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Good morning. Today I’ll be covering:
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Junior lawyers’ bumper year-end bonuses
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Joe Biden’s attempt to bolster his green credentials
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Boeing’s “brain drain”
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And FT journalists’ worst financial mistakes
Russia’s experimental “Oreshnik” ballistic missile, which it fired at Ukraine last month, was made by companies that still rely on advanced western manufacturing technology, according to analysis by the Financial Times.
Two developers of the weapon, the Moscow Institute of Thermal Technology and Sozvezdie, have both been advertising for workers familiar with metalworking systems made by German and Japanese companies — illustrating how the Kremlin remains critically dependent on foreign equipment covered by western sanctions.
The reliance is particularly pronounced in the field of computer numerical control technology, which allows factories to rapidly shape materials at high precision using computers to control the tools.
The companies Fanuc, Siemens and Heidenhain were named in advertisements by both MITT and Sozvezdie.
Heidenhain did not respond to a request for comment.
Siemens said that they “do not compromise on [sanctions] compliance” and investigate “any indications of circumvention . . . and involve the necessary and relevant authorities”.
Fanuc said it had “enhanced vigilance and controls within our export control processes to prevent potential diversion of technology or equipment to Russian entities”.
Here’s what else I’m keeping tabs on today and this weekend:
How well did you keep up with the news this year? Take our quiz.
Five more top stories
1. Donald Trump’s embrace of cryptocurrencies risks undermining Europe’s incoming rules on digital assets as companies overlook the continent in favour of a friendlier US market, industry executives have warned. Exchange operators such as Binance have indicated they will refocus their attention on the US after Trump promised to make the country “the crypto capital of the planet”. Read the full story.
2. Joe Biden’s administration is rushing to award billions in loans to cleantech companies in a bid to secure his green legacy before Donald Trump’s inauguration next month. Since the November 5 election, the US Department of Energy’s financing arm has committed more than $38bn, accounting for half of all awards issued during Biden’s presidency.
3. US law firms have handed out bumper year-end bonuses to junior lawyers after a pick-up in dealmaking lined the industry’s coffers and stoked a renewed war for talent. This year, some firms also gave “special” payouts on top of year-end bonuses, ranging from $6,000 to $25,000. Here are the firms handing out additional money.
4. South Korea’s opposition-controlled parliament has impeached the acting president, Han Duck-soo, less than two weeks after President Yoon Suk Yeol was suspended from his duties for a failed power grab. The impeachment, the first of an acting president in the country’s history, threatens to generate more political tumult.
5. Israeli warplanes hit targets across Yemen yesterday in retaliation for missile strikes by Iran-backed Houthi militants on Israel. Among the sites struck by Israeli forces were Sana’a international airport, two power stations and three ports on the country’s western coast including Hodeidah. At least four people were killed. More details here.
The Big Read
The average tenure of a Boeing engineer is falling, as employees take their expertise to sectors with more alluring projects, such as the booming space industry. This exodus of experience has dragged on operations, as “aerospace engineers aren’t made, they’re grown”, in the words of one union leader.
We’re also reading . . .
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Year in a word: Brat. The title of Charli XCX’s hit album heralded the return of recession pop and a new vibe for Gen Z, writes Srinidhi Balakrishnan.
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AI in 2025: Will Nvidia’s chips continue to rule the tech world? Will the tech-driven stock market boom continue? Richard Waters offers his four AI predictions for next year.
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‘Degrading conditions’: Chinese carmaker BYD has fired a subcontractor working on the construction of its electric vehicle factory in Brazil after local labour officials said they had rescued 163 workers from “slavery”-like conditions.
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Richard Parsons: The US executive who led Citigroup through the 2008 financial crisis and took over Time Warner after its disastrous merger died yesterday at 76.
Chart of the day
Youth poverty has risen at its fastest rate in 30 years in the UK, and with it, malnutrition and obesity. British children are among the heaviest and shortest in Europe. Pore over the data yourself in this chart-led analysis on the junk food crisis gripping the country.
Take a break from the news
What’s your biggest financial mistake? In this tell-all, FT writers and readers share their worst pecuniary blunders. Claer Barrett reckons forgoing pension contributions in her first office job cost her £62,000. Markets columnist Katie Martin wished she embraced risk earlier. And you’ll never guess the financially ruinous purchase Stuart Kirk made . . .
