Helicopters collide above New Jersey; Another massive storm snarling travel.
source
BEIJING, Dec 29 (Reuters) – China opposes any attempt to split territories in Somalia, the foreign ministry said on Monday, affirming Chinese support for the sovereignty, unity and territorial integrity of the East African country.
“No country should encourage or support other countries’ internal separatist forces for its own selfish interests,” ministry spokesperson Lin Jian told reporters at a regular press conference, urging authorities in Somaliland to stop “separatist activities and collusion with external forces”.
Israel became the first country on Friday to formally recognise the self-declared Republic of Somaliland as an independent and sovereign state, seeking immediate cooperation with Somaliland in agriculture, health, technology and the economy.
(Reporting by Eduardo Baptista, Writing by Liz Lee; Editing by Jacqueline Wong)
By David Shepardson
WASHINGTON, Dec 26 (Reuters) – California has dropped a lawsuit challenging the decision by the administration of President Donald Trump to cancel more than $4 billion in federal grants for the state’s high-speed rail project, the state said late on Friday.
The California High-Speed Rail Authority, which filed the lawsuit in July, said the decision to abandon it reflected the state’s “assessment that the federal government is not a reliable, constructive, or trustworthy partner in advancing high-speed rail in California.”
The agency said it plans to move forward without federal funding, adding that only 18% of program expenditures for the long-delayed project have come from federal funds. A judge this month rejected a bid to dismiss the lawsuit.
The Federal Railroad Administration issued a 315-page report in June finding the project was plagued by missed deadlines, budget shortfalls and questionable ridership projections.
The U.S. Transportation Department said on Saturday that the FRA investigation demonstrated that after more than 15 years, the California high-speed rail authority “would be unable to deliver on their high speed rail promises on time or on budget.”
The department added, “American tax dollars will be spared from being wasted on this train to nowhere and will instead support real projects that improve the lives of rail passengers, local drivers, and pedestrians.”
PROJECT HAS BEEN PLAGUED BY DELAYS, COST OVERRUNS
California Governor Gavin Newsom, a Democrat, said in July that termination of the grants by the administration of Republican President Donald Trump amounted to “petty, political retribution, motivated by President Trump’s personal animus toward California and the high-speed rail project, not the facts on the ground.”
The funding cuts are the latest hurdle in the 16-year effort to link Los Angeles and San Francisco by a three-hour train ride, a project that would deliver the fastest passenger rail service in the United States.
Originally planned for completion by 2020 at a cost of $33 billion, the project is now forecast to cost between $89 billion and $128 billion, with service now expected to start by 2033.
The rail system, whose first bond issue was approved by California voters in 2008, has built more than 50 major railway structures, including bridges, overpasses, undercrossings and viaducts, and completed nearly 80 miles (130 km) of guideway for the project.
The Transportation Department in August canceled another $175 million for four projects that are part of the high-speed rail program, following the cancellation of $4 billion in federal grants.
The California agency said this week it was beginning a process to attract private investors and developers by summer 2026. The agency said on Friday that the loss of federal funding will not derail the project or construction, adding that it was making progress.
“Rather than continuing to spend time and money challenging the termination, the state is moving forward without them,” the agency said, noting legislation signed in September secures $1 billion for the program annually through 2045.
During his first term, Trump revoked $929 million in federal grants, a move challenged by the state, leading to a settlement in 2021 under Democratic President Joe Biden restoring the full amount.
(Reporting by David Shepardson in Washington; Editing by Matthew Lewis)
HANGZHOU, Dec 29 (Reuters) – Chinese electric vehicle (EV) maker Leapmotor expects to sell more than 4 million vehicles a year within the next decade, CEO Zhu Jiangming said on Monday.
Leapmotor aims to sell 1 million cars in 2026, supported by a global expansion strategy in partnership with Stellantis, Zhu said in Hangzhou, where the company is based. He also said the company would launch a premium vehicle lineup priced above 250,000 yuan ($34,300).
The 10-year-old automaker has had success in China’s brutal automotive sector, with rapid growth in sales volume and improvement in profitability throughout 2025. With its best-selling C10 electric SUV priced from 142,800 yuan, Leapmotor has also been eroding the market share of industry leader BYD in terms of EVs priced under $25,000.
Leapmotor’s domestic sales almost doubled during the first 11 months of 2025, reaching 482,447 pure electric and plug-in hybrid vehicles, according to data from the China Passenger Car Association. In contrast, BYD’s domestic sales declined 5.1% to 3.1 million units during the same period.
Zhu, an electronic engineer and co-founder of surveillance equipment maker Dahua Technology, believes in-house development and manufacturing of key technologies is critical to Leapmotor’s cost competitiveness.
He said 65% of the parts by value in his cars were developed by Leapmotor, giving it a 10% cost advantage over its peers.
Separately, Leapmotor on Monday said it would issue 74.8 million shares to state-owned automaker FAW at 50.03 yuan a share. The two firms will enter into a technology partnership to develop and make cars for FAW from 2026.
Neither FAW nor Stellantis, which invested in Leapmotor in 2023, intends to seek control of Leapmotor, said Chief Financial Officer Li Tengfei. Stellantis controls a joint venture that sells and produces cars for Leapmotor overseas.
“Coupled with the controlling shareholding by the founding members, a stable equity triangle can better support Leapmotor’s leading position in the future,” Li said.
The automaker will start production in Spain in 2026 with 40% of the parts by value to be procured locally as required by local authorities, said Shu Chuncheng, Leapmotor’s vice president in charge of its supply chain.
(Reporting by Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Thomas Derpinghaus)
Ahmed al Ahmed, the man hailed as a hero for disarming one of the gunmen behind a deadly antisemitic attack on Australia’s Bondi Beach, says he just wanted to save innocent people.
source
Unexploded bombs dating back to past wars have been discovered in Serbia and around the world in recent years.
source
By Ankur Banerjee
SINGAPORE, Dec 29 (Reuters) – Asian stocks jumped to six-week highs on Monday, while the dollar hovered near its lowest in almost three months on expectations of the Federal Reserve cutting interest rates next year, which have also sparked a fierce rally in precious metals.
Silver climbed above the $80-per-ounce-mark for the first time in volatile trading on Monday, while platinum and palladium fell sharply after hitting all-time highs. Gold eased 0.45% but has repeatedly breached record highs this year and is on track for its biggest annual gain since 1979 with a rise of over 72%.
Charu Chanana, chief investment strategist at Saxo, said precious metals have been lifted this year by a powerful mix of rate-cut tailwinds and hedging against geopolitical and fiscal uncertainty.
“Add supply worries and the move has turned parabolic. But the late-year, near-vertical surge, especially in silver, also raises the risk of higher volatility. Near-term, the risk is technical and positioning-led.”
The big picture for precious metals still looks positive, with fiscal and geopolitical unease, and ongoing diversification demand, Chanana said.
“That means any pullbacks may be seen as opportunities for long-term investors to rebuild exposure,” she said.
Geopolitics was back on investors’ minds after U.S. President Donald Trump met Ukrainian President Volodymyr Zelenskiy for positive talks although no agreement on bringing peace to Ukraine has been reached yet. Meanwhile, China’s military moved army, naval, air force and artillery units around Taiwan on Monday for its “Justice Mission 2025” drills, as the island vowed to defend democracy.
STRONG YEAR-END FOR STOCKS
In stocks, MSCI’s broadest index of Asia-Pacific shares was 0.5% higher in a strong start to the final week of the year. Most Asian markets have bagged double-digit gains this year as investors shrugged off Trump’s tariff salvos and bet on AI.
South Korea’s Kospi rose 1.7% to a near two-month peak, taking its yearly surge to an eye-popping 75%, on pace for its strongest annual gain since 1999. Japan’s Nikkei slipped 0.5% on the day but is headed for an about 27% increase for the year, while Taiwan stocks rose 1% to a record high, poised for a 25% annual rise.
The buoyant mood is set to continue in Europe as the region returns from Christmas and Boxing Day holidays with European futures pointing to a higher open.
Investor focus on the holiday-curtailed week will be on minutes of the Fed’s last meeting due on Tuesday. The U.S. central bank cut rates earlier this month and projected just one more cut for next year while traders have priced in at least two more.
FRAIL YEN FINDS SUPPORT
The Japanese yen firmed 0.2% to 156.13 per U.S. dollar after a slightly hawkish summary of opinions from the Bank of Japan’s policy meeting in December showed on Monday. The summary showed many board members seeing the need for further increases to the BOJ’s policy rate.
The BOJ hiked interest rates earlier this month in a well-telegraphed move but markets were left disappointed by the comments afterwards that suggested the central bank was in no rush to hike again. That weighed on the yen and raised intervention worries among traders as officials in Tokyo sent strong verbal warnings last week.
The prospect of the Fed cutting rates next year has kept the dollar under pressure, while the spectre of a new Fed Chair that may be dovish and willing to lower rates looms large.
The dollar index, which measures the greenback against six rivals, was steady at 98.13, on track for a 9.5% drop for the year, its steepest since 2017.
(Reporting by Ankur Banerjee in Singapore; Editing by Sam Holmes and Lincoln Feast.)
Dec 29 (Reuters) – A woman was found dead and three people remain missing after a migrant boat sank off the Greek island of Samos early on Monday, the coast guard said.
The boat sank in the early morning hours after 26 migrants landed in the Petalides area of Samos and alerted authorities that others were still at sea.
A search and rescue operation is under way, involving a coast guard vessel, a helicopter, a private boat and land-based personnel, the coast guard added.
Greece was on the front line of a 2015-16 migration crisis when more than a million people fleeing war and poverty in the Middle East and Africa crossed into Europe.
(Reporting by Antonis PothitosEditing by David Goodman)
A Mammoth Mountain ski patroller has died after he was caught in an avalanche while doing mitigation work on Friday, the resort said.
source
