempt ultra-Orthodox Jews from military service, endangering national security. Gallant vowed to continue fighting within the party, with media speculating he might challenge the party leadership. Meanwhile, Katz warned Hamas that if it continues to fire rockets, Israel will intensify its strikes. Hamas is currently holding about 96 hostages.

Tesla released its fourth-quarter production and delivery report on Thursday, showing 495,570 deliveries and 459,445 units produced for Q4 2024. Annual deliveries totaled 1,789,226, with production at 1,773,443, marking the first annual decline in deliveries, down from 1.81 million in 2023. Shares fell by up to 7% on Thursday. Analysts had expected 504,770 deliveries, while Tesla's internal estimate was 506,763. Despite a 63% stock rise in 2024, it plummeted 29% in Q1. Elon Musk's role in Donald Trump's campaign, where he invested around $277 million, drew attention. Tesla faces intense competition from General Motors, Ford, BYD, and others. European sales fell 14%, and Chinese market growth slowed. Musk anticipates 20% to 30% growth in 2025 with new low-cost, autonomous vehicles.

Starting January 1, Milan, Italy, has implemented a stricter outdoor smoking ban, prohibiting smoking within a 10-meter radius of others, with fines ranging from 40 to 240 euros for violators. The ban applies only to traditional tobacco products, excluding e-cigarettes. According to AFP, this is the strictest outdoor smoking ban in Italy, aimed at improving air quality and promoting healthier lifestyles. In 2020, the Milan City Council passed a decree to improve air quality, and since 2021, outdoor smoking regulations have been in place at bus stops, parks, cemeteries, and open-air stadiums. The new ban covers all public spaces, but smoking is allowed if more than 10 meters away from others.

In December 1984, one of the world's deadliest gas leaks occurred in Bhopal, India, killing thousands. Forty years later, authorities have removed 337 tonnes of toxic waste from the Union Carbide plant to an incinerator facility 230km away. Officials estimate it will take three to nine months to treat and destroy the waste, but activists are concerned about potential health risks at the new location. A 2018 study revealed groundwater contamination in 42 residential areas near the factory. On December 3, a court ordered the waste disposal within four weeks. The transport was under tight security. Some waste will be incinerated in Pithampur, but local residents and activists protest, fearing pollution. Victims of the Bhopal tragedy continue to suffer, and many believe justice has not been served.

On March 23, 2024, South Korean cryptocurrency entrepreneur Do Kwon, after serving a sentence in Montenegro, was extradited to the United States to face fraud charges. Kwon, co-founder of Terraform Labs, developed TerraUSD and Luna currencies, which lost an estimated $40 billion in 2022. In March 2023, Manhattan federal prosecutors charged him with multiple counts of securities fraud, wire fraud, commodities fraud, and conspiracy. An updated indictment added a charge of money laundering conspiracy. Kwon, who denies wrongdoing, agreed in June last year to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement with the U.S. Securities and Exchange Commission. He is scheduled to appear in Manhattan federal court on Thursday. The indictment alleges Kwon misled investors in 2021 about TerraUSD, leading to significant investments in Terraform products and boosting Luna's value to $50 billion. In May 2022, TerraUSD and Luna crashed, causing widespread turmoil in the crypto market. Terraform declared bankruptcy in January this year.

At the start of 2025, the cryptocurrency market rebounded as investor confidence returned. On January 4, the price of Bitcoin rose by 3% to $97,426.02, bringing its year-to-date gain to approximately 4%. The CoinDesk 20 index, which measures the broader cryptocurrency market, advanced by 4%. Solana's token, a popular Ethereum competitor, led the gains with a 7.5% increase. Crypto-related stocks Coinbase and MicroStrategy climbed by 4% and 5%, respectively. The year 2025 is expected to be a banner year for the crypto industry due to a more favorable regulatory environment promised by President-elect Donald Trump. Investors are hopeful that Congress will pass its first-ever crypto-focused legislation, potentially centered around stablecoins or market structure. Traders are also eager to see the opening up of the crypto public equity markets with more initial public offerings and progress on a potential national strategic Bitcoin reserve. Crypto assets had slid towards the end of 2024. Although the post-election rally that sent Bitcoin above $100,000 had faded, the flagship cryptocurrency still ended the year up more than 120%. Long-term holders took some profits while others sold amid renewed uncertainty about the direction of Federal Reserve interest rate cuts in 2025.

On January 1, in accordance with the agreement between Pakistan and India on the prohibition of attacking each other's nuclear facilities, the two countries exchanged their respective nuclear facility lists. The Pakistan Ministry of Foreign Affairs officially handed over the list to the representative of the India High Commission in Pakistan, while the India Ministry of External Affairs also transferred its list to the representative of the Pakistan High Commission in India. The agreement, signed in December 1988 and effective from January 27, 1991, stipulates an annual exchange of nuclear information on January 1. The first exchange took place on January 1, 1992.

Fiji police said on Thursday they are investigating an incident involving two crew members of Australian airline Virgin Australia who were allegedly raped and robbed in Nadi in the early hours of New Year's Day. The crew members were on a layover in the popular tourist destination before their scheduled departure the next day, according to Acting Commissioner of Police Juki Fong Chew. Virgin Australia, aware of the incident, has sent personnel to Fiji to provide support but did not offer further details to Reuters. The investigation revealed that some Virgin crew members had visited a nightclub in Nadi, where two were reportedly victimized after leaving the club to return to their hotel. Fiji, a popular South Pacific tourist destination, received 76,845 visitors in November, mainly from Australia, New Zealand, and North America, per the country's tourism website. Australia's Department of Foreign Affairs and Trade has not yet responded to a Reuters request for comment.

Ukrainian President Volodymyr Zelensky announced on January 2 his plans to re-establish diplomatic relations with Syria, less than a month after the overthrow of the Russia-backed government in Damascus. This follows visits to Syria by Ukrainian Foreign Minister Andrii Sybiha and Agriculture Minister Vitaliy Koval, who noted that Ukraine had already sent a shipment of food aid. Ukraine severed ties with Syria in June 2022 after Damascus recognized the independence of Russia-occupied territories in Ukraine's Donetsk and Luhansk regions. With the new Islamist rulers in Syria, Ukraine is moving to rebuild ties. Zelensky also aims to increase trade with Lebanon, doubling agricultural exports to $400 million. Ukraine has committed to sending 500 metric tonnes of wheat flour to Syria, benefiting around 167,000 Syrians.

On January 1, the Jerusalem Post cited sources stating that US President-elect Donald Trump plans to intensify strikes against Yemen's Houthi rebels, including airstrikes, after his inauguration on January 20. Mark Dubowitz, CEO of the Foundation for Defense of Democracies, said Trump might re-list the Houthis as a 'Foreign Terrorist Organization,' a designation revoked by the Biden administration in 2021. Former US Special Representative for Iran Elliot Abrams noted Trump will not tolerate Houthi attacks on US naval vessels using Iranian missiles and will launch more severe strikes, threatening Iran directly. The think tank's executive director, Jonathan Schanzer, expects tougher policies post-January 20. On January 1, the Houthis claimed to have downed a US MQ-9 drone, having made similar claims before. Since January 12, 2024, the US and UK have conducted multiple airstrikes on Houthi targets, resulting in casualties.

The U.S. dollar index hit its highest level in over two years on Thursday as the new trading year began and investors prepared for Donald Trump's return to the White House later this month. The index, measuring the greenback against a basket of currencies, rose 0.8% at 1:00 p.m. ET, reaching its strongest since November 2022. Market focus was on optimism surrounding the U.S. economy, with Wall Street stocks opening higher but later trading mixed. Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that U.S. growth has consistently outpaced forecasts, with consumers and companies shrugging off high interest rates and unemployment remaining low. Investors are hopeful for a 'goldilocks' scenario in 2025, amid promises of lower taxes and deregulation under a second Trump presidency. European currencies were hit hard due to divergent expectations for interest rates and economic growth, with the euro and British pound weakening significantly. The U.K. economy stagnated in the third quarter, and economists warn of political instability and structural issues dragging on Germany, France, and other euro zone nations. Trump's tariff threats could lead to fewer Federal Reserve rate cuts in 2025, while the European Central Bank and Bank of England appeared more dovish in their December meetings. Mohamad Al-Saraf, FX and rates strategy associate at Danske Bank, said the dollar is supported by expectations of Trump's policies and fading conviction in the Fed's rate-cut trajectory, but market pricing for fewer rate cuts this year may be overly hawkish, and negative U.S. data could trigger a dollar correction.