South Korea in chaos after president’s martial law order revoked

📍Top line: South Korea’s President Yoon Suk Yeol has revoked a surprise martial law order following a night of chaos and protests in Seoul, where MPs and demonstrators fiercely opposed his decision. The president initially claimed the move was necessary to combat "North Korea's communist forces" and "anti-state elements," but the abrupt announcement triggered political upheaval and public outrage. Opposition lawmakers have now filed a motion to impeach Yoon over what they are calling a "botched attempt" to impose military rule.

Key Points:

• President Yoon declared martial law late on Tuesday, citing national security threats, but the decision was met with immediate resistance from lawmakers and citizens.

• MPs defied the order, with many scaling fences and breaking through barricades to gather at the National Assembly, where they voted to block the martial law declaration.

• Outside the assembly, thousands of protesters clashed with police, later erupting in celebration when Yoon announced the reversal.

• Opposition lawmakers have put forward a motion to impeach Yoon, criticising his failed attempt to impose martial law. The motion will be debated before going to a vote, likely later this week.

• The sudden U-turn has sparked widespread criticism, with growing calls from lawmakers and demonstrators for Yoon’s impeachment, intensifying scrutiny of his leadership.

UK junk food advertising ban to target porridge

📍Top line: Unhealthy versions of cereals such as granola, muesli, and porridge oats, alongside snacks like pitta bread, rice cakes, and sugar-added tea and coffee, will fall under a UK-wide advertising ban targeting junk food from next year. The restrictions will block online ads and TV commercials before 9pm for products high in fat, sugar, or salt, aiming to curb childhood obesity and related diseases.

Key Points:

• Scope of Ban: Includes ready meals, stuffed pasta, granola, cereals, confectionery, soft drinks, ice cream, pizza, crisps, pitta snacks, rice cakes, pretzels, and salted popcorn.

• Health Goals: Government estimates the measures will remove 7.2bn calories from children’s diets annually, potentially preventing 20,000 cases of childhood obesity.

• Statistics: One in eight UK children are obese; one in five have tooth decay linked to excess sugar consumption.

• Health Impact: NHS England’s Sir Stephen Powis highlighted the long-term costs of obesity on the NHS and public health.

• Industry Reaction: Marketing executives and the Advertising Association warn the ban will have minimal impact on calorie reduction but significant financial effects on the advertising and creative sectors.

• Implementation Details: The scoring system for bans measures harmful nutrients like sugar and sodium against beneficial ones. The Food and Drink Federation has urged regulators to clarify guidelines for businesses.

Elsewhere in business:

🏨 Maybourne, the luxury hotel group behind Claridge’s, is set to nearly triple its portfolio by 2035, with plans to grow from six hotels to 15-17 properties. This ambitious expansion includes new locations in Paris, New York, Miami, and Dubai, driven by surging demand for high-end travel experiences.

🇬🇧 Ministers may renationalise British Steel to save 4,000 jobs at its Scunthorpe plant as talks with Chinese owner Jingye have stalled over a £1bn rescue plan. Business Secretary Jonathan Reynolds is weighing options, including reversing Thatcher's 1988 privatisation. While officials call nationalisation a “last resort,” the government is focused on securing a “green steel transition.”

 Flight prices to remain at record high

📍 Top line: Travellers may face another two years of record-high flight prices due to aircraft shortages and engine production challenges affecting global airlines, according to Sky. With demand outstripping supply, the aviation industry grapples with extended wait times for new planes and grounded aircraft awaiting repairs.

Key points:

• Disruption at Boeing: Strikes involving over 30,000 workers and supply chain issues have delayed production of key models, including the 737 Max and 777, with delivery times now extending up to five years.

• Engine Shortages: Rolls-Royce’s Trent 1000 engines, powering Boeing 787s, are experiencing faults and part shortages, leaving planes grounded worldwide.

• Route Cancellations: Airlines like British Airways and Virgin Atlantic have scaled back services, canceling routes such as BA’s Gatwick to New York and Virgin’s flights to Shanghai, the Bahamas, and Turks and Caicos.

• Demand vs. Supply: Increased post-pandemic travel demand, coupled with staff shortages, has created a bottleneck in the system, driving ticket prices up by an estimated 5% annually.

• Future Outlook: Industry experts predict improvements by 2027, with ramped-up aircraft production, infrastructure upgrades, and technology-driven innovations like biometric ID systems at airports.

Elsewhere in the economy:

🚅 South Western Railway will become the first rail operator renationalised by the Labour government. The operator’s franchise is set to expire in May 2025, after which control will shift to the operator of last resort, the government body managing renationalised rail services. Labour’s broader plan involves bringing rail services into public ownership as private operator contracts expire, with Great British Railways (GBR) eventually overseeing both services and infrastructure.

🇺🇸 Proposed trade tariffs by US president-elect Donald Trump could inflict damage on Britain's goods exports to the United States comparable to the impact of Brexit on UK exports to the European Union, according to the Resolution Foundation. Since Brexit, UK goods exports have grown by just 0.3 percent annually since 2019, far below the OECD average of 4.2 percent.

Market leading investment research firm Third Bridge has opened applications to its January 2025 Private Market Graduate Associate position in London. Successful applicants will have opportunities to work with the sharpest minds in private equity funds and provide them access to the most relevant experts and content for their investment requirements. The scheme is open to graduates from any degree discipline. Apply now here.

Crypto meme coins boom post Trump victory

📍Top line: The market for memecoins — cryptocurrencies linked to viral internet phenomena — has exploded since Donald Trump’s election victory, driven by trader speculation on a crypto-friendly administration, according to the FT. Tokens like Dogecoin and new creations such as PNUT, CHILLGUY, and MOO DENG have seen surging valuations, but critics warn these speculative assets lack fundamental value and resemble a bubble.

Key Points:

• Memecoin Surge: Tokens tied to internet memes, including CHILLGUY ($466mn market cap) and PNUT ($1.2bn market cap), have gained popularity. Dogecoin, linked to Elon Musk, rose 140% post-election, now valued at $60bn.

• Trump and Musk's Influence: Traders anticipate favorable crypto regulations with Musk heading the US Department of Government Efficiency, a nod to Dogecoin.

• Speculation and Risks: Memecoins are described as "pump and dump" assets, with 89% valued under $1,000. Critics compare the trend to the speculative NFT bubble that collapsed in 2022.

• Creation and Hype: Memecoins are easy to create using online tools. Success hinges on building community hype, but most coins fail to maintain liquidity.

• Market Impact: Exchanges like Binance and Kraken are quickly listing new tokens to capitalise on demand. While some view the trend as speculative, others argue it reflects market dynamics of belief and attention.

Elsewhere in tech:

🎄 Christmas decorations, including fairy lights, could interfere with your broadband speed during the festive season, potentially disrupting holiday viewing. Research from Uswitch found that 79% of Britons are unaware that decorations and other electrical devices can affect WiFi performance. Tech experts have advised keeping decorations, along with electronics like TVs, speakers, and lamps, away from routers to minimise interference.

🤖 Meta’s president of global affairs, Nick Clegg, has stated that CEO Mark Zuckerberg is aiming to play an “active role” in shaping the Trump administration’s tech policy, particularly in artificial intelligence. This statement follows tensions stemming from Meta’s prior ban on Trump from Facebook and Instagram after the January 6, 2021, Capitol riots. In a shift, Meta now acknowledges its content moderation policies during the pandemic were “too heavy-handed.”

📚 A staggering 300,000 children aged 5 to 15 were missing from education in England last year, a 40% rise since 2017, according to the Education Policy Institute (EPI). Over 400,000 children are out of school, with 95,000 registered for home education—double the 2017 figure. Dropouts peak in Year 10, disproportionately impacting vulnerable teens. EPI’s Whitney Crenna-Jennings called it a “critical issue demanding urgent attention.”

📺 The BBC has removed two "MasterChef" Christmas specials from its schedule following multiple allegations of inappropriate sexual behaviour against presenter Gregg Wallace. Wallace, who stepped down from the show last week, faces claims from several women, including incidents of touching a woman's bottom at an event and pressing his crotch against another during filming.

🖼️ Jasleen Kaur has won the 2023 Turner Prize, Britain’s top contemporary art award, for Alter Altar, her vibrant tribute to the Scottish Sikh community. The Glasgow-born artist’s exhibition, featuring a vintage Ford Escort, Irn-Bru, and worship bells, explores cultural memory and identity. Judges praised her blend of personal and political themes.