South Korean President Yoon Detained

President Yoon Suk Yeol of South Korea became the first sitting leader in the country's history to be detained for questioning, following his controversial declaration of martial law on December 3. This decision, which was swiftly overturned by the National Assembly, led to accusations of insurrection, including claims that he deployed armed troops to detain political opponents and seize legislative control. After weeks of heightened tension and fortified defenses around his residence, Mr. Yoon voluntarily accompanied authorities to prevent violence. He maintains that the detention warrant is unlawful. The Constitutional Court is concurrently deliberating on whether his impeachment vote was valid, with a decision pending.

Source: The New York Times

Ukraine Conducts Largest Strikes on Russian Territory to Date

Ukraine has launched its most extensive air attacks on Russian territory since the war began nearly three years ago, targeting industrial sites and infrastructure in cities including Saratov, Engels, Bryansk, Tula, and Tatarstan. These strikes reportedly damaged factories, a chemical plant producing rocket fuel, and ammunition facilities. Russia’s Defense Ministry vowed retaliation, alleging the use of Western-supplied missiles and drones in the attacks. The strikes have disrupted operations in several regions, with schools shifting to remote learning and some airports temporarily halting traffic.

Notes: Engels, previously targeted, hosts an airbase used by Russian bomber planes.

Source: Aljazeera

Trump Proposes 'External Revenue Service' to Collect Teriffs 

President-elect Donald Trump announced plans to create an “External Revenue Service” (ERS) to manage revenue generated from tariffs on imports, signaling his intent to implement widespread import duties as part of his economic agenda. The ERS, which may involve repurposing an existing Treasury Department office, would focus on collecting tariffs and potentially other foreign-sourced revenues. While supporters argue it could enhance efficiency in tariff collection, critics argue it may obscure the financial burden tariffs impose on U.S. consumers. The proposal aligns with Trump’s campaign promises of imposing tariffs up to 20% on all imports, potentially raising hundreds of billions in revenue. Some economists warn that such measures could lead to inflation and higher consumer prices.

Notes: U.S. Customs and Border Protection (CBP) currently handles tariff collection and enforcement.

Source: The Washington Post

SEC Sues Elon Musk Over Delayed Disclosure of Twitter Stock Purchases

The SEC has filed a lawsuit against Elon Musk, alleging that he failed to disclose his ownership of over 5% of Twitter's shares in early 2022, as required by securities laws. By delaying the disclosure, Musk reportedly saved at least $150 million when purchasing additional shares. The lawsuit follows an investigation launched by the SEC in April 2022 into potential securities law violations related to Musk's stock purchases and his public statements. The SEC’s lawsuit comes as its current chair, Gary Gensler, prepares to step down on January 20, raising uncertainty about the case’s future.

Notes: If the SEC wins the lawsuit, Elon Musk could owe the estimated $150 million plus additional fines. Critics may view the SEC's timing of the lawsuit as politically motivated. 

Source: NPR

Meta to Layoff 5% of Workforce, Microsoft Also Announces Layoffs

Meta CEO Mark Zuckerberg announced the company will eliminate approximately 5% of its workforce, targeting its lowest-performing employees. The cuts, expected to impact over 3,600 employees, follow a string of major layoffs in 2022 and 2023 that reduced the workforce by nearly 25%. Employees affected will be notified by February 10 and will receive severance packages consistent with prior layoffs. Zuckerberg emphasized the need to maintain a high-performing workforce as Meta faces an "intense year," with ambitious goals in AI, augmented reality, and social media development. 

Microsoft will also layoff employees in their security, experiences and devices, sales, and gaming divisions. It is unclear how many employees this will affect however, Microsoft often backfills roles vacated due to performance issues, suggesting that the overall headcount may not significantly decrease. 

Notes: After ending the third-party fact-checking program, Meta will now use a “Community Notes” model, emphasizing free expression.

Sources: CNBC, Business Insider