South Korea’s president (briefly) declared martial law
In a shocking address yesterday, Yoon Suk Yeol ...
In a shocking address yesterday, Yoon Suk Yeol declared martial law in the country for the first time since 1979, accusing the opposition party of sympathizing with North Korea and plotting an “insurgency.” The ruling banned all political activity and allowed Yoon to assume media control, though it’s unclear if that happened. Hours after the emergency declaration, the National Assembly voted unanimously to lift the ruling. Under the South Korean Constitution, the president must comply with that vote, and shortly after, Yoon went on TV to say he would lift martial law. South Korean stocks temporarily fell in the US while the political chaos unfolded.
Beijing announced it would halt shipments of gallium, germanium, antimony, and superhard materials—which are used in satellites, weapons, and semiconductors—to the US, in response to the Biden administration curbing the sales of US chips to Chinese companies earlier this week. Per Bloomberg, some US buyers said the ban wouldn’t cause near-term disruptions, since they have ample inventory and other ways to obtain the materials. The US already gets its gallium, for instance, from countries other than China. The tit-for-tat supply chain maneuver is the latest in an ongoing trade war that’s likely to intensify during the second Trump administration.
Nearly 100,000 Volkswagen workers walked off the job. Employees...
Nearly 100,000 Volkswagen workers walked off the job. Employees at nine plants across Germany went on warning strikes this week in protest of the automaker’s plans to cut costs by closing factories and docking pay. The walkouts only lasted a few hours but could escalate if the workers union does not reach an agreement with Volkswagen on a cost-cutting proposal. The German company says the cuts are vital as it struggles amid competition from China, a declining EV market in Europe, and increased energy costs. The two sides are scheduled to meet again next week.
Frontier, the ultra-low-cost airline, is adding first-class seats. “While we have the lowest costs in the industry, we don’t have the best revenue model,” CEO Barry Biffle said.
Walmart closed its $2.3 billion acquisition of TV-maker Vizio as part of its push to expand its advertising business.
Cargill, the agricultural commodities trader and the biggest private company in the US, is laying off 5% of its global staff.
SpaceX is reportedly in talks to sell insider shares at a new valuation of $350 billion—much higher than the most recent $255 billion valuation.
Pizza Hut unveiled a new futuristic design concept that it plans to test in Texas before rolling out to more states, which is fine as long as they don’t get rid of the Book It! program.
Summit Midstream Completes $450MM Tall Oak Acquisition
The Houston-based Summit Midstream announced Dec. 2 that it had concluded...
The Houston-based Summit Midstream announced Dec. 2 that it had concluded its $450 million acquisition of Tall Oak Midstream III.
The deal was made for $155 million in cash, 7.5 million shares of Summit’s common units, 7.5 million shares of Summit’s class B common stock, and $25 million in cash for contingencies. Summit said the acquisition was paid for through Tailwater Capital, Tall Oak’s portfolio partner.
Tall Oak’s assets include a gathering and processing system in the Arkoma Basin in Arkansas and Oklahoma, comprising two natural gas processing plants and 411 miles of gas-gathering lines.
Oil rises on fears about Lebanon, further OPEC+ supply cuts
(Reuters) - Oil prices rose more than 2% on Tuesday as Israel ...
(Reuters) - Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.
Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel.U.S. West Texas Intermediate crude futures also rose the most since Nov. 18, gaining $1.84, or 2.7%, to close at $69.94 per barrel.
Israeli forces have continued strikes against what they say are Hezbollah fighters ignoring last week's truce agreement in Lebanon. Top Lebanese officials have urged Washington and Paris to press Israel to uphold the ceasefire.
While the Lebanon conflict has not resulted in oil supply disruptions, traders will closely track tensions between Iran and Israel over the coming months.
Also supporting oil prices, the Organization of the Petroleum Exporting Countries and allies will likely extend output cuts when OPEC+ meets on Thursday.
