Evening Briefing: Americas

Europe appears to be coming apart one nation at a time. As fellow continental heavyweight France wavers, German lawmakers passed a measure that will pave the way for a national election in two months, backing Chancellor Olaf Scholz’s plan to end his embattled administration early. The Social Democrat called the confidence vote after he fired Finance Minister Christian Lindner, head of the Free Democrats, which in turn dispensed with his majority in the lower house. The three-way ruling alliance collapsed in early November after months of infighting. Lindner was reluctant to allow more borrowing to support Ukraine in its defense against Russia and bolster Germany’s sputtering economy. —Natasha Solo-Lyons

What You Need to Know Today

Prime Minister Justin Trudeau is to name Dominic LeBlanc as Canada’s finance minister to replace Chrystia Freeland, who shocked the government with a scathing resignation letter Monday morning. LeBlanc currently serves as public safety minister and has been overseeing Canada’s border security response after Donald Trump threatened tariffs against America’s closest ally. LeBlanc also is a good friend of Trudeau’s who has been in a number of key cabinet roles since the prime minister swept to power in 2015. Freeland’s letter warned of Trump’s “aggressive economic nationalism,” including his threat to impose 25% tariffs against goods from Canada and Mexico—a move that would be extremely harmful to Canada’s economy. “Our country today faces a grave challenge,” Freeland wrote. “We need to take that threat extremely seriously.”

Chrystia Freeland Photographer: Michael Nagle/Bloomberg

TikTok and its Chinese parent company asked the US Supreme Court to block a government ban set to take effect next month, making a late push to keep the social-media platform operating in a market with more than 170 million users. The emergency request comes after a federal appeals court upheld a new law banning TikTok in the US if the parent company doesn’t sell the app by Jan. 19. The three-judge panel rejected TikTok’s free speech claims, saying Congress was legitimately acting to protect national security and user privacy.

Real estate brokerage Douglas Elliman is facing questions over Oren and Tal Alexander, the former star agents arrested this month on charges of sex trafficking. The agency is said to be seeking information about the brothers’ years of working with the firm. For “well over a decade,” they and sibling Alon Alexander collaborated to “drug, sexually assault and rape dozens of victims,” according to the indictment. The allegations date back to 2010, with some incidents overlapping with their time working with Douglas Elliman.

Oren Alexander, center, and brother Alon Alexander, right, during a bond hearing in Miami Friday. Photographer: Matias J. Ocner/Miami Herald

A student opened fire at a private Christian school Monday morning in Wisconsin, killing two people in the final week before Christmas break, according to police. The shooter also died. Madison Police Chief Shon Barnes offered no details about the victims but said other people were wounded at Abundant Life Christian School, a K-12 school with about 390 students. Barnes said the suspected shooter was a student who likely died by suicide. The Associated Press reported that the alleged shooter was a 17-year-old female student.

Ken Leech, the star bond trader charged with cherry-picking winning trades for some clients, pleaded not guilty to fraud at a court hearing Monday. Leech, 70, the former co-chief investment officer at Western Asset Management, faces federal charges that he steered more than $600 million in gains to favored clients while forcing losses on others. According to the indictment and a Securities and Exchange Commission lawsuit, Leech’s problems began a few years ago when his career headed into a slump, hit by interest rate moves and poor bets. In a few years, the assets under management at Wamco’s marquee Macro Opportunities fund had sank by 80%.

Ken Leech exits federal court in New York on Monday after pleading not guilty to federal charges. Photographer: Yuki Iwamura/Bloomberg

As SpaceX’s valuation hits a record of about $350 billion, propelling Elon Musk’s own net worth to new heights, Morgan Stanley also stands to benefit. The bank is said to have opened its specialized lending program to SpaceX employees who want to cash in on soaring shares in Musk’s rocket and satellite maker—but not lose their equity stake. To participate, employees need at least $500,000 worth of vested SpaceX stock.

Norway set a goal in 2017 of eliminating sales of fossil-fuel-powered cars by 2025. At the time, it seemed like little more than a feel-good fantasy to soften the image of a government led by Erna Solberg, a conservative advocate of oil production. But as the deadline approaches, it turns out that the Nordic country will come within a whisker of actually meeting that milestone.