Syrian rebels topple 54-year Assad regime

Good morning. Here's what happened overnight and what you need to know today.

1.

Assad toppled: Syrian rebels overthrew President Bashar al-Assad, seizing Damascus on Sunday and ending his family’s 54-year rule. Assad fled the country after reportedly negotiating a peaceful power transfer. Celebrations erupted as prisoners were freed, and rebels took control of the Al-Rawda Presidential Palace and Iran's embassy. Hezbollah withdrew its forces ahead of the rebel advance, and suspected Israeli airstrikes targeted military sites in southern Syria presumably to prevent weapons from falling into the hands of radical groups. Hayat Tahrir al-Sham (HTS), the main rebel faction was once al-Qaeda’s Nusra Front group but has sought to rebrand as a moderate force. Prime Minister Mohammed Ghazi Jalali said the government was ready to transfer power to a transitional government. The collapse of Assad's regime sparked global leaders calling for a peaceful political transition. (Capital Brief)(Reuters)(AP)

2.

Shayne’s world: ANZ CEO Shayne Elliott will announce his retirement after nine years in the role, with the bank expected to appoint an outsider, The AFR reported citing two unnamed sources with knowledge of the plan. An announcement could come as soon as Monday, a claim echoed by The Australian. The ANZ board reportedly engaged executive search firm Spencer Stuart to identify candidates. Elliott has redefined ANZ’s strategy scaling back its Asian operations, spearheading the $4.9 billion Suncorp acquisition, and overseeing the launch of the ANZ Plus digital platform amid a broader push towards advanced banking technology. His reported exit follows an ongoing ASIC investigation into a bond trading scandal that cut his bonus by 46%. The scandal, tied to cultural issues in the markets division sidelined Mark Whelan’s chances as Elliott’s successor, with ANZ expected to appoint an external candidate, the AFR said. Elliott's exit adds to leadership changes across the industry in 2024, with NAB, Westpac and Bendigo Bank also appointing new CEOs. Elliott leaves with ANZ’s share price up 20% this year but facing Suncorp integration challenges and falling profits amid intense competition. (AFR)(The Australian)(Capital Brief)

3.

Powell’s seat: President-elect Donald Trump said he will not seek to replace Federal Reserve Chair Jerome Powell, whose term runs until May 2026. Asked by NBC interviewer Kristen Welker if he planned to replace Powell during a wide-ranging interview, he replied, “No, I don’t think so. I don’t see it.” Last month, Powell said he would not step down if asked, saying demoting Fed governors is “not permitted under the law.” In the interview aired Sunday (early Monday AEDT) Trump added, “I think if I told him to, he would. But if I asked him to, he probably wouldn’t.” Trump appointed Powell, a Republican and former private equity executive, to lead the central bank in 2018. Their relationship soured as Trump repeatedly criticised Powell for not cutting interest rates fast enough, even threatening to fire him. Trump has also belittled the central bank chair role, calling it a god-like position where one shows up monthly to “flip a coin,” and argued that he should have input on interest rate movements, but not order them. (Capital Brief)(NBC)

4.

Ad kings: US advertising groups Omnicom and Interpublic are in advanced talks to merge to create the world's largest advertising company, valued at USD13–14 billion ($20–22 billion) excluding debt, The Wall Street Journal reported citing unnamed sources. The touted deal could be announced this week and would combine Omnicom’s agencies, including BBDO and TBWA with Interpublic’s McCann Worldgroup and Mediabrands, resulting in a company with net revenue exceeding USD20 billion, the paper said. That would be surpass WPP’s USD15.1 billion, based on 2023 figures, it noted. The move comes as both companies grapple with disruptive technology like AI and competition from firms like Google and Meta but is likely to face government scrutiny given its potential dominance in ad-buying. (WSJ)

5.

Google renewed: Google renewed its news licensing deal with Country Press Australia (CPA), a regional news organisation with over 200 publications. The agreement continues featuring 80 CPA titles on Google News Showcase and offers digital tools like Reader Revenue Manager and News Consumer Insights to boost subscriptions. While terms weren’t disclosed, the renewal adds to Google’s string of deals this year with News Corp, The Conversation and others. Since 2021’s news media bargaining code, Google has signed roughly 70 agreements, many with major players like Nine and Seven West Media. However, recent extensions are mostly for 12 months, reflecting uncertainty over the code’s future enforcement. It follows Meta’s refusal to renew deals in March and Google’s threat to withdraw agreements in New Zealand over similar legislation. (Capital Brief)

6.

Yoon’s fate: South Korean prosecutors named President Yoon Suk Yeol in a criminal investigation over his short-lived martial law attempt last week, Reuters reported citing Yonhap News. Former Defence Minister Kim Yong-hyun, accused of proposing the decree that plunged Seoul into the worst political crisis in decades, was arrested Sunday after he said he alone was responsible for instructing troops during the martial law enforcement. Yoon survived an impeachment vote on Saturday but faces mounting calls from opposition parties for his arrest. On Saturday, Yoon apologised for the martial law decree in a televised speech, pledging to accept responsibility. He did not resign. He left his fate to the ruling party, with leader Han Dong-hoon saying Yoon would be “effectively excluded from his duties” while the party, alongside the prime minister would manage state affairs. Critics, including the National Assembly speaker and opposition lawmakers, labelled the plan unconstitutional and demanded Yoon’s immediate suspension and arrest. (Reuters)

7.

Tick-Tock: Advertisers have not pulled back from TikTok but are developing contingency plans after a US appeals court upheld a law requiring ByteDance to divest TikTok’s US assets by 19 January or face a ban, Reuters reported. ByteDance, which plans to appeal to the Supreme Court, wrote to advertisers that it will seek an injunction to delay the ban until the Court reviews the case. The ruling, part of a bipartisan effort to counter national security risks, follows concerns that TikTok’s Chinese ownership could compromise American data. TikTok’s US ad revenue is projected at USD12.3 billion ($19.24 billion) this year. Meta and Alphabet are expected to benefit from any disruption, with Meta shares reaching a record high after the Friday (Saturday AEDT) decision. (Reuters)

8.

Ballot chaos: Romania’s Constitutional Court annulled the first round of its presidential elections amid allegations of Russian interference. Far-right candidate Calin Georgescu led the annulled vote with 22.9%, followed by reformist Elena Lasconi at 19.2%, according to CNN. Romanian intelligence detailed Russian-linked social media manipulation, cyber-attacks and USD381,000 ($595,690) in undeclared TikTok promotions for Georgescu, who campaigned against NATO and the EU. The annulment halted Sunday’s planned runoff, prompting protests and arrests. Police detained 20 armed men en route to Bucharest, led by a mercenary linked to Georgescu, The Financial Times reported. President Klaus Iohannis called for calm and unity, saying he would remain in office until new elections are organised. Both Georgescu and Lasconi criticised the court’s decision as undemocratic. (FT)(CNN)(AP)