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Today’s agenda: Russian retaliation; Israeli ICC rebuke; Adani allegations aftermath; Northvolt files for Chapter 11; and isolated UK
Good morning. We begin in the US where president-elect Donald Trump nominated Pam Bondi for attorney-general just hours after Matt Gaetz, his initial pick, withdrew from consideration for the role.
Gaetz exits: Gaetz, a 42-year-old Florida lawmaker and one of Trump’s most loyal supporters, withdrew his name from consideration for US attorney-general yesterday, saying in a post on X that his nomination was “unfairly becoming a distraction to the critical work of the Trump/Vance transition”.
Trump’s selection of Gaetz last week sent shockwaves through Washington, with many Republican lawmakers immediately questioning the move. He was the subject of a long-running congressional investigation by the House ethics committee into alleged sexual misconduct and drug use, all of which he has denied.
Bondi named: Trump quickly announced Pam Bondi as a replacement nominee hours after Gaetz dropped out. A former Florida attorney-general, Bondi is seen as a less controversial pick than Gaetz. But she is a Trump ally who defended the president-elect’s efforts to question the result of the 2020 election.
The unexpected move injected fresh drama into Trump’s selection of cabinet nominees, as he seeks to swiftly secure a head for the Department of Justice, one of the most important posts in his incoming administration. Read the full story.
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Change at SEC: Gary Gensler plans to step down as chair of the US regulator when Trump takes office on January 20, bringing to an end a bold rulemaking term that encountered resistance from business and the courts.
Sign up for our White House Watch newsletter for more updates from Washington as it braces itself for Trump’s second term.
Here’s what else we’re keeping tabs on today and over the weekend:
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COP29: The UN climate change conference wraps up in Azerbaijan.
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Economic data: Eurozone, France, Germany, UK and the US issue flash purchasing managers’ index data. Germany publishes final third-quarter GDP figures. UK releases October retail sales and construction statistics.
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Ukraine: International Holodomor Memorial Day is held tomorrow, commemorating the estimated 7mn to 10mn people killed during the Stalin-era man-made famine.
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Elections: On Sunday, Romanians cast first-round ballots to choose their president while Uruguay holds a run-off vote.
How well did you keep up with the news this week? Take our quiz.
Five more top stories
1. Vladimir Putin said Moscow fired an experimental hypersonic missile at Ukraine yesterday in response to the US and UK allowing Kyiv to use advanced western weaponry at targets inside Russia. While Ukraine described it as an intercontinental missile, both the Russian president and a US official classified it as a mid-range ballistic missile. Here’s what we know about the “Oreshnik” missile fired by Moscow.
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Russian retaliation: This week’s strike appears to be an elaborately staged attempt to show Moscow will outbid the west over Ukraine, writes Ben Hall.
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Polish funding demand: Nato’s largest defence spender has urged EU partners to contribute more on eastern defences ahead of Trump’s return.
2. More than $20bn in market value has been wiped off Gautam Adani’s corporate empire after US corruption charges against one of India’s richest men sent shares in his businesses reeling. Adani Enterprises, the flagship of a sprawling group controlled by the businessman, closed down by more than a fifth yesterday, shedding nearly $9bn. Other entities in the conglomerate shed more than $11bn in market capitalisation. Meanwhile, Kenya tore up $2.6bn in infrastructure deals due to the US indictment.
3. Israelis across the political divide lashed out at the International Criminal Court after it issued an arrest warrant for Prime Minister Benjamin Netanyahu. The warrants allege that he and his former defence minister Yoav Gallant bear responsibility for crimes against humanity and war crimes over Israel’s offensive in Gaza. Read how the ICC’s move prompted a rare display of unity in the politically polarised country.
4. Northvolt is filing for Chapter 11 bankruptcy protection in the US after Europe’s best-funded start-up failed to agree a last-minute rescue package with investors. The company was seen as the continent’s main hope for countering Asian dominance in electric vehicle batteries but has struggled to increase production at its one factory in northern Sweden.
5. UK consumer confidence is rebounding after falling ahead of the Budget, according to data released today, with economists attributing the shift to lower interest rates, rising wages and reduced concerns over tax rises.
Join us from December 4 to 6 at The Global Boardroom, the Financial Times’ award-winning digital conference, and hear leaders in policy, business and finance debate strategies for growth amid continued geopolitical, economic and technological disruption. Register for free.
The Big Read
Post-Brexit Britain will face stark strategic choices as the new year looms. Donald Trump will be returning to the White House just as the British government is seeking to finalise its pitch to the EU on how to deepen ties on trade, energy co-operation and security matters ahead of a planned EU-UK summit in the early spring. Experts caution that there are downsides to pivoting in either direction — but also in failing to make a choice at all.
We’re also reading . . .
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Lunch with the FT: António Costa, the incoming president of the European Council, discusses doing business across political divides, facing a corruption investigation and heading off Trump.
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Europe’s EV future: A French scheme shows that demand exists at the right price but image problems and underdeveloped infrastructure are hampering adoption.
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UK manufacturing: Ministers are taking quite a gamble with Britain’s car industry by trying to beat the EU’s deadline for EV transition, writes John Gapper.
Chart of the day
Several academic papers have found that on average, lesbians earn more than otherwise similar heterosexual women. And although one might have expected improving gay rights to have bolstered lesbians’ pay, the premium seems to be shrinking, writes Soumaya Keynes.
Take a break from the news
From Afghanistan, Alexei Navalny and autocrats to European security and UK civil service reform, here are the year’s best books in politics as picked by Gideon Rachman.
