One of four fires burning in Los Angeles County was contained, according to California’s fire department. But the winds that originally helped spread the blazes are expected to pick up again during the week, complicating firefighting efforts. At least 24 people have died. California’s governor, Gavin Newsom, warned the disaster could be the costliest in America’s history.
The dollar reached a two-year high against a basket of major currencies, bolstered by a strong jobs report, released on Friday. The data dampened expectations that the Federal Reserve will cut interest rates aggressively in 2025. Share prices in Asia fell, as investors fear that prolonged high interest rates in America will draw capital to the dollar, draining funds from weaker currencies and emerging markets.
America announced restrictions on exports of technology used in the development of artificial intelligence. The rules, which take effect later in the year, limit AI chip exports to most countries while maintaining bans on China, Russia, Iran and North Korea. The government wants to stop adversaries from getting access to advanced technology. American chipmakers warned the rules would weaken competitiveness.
Volodymyr Zelensky offered to swap North Korean soldiers captured on the battlefield for Ukrainian prisoners of war being held in Russia. Ukraine’s president said he was certain more North Korean soldiers would be taken prisoner, after the first troops from the country were captured in Russia’s Kursk region. South Korea said North Korean soldiers fighting there had been ordered to kill themselves before capture.
Qatar presented Hamas and Israel with a proposal for a ceasefire deal in Gaza, according to Reuters. Negotiations between Israel and the militant group resumed on Sunday. Officials reported progress overnight, but disagreements persist over the conditions for the withdrawal of Israeli troops. American mediators are pushing to finalise the agreement before President Joe Biden leaves office on January 20th.
Apple urged shareholders to reject a motion calling for its diversity, equity and inclusion programme to be scrapped. The right-wing think-tank behind the proposal says the DEI scheme opens up the tech giant to legal and financial risk. Separately, a trial over Apple’s “excessive” app-store charges was set to begin in Britain. Developers argue they are tied into a monopoly and are claiming £1.5bn ($1.8bn).
Italy “revoked” the arrest of Mohammad Abedini, an Iranian businessman wanted by America. He allegedly supplied drone parts used in an attack that killed three American service personnel in Jordan last year. (Iran denied involvement.) Cecilia Sala, an Italian journalist arrested three days after Mr Abedini, was freed from Evin prison in Tehran last week. Iran said her detention was not connected to Mr Abedini’s.
Figure of the day: More than $50bn, the estimated economic damage of the LA fires. Read the full story.
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