Ukraine Claims Killing of Senior Russian General in Moscow

Summary

Summary of WSJ What’s News Episode: "Ukraine Claims Killing of Senior Russian General in Moscow"

Release Date: December 17, 2024
Host: Kate Bullivant, The Wall Street Journal

The December 17, 2024 episode of WSJ What’s News delves into several critical global developments, including Ukraine's alleged assassination of a high-ranking Russian general, escalating tensions between the US and Turkey over Syria, domestic unrest in China amid economic struggles, and significant political shifts in Canada. The episode provides in-depth analysis and expert insights, offering listeners a comprehensive understanding of these complex issues.

Ukraine's Assassination Claim in Moscow

The episode opens with a startling development from Russia's capital. Ukraine has claimed responsibility for the targeted assassination of Lt. Gen. Igor Krylov, a senior Russian military official.

• Kate Bullivant reports that Krylov, head of Russia's radiological and chemical defense forces, was killed alongside his assistant when a device planted in a scooter exploded outside a residential building in Moscow. This act marks a rare instance of a high-profile military figure being targeted within the Russian heartland.

• Krylov's Death and Ukraine's Involvement:

  • Ukrainian Officials assert that the killing was a SPEL special operation by the Security Service of Ukraine.
  • The previous day, Krylov had been named a suspect by the Security Service in a war crimes investigation for allegedly ordering the use of banned chemical weapons in Ukraine.

• Russian Response:

  • While Moscow has yet to comment on Ukraine's claim, Russian authorities have classified Krylov's death as an act of terror.

• Notable Quote:

  • At 00:37, Brian Spiegel emphasizes the complexity of Russia's internal challenges:
    "Especially concerning for the government right now is that there's multiple streams of discontent at once. So the government is not able to just kind of snap their fingers and fix things."

US Political and Economic Developments

The podcast transitions to significant happenings within the United States, highlighting legal challenges faced by former President Donald Trump and major financial commitments supporting clean energy initiatives.

• Donald Trump's Legal Battle:

  • A New York judge has upheld Trump's hush money conviction, dismissing arguments for dismissal on immunity grounds. This decision maintains the validity of Trump’s state conviction despite the Supreme Court's broad immunity ruling for former presidents.
  • White House Spokesperson criticized the decision as a violation of the Supreme Court's ruling, while Manhattan DA Alvin Bragg's office declined to comment.

• Department of Energy's $15 Billion Loan to PG&E:

  • The WSJ reports that the Department of Energy has committed a record $15 billion loan to California utility company PG&E, aimed at upgrading the electrical grid to support the rising demand from electric vehicles and AI-driven data centers.
  • Katherine Blunt, a Journal reporter, explains that this initiative is part of a broader federal clean energy lending program facing scrutiny from Republican lawmakers concerned about potential policy reversals under the Trump administration.

• Notable Quote:

  • At 03:20, an Unknown Speaker details PG&E's plans:
    "PGE is planning hundreds of projects that the company says are necessary to support the increase in demand and maintain grid reliability as climate change puts more stress on the system."

TikTok's Legal Maneuver Against National Security Law

The episode covers TikTok's strategic request to the Supreme Court to delay the enforcement of a national security law that could ban the app in the US.

• TikTok's Emergency Application:

  • Lawyers for TikTok have petitioned the Supreme Court to suspend the ban while they appeal a lower court ruling upholding the law, which is set to take effect on January 19th.
  • The app argues that delaying the ban would prevent the suppression of user activity right before President Elect Donald Trump's inauguration and allow the incoming administration to participate in the dispute.

• Political Backdrop:

  • The proposed ban has garnered bipartisan support following classified briefings to lawmakers about potential national security threats posed by TikTok.

US-Turkey Tensions Over Syria

Senior US officials warn of a potential large-scale Turkish incursion into Syria, targeting territories held by American-backed Kurdish forces.

• Military Buildup Concerns:

  • An official from the Syrian Kurds' civilian administration informed President Elect Donald Trump of the likelihood of a Turkish military operation, urging him to discourage such action to prevent mass displacement of Kurds and Christians.

• US Withdrawal Implications:

  • Trump's previous partial withdrawal of US troops from Northeast Syria is cited as a factor that may embolden Turkey to proceed with its plans, escalating regional instability.

Canadian Political Shake-Up

The episode highlights significant political turbulence in Canada, with the resignation of Finance Minister Chrystia Freeland.

• Freeland's Resignation:

  • Citing disagreements with Prime Minister Justin Trudeau over fiscal policy and amid threats of a 25% tariff on Canadian imports by Trump, Freeland's departure signals mounting doubts about the longevity of Trudeau's government.

• Economic Implications:

  • Bank of Canada Governor Tiff Macklem and economists warn that the proposed tariffs could trigger a recession, adding pressure to Trudeau's administration.

• Notable Quote:

  • Freeland's resignation letter shared on X mentions:
    "Disagreements with Trudeau over the direction of Ottawa's fiscal policy amid Donald Trump's threat of a 25% tariff on imports from Canada."

Market Reactions and Corporate Movements

The podcast touches on market responses to recent corporate decisions and economic data releases.

• Alibaba's Stock Decline:

  • Shares of Alibaba fell after the Chinese tech giant announced an anticipated $1.3 billion loss from selling its department store chain, signaling a strategic pivot from offline retailing to e-commerce amidst a slowing Chinese economy.

• Honeywell's Aerospace Unit Spin-Off:

  • American industrial conglomerate Honeywell sees a rise in its shares following news that it is considering spinning off its aerospace division. This move comes after activist investor Elliott Investment Management acquired a $5 billion stake in Honeywell, advocating for the company's breakup.

• Upcoming Economic Indicators:

  • US retail sales data for November and industrial production updates are scheduled, alongside the Federal Reserve's interest rate decision following a two-day meeting.

Social Unrest in China Amid Economic Struggles

In the episode's latter half, the focus shifts to China, where rising social discontent and economic stagnation are prompting public unrest and challenging the Communist Party's stability.

• Brian Spiegel's Analysis from Beijing:

  • Brian Spiegel, senior correspondent, categorizes China's social unrest into two main areas:
    1. Protests: Over 7,000 instances of public unrest have been recorded in the past two and a half years, with a significant surge in the current year.
    2. Lone Wolf Attacks: New and concerning events include severe incidents like a car-ramming attack in Zhuhai killing 35 and a mass stabbing in another city resulting in eight deaths, both attributed to economic frustrations.

• Underlying Causes of Discontent:

  • Economic Struggles: High unemployment among young people, stagnant housing markets affecting the middle class, and broader economic insecurity are fueling widespread dissatisfaction across various societal groups, including educated and elite circles.

• Government Response:

  • The Communist Party has ramped up efforts to suppress dissent, emphasizing social stability and tightening control over information. Public messaging from top officials underscores the urgency to quell unrest, while information about the attacks is heavily restricted, contributing to uncertainty and fear among the populace.

• Impact on Xi Jinping's Agenda:

  • Internal unrest complicates President Xi Jinping's objectives to strengthen China's economy amid external pressures, particularly from the impending Trump administration's tariff threats. The domestic instability poses additional challenges to China's efforts to prepare for prolonged tensions with the West.

• Notable Quotes:

  • At 09:01, Brian Spiegel discusses the nature of the attacks:
    "Broadly speaking, the perpetrators in each of those attacks, according to police, were disgruntled with their economic situations."

  • At 10:00, Spiegel elaborates on the multifaceted discontent:
    "There's multiple factors at once or multiple streams of discontent at once. So the government is not able to just kind of snap their fingers and fix things."

  • Reflecting on the government's stance at 11:06, Spiegel notes:
    "From a public messaging perspective, the message from top officials to lower level officials is we need to stamp this out right now."

Conclusion

The episode of WSJ What’s News provides a thorough overview of significant geopolitical tensions, political upheavals, and economic challenges shaping the global landscape as of December 17, 2024. From targeted assassinations and legal battles in the US to social unrest in China and political instability in Canada, the podcast offers listeners a nuanced analysis of events that have profound implications for international relations and market dynamics.

Transcript

[Podcast Host]

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[Kate Bullivant]

Ukraine claims responsibility for the assassination of a top Russian general in Moscow. Plus, US Officials warn Turkey could be preparing for a large scale incursion into Syria. And China's authorities try to rein in protest linked to unease over the country's sluggish economy.

[Brian Spiegel]

Especially concerning for the government right now is that there's multiple streams of discontent at once. So the government is not able to just kind of snap their fingers and fix things.

[Kate Bullivant]

It's Tuesday, December 17th. I'm Kate Bullivant for the Wall Street Journal, filling in for Luke Vargas. And here is the AM edition of what's News, the top headlines and business stories moving your world today. We begin with a developing story from Russia. Ukraine says it killed a senior Russian general in an early morning bombing in Moscow, a rare targeted assassination of a high profile military official in the capital. Russian authorities say Lt. Gen. Igor Krylov was killed outside a residential building along with his assistant after a device planted in a scooter exploded. Krylov was head of Russia's radiological and chemical defense forces. Ukrainian officials said the killing was a SPEL special operation by the Security Service of Ukraine. Yesterday, the Security Service named Krylov as a suspect in an investigation of war crimes for allegedly ordering the use of banned chemical weapons in Ukraine. There was no immediate comment from Moscow on Kyiv's claim of responsibility, but Russian authorities classified his death as an act of terror. Turning to the US A New York judge has ruled that Donald Trump's hush money conviction this year remains valid, rejecting arguments that it should be dismissed. Dismissed on immunity grounds, the judge found that the Supreme Court's July ruling granting former presidents broad immunity didn't affect Trump's state conviction, which largely involved conduct that took place before Trump began his first term in the White House. A spokesman for the president elect said the decision violated the Supreme Court's ruling. A spokeswoman for Manhattan District Attorney Alvin Bragg, a Democrat whose office brought the case, declined to comment. We're exclusively reporting that the Department of Energy's loan programs office has agreed to a record $15 billion loan commitment to California utility company PG and E. The $400 billion federal clean energy lending program has been stepping up efforts to push cash out the door in the weeks following the election, with fears the Trump administration could curb loan efforts from the office, which has faced CR criticism from Republican lawmakers. Journal reporter Katherine Blunt says the money is aimed at upgrading the electrical grid, with an expected surge in demand tied to electric vehicles and the build out of AI supporting data centers.

[Unknown Speaker]

PGE is planning hundreds of projects that the company says are necessary to support the increase in demand and maintain grid reliability as climate change puts more stress on the system. The loan comes with a lower interest rate than traditional corporate debt, and because of that, the company expects it will save customers about a billion dollars over time. PGE will be able to draw funding through 2031 and pay it back using revenue collected from customers.

[Kate Bullivant]

Officials with the loan programs office said that because the loan to PGE is a legal contract, future administrations wouldn't be able to claw back the funds, though they would have oversight of what projects are funded. Environmentalists fear Trump's nominee for energy secretary, fracking pioneer Chris Wright, could upend clean energy funding. By the TikTok has asked the Supreme Court to delay enforcement of a national security law that could effectively ban the social media app in the US Next month. In an emergency application, lawyers for the popular social media app ask the court to suspend the ban while they appeal a lower court ruling upholding the law, which is supposed to take effect January 19th. According to TikTok's lawyers, putting the law on pause would prevent the silencing of its users the day before President Elect Donald Trump's inauguration and would allow the incoming administration to weigh in on the dispute. The ban won bipartisan support after lawmakers received classified briefings from the intelligence community about the threat the app could pose to national security. Senior US Officials are warning that a military buildup along Turkey's border could signal it's planning a large scale incursion into Syrian territory held by American backed Kurds. An official in the Syrian Kurds civilian administration told President elect Donald Trump yesterday that a Turkish military operation appeared likely and urged him to press Turkey's president not to carry it out, Warning of mass displacement of Kurds and Christians in his first term, Trump partially withdrew U.S. troops from Northeast Syria, paving the way for a large scale Turkish invasion. A spokesman for Turkey's embassy in Washington did didn't immediately respond to requests for comment. Canadian Finance Minister Christia Freeland has resigned from the liberal government's cabinet, casting more doubts about how long Prime Minister Justin Trudeau's deeply unpopular government can stay in power. In a resignation letter shared on X, Freeland cited disagreements with Trudeau over the direction of Ottawa's fiscal policy amid Donald Trump's threat of a 25% tariff on imports from Canada. Last week, bank of Canada Canada Governor Tiff Macklem said a 25% tariff would be widely disruptive for the Canadian economy, while economists believe it would trigger a recession. Trudeau named longtime ally Dominic LeBlanc as the finance minister, but didn't comment on the resignation, only saying it was not an easy day. Market reaction to the uncertainty in Ottawa was muted on Monday. And in other market news, shares in Alibaba traded lower today after the Chinese tech Gian government said it expects to book a nearly $1.3 billion loss on the sale of department store chain in time. It's the latest move by the company, once a darling of Wall street, to move away from offline retailing and concentrate on e commerce amid stiffer competition and a slowing Chinese economy. Meanwhile, shares in American industrial conglomerate Honeywell are rising off hours after it said yesterday it was considering a spin off of its aerospace unit. That comes about a after activist investor Elliott Investment management announced a $5 billion stake in Honeywell and called for it to be broken up on deck today. US retail sales data for November are due out at 8:30am Eastern with an update on industrial production coming at 9:15. And the Federal Reserve's two day interest rate setting meeting is kicking off with a rate decision scheduled for tomorrow afternoon. Coming up, we look at the growing social unrest in China as frustrations build over the state of the country's struggling economy. That story after the break.

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[Kate Bullivant]

Chinese leaders are racing to quash rising social frustrations and public unrest as resentment over the country's economic health spreads. The Journal's senior correspondent Brian Spiegel says that in recent weeks China has witnessed a spate of deadly attacks, raising concerns that the country's stagnating growth has played a key role in the public protests. And Brian joins us from Beijing. Brian, can you tell us a bit more about this social unrest and how it's showing up in China?

[Brian Spiegel]

Yeah, well, I'd put it into two buckets. On one hand you have rising numbers of protests themselves and so one independent monitoring group says in the last two and a half years, there's been more than 7,000 instances of public unrest. And in the, in this year alone, there's been many more than in any other year that they've tracked recently. So in the other bucket, you also have these lone wolf attacks, which are really a new thing in China. And we've seen at least two of those in the month of November. One in the southern city of Zhuhai, a really horrific car ramming attack outside of a sports stadium that killed 35 people. And then you also saw a mass stabbing that killed eight people in another city. Broadly speaking, the perpetrators in each of those attacks, according to police, were disgruntled with their economic situations. So that's certainly something that's very concerning for the government as many people across the country are discontent with their own economic situations.

[Kate Bullivant]

You talk about these kind of individual cases of people being disgruntled. What do these individual cases tell us about what's behind this wave of social discontent?

[Brian Spiegel]

I think especially concerning for the government right now is that there's multiple factors at once or multiple streams of discontent at once. So the government is not able to just kind of snap their fingers and fix things. The economy is in quite a bad state right now and the government has been dealing with this for a while and they don't have a magic pill to get the things back on track. And as I mentioned, there's several things happening at once. On one hand, you have millions, literally of young people in China who are struggling to find jobs. And these people are feel like they can't get their lives off the ground and they really are kind of lacking in hope. Then at the same time, you have kind of middle class home buyers who may have invested their life savings in a home property that just doesn't get built. So they're out of their money that they put into that house that they were hoping to buy. So that is on top of kind of a number of other things that are going on. As you can imagine that it's not just the migrant workers or factory workers who might be in disputes now, but it's also the middle class, it's the educated, it's even some of the elites.

[Kate Bullivant]

Okay, so it sounds like this kind of disillusionment is widespread throughout different factions of society. So what has been the response from the Communist Party to this?

[Brian Spiegel]

Yeah, certainly you've seen a couple of things happen from the party. First of all, from a public messaging perspective, the message from top officials to lower level officials is we need to stamp this out right now. Especially the lone wolf attacks. Right. So we saw the Politburo in their latest discussions or their latest meetings, sending very clear signals to the country saying, we need stability, we need social stability. Now, at the same time, I think it's important to note we've had kind of a tightening up of the information environment in China. People who do have discordant views about the direction of the economy. You're seeing those kinds of views wiped away from the Chinese Internet much more than you would have seen even very recently. In addition to that, when these kind of lone wolf attacks have occurred, you've seen very little information from the Chinese government about what exactly is even going on. Very brief statements from police and almost no independent news reporting on these events. So really, people are living in a black box here about what exactly is going on, which I think adds to the sense of uncertainty here.

[Kate Bullivant]

Brian, what does this social unrest mean for China and also for Xi Jinping's plans for the country?

[Brian Spiegel]

It's without a doubt a complicating factor for everything that Xi wants to achieve in China in terms of its economy. Remember, President elect Donald Trump is getting ready to retake the White House, and he is promising to take direct aim at China's economy through the imposition of tariffs. So, so much of what Xi's priority is right now is to fortify China for potentially a period of prolonged tensions with the West. And that is a very difficult thing in and of itself to do. Now, if you have this added insecurity at home that people are saying, well, look, we're actually not necessarily fully behind the direction of the economy right now. We ourselves feel insecure. That is something that she and the rest of the government is going to have to consider as they try to roll out their own plans.

[Kate Bullivant]

That was the Journal's senior correspondent, Brian Spiegel in Beijing. Brian, thanks so much for your time.

[Brian Spiegel]

Thank you.

[Kate Bullivant]

And that's it for what's news for Tuesday morning. Our supervising producer was Daniel Bach with help from Tina Fua and Luke Vargas. And I'm Kate Bullivant for the Wall Street Journal. We'll be back tonight with a new show. Until then, thanks for listening.

[Podcast Host]

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