Not immune

Good morning. Donald Trump fails to overturn his hush money conviction. AI’s power appetite has no limits. And ski resorts are feeling the heat. Listen to the day’s top stories.

Donald Trump’s request to have his conviction in the Stormy Daniels hush money case tossed aside on presidential immunity grounds was rejected by a New York judge. Trump’s lawyers had argued his conviction must be dismissed as a result of his election victory. It’s unclear if the case will proceed to sentencing. Despite the president-elect’s legal wrangling, it’s full steam ahead for his transition team, which is laying the groundwork for deporting millions of undocumented migrants.

Ukraine claimed responsibility for the assassination of Russia’s high-ranking general Igor Kirillov in Moscow, a person familiar said, a rare example of a targeted killing of a top military official since the war began. Earlier, Trump said Ukraine needs to reach a deal to end the Russian invasion and downplayed the value of occupied land, in the latest signal he may push for a settlement that codifies Russian territorial gains.

Look up. A law enforcement assessment of the thousands of reported drone sightings in New Jersey and other Northeastern states found no cause for alarm, after Trump suggested the government was keeping Americans “in suspense.” Adding to the excitement, the NYPD is asking Congress to give it the power to neutralize the devices.

China will keep its growth target of about 5% for next year and raise the budget deficit to 4% of GDP— the widest since 1994—Reuters reported. Premier Li Qiang urged government officials to implement key economic tasks for the coming year swiftly as top officials keep trying to spur consumption without rolling out a massive stimulus package just yet. Meanwhile, the confidence of foreign CEOs in China is on the decline.

It’s just nonstop for Bitcoin with the virtual currency reaching another record, topping $107,000. Tokens are heading into 2025 on a tear as the US, for the first time, will have a president who’s directly endorsed cryptocurrencies—and even introduced his own token. But the industry is now in a position to weaken financial rules that might protect consumers from the next crypto crash.

Deep Dive: Power Hungry

Thanks to AI, data centers are popping up across the US. The climate price is steep.

The Big Take

Opinion

Governments are being forced to find a fiscal policy to help deal with a second Trump term and investors won’t be impressed if they don’t get their act together, John Authers writes. The latest experiences of Brazil and Canada are a case in point.

Before You Go

Ski resorts are feeling the heat as winter loses its chill. The number of days at or below 0°C (32°F) is dwindling in the Northern Hemisphere, according to the nonprofit Climate Central, impacting companies that rely on the chill, and the snow.

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