National

Ukrainian President Volodymyr Zelensky said Friday that the country's troops had entered the key southern city of Kherson, calling it a "historic day."  

Why it matters: Russia's withdrawal from the only provincial capital its military captured since invading neighboring Ukraine eight months ago marks a major setback for Moscow and a remarkable victory for Ukrainian forces. 

Driving the news: The Russian Defense Ministry said Friday it had finished withdrawing troops from the western bank of the Dnipro River, which divides the city.

"Today is a historic day," Zelensky said in a post on Telegram, according to the New York Times. "As of now, our defenders are on the approaches of the city. But special units are already in the city."

Other government officials shared videos showing people in Kherson celebrating the arrival of Ukrainian forces, per the NYT.

Meanwhile, the Kremlin insists Kherson is still a part of Russia.

"This is a subject of the Russian Federation. There are no changes in this and there cannot be changed," Kremlin spokesman Dmitry Peskov said.

Kherson Oblast is one of four Ukraine regions that Russia annexed in October in what Ukrainian President Volodymyr Zelensky called a "sham referendum." The regions combined make up about 15% of Ukraine.

The Kremlin said Friday that the pullback of troops does not represent an embarrassment for Russian President Vladimir Putin, per AP.

What they're saying: "Not a single piece of military equipment was left on the right bank. There were no losses in manpower or military equipment and material resources of the Russian group of forces," Kremlin Defense Ministry Spokesman Lieutenant General Igor Konashaekov said in a statement.

The other side: "Ukraine is gaining another important victory right now and proves that whatever Russia says or does, Ukraine will win," Ukraine's Foreign Minister Dmytro Kuleba said in a tweet.

Worth noting: Ukrainian officials remained cautious about the initial announcement of the retreat this week and feared their soldiers could be ambushed in Kherson.

The leaving Russian troops laid mines throughout the city, presidential adviser Mykhailo Podolyak said Thursday per AP, adding that he predicts their forces will shell Kherson once they relocate.

"The Russian army leaves the battlefields in a triathlon mode: steeplechase, broad jumping, swimming," senior presidential adviser Andriy Yermak tweeted Friday.

Editor's note: This story has been updated with comment from Ukrainian President Volodymyr Zelensky.

Ukraine celebrates as troops enter Kherson after Russian retreat

The withdrawal marks a major setback for Russia and a remarkable victory for Ukrainian forces.

A view of the Ukrainian flag in front of a damaged settlement in Kherson, Ukraine on Nov. 10, 2022. Photo: Metin Aktas/Anadolu Agency via Getty Images

Russian invasion of Ukraine

Ukraine

Russia

Conflicts, policies and powers are intersecting and shaping the world. Breaking news and analysis of national security, foreign policy and global crises.

World

Former President Trump lashed out against Virginia Governor Glenn Youngkin on Friday, saying he "couldn't have won without me."

The big picture: Trump has been claiming responsibility for the political rise of potential competitors in the 2024 GOP presidential primary, including Youngkin and Florida Gov. Ron DeSantis, as allies consider distancing themselves from him after an underperformance of Trump-backed candidates in the midterms.

What he's saying: "Young Kin (now that’s an interesting take. Sounds Chinese, doesn’t it?) in Virginia couldn’t have won without me," the former president said on Truth Social. 

"I Endorsed him, did a very big Trump Rally for him telephonically, got MAGA to Vote for him - or he couldn’t have come close to winning." 

"But he knows that, and admits it," Trump continued. "Besides, having a hard time with the Dems in Virginia - But he’ll get it done!"

Separately, Trump unloaded on Gov. Ron DeSantis Thursday, after the Florida Republican's big win in the midterm election.

"The Fake News asks him if he’s going to run if President Trump runs, and he says, 'I’m only focused on the Governor’s race, I’m not looking into the future,'" Trump said. "Well, in terms of loyalty and class, that’s really not the right answer."

Zoom out: Youngkin won the 2021 Virginia gubernatorial election, defeating former Democratic governor Terry McAuliffe.

In doing so, he created a new template for how Republican candidates operate in competitive races during the Trump era.

During his run, Youngkin walked a tightrope between praising Trump to draw in voters from his base while also keeping him at an arms’ length to appeal to independents, Axios' Sarah Mucha reported at the time.

Worth noting: Stop AAPI Hate, a group that tracks incidents of hate and discrimination toward Asian Americans and Pacific Islanders in the U.S., condemned Trump's comments on Friday — specifically his implication that Youngkin has Chinese connections.

The organization also said anti-China rhetoric has inflamed violence against Asian American communities.

"Almost three years ago, Trump’s racist rhetoric — like this — fueled one of the most serious rises in anti-AAPI hate that our community is still reeling from today," Manjusha P. Kulkarni, co-founder of Stop AAPI Hate, said in a statement to Axios.

"So many in our community are afraid of what will happen to them and their loved ones as he re-enters the scene. But we’ve come a long way — AAPIs are engaged, activated, united and strong. [...] And we’re calling on other elected officials to support us by holding him to account."

What we're watching: Before the midterms, Trump said he'd be making a "very big" announcement at Mar-a-Lago next Tuesday, with the expectation being he'd announce a 2024 presidential campaign. 

Go deeper: Trump unloads on DeSantis after midterms

Editor's note: This story has been updated with a statement from Stop AAPI Hate. 

Richmond

Richmond Alerts

Alert

blue

Axios Richmond Partners

Axios Richmond

Standard

A picture of the Richmond skyline with the letters RIC

A daily look at the most significant and interesting stories affecting Richmond.

Axios Richmond Thought Bubble

Thought Bubble

Richmond Members

Membership

Trump lashes out against Youngkin: "He couldn't have won without me"

Trump has been claiming responsibility for the political rise of potential competitors in the 2024 GOP presidential primary, including Youngkin and Florida Gov. Ron DeSantis.

Virginia Gov. Glenn Youngkin speaks on Nov. 1, 2022. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Donald Trump

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

Threats of heavy rain and tornadoes from former Hurricane Nicole continued Friday across Georgia and up the East Coast after the storm weakened to a still-dangerous tropical depression. 

Threat level: The threat of heavy rains, flash flooding and possible tornadoes remained Friday, moving up the Appalachians and into New England after the storm headed toward southwestern Georgia overnight and caused at least two deaths in Florida, where it made landfall as a Category 1 hurricane in the state's east with a large, destructive wind field early Thursday.

A screenshot of an NWS tweet warning of possible tornadoes in the Carolinas through Friday.

Photo: National Weather Service Wilmington NC/Twitter

The storm was turning into a rainmaker while still causing coastal flooding in South Carolina, Georgia and parts of Florida. 

By Friday morning the storm was a tropical depression transitioning into a non-tropical system, per a 4 am EST update Friday from the National Hurricane Center.

Meanwhile, there was renewed flooding on the St. Johns River in Florida.

By the numbers: Nearly 40,000 customers were without power in Florida, along with 3,500-plus others in North Carolina and nearly 2,300 in South Carolina as of 11:45 am ET Friday, per utility tracking site poweroutage.us.

The big picture: Nicole impacted Florida's east and west coasts with high winds when it made landfall just south of Vero Beach at about 3 am Thursday.

It took a major toll on coastal areas — especially the Daytona Beach area, where Hurricane Ian had weakened dunes and coastal defenses. Nicole dealt the knockout blow, toppling multiple buildings when it struck.

In Orange County, the sheriff's office tweeted "two people are dead after they were electrocuted by a downed power line."

What they're saying: George Recktenwald, manager of Volusia County, northeast of Orlando, at a Thursday briefing described the structural damage along the coastline as "unprecedented." 

"We've never experienced anything like this before," he added.

Context: Climate change is enabling hurricanes to dump more rainfall and sea level rise from global warming worsens the impacts of storm surge flooding and erosion, per Axios' climate reporter Andrew Freedman.

What we're watching: Heavy rain and isolated flooding is expected to extend north through eastern Ohio, western New York and northern New England by Friday night and into Saturday, per a 10 am EST update.

"On the forecast track, the center of Nicole will move into southwestern Georgia later tonight and Friday, and across the western Carolinas later on Friday," the NHC added.

"Additional weakening is forecast during the next day or so, and Nicole is expected to become a post-tropical cyclone on Friday.  The system is expected to dissipate as it merges with a frontal boundary over the eastern United States by Friday night."

Editor's note: This article has been updated with new details throughout.

Charlotte

Charlotte Members

Picture of the Charlotte skyline with CLT written across it.

Axios Charlotte Partners

Get smarter, faster on what matters in Charlotte with Laura Barrero, Ashley Mahoney, and Alexandria Sands.

Axios Charlotte

Charlotte Alerts

Axios Charlotte gets you smarter, faster on the most consequential news and developments unfolding in your backyard.

Axios Charlotte Thought Bubble

Axios Charlotte Deep Dive

Deep Dive

Miami

Miami Alerts

Axios Miami Partners

Miami Members

A daily look at the most significant and interesting stories affecting Miami.

Axios Miami Thought Bubble

Get smarter, faster on what matters in Miami with Sommer Brugal and Martin Vassolo.

Axios Miami

Tampa Bay

Picture of the Tampa Bay skyline with TPA written across it.

Get smarter, faster on what matters in Tampa Bay with Kathryn Varn and Yacob Reyes.

Axios Tampa Bay

Axios Tampa Bay Partners

Axios Tampa Bay Thought Bubble

A guide to fun things to do in Tampa Bay this weekend.

Axios Tampa Bay Weekender

Weekender

Tampa Members

Axios Tampa Bay Deep Dive

Deadly storm Nicole lashes Southeast with heavy rains

The storm has weakened to a tropical depression, but flooding remains a threat as dumps rain across Georgia.

Debris from homes damaged by Hurricane Nicole topples onto the beach in Daytona Beach, Florida, on Thursday. Photo: Joe Raedle/Getty Images

Tropical storm

Extreme weather

Climate change

News and analysis of the scientific advances fueling AI and quantum computing, revolutionizing biology and medicine, and tackling climate change. Science is changing the world and colliding with the global politics that shape it.

Science

Breaking climate science and policy coverage as extreme weather events reshape communities. Keep tabs on the race to a low carbon economy, which may be bumpy as governments, climate tech startups and major oil and gas companies race to find their niche amid the changing energy landscape.

Energy & Climate

Generate

Axios Generate

President Biden told a critical UN climate summit Friday that the U.S. is "on track" to meet its 2030 emissions-cutting pledge under the Paris Agreement while also touting efforts to help vulnerable nations harmed by global warming.

Driving the news: "Thanks to the actions we've taken, I can stand here as president of the United States of America and say with confidence, the United States of America will meet our emissions targets by 2030," Biden told the COP27 climate summit in Sharm el-Sheikh, Egypt.

The U.S. has pledged to cut emissions by 50% below 2005 levels by 2030.

Biden cited the new climate law, energy and climate provisions in the 2021 bipartisan infrastructure law, and executive policies like stronger draft rules unveiled this morning to cut emissions of methane from the oil-and-gas sector.

Why it matters: The U.S. is the world's largest historical carbon emitter and is currently second behind China.

In addition, emissions-cutting pledges under the Paris Agreement are nonbinding, so showing the U.S. pledge is backed up by tangible domestic policies could help prod other nations to do more.

The big picture: A dominant theme at this year's summit is calls for rich industrial polluters to boost aid to help developing nations cut emissions, adapt to climate change, and compensate them for unavoidable climate harms.

Biden's speech touted various new financial assistance efforts, such as an additional $150 million for Africa under the President’s Emergency Plan for Adaptation and Resilience, or PREPARE.

However, the strong chances that Republicans will control at least one chamber of Congress create new barriers to meeting the White House's 2021 pledge to quadruple U.S. foreign climate aid to $11 billion annually by 2024.

The intrigue: Biden repeatedly cited vulnerable nations' jeopardy, such as drought-fueled hunger in Africa. 

"The climate crisis is about human security, economic security, environmental security, national security, and the very life of the planet," he said.

However, he did not spell out a specific U.S. commitment or posture on compensation known as "loss and damage."

What they're saying: "Developing country negotiators are...eager to get more reassurance that the United States will throw its weight behind creating a collective funding stream to help them recover from devastating losses from climate disasters," Ani Dasgupta, president of the World Resources Institute, said in a statement.

"If the United States continues to resist real progress on financing for loss and damage it could put the entire proceedings of this climate summit in jeopardy," Dasgupta said.

Quick take: The White House entered this year's summit in a stronger position than last year, thanks to the big new climate law passed over the summer.

Biden's speech looked to seize on the law to demonstrate U.S. commitment to tackling global warming, but with a twist — he argued the efforts would also help other nations.

"Our investments in technology from electric batteries to hydrogen are going to spark a cycle of innovation that will reduce the cost and improve the performance of clean energy technology that will be available to nations worldwide, not just the United States," he said.

"We're going to help make the transition to low carbon future more affordable for everyone, accelerate decarbonization beyond our borders," Biden added.

Threat level: The summit and White House efforts come amid fresh evidence that global efforts to curb carbon emissions are badly out of step with steep cuts envisioned under the Paris Agreement goals.

The Global Carbon Project, a respected research consortium, reported Friday that global carbon emissions from fossil fuels are rising by an estimated 1% this year.

"Many countries, cities, companies, and individuals have made pledges to reduce emissions, and it is a stark reminder that despite all this rhetoric, global fossil CO2 emissions are more than 5% higher than in 2015, the year of the Paris Agreement," said Glen Peters of Norway's CICERO Center for International Climate Research, which is part of the group.

Biden says U.S. "on track" to meet Paris commitment

The president touted increased efforts to help vulnerable nations too, but may face new headwinds in Congress

U.S. President Joe Biden speaks at the UNFCCC COP27 climate conference on November 11, 2022 in Sharm El Sheikh, Egypt. (Photo by Sean Gallup/Getty Images)

COP27

The Department of Education removed the application for Biden's student debt relief program from its website.

Driving the news: "Courts have issued orders blocking our student debt relief program," the application website reads. "As a result, at this time, we are not accepting applications. We are seeking to overturn those orders."

The move comes after a federal judge in Texas struck down the debt relief program Thursday.

The Biden administration said later Thursday that it's appealing the ruling of the Trump-appointed U.S. District Judge Mark Pittman.

The student loan debt relief application page is seen on Nov. 11, 2022.

Details: The judge declared the program illegal after a lawsuit alleged the administration violated federal procedures by denying borrowers an opportunity to provide public comment before launching the plan.

Meanwhile, a federal appeals court also temporarily blocked the debt relief program in a suit brought on by six Republican states.

Yes, but: the Supreme Court has already turned down two other requests to block the program amid a growing number of legal challenges against the plan.

The Biden administration did not immediately respond to Axios' request for comment.

Nothing, for now. The Education Department said they'll hold the applications of borrowers who have already applied.

More than 26 million borrowers who have already applied, and 16 million have already been approved for relief.

Where things stand: The challenges to the program likely mean any approved relief is on hold while the legal battles play out in court.

Of note: The moratorium on student loan payments ends in December. 

Payments on federal student loans -- which have been paused since the Trump administration's initial announcement in March 2020 -- are set to resume in January 2023. 

Editor's note: This story has been updated with additional details throughout.

Student debt relief applications pulled from Dept. of Education website

"Courts have issued orders blocking our student debt relief program," the application website reads.

President Biden speaks in Washington, D.C., on Oct. 17, 2022. Photo: Bonnie Cash/UPI/Bloomberg via Getty Images

Student debt

Sam Bankman-Fried resigned as chief of FTX.com, capping the insolvent crypto exchange's 11th hour hunt for capital to stay afloat, which ended Friday morning. 

FTX Group companies, which includes FTX Trading Ltd as well as FTX US, started Chapter 11 proceedings in the U.S., according to a statement. 

John Ray III has been appointed CEO of FTX Group. Bankman-Fried, known as SBF, will remain to assist in an orderly transition. 

Why it matters: FTX.com and associated units have officially declared bankruptcy. 

The collapse is consequential for the industry, and the likely contagion effects in the days and weeks to come. 

Details: FTX US, which Axios on Thursday reported was in trouble in spite of FTX.com's claims that the U.S. subsidiary was separate from its operations and infrastructure, is included in the Chapter 11 proceedings.

In all, 134 associated FTX units jointly filed for bankruptcy protection.

Of note: Excluded subsidiaries LedgerX LLC, FTX Digital Markets Ltd., FTX Australia PTY Ltd. and FTX Express Pay Ltd. 

What he's saying: "I'm really sorry, again, that we ended up here," SBF said via tweet announcing the bankruptcy filing.

"I'm going to work on giving clarity on where things are in terms of user recovery ASAP."

What they're saying: "The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," new CEO Ray said in a statement. 

Ray previously served on the board that oversaw the liquidation of Enron after it emerged from bankruptcy in 2004.

Context: FTX.com's unraveling started with a document that questioned the firm's solvency, which led to Binance chief Changpeng Zhao's now infamous tweet that set off something akin to a bank-run.

Zhao, known as CZ, tentatively agreed to and then walked away from an acquisition of FTX.com, claiming that issues at the company were beyond Binance's ability to rectify.

FTX reportedly had a $10 billion hole on its balance sheet.

The firm's websites went dark. Employees quit. 

The bottom line: The extent to which SBF had misled investors, business associates, employees and others is still being sussed out.

Probes have begun and the Bahamanian authorities have also frozen FTX assets.

This story has been updated since the initial publishing, with additional details throughout.

FTX starts bankruptcy proceedings and Bankman-Fried resigns as CEO

FTX’s filing is the culmination of a stunning week in cryptocurrency.

Illustration of a cracked coin with the FTX logo on it

Cryptocurrencies

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Groups on both ideological ends of the House Republican Conference are preparing to exercise considerable power if the GOP manages to win a narrow majority — in leadership elections and beyond.

Why it matters: The dual dynamic is likely to cause headaches for Republican Leader Kevin McCarthy as he tries to unify a polarized conference made up of members ranging from new blue-district moderates to right-wingers like Rep. Marjorie Taylor Greene (R-Ga.).

Driving the news: Members of the House Freedom Caucus are openly threatening to sink McCarthy's bid for speaker amid negotiations over several proposed rules changes that would hand significant power from leadership to the rank-and-file. 

Among the most important of these changes is to allow any member to introduce a motion to vacate the chair — which would force a vote on removing the speaker.

Rep. Morgan Griffith (R-Va.), a Freedom Caucus member who has been a part of the negotiations, said the motion to vacate is a "very important" part of the  rules package — though he acknowledged McCarthy "doesn't want to go there."

"We want anybody that's seeking a leadership position to embrace some changes that empower members," said Freedom Caucus Chair Scott Perry (R-Pa.), saying of the group's demands for leadership: "Let's have a conversation: what are you willing to do?"

The other side: Conservatives aren't the only ones flexing their muscle. 

McCarthy's dual threat

Republicans on both ideological ends of the conference are preparing to exercise considerable power.

Axios

Friday's top stories

Ukraine celebrates as troops enter Kherson after Russian retreat

Trump lashes out against Youngkin: "He couldn't have won without me"

Deadly storm Nicole lashes Southeast with heavy rains

Biden says U.S. "on track" to meet Paris commitment

Student debt relief applications pulled from Dept. of Education website

FTX starts bankruptcy proceedings and Bankman-Fried resigns as CEO

McCarthy's dual threat

China eases COVID curbs

Judge hits Trump lawyers with $50,000 fines over tossed Clinton lawsuit

Federal judge in Texas strikes down Biden's student loan relief plan

Democrats make quiet history with state-level gains