Flagship

China plans 3T special bond issuance

China reportedly plans to issue a record 3 trillion yuan of special treasury bonds in 2025. The move is aimed at stimulating China’s stagnant economy and will be used to fund subsidies and investments in high-tech sectors, Reuters wrote. Other specifics of Beijing’s 2025 economic roadmap are emerging: The country is expected to raise the target budget deficit to an all-time high of 4% of GDP. China’s leaders say boosting consumption is a priority; the stimulus efforts could help offset the impact of anticipated US tariffs on Chinese exports, Goldman Sachs researchers wrote. But overall growth of the world’s second largest economy is still likely to slow next year, they added.

Syria rebels agree to disband and merge

The Syrian rebel groups that ousted Bashar al-Assad agreed to disband and merge under the defense ministry as the new government consolidates power. The country’s new leaders face a myriad of challenges: Kurdish-led forces clashed with Turkish-backed fighters in Syria’s northeast after ceasefire talks broke down, and protests erupted in Damascus demanding protections for religious freedoms after a Christmas tree was deliberately torched. As Syria’s transition unfolds and its new government seeks international recognition, world powers “should not expect perfection but should recognize that political entities are capable of evolving, especially when faced with the realities of governance,” an analyst wrote for the Atlantic Council.

Dhaka steps up scrutiny of ousted PM

Bangladeshi authorities ramped up efforts to prosecute ousted Prime Minister Sheikh Hasina and her family. The country formally requested India extradite Hasina; she fled to New Delhi in August after a student-led movement toppled her government, and is accused of committing crimes against opponents. Investigators also launched a corruption probe into a $12.6 billion nuclear power contract awarded in 2015 involving Hasina’s son. He has denied the allegations. The scrutiny comes as Bangladesh’s economy flounders and its new leaders — an unelected mix of economists and students — move to rebuild the country’s democratic institutions. “It’s moving, it’s moving, it’s moving,” said a 26-year-old adviser to the country’s interim chief. The transition “was stagnant before… and right now it’s moving.”

US retail had a difficult 2024

US retail giants had a rough year, even as consumer spending and the country’s overall economic picture appeared strong. Target reported weak sales; Walgreens has the worst-performing stock on the S&P 500; activist investors targeted Macy’s and Kohl’s; and a huge grocery chain merger recently collapsed. About 70% more retail stores closed nationwide than last year. Walmart and Amazon were notable exceptions to the downturn. Businesses believe inflation-fatigued shoppers are either cutting back or getting pickier, but one analyst told CBS that the problems “go beyond the economy. Their propositions might not be right, their offers might not be what consumers want.”

China reimagines the mall

Sprawling complexes in China are redefining the mall-going experience by repurposing retail spaces into nightlife hubs. Advertised as “Disneyland for adults,” one seven-story building offers access to restaurants, esports arenas, and 12 clubs. “I felt like I was walking up [into] a normal Chinese mall because there’s so many malls in China,” one reveler told Radii China. The country’s traditional retail footprint is expanding — 400 new malls opened last year — but many struggle to survive as more people spend money online. That’s led some younger consumers to seek out more distinctive, offline experiences — partly driven by social media trends. Some other traditional spaces, like tea shops, have also expanded to offer cocktails and karaoke.

Satellites could overhaul plane WiFi

SpaceX and Amazon are reportedly in talks with a group of European airlines to overhaul their in-flight WiFi. SpaceX’s satellite service Starlink already provides internet to Qatar Airways and recently signed similar deals with US giant United Airlines and a Tokyo-based carrier, among others. IAG SA, which owns British Airways, Ireland’s Aer Lingus, and Spain’s Iberia, is weighing Starlink, which is rapidly expanding, and Amazon’s rival service, an IAG executive told Bloomberg — although the latter is yet to come online. Internet satellite constellations can produce “web-surfing experiences closer to what consumers expect on the ground,” the outlet noted — perhaps a welcome change to the current, often-patchy, experience.

First commercial fusion reactor

The US state of Virginia will be the site of the world’s first commercial fusion reactor — if all goes according to plan. Commonwealth Fusion Systems announced plans to build a grid-scale plant near Richmond, scheduled to come online in the early 2030s and capable of powering around 150,000 homes. In theory, fusion — the process that powers the stars — offers essentially limitless clean energy, but is technically challenging. Recent breakthroughs have raised hopes and money, with several startups fundraising to build reactors. Traditional fission-based nuclear energy is also seeing a revival: OpenAI boss Sam Altman’s company Oklo just signed a deal to supply energy to a data center operator.

To cap 2024, we’ve asked members of the Semafor newsroom for a recommendation of a book, TV show, movie, or podcast they enjoyed this year.

Guys. I’m amazed that nobody had this podcast idea before, and glad that the people who did are so funny. You will not believe the mirth that can be mined out of extremely earnest men posting on Reddit about nutmeg inhalation, or arguing in YouTube comment sections about who deserves inclusion in the Rock and Roll Hall of Fame. Start with Episode 65, “Nicotine Guys,” when TrueAnon’s Brace Belden joins for a discussion of a drug that got a new political importance this year. (This is why a political reporter feels extra comfortable recommending something that has, on occasion, made him stop the car so he can finish laughing.) Listen to Guys on Spotify.

Meat-eating squirrels astound scientists

Squirrels have been observed eating meat for the first time. California ground squirrels, once thought to be herbivores, were witnessed hunting and killing voles. The bloodbath was especially evident in July, researchers found, when the vole population exploded — the squirrels could be opportunistic omnivores. The work reveals how much we don’t know even about the most familiar animals: “We see them right outside our windows,” one scientist observed. “Yet here’s this never-before-encountered-in-science behavior.” In fact, herbivorous animals eat meat regularly: Plants are hard to digest, while muscle is less so. Even grazers, like cows or deer, will sometimes eat meat — including rabbits and birds — when they get the chance.

Craze over bubbly alternatives

A low-cost alternative to champagne has bubbled up in popularity this holiday season. Demand for the sparkling wine Crémant de Loire is so high that Aldi is limiting UK shoppers to two bottles each. Crémant has “unquestionably been the sparkling hero of 2024,” The Drinks Business wrote. Sparkling wine producers have reported higher sales of the drink throughout 2024, in part because it is produced similarly to champagne, but priced like prosecco: Aldi is selling Crémant bottles for just £5 ($6.30-ish) each. The rock-bottom prices have raised concerns among some in the wine trade who are worried that a race to sell decent, discount wine could lead makers to compromise on quality to keep up.

Nolan takes on Homer’s ‘Odyssey’

Christopher Nolan is adapting Homer’s Odyssey into a movie. The Oscar-winning director behind Oppenheimer and Interstellar will shoot the film, fittingly, at locations “across the world,” with a star-studded cast including Tom Holland, Zendaya, and Lupita Nyong’o. The Ancient Greek saga, believed to have been first composed in the 8th or 7th century BC, recounts Odysseus’ journey home from the Trojan War. It has been adapted before, most notably in the 1954 Italian film Ulysses, starring Kirk Douglas and Silvana Mangano. “The scope of the story is vast, the timeframe full of Nolan-ish potential to bewitch and stagger us,” The Telegraph wrote.

Dec. 25:

• Russian President Vladimir Putin hosts the annual Eurasian Economic Community leaders’ summit.
• Cambodian opposition leader Sun Chanthy’s trial on charges of inciting social unrest begins.
• Christmas Day and the first night of Hanukkah coincide for the first time since 2005.

Traces of a cocktail of psychotropic plants, honey, licorice, beer, and human bodily fluids were discovered inside a vessel depicting the Ancient Egyptian deity Bes. The god was a protector of mothers, babies, and pregnancy: It’s unclear what the vessel was used for, but tests on the residue inside revealed it once contained Syrian rue, a psychedelic plant that may have also been an abortifacient, Hyperallergic wrote, as well as blue water lilies, which can act as sedatives (and may have featured in Homer’s Odyssey). Human blood, breast milk, and mucus were also found. “Maybe you can understand now why there were so many flavors added to it, because some of these ingredients didn’t taste very good,” a researcher said.

According to financial disclosures, newly elected members of Congress own between $3.8 and $9.1 million in key tech stocks, Semafor’s Rachyl Jones reported. Though divestment is not a requirement for lawmakers, Joe Biden said in a recent interview that “nobody in the Congress should be able to make money in the stock market while they’re in the Congress.”