Good morning. Here’s what happened overnight and what you need to know today.
1.
Big Tech crackdown: The Albanese government will unveil a new digital competition policy targeting big tech firms, including Google, Meta and Amazon, on Monday. Designated platforms could face fines of up to $50 million or 30% of turnover for anti-competitive behaviour, with app stores and ad tech as the initial targets. Stephen Jones will announce the plan, which aims to impose obligations on platforms to protect consumers and enhance transparency. Meanwhile, Meta said it will introduce stricter verification for financial advertisers to combat scams in Australia, requiring Australian Financial Services Licence numbers. It comes after Australia last week passed the world’s first law banning social media use for children under 16. (Capital Brief)(Reuters)
2.
Trump’s circle: Donald Trump announced key nominations to reshape major federal agencies and the US’ relationship with the world. Kash Patel, a loyalist and outspoken critic of the FBI, was Trump’s choice to replace Director Christopher Wray. Patel advised the secretary of defence under Trump’s previous administration and has previously suggested carving out the FBI’s intelligence-gathering function, purging its ranks of non-Trump supporters, and investigating – and potentially prosecuting – journalists who he claims have lied about Trump. The US president-elect also nominated real estate developer Charles Kushner, his son-in-law’s father and a convicted felon, as US Ambassador to France. Florida sheriff Chad Chronister was also named to lead the DEA and tackle the flow of illegal fentanyl into the US. All nominations require Senate confirmation. “I recommend reading his résumé,” Former French ambassador to the US, Gérard Araud, wrote on X referring to Kushner’s choice. “‘Juicy’ as the Americans would say . . . He has no knowledge of our country.” Trump also named Massad Boulos, a Lebanese auto tycoon and his daughter Tiffany’s father-in-law, as senior adviser on Arab and Middle Eastern affairs. (WaPo)(WSJ)(FT)
3.
Tariff talk: Donald Trump warned BRICS nations of 100% tariffs if they pursue creating a new currency to rival the US dollar. Trump posted on his social media site, Truth Social: “The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER,” demanding a commitment from the bloc that it won’t establish or back a replacement for the dollar. The bloc is mainly comprised of Brazil, Russia, India, China and South Africa, and recently added members such as Saudi Arabia, Iran and Egypt. A proposal for a BRICS currency was introduced at a summit in South Africa last year. Trump last week threatened Canada, Mexico and China, with added tariffs over illegal migration and drug trafficking. That triggered a visit by Canadian prime minister Justin Trudeau to Trump’s Mar-a-Lago on Friday in a bid to avert a North American trade war. (FT)(Reuters)
4.
VW strikes: Volkswagen faces its first large-scale domestic strikes in years, with 120,000 workers across six plants set to walk off from Monday after talks with the IG Metall union broke down. VW wants to cut wages by 10%, close at least three factories and slash jobs to counter weak EV demand and cheap Chinese competition. The union last week offered measures they said would save the automaker €1.5 billion ($2.44 billion), including cutting bonuses, but VW rejected the deal. Negotiations will resume on 9 December. “If necessary, this will be the toughest collective bargaining battle Volkswagen has ever seen,” IG Metall negotiator Thorsten Groeger said in a statement. The automaker, which employs 300,000 in Germany, has prepared supply contingencies to minimise disruptions. (WSJ)(Reuters)
5.
Rowdy GG: Employment Hero, the HR software startup with staff across 15 countries, dismissed four employees for inappropriate behaviour at its Global Gathering (GG) events, described by some employees as “adult schoolies.” The annual five-day meetups, held since 2022 in locations like Thailand, Vietnam and Bali, are meant to strengthen bonds among the company’s fully remote workforce of over 1,000 staff. But attendees told Capital Brief the gatherings are characterised by “rowdy, drunk behaviour” as “booze is everywhere,” with some women and introverted attendees reporting discomfort and exclusion. Employment Hero denied the characterisation of the GG as anything other than a “safe, strategic [and] fun team event” highlighting safeguards like behavioural guidelines, pre-event communications and diverse activities. Reviews on Glassdoor liken the GG to “adult schoolies”, and suggest employees face reprisals for not taking part. Both current and former employees echoed this sentiment.(Capital Brief)
6.
Musk’s hand: Elon Musk asked a federal court to block OpenAI’s transition to a for-profit business, alleging anticompetitive conduct and violations of antitrust laws that harm competitors like his xAI. Musk’s own generative AI startup last month raised US$5 billion, doubling its valuation to US$50 billion. In his latest court filing, cited by media reports, Musk repeated claims that OpenAI abandoned its nonprofit mission after accepting about US$13 billion ($19.93 billion) from Microsoft to enable its dominance in artificial intelligence. His filing accuses OpenAI, CEO Sam Altman, and Microsoft of engaging in self-dealing and discouraging investors from backing rivals. OpenAI dismissed the motion as “recycled and meritless.” Musk’s injunction seeks to halt OpenAI’s restructuring and prevent restrictive investment agreements. (Bloomberg)
7.
Asaad struggles: Russian and Syrian warplanes launched intensified airstrikes on rebel-held areas in northwest Syria including Idlib and Aleppo, following a surprise offensive by insurgents led by Islamist group Hayat Tahrir al-Sham (HTS) and Turkish-backed groups. Rebels launched their assault on Wednesday and captured much of Aleppo, its airport and surrounding areas on Saturday local time, marking the first rebel breach of the city since 2016. The factions control much of north-western Syria, but have now also reportedly pushed into the major regime-held city of Hama, south of Aleppo, claiming to seize strategic towns, though the Syrian army contests this. HTS’ offensive comes as President Bashar al-Assad’s regime grapples with less active support from Russia and Iran. The strikes on Sunday reportedly killed at least 15 people. US national security adviser Jake Sullivan said Washington had “real concerns about the designs and objectives of [HTS]” but “we don’t cry over the fact that the Assad government, backed by Russia, Iran and Hezbollah, are facing certain kinds of pressure.” (Capital Brief)( AP)(Reuters)(FT)(NYT)
8.
Plastic world: UN negotiations in Busan, South Korea, failed to reach an agreement on the world’s first treaty to address plastic pollution. Talks ended Sunday with deep divisions over curbing plastic production, phasing out harmful chemicals, and financing treaty measures. Oil-producing nations, led by Saudi Arabia, opposed production limits, advocating for a focus on recycling and waste management. A draft treaty offered weak or voluntary measures, while high-ambition countries, including Fiji, France, the EU, Rwanda, Mexico and Panama demanded a stronger, binding treaty. “No treaty is better than a weak one,” said Ghana’s negotiator. A next round of talks is expected, though no date or location has been announced. (AP)(NYT)