US agencies have briefed senators on ‘Salt Typhoon,’ a Chinese cyber-espionage campaign allegedly targeting American telecommunications networks. Officials claim the hackers stole call metadata and other sensitive information, affecting at least eight US telecom firms and dozens of companies worldwide. The breaches have sparked bipartisan concern, with some senators pressing for stronger preventive measures and legislation.
Telecom giants like Verizon, AT&T, and T-Mobile acknowledged the incidents but downplayed the impact on customer data. Federal agencies, including the FBI and Cybersecurity and Infrastructure Security Agency, emphasised the challenge of fully removing hackers from networks, while incoming FCC Chair Brendan Carr pledged to strengthen cybersecurity defences.
China has denied the allegations, calling them disinformation. Meanwhile, a Senate subcommittee hearing on December 11 will focus on the risks posed by such cyber threats and explore ways to protect US communications infrastructure.
South Korea is preparing to introduce a major shift in cryptocurrency regulations, with plans to allow universities and public institutions to trade crypto by 2025. According to reports, the Financial Services Commission (FSC) aims to roll out a roadmap enabling government bodies, universities, and eventually corporations to participate in the crypto market. The move reflects growing interest in aligning with global trends as South Korea seeks to catch up with nations like the US and Japan, where corporate crypto investments are already common.
The first phase of the FSC’s plan would permit universities and non-profit organisations to sell and trade cryptocurrencies they have received as donations. For example, Seoul National University has been unable to sell WEMIX tokens donated by a gaming firm due to regulatory barriers. Critics argue that this cautious approach has held back South Korean firms from benefiting from strategies that have boosted asset values abroad.
Long-term plans include allowing private companies and financial institutions to trade crypto, with safeguards to prevent excessive market risks. Regulators aim to limit the percentage of company capital held in crypto, ensuring stability while fostering growth in the virtual asset industry. This cautious yet progressive framework signals South Korea’s intent to balance innovation with financial security in the evolving crypto landscape.
As France grapples with political uncertainty following a no-confidence vote on its budget, the financial world has been captivated by Bitcoin’s historic surge past $100,000. President Macron faces the challenge of stabilising a government without a clear parliamentary majority, while the budget deficit has swelled to 6% of GDP. The crisis has prompted fears of long-term risks to the nation’s financial health, but markets have remained largely calm for now.
Meanwhile, Bitcoin’s remarkable rally has stolen the spotlight. The appointment of Paul Atkins as the new head of the US Securities and Exchange Commission has sparked optimism in the crypto world. Known for his deregulatory stance, Atkins is expected to adopt a more favourable approach to cryptocurrencies, fuelling the digital asset’s meteoric rise.
While Bitcoin’s rally marks a pivotal moment in its bull market, France’s political woes raise questions about its fiscal future. With bond markets stable for now, the next test will be whether a new government can address the budget deficit without spooking investors. The intersection of political and financial upheavals across Europe underscores the fragile balance between traditional and emerging markets.
Taiwan Semiconductor Manufacturing Company (TSMC) is reportedly in discussions with Nvidia to produce its Blackwell AI chips at TSMC’s new facility in Arizona, according to sources familiar with the matter. This move would mark a significant expansion of Nvidia’s chip production outside Taiwan, where the Blackwell series has been manufactured since its unveiling in March. The chips, celebrated for their generative AI and accelerated computing capabilities, are in high demand and boast speeds 30 times faster than previous models for tasks like chatbot responses.
The Arizona facility, set to begin volume production next year, represents a major US investment by TSMC, which is building three plants in Phoenix with substantial US government subsidies. If finalised, Nvidia would join Apple and AMD as plant customers. However, sources indicate that the chips would still need to be sent back to Taiwan for advanced packaging due to the lack of chip-on-wafer-on-substrate (CoWoS) capacity in Arizona. All of TSMC’s CoWoS operations remain centralised in Taiwan.
TSMC’s expansion into the US aligns with Washington’s push to bolster domestic semiconductor manufacturing amid geopolitical concerns over Taiwan. Neither TSMC nor Nvidia has commented on the talks, emphasising the confidentiality of the ongoing discussions.
Mastercard has partnered with Singapore-based Crypto.com to launch pre-paid payment cards in the Gulf Cooperation Council (GCC) region. The Mastercard-backed cards will fill a gap where Visa-backed Crypto.com cards are unavailable, offering cardholders rewards of up to 8% and payouts in US dollars. Users can fund their accounts via e-money wallets or third-party credit and debit cards through the Crypto.com app.
The partnership, announced on 4 December, will initially launch in Bahrain, with plans to expand to other GCC countries, including Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Mastercard emphasised the security of its network and its cutting-edge payment solutions, which will now support Crypto.com transactions across the region.
The GCC’s forward-thinking stance on cryptocurrency and blockchain technologies sets a strong foundation for such initiatives. This collaboration underscores the growing acceptance of crypto in mainstream payment systems, paving the way for more innovation in the financial sector.
Malaysia has cautioned that US President-elect Donald Trump’s proposed tariffs on BRICS nations could disrupt the global semiconductor supply chain. Trump has warned of 100% tariffs on BRICS members unless they halt efforts to create a new currency or reduce reliance on the US dollar, a move Malaysia’s trade minister, Tengku Zafrul Aziz, says could harm both sides.
The United States is Malaysia’s third-largest trade partner, and US firms are key investors in Malaysia’s semiconductor industry, which handles 13% of global chip testing and packaging. Tengku Zafrul emphasised that supply chain stability depends on cooperation, not protectionist measures.
While BRICS countries have discussed alternatives to the dollar, no official decision has been made. Malaysia has applied to join the bloc but is not yet a member. Meanwhile, Russia argued that US pressure would only accelerate global moves toward national currencies in trade.
Qatar has announced a £1 billion investment in UK climate technology, a move that will benefit companies like Rolls-Royce in their push toward sustainable energy solutions. The funding will support projects that enhance energy efficiency, develop sustainable fuels, and reduce carbon emissions, alongside fostering startups in green energy and carbon management.
The announcement coincides with Qatari Emir Sheikh Tamim bin Hamad Al Thani’s state visit to Great Britain, during which he met Prime Minister Keir Starmer. The investment is expected to generate thousands of jobs and bolster economic ties between the nations. Rolls-Royce CEO Tufan Erginbilgic welcomed Qatar as a strategic partner, underscoring the shared commitment to advancing climate-friendly technologies.
Qatar, already a major investor in Britain, holds stakes in assets like Canary Wharf and Heathrow Airport. The collaboration aligns with Starmer’s aim to drive UK economic growth through partnerships with wealthy investors to fund infrastructure and energy projects.
Microsoft is facing a £1 billion legal claim in the UK, alleging it imposed unfair licensing fees on businesses using rival cloud services like Amazon, Google, and Alibaba. The case, brought by competition lawyer Maria Luisa Stasi, accuses Microsoft of deterring customers from using competing cloud platforms by inflating fees for its Windows Server software.
The licensing changes, introduced in 2020, reportedly incentivised customers to choose Microsoft’s Azure platform, raising concerns about restricted competition. Britain’s competition watchdog is also scrutinising Microsoft’s cloud practices as part of a broader industry investigation.
The United StatesFederal Trade Commission has similarly launched an antitrust probe into Microsoft’s cloud computing and software licensing, investigating potential market abuse. Microsoft’s actions have sparked global attention over its influence in the cloud sector, which is dominated by Microsoft, Amazon, and Google.
Vietnam has temporarily suspended operations of Chinese online retailer Temu after the company failed to meet a business registration deadline set for the end of November. The trade ministry announced the move as part of broader efforts to regulate foreign e-commerce platforms, citing concerns over heavy discounting and potential counterfeit sales.
Temu, owned by China’s PDD Holdings, began serving Vietnamese shoppers in October but must now complete its registration process to resume operations. The platform’s Vietnamese-language options were removed, and Temu confirmed it is working with authorities to comply but gave no timeline for its return.
Shein, another Chinese retailer affected by the deadline, also had its Vietnamese site disabled, though it remains unclear if its operations were officially suspended. The crackdown comes amid Vietnam’s push for stricter tax regulations, including ending value-added tax exemptions for low-cost imported goods, a change expected to impact foreign e-commerce platforms significantly.
Bitcoin has reached a record-breaking $100,000, marking a pivotal moment in its journey towards mainstream financial acceptance. The surge follows Donald Trump’s election as US president, sparking hopes of a pro-crypto regulatory environment. Since his victory, Bitcoin’s value has climbed by 45%, driven by institutional investment in Bitcoin-backed exchange-traded funds (ETFs).
This milestone highlights Bitcoin’s evolving legitimacy in the global financial system, attracting attention from both retail and institutional investors. Analysts have called the $100,000 mark a psychological and symbolic benchmark, reflecting the cryptocurrency’s growing appeal as a potential store of value.
Despite the optimism, experts urge caution. Sarah Streeter, Head of Money and Markets at Hargreaves Lansdown, emphasised that while crypto may play a role in future finance, regulatory uncertainties and market risks persist. Investors are advised to treat Bitcoin as a high-risk asset and limit exposure to manageable levels.
As institutional adoption accelerates, the spotlight remains on how Bitcoin navigates challenges like regulation and volatility. Whether this historic achievement signals a new phase of stability or remains a volatile ascent is a question only time will answer.
