Crypto News: Trudeau may go

Good morning. Justin Trudeau's future looks even more shaky. Congestion pricing has its big test. And why the Golden Globes glitz masks a tough year ahead for Hollywood. Listen to the day's top stories.

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Justin Trudeau on Dec. 17. Photographer: Kamara Morozuk/Bloomberg

Justin Trudeau will probably resign as the head of Canada's Liberal Party as early as today, the Globe and Mail reported, a move that would trigger a contest to replace him as prime minister. He's been under pressure for months and there's a key caucus meeting on Wednesday. But whoever decides to throw their hat into the ring—if indeed Trudeau does go—will have to think whether now really is the time to helm the Liberals. They're way behind in the polls, and the economic outlook isn't great.

Congress is set to ratify Donald Trump's election victory today, and the president-elect looks set to grant clemency to over 1,000 people convicted in connection with the attack on the Capitol four years ago. President Joe Biden used the anniversary to remind Americans how perilous he views the country's democratic norms. In an op-ed for the Washington Post, he wrote of an unrelenting effort has been underway to rewrite—even erase—the history of that day.

A trader who made billions during the global financial crisis between 2007 and 2008 thinks it's time for a comeback. Steve Diggle is raising money for a fund designed in part to make hefty returns in market crashes. Why now? Well, he sees stretched US stock valuations, an office market glut, elevated federal debt and geopolitical tensions.

New York City kicked off its congestion pricing program Sunday night and everything seems to have worked as planned. Traffic flowed freely but the big test is today as commuters return after the holiday break. Anyone driving into the zone south of 60th Street in Manhattan will pay $9 during peak hours. Opposition to "Hochul's congestion con" has been fierce from Uber drivers, teachers, New Jersey and the president-elect, who has vowed to stop it.

NYC Congestion Pricing Plan Goes Into Effect

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The morning commute won't be much fun anywhere. A major winter storm moved across the Midwest to the Mid-Atlantic states, bringing heavy snow and canceling hundreds of flights. About 63 million people in the US were under some kind of winter weather advisory, watch or warning on Sunday. The storm is set to paralyze Washington and drop a couple of inches of snow on the NY metro area.

Deep Dive: UPS, From Brown to Blue

Photographer: Scotty Perry/Bloomberg

UPS is building a health-care empire to offset stagnating package-delivery revenue, aiming to double its $10 billion healthcare business by 2026.

The company is renting custom laboratory space near its main air-cargo hub in Louisville, where medical companies can process test results within hours.
The new Labport facility, in which workers will wear navy-blue uniforms instead of iconic brown, marks a bold step into specialized medical logistics with higher profit margins.
UPS's core business is growing less profitable by the day. Cash-strapped Americans have been shunning next-day delivery in favor of less lucrative ground shipping.

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Before You Go

Karla Sofia Gascon speaks at the Golden Globes in Los Angeles. Photographer: Rich Polk/GG2025/Getty Images

Emilia Pérez and The Brutalist won big at the Golden Globes, taking best picture awards. Shogun and Baby Reindeer led the TV field. A couple of surprises: Wicked had to settle for the rather odd award for "cinematic achievement," and there was no mention for Nickel Boys.

As Hollywood fetes the best movies and the world decides who looked best for the cameras last night, it's worth noting that the film business has shrunk almost 50% since its 2002 peak. So, what's next for tinsel town and the media industry?

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