Crypto News: Trudeau resigns

Prime Minister Justin Trudeau is resigning after more than nine years leading Canada, bowing to sagging approval numbers and a rebellion within his own party. Currently the longest-serving leader of any Group of Seven country, the 53-year-old said Monday he'll step down as head of the governing Liberal Party within months. He will remain as prime minister until a new leader is selected, with parliament suspended until March 24 while that process is underway. "Canadians deserve a real choice in the next election and it has become obvious to me, with the internal battles, that I cannot be the one to carry the Liberal standard into the next election," Trudeau said. The winner of the Liberal leadership contest is set to become Canada's 24th prime minister—but they will have to quickly prepare for an election in which the Conservative Party is currently favored to win. —Natasha Solo-Lyons

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Four years ago, a sea of Donald Trump's followers attacked the US Capitol in an attempt to stop the peaceful transfer of power to President Joe Biden—a first in American history. On Monday, no such insurrection could be found. Instead, Republicans cheered as a joint session of Congress certified Trump's 2024 election. While the Jan. 6, 2021 assault faced bipartisan condemnation at first, Trump and much of the GOP soon turned election denial into a core piece of the party's identity, helping pave the way to his re-election. Now, as the 78-year-old president-elect prepares to return to power, expectations are high that he will reward that fealty and fulfill promises of swift clemency for the 1,000-plus people convicted in the attack, as well as hundreds more with pending cases.

Vice President Kamala Harris, left, shakes hands with House Speaker Mike Johnson after certifying the results of the 2024 presidential election at the US Capitol on Monday. Photographer: Saul Loeb/AFP/Getty Images

Nippon Steel and US Steel jointly filed lawsuits in a last-ditch effort to preserve their planned merger, which was blocked last week by Biden. The companies said Monday that they had filed a petition with a federal appeals court in Washington, arguing that the Committee on Foreign Investment in the United States failed to consider the deal on national security grounds, and that the order by Biden, who leaves office in two weeks, was made for "purely political reasons."

The US dollar pared a sharp decline against most major currencies Monday after Trump denied a report that his tariff plans won't be as broad as he promised. The Bloomberg Dollar Spot Index was down 0.6% after falling more than 1%, the biggest intraday drop in more than a year, following a Washington Post report that Trump aides were exploring a tariff plan that only covers critical imports. The euro rallied as much as 1.2% against the greenback, the common currency's largest gain since August, while the pound also jumped as much as 1%. "The Trump 'bark' on tariffs may ultimately be worse than the 'bite,' but we expect that bark will get louder in coming weeks," wrote Citigroup strategists including Daniel Tobon in a Monday note.

Ken Griffin's Citadel extended its non-compete agreements for some portfolio managers to 21 months, underscoring the unrelenting hiring war among multistrategy hedge funds. The firm's non-competes averaged one year in 2020, though some managers had to sit out as long as 18 months to get their deferred compensation. Citadel's latest extension is longer than rivals' policies, which are said to be closer to 12 months.

New Yorkers are having an unsettling start to 2025. Several violent incidents in recent days have deepened a sense of unease in America's biggest city despite low crime rates overall. Meanwhile, office buildings are still short of workers in the aftermath of the pandemic—with vacancies standing near 20%. And the cash-strapped Metropolitan Transit Authority, which runs the city's subways, buses and regional commuter railroads, is trying to encourage people to use mass transit by charging drivers to enter Manhattan's core.

The crime scene after a mass shooting at a nightclub in Queens, New York, on Jan. 2. Photographer: Lokman Vural Elibol/Anadolu/Getty Images

South America's summer playground for the rich is becoming a new magnet for wealth management as Uruguay burnishes its reputation as an investor-friendly haven. Punta del Este, a mix of Hamptons exclusivity and Miami Beach high rises, has long hosted the continent's wealthy as they seek sun and waves in a safe and welcoming nation. But since the pandemic, it's seen an influx of rich foreigners—including Americans and Europeans—buying homes in the area thanks to generous tax breaks.

Porsche's global bestseller is not the 911 sports car that earned it fame with racing wins and Dua Lipa endorsements. Instead, it's the humble Cayenne SUV. In 2023, Porsche delivered almost 90,000 Cayennes worldwide—more than any other of its models—accounting for nearly 30% of total sales. Our car critic's test drive over 2,000 miles shows why the German automaker relies so much on this car.