Following a decisive victory in the Liberal Party's leadership election, Mark Carney has been elected as the new leader of Canada and is set to succeed Prime Minister Justin Trudeau. However, his tenure may be short-lived with national elections expected by October 2025. In his victory speech, Carney addressed the audience in Ottawa, vowing to take a tough stance against US President Donald Trump and resist any attempts to exert control over Canada's resources, land, and economy.
Donald Trump's second term as president began with a clear focus on his MAGA base. He declared a break with global multilateralism and pardoned nearly all of the rioters who stormed the Capitol to overturn the 2020 election. Immigration was the main theme of Trump's speeches and executive orders on Day 1, and his actions will especially impact children of temporary Indian workers in the US. Trump also promised a review of US trade policies and could impose a universal tariff on all imports.
In anticipation of the historic year for cryptocurrencies with the election of a pro-crypto president, Circle has made a significant donation of $1 million worth of its USDC stablecoin to US President-elect Donald Trump's inaugural fund. This move is seen as a strong show of support from the tech industry for Trump's administration and its potential impact on the digital asset class. With donations from the tech sector, the inauguration committee is expected to raise over $200 million, with a portion being used for the inauguration event and the remainder for Trump's future presidential library.
In a historic statement, Canadian prime minister Justin Trudeau announced his resignation as the leader of the Liberal Party, citing the need for a new leader to be chosen before the next election. This resignation comes after mounting pressure and internal conflicts within the party, leading to a call for Parliament to be prorogued until March 24. Despite support from party leaders Pierre Poilievre and Jagmeet Singh, some are calling for Canadians to put their faith in a new party, with even U.S. President-elect Donald Trump weighing in on the matter.
Once heralded as the hub of online discourse, Twitter's popularity is diminishing after billionaire Elon Musk acquired the platform and renamed it X. Following the US election, many users have abandoned the site, citing dissatisfaction with the new ownership. While Twitter claims to have dominated global conversation during the election, other social media competitors are gaining traction.
Amidst all the excitement surrounding Trump's U.S. election victory, fund manager Sean Peche is urging investors to take a closer look at Europe. According to Peche, there are some "very attractively priced" companies in the region that have been overshadowed by the Trump euphoria. Peche believes that stocks such as French bank BNP Paribas and Dutch investment bank ABN Amro, with consistent growth and high dividends, are being ignored by investors. He also points out "attractive" stocks in the UK, such as Associated British Foods, which owns retail giant Primark. While political turmoil in France and the UK may raise concerns, Peche remains unfazed and advises against overlooking these opportunities.
Amidst ongoing controversy over the US presidential election, President-elect Donald Trump appointed Devin Nunes, the CEO of Truth Social, as the chairman of the President's Intelligence Advisory Board. Nunes' previous experience as the chairman of the House Intelligence Committee and involvement in exposing Russian interference in the 2016 election were cited as qualifications for the role. The President's Intelligence Advisory Board provides independent advice to the President on the effectiveness and future plans of the country's intelligence community. In other news, Trump has also nominated Indian-American Harmeet Dhillon for a high-ranking position in the Department of Justice.
The decline of local news sources in the past two decades has led to the emergence of news deserts, leaving hundreds of counties in the US without any local news outlets. This has paved the way for new startups, but they are largely concentrated in areas with an already robust media landscape. The lack of local news has also contributed to a more polarized political landscape, as voters rely on national discourse and non-traditional media figures for news. As seen in the recent presidential election, digital content creators such as podcasters and social media influencers are gaining more viewership and influencing news consumption.
Since changing its name to X in 2023, the social media platform formerly known as Twitter has seen a sharp decrease in its number of active users. Notable individuals and organizations, including British news publication The Guardian, have expressed concerns about the negative impact the platform has on society. As a result, many are turning to new social network Bluesky as an alternative. If you're considering deleting your X account, we'll explain the steps you can take and suggest ways to protect your data before doing so.
Indian equities continued their upward trend for the second day, with Nifty and Sensex both registering gains of over 1.5%. Bank Nifty also saw an increase of nearly 2%, led by gains in HDFC Bank, ICICI Bank, SBI and Axis Bank. This surge can be attributed to the positive sentiment post the state election results, which have been deemed as highly positive for the market. Analysts predict that the rally may continue for a few more days, driven by short covering and bullish momentum. Meanwhile, Asian markets also traded in the green as the US Treasury secretary selection caused a downward movement in the dollar and bond yields.