South Korea Plane Crash | US New Debt Limit | Biden Maintains He Could Win

December 29, 2024

Market Update

  • UAE's GDP grew by 3.6% in first half of 2024.

  • Morgan Stanley boosts consumer finance outlook for 2025.

  • Duke Energy files to recover $1.1 billion in hurricane costs.

  • China to cut import tariffs on some recycled copper and aluminum raw materials.

179 dead in South Korea's worst plane crash

Crash Details: A Boeing 737-800 operated by Jeju Air with 181 people on board crashed at Muan International Airport in South Korea.

Casualties: Only two people, both flight attendants, survived the crash; the rest are presumed dead.

Cause: Preliminary reports suggest the plane's front landing gear failed to deploy, possibly due to a bird strike.

Response: Emergency teams used 32 fire trucks and several helicopters to contain the fire and rescue survivors. [Learn more]

US may hit new debt limit as early as Jan 14, Yellen says

Treasury Measures: The U.S. Treasury Department is expected to implement extraordinary measures to avoid breaching the debt limit.

Economic Impact: Failure to raise the debt limit could lead to severe economic consequences, including a potential default on government obligations.

Political Stalemate: There is ongoing political disagreement between Democrats and Republicans on how to address the debt limit issue.

Urgency: The Treasury Secretary has urged Congress to act swiftly to prevent a financial crisis. [Learn more]

Biden maintains he could have beaten Trump

Debate Performance: Biden's poor performance in a televised debate against Trump led to a significant drop in his polling numbers.

Pressure to Withdraw: Leading figures in the Democratic Party urged Biden to step aside, resulting in Kamala Harris replacing him as the Democratic candidate.

Harris's Defeat: Kamala Harris lost to Trump in the November election, failing to secure the popular vote and key swing states.

Regret and Reflection: Biden and his aides believe he could have won if he had stayed in the race, and he has expressed regret over his debate performance and some of his decisions while in office. [Learn more]

Joke of the Day!

What do you call a sad rabbit?

Unhoppy

Generative AI Photo of the Day!

Credit: DALL-E 3

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