China is now the world’s top car dealer… no checkered sport coat or wacky waving inflatable arm flailing tubemen required.

Driving the news: China is officially the world’s top car exporter, shipping out a record ~5.26 million China-made automobiles last year and beating runner-up Japan by ~1 million cars. 

If you spent the last week actively avoiding the news in favour of more celebratory activities, fear not because we’ve got you covered. Here are the big stories you may have missed while merry-making.

In recent days, the Red Sea has become like the mall during the holidays: a place better kept at a safe distance.

What happened: British oil and gas giant BP has paused all of its shipments through the Red Sea as Yemen’s Houthi rebels continue to attack cargo ships. The move comes after 5 of the 6 world’s largest shipping companies have stopped sailing in the Red Sea altogether.

Since January 2022, Ukraine has been able to keep the fight against Russia going thanks to nearly US$350 billion in aid that’s been sent over mostly by Western nations. But as money runs out, securing the next $115 billion has become complicated.

What happened: Hungarian Prime Minister Viktor Orban blocked a European Union aid package for Ukraine worth $54 billion, a situation that underscores how new, complex political dynamics are casting uncertainty around the funding of Ukraine’s war efforts. 

The conflict between Israel and Hamas is spreading to other parts of the Middle East. In Yemen, that could start to muck up global trade routes.  

Driving the news: Yemen’s Houthi rebels — an Iran-backed insurgent group that aims to govern Yemen and supports any actions against Israel, its sworn enemy — have intensified attacks on cargo ships passing through the Red Sea in an act of support for Hamas. 

Tesla is learning the hard way that the only thing Scandinavians love more than skiing and cured seafood is the right to collective bargaining agreements. 

Driving the news: Denmark and Norway’s largest private sector unions and Finland’s transport union plan to halt the delivery of all Tesla vehicles destined for Sweden that come through their ports if the company fails to reach a labour deal with striking Swedish workers.

Yesterday, Canada joined the U.S. in creating strict methane rules to meet climate goals.

What happened: The federal government is planning to roll out new regulations that target methane emissions in the oil and gas industry, with Environment Minister Steven Guilbeault saying the controlled release or burning of methane will be almost entirely barred by 2030. 

Panama’s top court is currently weighing whether or not to block a Canadian mining giant from tapping into the region's copper.

Driving the news: A ruling by the country’s Supreme Court this week could squash First Quantum’s plans to mine copper at the Cobre Panama mine—which accounts for ~1% of global copper supply—by blocking a 20-year government deal.

Imagine eating a strip of prosciutto or a slice of capocollo that was cultivated in a lab. Sounds a little strange, right? Well, to the Italian government, it’s downright criminal.   

Driving the news: Italy has taken a full-blown stance against lab-grown meat products. The country has banned fake meat after one of Italy’s largest farming associations made the case that it poses a risk to Italy’s rich culinary cultural heritage and agricultural sector. 

Like us on Black Friday weekend, Germany is turning a blind eye to its credit limit and hoping everything turns out okay in the end. 

Driving the news: Germany will suspend a constitutional limit on new borrowing for the fourth year running as it scrambles to fill a €60 billion hole in its climate-focused fund, which has sparked a debate over whether its “debt brake” is slowing down needed investments.