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• ☕️ What Else Is Brewing Tuesday Morning
  Israel’s high court overturns controversial...

  Israel’s high court overturns controversial judicial overhaul. In an 8–7 vote, Israel’s Supreme Court struck down a law barring judges from reviewing government actions they consider unreasonable. The law, which was part of a broader effort to remake the judicial branch, was championed by Prime Minister Benjamin Netanyahu and drew mass protests before the nation’s war with Hamas began. The ruling could reignite Israel’s domestic political disagreements. Separately, Israel began moving thousands of troops out of parts of the Gaza Strip, which could signal it expects less intense fighting, especially in northern parts of the territory.

  
  

  Tensions are rising in the Red Sea. The US Navy sank three boats piloted by Houthi militants in the Red Sea, killing their crews, while responding to a distress call from a Maersk ship on Sunday. And yesterday, Iran sent a warship to the Red Sea. The Houthis, who are based in Yemen but backed by Iran, began attacking commercial ships traveling through the Red Sea in November in response to the Israel–Hamas war. Several major shipping groups started taking longer routes around Africa to avoid the area, through which ~12% of global commerce usually flows, but the US has vowed to secure the trade route.

  
  

  ICYMI…If, like us, you tuned out the news last week while scrambling to buy last-minute gifts, here are some developments you might have missed: 1) The New York Times sued OpenAI and Microsoft, alleging ChatGPT caused billions of dollars in damages by breaching its copyrights. The suit claims the chatbot has reproduced NYT articles nearly verbatim without permission. 2) In other AI legal news, Donald Trump’s former lawyer Michael Cohen admitted he unwittingly sent his own attorney fake cases invented by Google’s Bard chatbot to submit to the court in an effort to end his post-prison supervision. 3) Apple can still sell its latest Apple Watches in the US despite a trade court ruling that they infringe on another company’s patent because an appeals court put that ruling on hold—for now.

  
  
  

  
  
  • Japan was shaken by a series of earthquakes, the largest of which registered at a 7.6 magnitude, prompting tsunami warnings, evacuations of nearly 100,000 people, and fires. At least 48 people were killed.
  
  
  • Michigan will square off against Washington in the college football championship next Monday after each won thrilling semifinal games yesterday.
  
  
  • Denmark’s Queen Margrethe II, an 83-year-old who has been on the throne for 52 years, announced on live TV that she’ll be stepping down on Jan. 14 and handing the crown to her son.
  
  
  • Chinese President Xi Jinping said the “reunification” of China and Taiwan is “inevitable.” Next week, Taiwan will hold a presidential election featuring candidates with divergent views on how to approach China.
  
  
  • Paula Abdul filed a lawsuit claiming that former American Idol producer Nigel Lythgoe sexually assaulted her when she was a judge on the show.
  
  

  
  
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• Crude oil prices lost 10% for 2023
  Crude oil stocks finished 2023 down 10% for the year, the lowest year-end...

  Crude oil stocks finished 2023 down 10% for the year, the lowest year-end levels since 2020. Geopolitical turmoil and worries about the oil production levels were the primary causes.

  
  

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• Saskatchewan to Stop Collecting Carbon Levy From Nat Gas & Electric Heat
  The Saskatchewan government says its natural...

  The Saskatchewan government says its natural gas utility is to stop collecting the carbon levy as of Monday from residential customers. 

  
  

  The move comes after Prime Minister Justin Trudeau exempted those who use home heating oil from paying the levy, mostly benefiting residents in Atlantic Canada.

  
  

  Saskatchewan asked for the exemption to cover all other forms of heating, but Ottawa denied the request. In response, the province said it would stop collecting the charge at the start of 2024.

  
  

  Dustin Duncan, the minister responsible for SaskEnergy, said the due date to pay the levy to the federal government is the last day of February.

  
  

  Should SaskEnergy not remit those dollars, it would be breaking federal law and executives could face fines or jail time.

  
  

  Saskatchewan passed legislation that aims to shield executives from legal consequences, putting that burden on the province.

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• Israel plans to withdraw some troops from Gaza
  The Israeli military announced on Monday that it will begin withdrawing...

  The Israeli military announced on Monday that it will begin withdrawing several thousand troops from Gaza at least temporarily, in what would be the most significant publicly announced pullback since the war began.

  
  

  The military cited a growing toll on the Israeli economy following nearly three months of wartime mobilization with little end in sight to the fighting. Israel has been considering scaling back its operations, and the United States has been prodding it to do so more quickly as the death toll in Gaza continues to rise. More than 20,000 people have been killed in Gaza since the beginning of the war, according to local health authorities.

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• US oil and gas rig count drops in 2023 after rising in 2021 and 2022
  The U.S. oil and gas rig count dropped in 2023 after rising in the previous two years. For this week...
  The U.S. oil and gas rig count dropped in 2023 after rising in the previous two years. For this week U.S. energy firms added to the combined total oil and natural gas rigs for the first time in three weeks.
  
  Baker Hughes said U.S. oil rigs rose 2 to 500 this week, their highest since Dec. 15, while gas rigs were unchanged at 120.
  
  Despite this week's rig increase, Baker Hughes said the total count was still down 157 rigs, or 20.15%, below this time last year.
  
  Analysts have said the rig count was down from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices. U.S. oil futures CLc1 were down about 10% this year after gaining 7% in 2022. U.S. gas futures NGc1, meanwhile, have plunged more than 40% this year after rising about 20% last year.
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