 The Supreme Court said that Title 42 would remain in effect. Under this policy, officials can expel any migrants at U.S. borders based on health concerns. The decision comes after Republican states appealed to the Supreme Court against an order to lift the policy by a lower court. More: - The Supreme Court, by a 5-4 decision, overturned the order by a lower court to terminate the policy.
- Biden administration said it would uphold the Supreme Court decision even though it was well prepared for Title 42's removal.
- Under this policy, more than two million migrants have been denied entry in the last three years, as per U.S. Customs and Border Protection.
- Immigration advocates and public health officials are disappointed in the decision and say that a public health rule cannot be enforced to expel migrants for non-health reasons.
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Wall Street bankers will see pay cuts in the coming year as the investment banking revenue has dropped by a whopping $50B, making it the worst YoY dollar decline. Fees from advising on deals, stock offerings, and bond sales are down more than 40% compared to last year. More: - Executives across firms, including JPMorgan Chase, Bank of America, Citigroup, and Jefferies Financial, are reportedly planning to cut bonus pools by 30%. Some banks like Goldman Sachs could cut by 40%.
- According to Johnson Associates, a financial services compensation consulting firm, stock offerings and IPOs have declined in 2022, reducing the associated bonuses by some 45%.
- A fishbowl survey pegs nearly 72% of bankers will consider quitting if banks cut their bonuses.
- On the contrary, traders have had a better year, with fixed-income traders expected to hit a 10%-15% hike.
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 The country's disaster council reports that some of the Philippines were hit with heavy rains and floods over Christmas, leaving 25 dead and 26 missing. Nearly 400,000 were affected by the floods, 81,000 were without homes, and nine were injured. More: - The council said that the Northern Mindanao region saw 16 of the 25 deaths, and 12 people are missing from the eastern Bicol part.
- 1196 houses were damaged, and parts of 123 roads and 12 bridges were affected.
- A shear line, where warm and cold air meet, is responsible for the heavy rains weather bureau PAGASA reported. The effect of the shear line has reportedly subsided, but it might still cause moderate rainfall in the next 24 hours.
Zoom Out: - Phillippines is considered one of the most disaster-prone countries, with more than 20 typhoons and storms yearly.
- It also falls on the "Ring of Fire" belt, which sees frequent volcanic activity and earthquakes.
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 GOOD NEWS: John Gelinne Sr. and his son rescued the pilot of the plane that crashed in an icy creek in Maryland. The duo kayaked in and out of Beards Creek in Edgewater, with the pilot hanging onto their kayak on the return journey. More: - Anne Arundel County Police Officer Elizabeth Myers also reached the scene on a kayak and found the 71-year-old pilot hanging on to Gelinne's kayak.
- The pilot was taken to the hospital to check out for non-life-threatening injuries, tweeted Anne Arundel County Fire Dept.
- First responders hailed the duo for their quick thinking and possibly life-saving actions and dubbed their efforts "heroic."
- The cause of the plane crash is yet to be determined.
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South Korea has revealed a defense plan of 560 billion won ($441M) to improve its defense against North Korean drones. Five North Korean drones tested its southern rival's air defense on Monday by violating its airspace. South Korean Military had unsuccessfully tried to bring the drones. More: - South Korean Military had scrambled jets and attack helicopters to bring down drones. The military apologized for their failure and said the targets were too small.
- Under the new budget, South Korea has allocated 331.4 trillion won ($261B) for defense till 2027.
- According to the South Korean Defense Minister, the increased spending will include the development of an airborne laser weapon and a signal jammer for drone defense and procuring of stealth jets and ballistic missile submarines for missile interception.
Zoom Out: - South Korea sent its drones into North Korean airspace in retaliation for the North Korean breach.
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 President Joe Biden signed legislation on Tuesday allocating $25M to study the salt lake ecosystems in the drought-hit Western U.S. United States Geological Survey will now examine the saline lake ecosystems in the Western U.S. The saline lakes include Utah's Great Salt Lake, California's Mono Lake, and Oregon's Lake Albert, amongst others. More: - The lakes have seen receding shorelines and plummeting water levels due to less snowmelt flowing into them in the face of a decade-long drought.
- Utah's Great Salt lake has seen the lowest-ever recorded water level, which could affect wildlife, weather, and tourism.
- Officials in eastern California have significantly lowered the water flowing into Mono Lake, affecting the bird, fish, and brine shrimp habitats.
- The fund adds to Utah's $40M allocation for the Great Salt lake watershed enhancement programs and $10M Army Corps of Engineers funding for saline lakes.
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- Southwest Airlines' halt catches federal government attention. Transport Secretary Pete Buttigieg demands a closer look at the airline's operations.
- Russia and China have completed joint naval drills in the East China sea. The drills were conducted from Dec. 21 - 27.
- Pope Emeritus Benedict XVI's health has worsened due to his age, said the Vatican on Wednesday. Pope Emeritus Benedict XVI is 95 years old.
- Japan mandates COVID-19 tests from all visitors arriving from China in an effort to curb infections. China has recently seen a spike in cases as it softened its COVID-19 policies.
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UPCOMING EVENTS
- January 05 - AMA with Gun.io - Building and managing software development teams w/ Deividi Silva (Watch On Demand)
- January 06 - AMA with LinearB - Improving workflow for developers w/ Ori Keren (Watch On Demand)
- January 10 - Inside Startups Coffee Break (Register Here)
- January 17 - Inside Marketing Coffee Break (Register Here)
- January 31 - Growth Summit 2023 (Register Here)
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 |  | Skand Kurdur is a Management Consultant who has previously worked in health tech and government sectors. Skand has experience in digital media strategy, sales, and business development. Skand is interested in Business, Tech, and Sports. |   | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
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