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News when you wanted with Bloomberg News. Now I'm Doug Krisner. We begin in South Korea where President yunsuk yol is in custody after being arrested in a pre dawn operation. The impeach leader was apprehended for questioning over his short lived martial law declaration in early December. Now Yun can be held for forty eight hours. The Corruption Investigation Office for High Ranking Officials had been looking to bring Yuni into custody after he repeatedly defied summons to appear for questioning. Here is Bloomberg's HISUL.
A few hours into the operations, some of the investigators managed to get to the third set of defense lines set.
By his security team, and while this was going on, he's main lawyer signal that some negotiations were underway between Yun and the CIO that is BLOOMBERG'SHISUL. In a statement, Yun said he agreed to appear to avoid any unsavory bloodshed, and he said his appearance did not mean he accepted the legitimacy of the investigation. By the way, this arrest makes Yun the first incumbent president in South Korean history to be taken into custody Stateside. The Securities and Exchange Commission has sued Elon Musk. The SEC filed a lawsuit in federal court in Washington over alleged security violation. Here is Bloomberg's Meghan Howard.
The agency is alleging that Musk waited to disclose his acquisition of Twitter shares in order to build his position at lower prices. They are also saying that Musk deliberately ignored a deadline to publicly disclose that he acquired more than a five percent stake in the company early in twenty twenty two, and this is actually something that he had previewed in a letter last month. So the agency has officially filed that lawsuit in federal court as of today, that.
Is Bloomberg's Meghan Howard there now. The SEC is seeking a civil penalty and for Musk to return profits he made from his stock purchases. Musk is also facing investor litigation accusing him of hiding his acquisition of Twitter shares. President elect Trump's choice for Defense Secretary, Pete Hegseth, spent the better part of the day on Capitol Hill fielding questions that were sometimes heated and contentious. Here's Bloomberg's Amy Morris with more from Washington.
New York Democratic Senator Kirsten Gillibrand questioned hag Seth's position on women in the military.
You will have to change how you see women to do this job well, and I don't know if you are capable of that.
And Virginia Democratic Senator Tim Caine questioned hag Seth's character.
You had just fathered a child two months before by a woman that was not your wife.
Senator Armed Services Committee Chair Republican Roger Wicker of Mississippi showed his support for the nominee.
I'm confident that mister Hegseth, supported by a team of experienced top officials, will get the job done.
Hag Seth himself laid out his objective for the Pentagon if he's confirmed. When President Trump chose me for this position, the primary charge he gave me was to bring the warrior culture back to the Department of Defense. Hag Seth does not need Democrats to win confirmation, but he can't lose more than three Republicans in Washington. Amy Moore as Bloomberg Radio, we.
Go to California next, where Hot Dry winds are pummeling Los Angeles and the surrounding areas across southern California. Gust have reached sixty miles per hour, and red flag fire warnings are in place. About two million people are now facing extreme fire conditions. Here is Bloomberg Sarah McGregor.
And the big problem, of course, is that these winds can keep planes on the ground that have been doing a lot of the firefighting, keeping things at bay. And so I think there's some feelings that if those get grounded again that things may get out of control. So everyone's just on edge right now.
That is Bloomberg Sarah McGregor. There now, winds are expected to ease by Thursday, and humidity is forecast to rise through the weekend. However, another round of dry, dangerous winds may arrive next week. Business News next. Wholesale inflation in the US unexpectedly cooled in December, helped by a drop in food cost and flat services prices. The PPI was up two tents at one percent from the prior month, and the core rate of the Producer price index was unchanged. Here is Bloomberg's Michael McKee.
The basics are that PPI for final demand. The headline number came in up two tenths for the month, which is half of what was anticipated. It does on a basif X basis push up final demand to three point three percent from three percent, and then core was flat during the month. No change that too on a well, it didn't really move it because what happened was last month was revised up to three five, so core is three to five. So it's no progress specifically at a year over year basis, but a little progress on a month over month basis.
That is Bloomberg's Michael McKee, and that is news when you want it with Bloomberg News. Now, I'm Doug Krisner, and this is Bloomberg