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Behind a record surge in cocoa prices this year, a corner of financial markets that drives the cost of chocolate underwent a seismic shift: The hedge funds that oiled its workings headed for the exit. Confectionery prices, from candy bars to hot chocolate, are heavily influenced by futures contracts for cocoa beans. These financial instruments, traded in London and New York, allow cocoa buyers and sellers to determine a price for the commodity, forming a benchmark for sales across the world. In the middle of last year, hedge funds — a class of investors that use privately pooled money to make speculative bets — started pulling back from trading cocoa futures because price swings in the market were raising their cost of trading and making it harder to make profits. Source link

DAMASCUS – Syrian Christians attended Christmas Eve services on Tuesday for the first time since the overthrow of President Bashar Assad in early December, in an early test of the new Islamist rulers’ pledges to protect the rights of the country’s religious minorities. The service was held amid tight security due to concerns of violence against Christian sites, with several pickup cars belonging to the now ruling Islamist group Hayat Tahrir al-Sham (HTS) parked around the church. The pews of Lady of Damascus Church in Syria’s capital filled with a mixed congregation of young and old, holding candles as hymns filled the air and echoed through the church. Source link

WASHINGTON – Former Florida Congressman Matt Gaetz paid tens of thousands of dollars to women for drugs and sex that were violations of a series of House rules and included obstruction of Congress, the U.S. House of Representatives’ Ethics Committee said in a report released on Monday. The report found that Gaetz paid $90,000 to 12 women, a substantial portion of which the panel found was likely for either sexual activity or drug use. It also determined there was “substantial evidence” Gaetz had sex with a 17-year-old girl while serving in the House. Gaetz, who has denied wrongdoing, resigned from the House last month after he was selected by President-elect Donald Trump to be attorney general. He then withdrew from consideration for that job in the face of an uphill confirmation battle in the Senate. Source link

LONDON – Democracy looks bruised but not beaten as it heads into 2025. In a year in which countries representing almost half the world’s population called voters to the polls, democracies endured violence and major scares, but also proved resilient. Former U.S. President Donald Trump survived two assassination attempts and, despite fears of a contested result and unrest, he won back the White House in a clear victory and looks set for a peaceful transition to power next month. Source link

Japan drew up on Tuesday a basic concept for the promotion of regional revitalization, aiming to realize economic growth and maintain the functions of society even as the country’s population continues to decline. The concept, adopted at a meeting of a relevant government task force headed by Prime Minister Shigeru Ishiba, envisions making regional areas more appealing to young people and women. Based on the concept on measures to be implemented intensively over the next 10 years, the government plans to compile a basic program in summer next year to advance the “Regional Revitalization 2.0” initiative pushed by the Ishiba administration. The basic concept says that the country’s regional revitalization measures taken in the 10 years from 2014 were unable to stop the overconcentration of people in Tokyo, instead accelerating the inflows of young people and women into the Japanese capital from regional areas. Taking the situation seriously, the government will take appropriate measures, it adds. “We will make local communities more enjoyable,” Ishiba said at the meeting. “This is the first step of a (new) ‘Regional Revitalization 2.0’ initiative that is different from the existing one.” The basic concept has five pillars as the guiding principles for the next 10 years, among them the establishment of an environment in which people can work and live safely, relocation of people and businesses from Tokyo in response to the risk of overconcentration, and promotion of regional economies centering on the creation of added value. As specific measures, the government aims to correct the wage gap between men and women, and establish a team to support work style reform, according to the basic concept. Source link

South Korea’s main opposition party said it will start impeachment proceedings against Prime Minister and Acting President Han Duck-soo. Park Chan-dae, the floor leader of the Democratic Party of Korea, made the comments at a meeting that was broadcast live on Tuesday. The opposition party said Han has indicated at the cabinet meeting that he won’t promulgate the special counsel bills that the DP has been pushing for. The bills seek to investigate insurrection charges against embattled President Yoon Suk Yeol and multiple allegations against First Lady Kim Keon Hee. On Dec. 3, Yoon declared martial law to address “anti-state forces,” but rescinded it six hours later after parliament voted it down. The move triggered a constitutional crisis and public outrage, resulting in Yoon’s impeachment. Source link

The education ministry said Tuesday that it has approved a 25-year plan to strengthen academic research capabilities submitted by Tohoku University, the first recipient of subsidies under a new state program. Before the current fiscal year ends in March next year, the ministry is set to start providing the university, in Miyagi Prefecture, with some ¥15.4 billion in aid for the program’s initial year. Under the program, the ministry plans to select several universities as subsidy recipients in stages. On Tuesday, the ministry began accepting applications for the second-round selection process, with the deadline of May 16 next year. Source link

Excessive levels of PFAS have been detected in water from 44 private suppliers across Japan, including five that supply Self-Defense Forces facilities, according to a government survey on toxic “forever chemicals” in drinking water. The 44 are among some 2,000 private suppliers of drinking water nationwide surveyed by the environment and land ministries. They have all taken measures to minimize consumers’ exposure to the chemicals, by switching to public water supply or installing water purifiers, the ministries said. Source link

HONG KONG – Hong Kong on Tuesday imposed bounties of 1 million Hong Kong dollars ($128,728) on six more pro-democracy campaigners deemed to have violated national security laws, as well as revoking the passports of seven others, in a continuing security squeeze in the financial hub. Hong Kong’s Secretary for Security Chris Tang said the six — all based overseas in countries including Britain and the United States — had engaged in the alleged crimes of incitement to secession and subversion. The six included U.K.-based commentator Chung Kim-wah, former head of a pro-independence group Tony Chung, and Carmen Lau, a member of the Hong Kong Democracy Council. Source link

Mizuho Financial Group’s efforts to expand its global mergers and acquisitions advisory business will likely get a boost from the incoming Donald Trump administration’s policies. Masahiro Kihara, the CEO of Mizuho, Japan’s third-largest lender, is expecting U.S. President-elect Trump to make regulations more business friendly. This could aid the firm, which is seeking a bigger dealmaking presence in U.S. financial markets and acquired boutique investment bank Greenhill last year. “I think there are many positives for the U.S. such as a pickup in M&As” as a result of Trump’s return, Kihara said in an interview. For foreign firms, though, “given ‘Make America Great Again,’ I don’t know yet how the acquisition of U.S. companies by the Japanese will be viewed,” he said. Source link