Merry Christmas!

Market Update

• The New York Stock Exchange and Nasdaq will remain fully closed on Wednesday, Dec. 25, for Christmas Day.

• Cryptocurrencies will continue trading non-stop on global exchanges.

• MicroStrategy plans new shares to boost Bitcoin buys.

• S&P 500, Nasdaq and Dow all rise about 1% in holiday-shortened session.

Taiwan blocks Uber's $950 million Foodpanda deal over competition concerns

Deal Blocked: Taiwan has blocked Uber's $950 million purchase of Delivery Hero's Foodpanda business due to anti-competition concerns.

Market Impact: The merger would have given Uber a dominant market share, exceeding 90% in Taiwan's food delivery market.

Economic Analysis: The Fair Trade Commission conducted an economic analysis and received over 600 responses from stakeholders before making the decision.

Future Plans: Uber had announced the deal in May 2024, expecting it to contribute at least $150 million annually to its adjusted core profit within a year of closing. [Learn more]

Colombia minimum wage to increase 9.54% to $323 per month in 2025

New Wage Amount: The new minimum wage will be 1.4 million pesos ($323.90) per month, up from 1.3 million pesos per month this year.

Decree Announcement: President Gustavo Petro announced the increase by decree after failing to reach an agreement with business associations and workers unions.

Economic Context: The central bank forecasts annual inflation will slow to 3.1% by the end of 2025.

Business Reactions: While the article doesn't explicitly cover business reactions, such wage increases often lead to mixed responses from businesses, with concerns about increased labor costs. [Learn more]

Iran to ease internet restrictions and lift ban on WhatsApp, Google Play

Easing Restrictions: Iran will start easing some of the world's tightest internet restrictions by lifting its ban on WhatsApp and Google Play.

Approval by Supreme Council: The decision was approved by Iran's Supreme Council of Cyberspace, led by President Masoud Pezeshkian.

Historical Context: Social media platforms have been restricted in Iran since the 2009 protests, with bans on platforms like Facebook, X (formerly Twitter), and YouTube.

Ongoing Process: The lifting of restrictions is part of a multistaged and ongoing process, with more platforms potentially being unblocked in the future. [Learn more]

Joke of the Day!

Why did the golfers bring two pair of pants?

In case he got a hole in one!