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good morning. Today we will discuss:
Luxury year-end bonus for young lawyers
Attempts to strengthen Joe Biden’s green credentials
Boeing’s “brain drain”
And the FT reporter’s worst financial mistake
The experimental Oreshnik ballistic missile that Russia fired into Ukraine last month was manufactured by a company that still relies on advanced Western manufacturing technology, according to an analysis by the Financial Times.
The weapon’s developers, the Moscow Institute of Thermal Technology and Sozvezdiye, both advertised for workers skilled in metal-working systems manufactured by German and Japanese companies, a move the Kremlin said was due to Western sanctions. It shows how dependent the country continues to be on foreign-made equipment.
This reliability is especially evident in the field of computer numerical control technology, which allows factories to use computers to control tools and quickly shape materials with high precision.
The companies Fanuc, Siemens, and Heidenhain were named in both MITT and Sozvezdie ads.
Heidenhain did not respond to requests for comment.
Siemens said it “will not compromise on compliance (with sanctions)” and will “investigate any signs of evasion.” . . and involve the necessary relevant authorities. ”
“We have strengthened our vigilance and controls in the export control process to prevent the possibility of technology and equipment being diverted to Russian companies,” Fanuc said in a statement.
Here’s what I’m focused on today and this weekend:
How well have you been following the news this year? Take our quiz.
5 more top articles
1. Donald Trump’s embrace of cryptocurrencies risks undermining Europe’s upcoming rules on digital assets, industry executives say, as companies neglect the continent in favor of the friendlier US market. I’m warning you. Exchange operators such as Binance have signaled a renewed focus on the United States after President Trump pledged to make the country the “crypto capital of the planet.” Please read the full text.
2. President Joe Biden’s administration is rushing billions of dollars in loans to clean technology companies to ensure a green legacy ahead of President Donald Trump’s inauguration next month. Since the Nov. 5 election, the U.S. Department of Energy’s funding arm has disbursed more than $38 billion, accounting for half of the awards issued during Biden’s presidency.
3. U.S. law firms handed out hefty year-end bonuses to junior lawyers as an increase in deals padded the industry’s coffers and sparked a new war for talent. This year, some companies made “extra” payments ranging from $6,000 to $25,000 on top of year-end bonuses. Companies distributing additional funds include:
4. South Korea’s opposition-dominated parliament has impeached acting president Han Deok-soo, less than two weeks after President Yun Seok-Yeol was suspended from office for failing to seize power. The impeachment of an acting president, the first in the country’s history, threatens to cause further political turmoil.
5. Yesterday, Israeli warplanes struck targets across Yemen in retaliation for missile attacks on Israel by Iranian-backed Houthi militants. Areas attacked by Israeli forces included Sana’a International Airport, two power plants, and three ports on the country’s west coast, including Hodeidah. At least four people died. Click here for details.
big reading
The average tenure of Boeing’s engineers is shrinking as employees apply their expertise to areas with more attractive projects, such as the booming space industry. This experience drain lingers on the job because, in the words of one union leader, “aerospace engineers are grown, not made.”
I’m also reading. . .
If I had to sum up the year in one word, it would be “kid.” The title of Charli XCX’s hit album is a return to recession pop and a new vibe for Gen Z, writes Srinidhi Balakrishnan.
AI in 2025: Will Nvidia’s chips continue to dominate the tech world? Will the tech-driven stock market boom continue? Richard Waters offers four AI predictions for next year.
‘Bad conditions’: Chinese automaker BYD says it has rescued 163 workers from subcontractors working on an electric car factory in Brazil after local labor authorities said it had rescued 163 workers from “slave-like” conditions. The contractor was fired.
Richard Parsons: The American executive who led Citigroup through the 2008 financial crisis and took over Time Warner after its disastrous merger, died yesterday at the age of 76.
chart of the day
Youth poverty is rising at the fastest rate in 30 years in the UK, with malnutrition and obesity on the rise. British children are among the heaviest and shortest in Europe. Dig into the data for yourself with a chart-driven analysis of the junk food crisis plaguing the country.
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Take a break from the news
What was your biggest financial mistake? In this exposé, FT reporters and readers share their worst financial mistakes. Claire Barrett believes withholding pension contributions in her first clerkship cost her £62,000. Market columnist Katie Martin said she wished they had accepted the risk sooner. And you’d never guess that Stuart Kirk made a financially disastrous purchase. . .
