Table of Contents

World News Roundup — November 25, 2025

Backchannel talks on Ukraine peace, “historic collapse” of Palestinian economy, Japan’s PM Takaichi speaks by phone with Trump, Singapore to regulate Apple/Google over government “spoofing”

Today’s Key Points (Quick Take)

The Russian military carried out missile and drone attacks across Ukraine, including the capital Kyiv. At least six people were killed and power plants and other energy facilities were damaged. Meanwhile, the US and Russia held secret peace talks in Abu Dhabi in the United Arab Emirates, discussing a new proposal centered on a “ceasefire and prisoner exchange.”
The UN Conference on Trade and Development (UNCTAD) reported that the Palestinian economy is facing “one of the worst collapses in the world since 1960, when records began.” Because of the two-year war in Gaza and restrictions in the West Bank, GDP per capita has fallen back to 2003 levels, effectively “erasing 22 years of development.”
In Lebanon, Israeli airstrikes have continued even after a ceasefire came into effect, killing 127 civilians according to the UN. The Gaza ceasefire has also repeatedly been violated, leading to a situation in which “even though the fighting has stopped, people’s lives remain in wartime mode.”
Global stock markets rose on strengthening expectations of a US rate cut in December. Markets are pricing in “an over 80% chance of a 0.25% cut at the next meeting,” and stock indexes in the US, Europe, and Asia are all in positive territory.
The US government shutdown has now lasted 43 days, cooling air-travel demand in the Thanksgiving season. Unpaid work by TSA staff and delays in airport infrastructure investment are forcing airlines to cut flights and adjust labor costs.
The shutdown is also causing some Americans who rely on Obamacare (health-insurance subsidies) to postpone or give up enrolling altogether. Rising uninsured risk is feared to lead to medical bankruptcy and growing health disparities.
In Japan, Prime Minister Sanae Takaichi held her first phone talks with US President Donald Trump. She said she received the message, “You can call me anytime,” and emphasized her personal relationship with the US amid chilled Japan-China relations over her remarks on a possible Taiwan contingency.
The Singaporean government ordered Apple and Google to restrict the use and display of sender names that impersonate government bodies such as “gov.sg” on iMessage and Google Messages. As an anti-phishing measure, it is demanding specification changes by the end of the year.
Afghanistan’s Taliban government condemned Pakistani airstrikes that allegedly killed nine children and one woman, and declared it would “retaliate.” Tensions between the two countries are rising once again.
The Russian government is discussing support measures for Russian Railways, a state-owned company with over 5 trillion yen in debt. Debt guarantees and capital injections are under consideration, highlighting how wartime distortions in the economy are squeezing infrastructure operators.

Who Will Find This Article Especially Useful, and How to Read It

This daily roundup is written with the following readers specifically in mind:

People at Japanese companies working in corporate planning, overseas business, risk management, finance, IR, or sustainability
Individual investors managing assets in stocks, investment trusts, bonds, FX, commodities, or crypto assets
High-school and university students and working adults studying international politics, security, international economics, human rights, or technology
People in local government, education, healthcare, welfare, NGOs/NPOs who want to know “how global events affect the realities on the ground”

The structure follows an inverted pyramid, starting with the highest-priority topics:

Ukraine: Attacks on Kyiv, US-Russia talks in Abu Dhabi, and Russian Railways’ debt problem (Chapter 1)
Palestine: UNCTAD report on a “historic economic collapse,” and casualties in Lebanon and Gaza despite ceasefires (Chapter 2)
Global economy & markets: US rate-cut expectations, rising stocks with a pullback in gold and Bitcoin, Nokia’s AI investments, Alibaba’s earnings, etc. (Chapter 3)
US domestic politics: How the prolonged government shutdown is affecting aviation and health insurance (Chapter 4)
Asia: Phone call between PM Takaichi and President Trump, ASEAN and Myanmar, renewed tensions between Afghanistan and Pakistan (Chapter 5)
Tech & society: What Singapore’s regulation of Apple/Google tells us about “spoofing” and anti-fraud measures (Chapter 6)
Finally, “Hints for making today’s news your own” (Chapter 7)

If you’re short on time, just reading Chapters 1–3 will give you the big picture of “security + global economy.”
When you have more time, reading from Chapter 4 onward will help you see the links to topics closer to your daily life and work.

Chapter 1 — Ukraine: Renewed Attack on Kyiv, US-Russia Talks in Abu Dhabi, and Russian Railways’ “Wartime Debt”

1-1. Missile and Drone Attacks on Kyiv, Energy Infrastructure Targeted

According to Reuters, in the early hours of the 25th, the Russian military launched large-scale missile and drone attacks across Ukraine, including the capital Kyiv, killing at least six people and injuring many more.

The main targets were energy-infrastructure facilities such as transmission and transformer stations.
Power outages occurred in the capital region and surrounding areas, affecting heating and water supply in some districts.
Romania announced that it had scrambled fighter jets to track Russian drones that had entered its airspace, underscoring concerns about the risk of spillover into NATO territory.

Attacks on energy infrastructure have a direct impact on civilians’ daily lives, medical services, and industrial activity as winter sets in. If heating stops, the risk of people freezing to death rises sharply. Power outages hinder hospital operations and factory production, dealing a major blow to the economy.

1-2. Backchannel US-Russia Talks in Abu Dhabi: “Robust Ceasefire Proposal” Faces Resistance from Parties

On the same 25th, US Army Undersecretary Dan Driscoll met with Russian officials in Abu Dhabi, United Arab Emirates. Reuters confirmed US media reports of secret US-Russia peace talks now underway.

The discussion appears to have focused on a “revised peace plan” that the US and Ukraine had coordinated in Geneva the day before, with the goal of persuading Russia to accept it.
Meanwhile, ceasefire proposals related to the civil war in Sudan are also being floated in this same framework, but according to a special adviser to the Trump administration, none of the warring parties have formally accepted them.

For ordinary citizens, the situation of “negotiating a ceasefire while still firing missiles” is deeply contradictory and hard to accept.
In reality, however, diplomacy often proceeds through backchannel negotiations in parallel with military pressure on the ground, and today we are in exactly such a phase.

1-3. Over 5 Trillion Yen in Debt at Russian Railways: Distortion of a Wartime Economy

Reports say the Russian government is considering a bailout for state-owned Russian Railways, whose debt has swollen to about $51 billion (over 5 trillion yen).

Russian Railways is not only central to freight and passenger transport, but also crucial for military logistics — it is the “main artery” for wartime supply lines.
Sanctions, aging infrastructure, and increased war-related transport have all combined to raise concerns about its debt-servicing capacity.
Inside the government, options under discussion reportedly include debt guarantees, additional capital injections, and fare hikes.

At the same time, the EU is considering loans to Ukraine backed by frozen Russian assets. Ratings agencies say this is unlikely to deal a major blow to member states’ creditworthiness.

Economic Impact: Energy, Logistics, and Bond Markets

The worsening financial health of Russian infrastructure firms could lead to domestic freight delays and reduced investment, affecting energy transportation and agricultural exports.
If government funds are used to bail out infrastructure, it could widen fiscal deficits and fuel inflation, impacting market confidence in the ruble and Russian government bonds.
The EU’s Ukraine loans, financed using Russian assets, carry symbolic weight and may serve as a model for future reparation schemes.

Social Impact: The Cost of War Becomes Visible at Home

Beyond the casualties among soldiers and civilians, the public may increasingly feel the costs of war through everyday effects such as “aging rail lines, delayed trains, and deteriorating service.”
Infrastructure decay and service degradation tend to hit rural residents hardest, potentially exacerbating regional disparities and public discontent.

Chapter 2 — Palestine: UNCTAD Warns “22 Years of Progress Wiped Out,” Civilian Deaths Continue in Lebanon Despite Ceasefire

2-1. UNCTAD Report: Palestinian Economy Faces “One of the Worst Collapses in Statistical History”

The UN Conference on Trade and Development (UNCTAD) has released a report stating that the Palestinian economy is facing its worst collapse on record.

Key points include:

The two-year war in Gaza, along with movement restrictions, checkpoints, and settlement expansion in Israeli-occupied West Bank, have severely damaged infrastructure, productive capacity, and public services.
As of the end of 2024, GDP per capita has fallen back to its 2003 level, effectively “wiping out 22 years of economic and social development.”
The severity of the crisis ranks among “only ten of the worst cases globally since 1960.”
Rebuilding Gaza will require decades of support, and the West Bank is also facing its worst recession on record.

UNCTAD warns that “as long as current restrictions and blockades remain in place, no amount of aid money will be enough to ensure sustainable development.”

2-2. Lebanon: 127 Civilians Killed by Airstrikes Since Ceasefire

According to the UN Office of the High Commissioner for Human Rights, Israeli airstrikes have continued in southern Lebanon even after a ceasefire with Hezbollah took effect on October 10, killing at least 127 civilians.

Many of the victims were ordinary citizens living in rural areas or near refugee camps, including children and the elderly.
The UN has urged Israel to halt indiscriminate attacks, saying they are “contrary to the spirit of the ceasefire.”

In Gaza as well, more than 300 Palestinians have been killed in attacks since the ceasefire went into effect, showing that “ceasefire does not equal safety” on the ground.

2-3. Economic Impact: Reconstruction Costs, Investment Risks, and Refugees

Massive Reconstruction Costs
- Destroyed infrastructure, housing, factories, and shops will take hundreds of billions of dollars and many years to rebuild.
- How much the Gulf states, Europe, Japan, and others will contribute is set to become a major focus of international politics.
Impact on Investment and Employment
- Persistent instability and repeated destruction make it hard for private investment to return, trapping the region in a vicious cycle of “aid dependence” and “unemployment.”
- High youth unemployment raises the risk of social unrest and recruitment into extremist movements, which could further worsen security.
Increase in Refugees and Migrants
- Economic dead-ends push people to leave the country, affecting refugee and migration pressures on Europe and neighboring Middle Eastern states.
- If more children lose access to education, the loss of human capital will become a global challenge.

2-4. Social Impact: Freedom of Movement and Dignity as Preconditions for “Reconstruction”

UNCTAD’s report underscores that this is not a problem that can be solved by simply pouring in money. Unless structural conditions such as:

Freedom of movement
Access to resources and markets
Better governance

are addressed, reconstruction efforts will simply spin their wheels.

Though the region may seem far removed from Japan, issues such as energy prices, refugee flows, and international aid budgets link these events to our own lives.

Chapter 3 — Global Economy and Financial Markets: Stocks Rise on Rate-Cut Hopes, Bitcoin Sees “Healthy Cooling,” AI Investments and Chinese Tech

3-1. Markets See an 80% Chance of Rate Cut; Global Stocks Edge Higher

According to Reuters’ market reports, global stock markets trended higher on the 25th, buoyed by expectations of US rate cuts.

CME FedWatch data indicates markets are pricing in roughly an 81% probability of a 0.25% cut at the December meeting, up sharply from 42% a week earlier.
Major stock indexes in Asia, Europe, and the US all traded in positive territory as hopes for a “soft landing” gained traction.

Gold prices hit a one-week high, then eased slightly on a pause in dollar strength and growing expectations of rate cuts. Investors are watching for economic data releases that have been delayed by the US government shutdown.

3-2. Capital Outflows from Bitcoin ETFs: A “Healthy Reset”?

In the crypto market, Bitcoin ETFs have experienced capital outflows at a record pace, making this the “worst month since launch” according to reports.

Bitcoin’s price briefly fell below $93,000, revealing selling pressure in a risk-off environment.
ETF managers, however, have described the move as “a healthy reset that reins in overheating and actually creates an entry opportunity for long-term investors.”

Economic and Investment Implications

Even as rate-cut expectations rise, high-risk assets like Bitcoin are undergoing a correction, highlighting that “lower interest rates do not automatically mean everything goes up.”
From a portfolio perspective, this is a good moment to clarify the roles of stocks, bonds, gold, and crypto and adjust allocations to match your own risk tolerance.

3-3. Nokia to Invest $4 Billion in US AI Infrastructure: Lessons for Japanese Firms

Finnish telecoms giant Nokia announced a $4 billion (about 620 billion yen) investment in the US for R&D and production related to AI-enabled networks.

Investment destinations include multiple states such as Texas, New Jersey, and Pennsylvania, and encompass advanced R&D in quantum-resistant networks and semiconductor manufacturing and testing.
Nokia emphasized cooperation with the Trump administration, positioning the project as a symbolic effort to combine “national security, onshoring of production, and strengthening AI infrastructure.”

For Japanese companies, this underscores that:

Massive capital is flowing not only into “AI itself,” but also into “the networks that carry AI,” “data centers,” and “power and semiconductors” — the hidden infrastructure behind AI.
Where that infrastructure is located, and which country’s security strategy it is tied to, directly affect business decisions.

3-4. Alibaba Earnings and European Auto Sales: Outlook for Consumption and EVs

Chinese e-commerce giant Alibaba posted quarterly revenues of about $35 billion, beating market expectations, while net profit fell 53% year-on-year. Its US-listed shares rose around 2% at the open.

Investments in one-hour delivery services have successfully attracted users, helping it maintain its presence in China’s fiercely competitive e-commerce market.
The cloud division is also performing solidly, indicating continued demand for AI and cloud in the Chinese domestic market.

In Europe, October new car registrations rose 4.9%, with EV (electric vehicle) sales growing faster than gasoline and diesel vehicles, according to the European Automobile Manufacturers’ Association (ACEA).

However, concerns about subsidy cuts and inadequate charging infrastructure have led some analysts to suggest that the growth pace is slowing.

Chapter 4 — United States: Day 43 of the Government Shutdown Hits Aviation and Health Insurance

4-1. Thanksgiving Air Travel: From Record Demand Forecasts to a Sudden Slowdown

In the US, air travel demand for Thanksgiving had been forecast to reach “record highs,” but in reality the 43-day-long government shutdown has caused many people to rethink their travel plans.

Some staff at the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA) are being forced to work without pay, leading to low morale and staffing shortages and increasing the risk of delays and cancellations.
Airlines, facing revised demand projections and persistently high labor and fuel costs, are being forced to cut flights and rework fare structures.

Economic Impact

The Thanksgiving and year-end holiday shopping season is the most important period for US retailers, and weaker travel demand is spilling over into hotels, restaurants, and tourist destinations.
Deteriorating airline earnings affect employment and aircraft procurement plans, meaning the impact is not irrelevant for Japanese aircraft-related manufacturers and parts suppliers.

4-2. “Wait or Give Up?” on Obamacare Enrollment: Rising Uninsured Risk

Another Reuters feature reports that people who depend on subsidies under Obamacare (the Affordable Care Act) are delaying or giving up enrolling in health insurance due to the government shutdown.

With the Internal Revenue Service (IRS) partially shut down, subsidy processing and information services are delayed, leaving many unsure “whether they can actually get the subsidy.”
Facing high premiums, some are reportedly choosing to “endure being uninsured this year.”

Social Impact

More uninsured people means illnesses are likely to be detected later, increasing cases where patients must rely on emergency services only after conditions become serious.
This in turn raises overall health-care costs and hospital burdens, which may come back to society as a whole through higher premiums and taxes.

Japan also debates “health-care finances” and the “sustainability of social security.” The US example shows clearly how “political confrontation can directly affect citizens’ health and everyday lives.”

Chapter 5 — Asia: PM Takaichi’s Phone Call with Trump, ASEAN and Myanmar, Afghanistan and Pakistan

5-1. PM Takaichi Says Trump Told Her “You Can Call Anytime”

On the morning of the 25th, Prime Minister Sanae Takaichi held her first phone talks with US President Donald Trump since taking office.

According to Takaichi, Trump told her, “You can call me anytime,” and “Japan-US relations are extremely strong.”
There was no direct mention of a Taiwan contingency, but Trump, in a phone call with Chinese President Xi Jinping the previous day, described relations with China as “extremely good.” Japan therefore needs to carefully assess how US-China relations and US Taiwan policy are linked.

On the same day, the Japanese government approved a Cabinet response stating that Takaichi’s November 7 Diet remark — that “a Taiwan contingency could be considered a situation threatening Japan’s survival” — was “fully consistent with the government’s existing position.”

Economic and Social Implications

China has already imposed measures such as discouraging Chinese tourism to Japan and banning imports of certain Japanese seafood products, hitting the tourism and food industries.
For Japanese companies that rely on China as a production base and sales market, the need for “China+1” and supply-chain diversification that assume political risk is becoming more pressing.

5-2. ASEAN and Myanmar: Engagement “Difficult Even After Elections”

Thailand’s foreign minister said it would be “very difficult” for ASEAN (Association of Southeast Asian Nations) to resume full engagement with Myanmar’s military regime even after elections are held.

The junta has pledged to hold elections in 2026, but fighting continues with opposition and ethnic armed groups, and few observers believe free and fair elections are possible.
ASEAN itself is divided: Thailand and a few members favor dialogue, while others limit themselves to sanctions and informal contacts.

For Japanese businesses and aid organizations, this is a moment to rethink their business and support activities in politically risky Myanmar.

5-3. Afghanistan and Pakistan: Airstrikes Kill Nine Children, Tensions Rise Again

According to the Taliban government’s spokesperson, Pakistani airstrikes in eastern Afghanistan killed nine children and one woman, and the regime has declared it will “retaliate.”

Pakistan claims the strikes were self-defense against armed groups attacking from Afghan territory.
The two countries have long been at odds over militant groups along the border and refugee issues, and the latest airstrikes are seen as part of this ongoing tension.

Economic and Social Impact

Instability in border regions harms logistics, trade, and infrastructure plans such as the China-Pakistan Economic Corridor.
Airstrikes that kill children deepen resentment and trauma in local communities, making long-term peacebuilding even more difficult.

Chapter 6 — Tech and Society: Singapore Requires Apple and Google to Tackle “Spoofing”

6-1. Crackdown on Fraudulent “gov.sg” Messages, Orders for Changes by Year-End

On the 25th, Singapore’s Ministry of Home Affairs ordered Apple and Google to restrict the use and display of sender names impersonating government agencies, such as “gov.sg,” on iMessage and Google Messages.

SMS messages have already been subject to a registration system for numbers allowed to use the “gov.sg” sender name. However, iMessage and Google Messages lacked such mechanisms, enabling fraudsters to send messages that looked official.
Under the new directive, the companies are asked to:
- Ban or filter the use of account names that impersonate government entities such as “gov.sg,” and
- Display phone numbers more prominently than names for unknown senders.

6-2. Economic and Social Implications: Phishing and the Infrastructure of Trust

Economic Losses from Phishing
- Fraud that impersonates government agencies often targets individuals’ savings and corporate funds, so total losses can become massive at the national level.
- For financial institutions and e-commerce firms, widespread damage can boomerang back as “loss of brand trust.”
Strengthening Platform Responsibility
- Singapore’s move signals a shift toward clearly holding platform providers like Apple and Google responsible for anti-fraud measures.
- If similar debates advance in Japan, messaging-app and social-network operators may need to redesign their UIs and filtering features with “safety first” as a core principle.
What We as Individuals Can Do
- When receiving messages claiming to be “important government notices,” make it a habit to double-check via official websites or apps.
- Never tap suspicious links, and establish “share suspicious messages” rules with your family or at work.

Daily, small habits like these help protect ourselves and those around us from such scams.

Chapter 7 — Making Today’s World “Your Own Business”

Lastly, here are some concrete ways to connect today’s news to your own life and work.

7-1. Work and Career

Ukraine peace talks, the collapse of the Palestinian economy, security in Asia, AI infrastructure investments, crypto regulation, anti-spoofing measures—
These may seem like scattered topics, but they all share the common theme of “managing risks and opportunities.”

For example…

If you work in manufacturing or logistics:
→ Look at the Russian Railways story through the lens of “How dependent is our supply chain on infrastructure in specific countries?”
If you work in IT or telecoms:
→ Connect Nokia’s US AI investments and Singapore’s messaging regulations to your own cloud, AI, and security strategies.
If you work in finance or IR:
→ Use rate-cut expectations and political risk in emerging markets to map “which risks our company and clients’ portfolios are most vulnerable to.”

When you treat news not as “isolated events” but as “inputs for your own decisions,” the landscape gradually gains depth.

7-2. Household Finances and Investing

US rate-cut expectations, Bitcoin’s correction, Japanese fiscal and interest-rate issues, energy prices — all of these gradually affect mortgages, savings, investments, and living costs.

A Few Small Checks You Can Start Today

Review the interest-rate type and remaining balance of your or your family’s loans (housing, auto, etc.).
If you invest, roughly check how much of your portfolio is resilient to “war, energy, and interest-rate” shocks.
Even if you don’t invest, think about “why gasoline and electricity prices tend to rise” in connection with developments in Ukraine and the Middle East.

Focusing not just on short-term price moves but on “why they move that way” can bring news a little closer to your household finances.

7-3. Information Literacy and Civic Perspective

Ukraine and Gaza, Japan-China and US-China relations, Myanmar and Afghanistan, Singapore’s anti-fraud measures—
All of these relate deeply to the question, “Who controls information, and who believes it?”

Sample Ways to Slightly Change How You Engage with News

Pick one story that interests you and read one article in Japanese and one in English about it.
On social media, pay attention to the “source” and “date” of news articles you see.
Bring up a story in casual conversation with family or friends: “I saw this news today—what do you think?”

Even small shifts in perspective can make your connection to the world easier to see.

Reference Links (English & Japanese)

For those who want to dig deeper, here are some of the key articles covered today (browser auto-translation can make them easier to read):