It's Official: The US Has Now Left the Paris Climate Agreement. For the Second Time. (New York Times)

As of Tuesday, the United States is no longer a party to the Paris Agreement on climate change, becoming the only country in the world to abandon the international commitment to slow global warming.

The formal departure from the climate accord comes one year after President Trump signed an executive order to begin the process of withdrawal. Earlier this month, Trump said the United States would also leave the United Nations treaty that underlies the Paris Agreement, which was unanimously ratified by the US Senate in 1992 and signed by President George H.W. Bush.

The dual moves by Trump underline America’s isolation in the effort to control emissions of greenhouse gases, mostly from the burning of fossil fuels, that are dangerously heating the planet.

Despite the US absence, the Paris agreement has made progress globally: Emissions are still rising, but not as fast as they were.
Slower emissions growth means the arc of temperature increase has curved downward over the past 10 years.

If countries stick to current policies, the global average temperature is projected to rise by 2.5 to 2.9 degrees Celsius by the end of the century. That’s a significant improvement from where we were 10 years ago: In 2015, scientific models said we were on track to increase the global average temperature by up to 3.8 degrees Celsius:

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Layoffs Hit the Economy

Labor Market Weakens: US Long-Term Unemployment Hits 4-Year High (Financial Times)

Unemployed Americans are taking longer to find new jobs than at any point in the past four years as muted hiring deepens concerns about the labor market. It now takes an average of more than 11 weeks for an unemployed person in the US to find a new job, the longest since 2021, according to newly released Labor Department data.

Figures published this month by the Bureau of Labor Statistics show the jobs market is cooling in the US, with just 50,000 jobs added in December, well below the 70,000 predicted by economists.

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Economists worry that the slowdown could dent a resurgence in consumer spending that pushed the US economy to grow at the fastest pace in two years during the third quarter of last year and say it could prompt the Fed to forgo a rate cut later this month.

Efficiency Drive: Amazon to Cut 16,000 Corporate Positions to Trim Bureaucracy (Bloomberg)
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Amazon is cutting 16,000 corporate jobs worldwide in an effort to remove layers of bureaucracy and “increase ownership,” becoming the latest company to target managers for layoffs in recent years.

The reductions take Amazon’s announced job cuts to 30,000 in three months after an initial wave in October.

Companies across industries have been trimming management layers in the name of becoming leaner and more productive. Last year, Microsoft Corp. cut thousands of workers with a focus on reducing management; Nissan Group of North America cut 20% of its top management positions; and Amtrak similarly targeted roughly 20% of its own top-level management.

Sales Boom Cuts: Chipmaking Giant ASML Plans to Cut 1,700 Jobs to Reduce Management Layers (Bloomberg)
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ASML Holding NV said it will cut about 1,700 jobs in the middle of a sales boom as part of a broad move to kill layers of management and become less bureaucratic.
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The reductions, amounting to about 4% of staff, will largely affect managerial positions in ASML’s IT and tech departments, Chief Executive Officer Christophe Fouquet said in a statement on Wednesday as part of the company’s fourth-quarter financial results. Most of the cuts will be in the Netherlands, with other job reductions in the US.

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What I'm Reading

Boost for Canada: Mark Carney’s Liberals See Jump in Popularity After Bracing Davos Speech (Bloomberg)

Mark Carney’s Liberal Party is enjoying a surge in polls after the Canadian prime minister earned praise from other world leaders for his Davos speech urging smaller countries to resist coercion by superpowers.

A new survey released by Leger Marketing finds Carney’s Liberals with a nine-point lead over the Conservative Party led by Pierre Poilievre. That follows a poll from Liaison Strategies that had an eight-point Liberal lead, and other surveys showing Carney’s personal approval rating on the rise.

Tensions Rise: Trump Threatens Iran With ‘Massive Armada’ and Presses a Set of Demands (New York Times)

President Trump sharply intensified his threats against Iran on Wednesday, suggesting that if it did not agree to a set of demands the administration had made of the country’s leaders, he could soon mount an attack “with speed and violence.”

Notably absent from those demands — and from Trump’s post on Truth Social on Wednesday morning — was any reference to protecting the protesters who took to the streets in Iran in December, convulsing the country and creating the latest crisis for its government. Trump had promised, in past social media posts, to come to their aid, but has barely mentioned them in recent weeks.

Iran says the death toll was 3,117, but human rights groups say that figure vastly underestimates the actual number killed. Their figures range from 3,400 to 6,200, but they say that once internet blackouts are lifted, the numbers will likely rise significantly.
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Caribbean Oil Aid: Mexico to Continue ‘Humanitarian’ Cuba Oil Aid Despite Trump Vow (Bloomberg)

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War Toll: Troop Casualties in Ukraine War Near 2 Million, Study Finds (New York Times)

Isn’t Xi Lovely? Xi Says China Weighing Visa-Free UK Access After Meeting Starmer (Bloomberg)

Chinese President Xi Jinping praised British Prime Minister Keir Starmer’s landmark visit to China and vowed to consider granting UK citizens visa-free entry, as ties between the two nations continue to thaw.
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Beijing will “actively consider” implementing unilateral visa-free entry for the UK and expand economic cooperation, the Xinhua News Agency reported Thursday, after Xi welcomed Starmer to the Chinese capital for the first such visit by a British prime minister in eight years.
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British Tech Push: Government Offers UK Adults Free AI Training for Work (BBC)
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The UK government has launched a series of free AI training courses designed to help people learn how to use the technology at work. The online free lessons give advice on things such as how to prompt chatbots or use them to assist with admin tasks.

The UK’s Technology Secretary of State, Liz Kendall, spoke at Bloomberg’s London HQ on Wednesday, where she announced a major expansion of the AI Skills Boost program, adding new partners including the British Chambers of Commerce, Cisco, the NHS and techUK. The new cohort joins founding partners such as Amazon, Google and Microsoft in a drive to upskill 10 million workers by 2030.

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Bonds Go 24/7: Bond Traders Find New Way to Get Early View of US Credit Markets (Bloomberg)
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New rules in Europe are bringing US corporate bonds closer to real-time 24-hour trading — and helping American market players get more realistic prices earlier in the day.

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That’s because more trades in the UK, including US dollar bond trades that take place in London, now must be reported as soon as possible, and no later than 15 minutes after execution. A similar shift is expected in the European Union in March.

Wall Street Support: JPMorgan, Bank of America Match Workers’ $1,000 Trump Account Contributions (Bloomberg)

Mideast Power Play: Goldman Assembles Team of Top Bankers to Strengthen Mideast Ties (Bloomberg)

Goldman Sachs has set up a team comprised of its most senior executives, tasked with strengthening the Wall Street bank’s ties to the Middle East, according to people familiar with the matter.

The group, which includes global heads of key business units and the bank’s regional chief executive officer, has been working to deepen relationships with funds across the oil-rich Middle East.

The move spotlights the Middle East’s growing importance as a hub for finance. Regional wealth funds, which control about $5 trillion, have been key to a revival in global dealmaking that saw M&A volumes surge last year.

Minnesota News: US Border Patrol Agents on Leave After Deadly MN Shooting (Bloomberg)
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Two US Border Patrol agents involved in the fatal shooting of Alex Pretti have been placed on administrative leave, Customs and Border Protection said, as scrutiny intensifies over the Trump administration’s immigration-enforcement operations in Minnesota.
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The move is “standard protocol” after an officer-involved shooting, a CBP spokesperson said without providing additional details about the status of the investigation.

ICE Flashpoint: Congress Needs to Rein In a Reckless Deportation Campaign (Bloomberg Opinion - Editorial Board)

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Latest on the Epstein Files: More Files Coming Soon, DOJ Says, a Month Past Deadline (Axios)
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The Justice Department said Tuesday it will release the full Epstein files in the "near term," after reviewing and redacting millions of pages.

Blowing more than a month past its legal deadline, the DOJ still has not set a clear date for when documents related to convicted sex offender Jeffrey Epstein will go public. 

69% of US adults said they believe the government is covering up evidence it has about Epstein, according to YouGov polling conducted this month.

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🔊 New Episode Alert: The Daily Read Podcast is live with an AI-fueled breakdown of today’s biggest headlines. Smarter context, sharper analysis—stream it now on Spotify or  Apple Podcasts.

Tonight at the Kennedy Center: ‘Melania’ Premiere Sets Guest List, Doctors (Oz and Phil), Reality Stars and Most of the Trump Administration (Hollywood Reporter)

Listed as expected VIP guests at the premiere include Donald Trump Jr., musician A.R. Rahman, Jordan Belfort (the real-life basis for The Wolf of Wall Street), producer Arthur Sarkissian, former New York City mayor Eric Adams, Dr. Oz, Dr. Phil and reality stars Todd, Julie, Savannah and Chase Chrisley.

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Utah's Last Dance: Sundance Says Thank You, and Goodbye, to Park City (New York Times)
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As the thousands of movie industry insiders and fans make their annual pilgrimage to Park City, Utah, for the Sundance Film Festival this week, their memories about the event’s past are threatening to overwhelm the films.
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That is because this is the last year that the event will be held in Park City, its home for 40-plus years. (Its future home is Boulder, Colorado.) And because this is the first festival since the death of its founder, Robert Redford.

Big News for Air Travel: Southwest’s Open-Seating Era Comes to an End After 50 Years (Wall Street Journal)

Southwest is laying open seating to rest after more than 50 years as it looks to boost revenue. Beginning Tuesday, all seats will be assigned.

This Weekend in Music: The Grammys Promise Blockbuster Performances, High-Stakes Races and the End of an Era on CBS (ABC News)
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The 68th Grammy Awards are set to be one of the most exciting in years, with Kendrick Lamar leading the field with nine nominations and heavy contenders like Lady Gaga, Bad Bunny, Sabrina Carpenter and Leon Thomas competing across major categories.

Industry buzz and prediction markets favor Bad Bunny’s Debí Tirar Más Fotos for Album of the Year, Kendrick Lamar & SZA’s “Luther” for Record of the Year, and K-pop hit “Golden” for Song of the Year, while Olivia Dean is a frontrunner for Best New Artist and Gaga is poised to dominate Best Pop Vocal Album.

Rosé & Bruno Mars’ “APT.” and Carpenter’s “Manchild” also stand out as potential breakout winners, and the night will feature performances from Addison Rae, KATSEYE, Olivia Dean, Leon Thomas, The Marías, Clipse, Pharrell Williams and Carpenter.
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Trevor Noah returns to host the ceremony for the sixth and final time, bringing his signature humor to music’s biggest night.
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The ceremony takes place Sunday, Feb. 1 at Crypto.com Arena in Los Angeles and airs live on CBS from 8–11:30 p.m. ET/5–8:30 p.m. PT, with streaming available on Paramount+; the Premiere Ceremony and red carpet pre-show stream earlier in the day online.

This year also marks the last year the Grammys will air on CBS before switching over to Disney next year.

Streets of Minneapolis

Bruce Springsteen Pens New "Streets of Minneapolis" Protest Song, With Lyrics Honoring Renee Good, Alex Pretti (CBS News)

In his own words: "Stay free, Bruce Springsteen."

"I wrote this song on Saturday, recorded it yesterday and released it to you today in response to the state terror being visited on the city of Minneapolis. It’s dedicated to the people of Minneapolis, our innocent immigrant neighbors and in memory of Alex Pretti and Renee Good," Bruce wrote in a statement on his website.

Listen to the song by clicking the photo cover below.

Best of Late Night

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On the Trumps hosting a special screening of the new ‘Melania’ movie at the White House this past weekend, as the nation was mourning the tragic events in Minneapolis:

"The screening was attended by Donald, Melania, Tim Cook, the CEO of Apple, Tony Robbins and Mike Tyson. I sure hope they had some cameras rolling when Melania made small talk with Mike Tyson, because that is the documentary I would like to see.”
-- Jimmy Kimmel
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“Man, they are really testing his ability to stay awake: ‘Sir, would you like to sit in the dark and watch a movie about your wife? Sir? He’s already out.’” 
-- Seth Meyers

“Move over, ‘Avatar’ sequels — here’s another movie that wasn’t necessary.”
-- Jon Stewart

“The film was a $75 million gift to the Trumps from Amazon, and the president was very grateful. He said that without this documentary he’d know nothing about his wife.” 
-- Jon Stewart

And from The Late Show with Stephen Colbert: President Trump tried to clean up the mess he made in Minnesota by moving Greg "Little Napoleon" Bovino out and lambasting Homeland Security head Kristi Noem, the president's body and mind are in pretty rough shape, and the First Lady's self-titled film is a box office stinker. Click the photo below to watch.
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