Bitcoins crosses $100,000 mark as Trump optimism grows

📍Top line: Bitcoin has crossed the $100,000 mark for the first time, driven by investor optimism over anticipated regulatory support from U.S. president-elect Donald Trump. The cryptocurrency's price surged 6.1% on Thursday to $103,800, marking a dramatic 50% increase since Trump’s November election victory.

Key Points:

• Regulatory Shift: Trump's nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC) has fuelled hopes for a more crypto-friendly regulatory environment.

• Pro-Crypto Administration: Trump has declared his intent to make the U.S. "the bitcoin superpower of the world," appointing crypto enthusiasts like Howard Lutnick and Elon Musk to key roles in his administration.

• Market Rally: Bitcoin’s rise has been bolstered by institutional investment, with ETFs managed by BlackRock and Fidelity pulling in billions since receiving regulatory approval in January.

• From Collapse to Recovery: The milestone marks a stark turnaround for bitcoin, which plummeted to $16,000 during the 2022 crypto crisis triggered by FTX’s collapse.

• Favourable Conditions: Analysts predict a "golden era" for crypto during the Trump administration, with a flood of money from asset managers expected to flow into the sector.

• Political Reversal: Trump, previously a critic of cryptocurrencies, has shifted his stance, supported by substantial campaign financing from crypto investors.

Guinness rationed due to Christmas demand

📍Top line: Diageo, the maker of Guinness, has imposed restrictions on the amount of its iconic stout that pubs in Great Britain can order during the lead-up to Christmas. The decision comes in response to an "exceptional demand" for the drink over the past month.

Key Points:

• Surge in Demand: Guinness has seen a sharp rise in popularity, especially among women and younger consumers, fuelled by recent rugby internationals and an ongoing marketing push.

• Production at Capacity: Diageo is operating at 100% production capacity and has maximised supply but still had to implement order limits to manage distribution.

• Marketing Success: Diageo has focused heavily on marketing, leveraging influencers and high-profile collaborations with figures like Lewis Capaldi and Jason Momoa to boost the drink's profile.

• Sales Growth: While overall beer consumption in the UK dropped slightly between July and October, Guinness sales bucked the trend, with keg consumption rising by over 20%, according to CGA research.

• Investment in Brewing: Diageo has invested heavily in its St James's Gate brewery in Dublin and is constructing a new brewery in County Kildare to meet rising demand.

• Context of Beer Supply Issues: The beer industry has faced various supply challenges, from cyberattacks to labour shortages, and Guinness's production strain highlights the broader complexities of the market.

Elsewhere in business:

📰 Journalists from The Guardian and The Observer have gone on a 48-hour strike, drawing support from celebrities, media figures, and politicians in protest against the proposed sale of The Observer to Tortoise Media. The strike has forced the publications to rely on freelancers and pre-written stories during the walkout.

🛍️ Police are investigating claims of stalking and possible corporate espionage targeting senior executives at the fast-fashion giant Boohoo Group. The alleged incidents, described as causing “serious alarm and distress,” involve top figures including CEO Dan Finley, former CEO John Lyttle, and co-founder Mahmud Kamani. The allegations include routine surveillance of executives in public spaces, stalking outside their homes, and even physical confrontations.

Billion-dollar Russian money laundering network exposed

📍 Top line: A global operation led by the UK’s National Crime Agency (NCA) has dismantled a billion-dollar Russian money-laundering network linked to organised crime, cybercriminals, and sanctioned elites. Dubbed “Operation Destabilise,” the crackdown resulted in arrests, asset seizures, and sanctions against key operatives.

Key points:

• Outcomes:

  • 84 arrests across multiple countries.

  • £20m in cash and cryptocurrency seized.

  • Sanctions on alleged network leaders, including Ekaterina Zhdanova and George Rossi.

• Criminal connections:

  • Networks laundered funds for drug gangs, hackers, and Russian elites evading sanctions.

  • Funds tied to Russian espionage and UK drug trades.

• How it worked:

  • Millions in cryptocurrency from ransomware attacks were exchanged for cash.

  • Cash flowed through 55 UK locations to bypass banking systems.

• Significance:
  Rob Jones, NCA’s operations head, said this exposed unprecedented links between Russian elites, cybercriminals, and UK crime syndicates. The network fuelled espionage, drug trades, and sanctions evasion, but its takedown signals a new front in tackling global money laundering.

Elsewhere in the economy:

🏦 The Bank of England (BoE) is forecasting up to four interest rate cuts next year if its economic outlook holds, Governor Andrew Bailey has revealed. He welcomed the faster-than-expected decline in inflation, which has dropped to 2.3% in October from a peak of 11.1% in late 2022. Despite this progress, Bailey emphasised the importance of caution due to persistent inflationary pressures in the services sector.

🚗 The number of petrol cars on Britain’s roads has reached its peak and is set to nearly halve over the next decade, according to a report by online marketplace Auto Trader. Currently, there are 18.7 million petrol cars in use, but this figure is projected to drop to 11.1 million by 2034, as tough electric vehicle (EV) mandates and changing industry dynamics reshape the market. Meanwhile, EV numbers are expected to surge from 1.25 million to 13.7 million, marking a transformative shift in UK motoring.

ING has opened applications to its 2025 Financial Institutions (FI) Business Support internship in London. Successful applicants will work with commercial front office colleagues and relevant stakeholders in providing banking services and complex financing solutions to global financial institution companies. The 6-month scheme is open to graduates who have achieved a minimum 2:1 in any degree discipline. Apply now here.

Google AI tool better than traditional forecasters at predicting weather

📍Top line: Google has introduced GenCast, a cutting-edge artificial intelligence weather prediction model that surpasses traditional methods in accuracy for forecasts up to 15 days and excels at predicting extreme weather events. The breakthrough tool represents a significant step in integrating AI into operational meteorology.

Key Points:

• Innovative Forecasting: GenCast uses probabilistic "ensemble" predictions to gauge multiple weather scenarios, drawing on four decades of data from the European Centre for Medium-Range Weather Forecasting (ECMWF).

• Performance: The model outperformed the ECMWF's 15-day forecast in 97.2% of 1,320 variables, including temperature, wind speed, and humidity, as detailed in a study published in Nature.

• Speed and Efficiency: GenCast generates forecasts in just eight minutes, using significantly less computing power than traditional physics-based models, which can take hours.

• AI and Hybrid Approaches: The UK Met Office and ECMWF are exploring hybrid techniques that blend AI with traditional physics-based methods, highlighting debates over the optimal balance between the two.

Experts see GenCast as a pivotal development in weather prediction, with applications for understanding weather trends, mitigating extreme weather impacts, and optimising decision-making across industries

Elsewhere in tech:

🎧 Spotify Wrapped 2024 has hit screens, but many users are calling the annual year-in-review feature a “flop.” Fans criticised the streamer for prioritising an AI podcast over its usual creative insights like music personalities and “audio auras.” Complaints over missing stats and lacklustre features dominated the #SpotifyWrapped2024 hashtag, where feedback leaned negative.

💉 Millions of obese patients in the UK will be denied access to Mounjaro, a groundbreaking weight-loss jab, due to NHS capacity issues. Despite 3.4 million people qualifying for the treatment, only 220,000 will receive it over three years. Critics warn this delay will worsen hospital backlogs, with most patients offered only weight-loss tips via the NHS app.

🇫🇷 French Prime Minister Michel Barnier has been ousted following a decisive no-confidence vote in the National Assembly, marking the first such event in over 60 years. Barnier faced criticism for invoking special constitutional powers to pass the 2025 budget without parliamentary approval, a move that intensified opposition from both ends of the political spectrum.

🍕 New research presented at the Radiological Society of North America's annual meeting has found that diets high in ultra-processed foods (UPFs) can lead to increased muscle fattiness in the thighs, even when calorie intake is not excessive. This adds to growing concerns about the health risks of UPFs, which may extend beyond issues of overconsumption and obesity.

🚨 A manhunt is underway in New York City after Brian Thompson, CEO of UnitedHealthcare, was fatally shot outside the Hilton Hotel in Midtown Manhattan early Wednesday morning. The 50-year-old was in the city for an investor conference when a masked gunman approached him around 6:45 a.m. and shot him multiple times. Police believe the attack was targeted and are offering a $10,000 reward for information.