January 13 2025

1. Three Major Fires Threaten Los Angeles Communities, Over 12,000 Structures Still at Risk
2. Natural Disasters Drive Insurance Hikes Nationwide, Study Finds
3. $16B Energy Merger Signals AI's Growing Power Demands, Gas Plant Buildout
4. Hiring Blew Past Expectations With 256,000 Jobs Added in December
5. China's Trade Surplus Hits Record; Trump’s Phone Tapped
NFL teams advance to Divisional (quarterfinal) round of playoffs
January 13, 1999: Michael Jordan retires for a second time

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1. Three Major Fires Threaten Los Angeles Communities, Over 12,000 Structures Still at Risk

Palisades fire
 burned 23,713 acres and numerous homes, businesses and landmarks in Pacific Palisades and westward along Pacific Coast Highway, toward Malibu. As of late Sunday, the fire was 13% contained. Many parts of Pacific Palisades, Malibu, Santa Monica, Calabasas, Brentwood and Encino are under evacuation orders or warnings. More than 12,000 structures remain threatened. Officials estimate that more than 5,300 structures, including many homes, have been damaged or destroyed.  Eaton fire
 burned 14,117 acres and many structures in Altadena and Pasadena. Additional evacuation orders were mandated Thursday afternoon when fire climbed toward Mt. Wilson. Other mandatory evacuations were lifted as city officials notified residents in Glenoaks Canyon and Chevy Chase Canyon that it was safe to return to their homes. As of 8 p.m. Sunday, the fire remained 27% contained. Officials say 7,000 structures have been burned in the fire.   Hurst fire
 burned 779 acres in the area around Sylmar. Evacuation orders have been lifted. As of Sunday night, the fire was 89% contained, according to Cal Fire.  

Article Source: LA Times, NYT

2. Natural Disasters Drive Insurance Hikes Nationwide, Study Finds

You may live hundreds or thousands of miles away, but the wildfires tearing across Los Angeles and other natural disasters stand to raise your home-insurance bill. The wildfires are estimated to have caused insured losses of as much as $20 billion or more. Hurricanes Milton and Helene inflicted insured losses approaching $50 billion. Insurers have tended to raise rates on homeowners in regions where disasters strike. But researchers say the scale of losses leads companies to tap faraway customers to recoup their money. A Harvard Business School study found that expensive disasters in some parts of the country affect insurance rates in others, as insurers bump up premiums for homeowners in other areas to help cover big losses.

Article Source: WSJ

3. $16B Energy Merger Signals AI's Growing Power Demands, Gas Plant Buildout

A. Constellation Energy, the nation’s largest nuclear power plant operator, has agreed to buy another electricity producer, Calpine, for $16.4 billion, a deal that shows how fast-rising demand for power, partly a result of the data centers being built for artificial intelligence, is having far-reaching effects on the economy. The cash-and-stock deal, announced Friday, ranks among the power sector’s biggest, and indicates that natural gas is likely to play a larger role than many expected a few years ago in meeting the nation’s electricity needs. That could undermine efforts to address climate change unless companies quickly figure out how to capture and store emissions from gas power plants. The tie-up would broaden Constellation’s portfolio as companies like Microsoft, Google and Amazon are scrambling to secure energy for data centers used to run artificial intelligence and other services.   

B.  The US is on the cusp of a natural gas power plant construction boom, as Big Tech turns to fossil fuels to meet the huge electricity needs of the artificial intelligence revolution — putting climate targets in peril. As many as 80 new gas-fired power plants will be built in the US by 2030, said energy consultancy Enverus, adding 46 gigawatts of capacity — the size of the electricity system in Norway and nearly 20 per cent more than was added in the past five years.

Article Source: NYT, FT

4. Hiring Blew Past Expectations With 256,000 Jobs Added in December

The U.S. economy added 256,000 jobs in December and the unemployment rate edged down to 4.1%, the Labor Department said Friday. Last month’s gain in nonfarm payrolls was the biggest since March and well above the 155,000 jobs that economists had expected, according to a Wall Street Journal survey. The unemployment rate was also better than the expected 4.2%. Friday’s jobs report was the latest sign that the U.S. labor market has recovered from its midyear stumble and might even be gaining steam. As such, it shuts the door on an interest-rate cut at the Federal Reserve’s next meeting, which is Jan. 28-29. It also reduces the chances of a cut at the Fed’s subsequent meeting in March.

Article Source: WSJ

5. China's Trade Surplus Hits Record; Trump’s Phone Tapped

A. China announced on Monday that its trade surplus reached almost $1 trillion last year as its exports swamped the globe, while the country’s own businesses and households spent cautiously on imports. When adjusted for inflation, China’s trade surplus last year far exceeded any in the world in the past century, even those of export powerhouses like Germany, Japan or the United States. Chinese factories are dominating global manufacturing on a scale not experienced by any country since the United States after World War II. The outpouring of goods from Chinese factories has drawn criticism from an ever-lengthening list of China’s trade partners. Industrialized and developing countries alike have erected tariffs, attempting to slow the tide. In many instances, China has retaliated in kind, bringing the world closer to a trade war that could further destabilize the global economy.  

B. A former senior aide to Donald Trump claimed China had tapped the president-elect’s phone, stolen “extraordinary” amounts of data and was preparing for a first-strike nuclear capability against the United States. H.R. McMaster, Trump’s national security adviser from 2017 to 2018, told a think tank event in New York on Wednesday that the US must impose “very significant costs” on China for its “massive cyber intrusions”. “They listen to President Trump’s phone and everybody around him for six months, right? They’ve stolen extraordinary amounts of data which we found on our telecom networks,” he told the event organised by the Council on Foreign Relations.

Article Source: NYT, South China Morning Post

NFL teams advance to Divisional (quarterfinal) round of playoffs

AFC

(4) Houston Texans at (1) Kansas City Chiefs

When: Saturday, 4:30 p.m. ET (ESPN/ABC/ESPN+)
FPI projection: KC, 62.4%
Opening line: KC -8 (42.5)

(3) Baltimore Ravens at (2) Buffalo Bills

When: Sunday, 6:30 p.m. ET (CBS/Paramount)
FPI projection: BAL & BUF, 50%
Opening line: BUF -1 (51.5)

NFC

(6) Washington Commanders at (1) Detroit Lions

When: Saturday, 8 p.m. ET (Fox)
FPI projection: DET, 72.2%
Opening line: DET -8.5 (54.5)

TBD at (2) Philadelphia Eagles

When: Sunday, 3 p.m. ET (NBC/Peacock)

Who they could play: Philadelphia will host the winner of Monday night's game between the (5) Minnesota Vikings and (4) Los Angeles Rams.

Article Source: ESPN

January 13, 1999: Michael Jordan retires for a second time

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Sources

1. https://www.latimes.com/california/live/2025-01-10/fire-los-angeles-california-eaton-palisades-updates

2. https://www.wsj.com/personal-finance/wildfires-and-other-disasters-push-up-home-insurance-rates-thousands-of-miles-away-f0a20085?st=6dVhak&reflink=article_copyURL_share

3. A https://www.nytimes.com/2025/01/10/business/energy-environment/constellation-energy-calpine.html?smid=nytcore-ios-share&referringSource=articleShare

B https://on.ft.com/4aeQq50

4. https://www.wsj.com/economy/jobs/jobs-report-december-2024-unemployment-economy-c8031ef9?st=iFKPbC&reflink=article_copyURL_share

5. A https://www.nytimes.com/2025/01/12/business/china-trade-surplus.html?smid=nytcore-ios-share&referringSource=articleShare

B https://www.scmp.com/news/china/diplomacy/article/3294116/china-hacked-phones-and-wants-nuclear-first-strike-capability-against-us-ex-trump-aide?share=NWUkd098Z42tKtUQ3RWBCF5oiFZloE3D79wH6W1EM8nGneGxawR2noNHkY3NPozvf1rntSeEQWobB%2FXKNSVDRhayklNjLI7VTZT8bW%2BOkVI%3D&utm_campaign=social_share

6. https://www.espn.com/nfl/story/_/id/43386930/2024-nfl-playoffs-bracket-reset-divisional-round-schedule-afc-nfc