Category: Business

Canada saw its international trade deficit shrink substantially in December, with export growth outpacing import increases, according to new government data released Thursday. Meanwhile, the proportion of Canadian goods shipped to the United States reached a historic low point.

The northern nation recorded a trade deficit of C$1.31 billion ($957 million) last month, a significant improvement from November’s revised C$2.59 billion shortfall, Statistics Canada reported. Financial analysts had projected the December deficit would be approximately C$2 billion.

Export revenues climbed 2.6% to reach C$65.63 billion, with metals and non-metallic mineral shipments driving much of the increase through an 18% surge in December. Unwrought gold exports led this category with gains exceeding 37%, boosted by rising commodity prices.

When metals and non-metallic products are excluded from calculations, Canadian exports actually declined by 0.2%. The statistics agency noted that total export volumes increased 1.4%.

Import spending grew more modestly at 0.6% to C$66.93 billion, with increases recorded across six of eleven product categories. Gold, passenger vehicles, and energy products accounted for most of the import growth.

Regarding trade with America, shipments to Canada’s primary trading partner increased 1.1%, representing just over 67.4% of all exports compared to 76.2% during the same period last year.

While this marked the first quarterly percentage increase in southbound shipments in three months, the American share of Canadian exports dropped to its lowest point since data tracking commenced, with only two pandemic months in 2020 showing lower figures.

The US export share stood at 68.4% in November and 67.5% in October.

American imports into Canada rose at a faster 3.5% rate, reducing Canada’s trade surplus with its southern neighbor from C$6.5 billion in November to C$5.7 billion.

Conversely, Canadian exports to non-US destinations maintained their upward trend, setting a new record high in December. Gold shipments to the United Kingdom generated most of these gains.

Imports from nations other than the United States decreased 3% in December, and Canada’s trade deficit with non-US countries improved from $9 billion in November to $7 billion, according to StatsCan.

The Canadian dollar strengthened slightly, trading up 0.03% at 1.3690 against the US dollar, equivalent to 73.05 cents. Two-year government bond yields rose 0.9 basis points to 2.236%.

WASHINGTON – Americans seeking unemployment benefits filed fewer new claims than anticipated last week, signaling potential stabilization in the nation’s job market.

New filings for state unemployment assistance decreased by 23,000 to a seasonally adjusted 206,000 during the week ending February 14, according to Thursday’s Labor Department report. Economic analysts surveyed by Reuters had predicted 225,000 new claims for that period. This represents a substantial improvement from late January when claims spiked to 232,000.

Federal Reserve meeting records from January 27-28, released Wednesday, revealed that the “vast majority of participants judged that labor market conditions had been showing some signs of stabilization.” However, officials continue to worry about potential risks facing employment.

The Fed minutes also highlighted concerns from some officials who “pointed to the possibility that a further fall in labor demand could push the unemployment rate sharply higher in a low-hiring environment or that the concentration of job gains in a few less cyclically sensitive sectors was potentially signaling heightened vulnerability in the overall labor market.”

This unemployment data comes from the same period when government officials conducted their employer survey for February’s employment statistics. While January showed improved job creation, healthcare and social assistance sectors accounted for nearly all new positions.

Both policymakers and economic experts cite immigration policies as factors limiting job expansion. Ongoing uncertainty surrounding import tariffs continues to discourage hiring decisions, while artificial intelligence technology adds another element of employer hesitation, analysts noted.

Meanwhile, Americans collecting unemployment benefits beyond their first week – an indicator of hiring activity – rose by 17,000 to a seasonally adjusted 1.869 million for the week ending February 7.

These continuing benefit claims indicate that unemployed workers are struggling to secure new employment opportunities.

The typical length of unemployment has reached near four-year peaks. This hiring shortage particularly affects recent college graduates, who often lack sufficient work history to qualify for unemployment benefits and therefore don’t appear in claims statistics.

When Debra Whitman received an urgent call that her father had been rushed to the hospital in severe pain, she immediately flew back to Maryland from a business trip and spent several days helping him recover in his rural Washington state community, including setting up mobility equipment to help him get around.

What made this family crisis manageable for Whitman, who works as AARP’s chief public policy officer, was her employer’s paid caregiving leave program – a workplace benefit that employment specialists say is becoming increasingly common as America’s population grows older.

“Instead of having to take all my vacation, I could take several days of caregiving leave while I was out there,” Whitman said. “That’s been a huge godsend for a lot of my staff.”

According to AARP data, more than 63 million Americans currently provide care for adult family members while also maintaining regular employment. These dual responsibilities create significant challenges for workers, particularly those in the “sandwich generation” who are simultaneously caring for aging parents and raising their own children.

Research from New York Life Group Benefit Solutions shows that typical caregivers dedicate approximately six hours daily to assisting elderly relatives, according to company vice president Meghan Shea, whose firm handles life insurance and leave administration for employers.

“The challenge is that leave isn’t unlimited,” Shea said. “The average caregiving role spans about six years. So really, it’s a life change for these employees, and they need to figure out how to balance responsibilities in a new way, and that’s very stressful.”

Currently, federal law through the Family and Medical Leave Act allows eligible workers up to 12 weeks of unpaid time off annually to care for immediate family members. This protection applies to government agencies and private companies with 50 or more employees, requiring them to maintain health coverage and job security during leave periods, the Department of Labor reports.

However, this federal protection has limitations – it doesn’t cover all workplaces and fails to address the financial hardship many families face when taking unpaid leave.

More than a dozen states have implemented paid family leave programs that cover caregiving situations, whether for newborns or family members with serious medical conditions. These state programs typically provide partial salary replacement, though the duration and specific benefits differ by location.

“Many people have to quit their jobs in order to care for somebody, and that not only affects their income but their retirement benefits, and then there’s a loss of productivity for the employer who may have lost a great person,” Whitman said. “Finding ways to support family caregivers is a huge employment issue right now.”

As demand grows, numerous employers are introducing comprehensive caregiving support programs, including flexible work schedules and resource assistance. Employment experts suggest job seekers prioritize companies that offer caregiver-friendly policies.

Shea advises asking specific questions during job interviews when caregiving benefits matter to you, including inquiries about leave duration, payment status, usage flexibility, and what additional support the company provides beyond federal and state requirements.

Most employers offering paid caregiving leave provide between two and six weeks annually, though some extend coverage up to 12 weeks, reports Meghan Pistritto, a vice president at Prudential Financial’s group insurance division.

“Caregiving is a reality for a significant portion of the workforce,” Pistritto said. “The positive news is that employers are stepping up and they’re supporting their teams here. We’re seeing a lot of growth both in the employer-provided as well as in state-mandated paid leave programs that are showing up across the U.S.”

AARP provides qualified staff members up to two weeks of paid caregiving time annually for family members or domestic partners with serious health issues, or those over 50 who need assistance with daily activities like meal preparation, medical appointments, and financial management.

Remote work capabilities and flexible scheduling prove especially valuable when companies actively promote and normalize these arrangements, Pistritto noted. She emphasizes that managers should encourage open discussions about caregiving needs and regularly check on employee wellbeing, creating an environment where workers feel comfortable sharing their situations without fear of workplace stigma.

“Comprehensive paid leave is just the starting point. Genuine caregiver-friendly employers also provide practical resources such as access to counseling, backup care services, and caregiver support groups,” Pistritto said.

Many companies now provide access to “care concierges” – specialists who help employees locate healthcare providers, understand available benefits, and navigate complex systems like Medicare.

Whitman utilized AARP’s concierge service to find local caregivers who could assist her father when she couldn’t be present. “Just having that list was a really important step,” she said. These services also help workers locate medical equipment and arrange home modifications.

When taking time off isn’t possible, advancing technology offers new solutions for caregivers to monitor loved ones while maintaining their professional responsibilities.

Susan Hammond, who lives across from her mother with dementia in rural Vermont, spends four to five hours daily helping with meals, medication, and personal care while operating the War Legacies Project, a nonprofit addressing environmental and health impacts from conflicts in Vietnam, Laos, and Cambodia.

During work hours and overnight, Hammond relies on cameras and motion sensors installed throughout her mother’s home that send alerts to her phone or watch when doors open. Her mother sometimes wanders outside, confused about her location.

“The concern really is wandering. And she has said to me, ‘Why am I here? I’ve got to go home.’ At times from the camera, I can see she’s trying to get out and leave the house,” Hammond said.

Her work requires travel throughout the United States and Asia, and the monitoring system allows her to oversee her mother’s safety from distant locations while siblings provide hands-on care. During one medical emergency while Hammond was traveling, the technology enabled her to communicate with both her mother and emergency responders.

“I can always know where she is just by looking at my watch,” Hammond said. “Because we can monitor the cameras and monitor the alarms, I know she’s safe.”

Weekly unemployment benefit applications dropped significantly last week, continuing a trend of relatively low job losses nationwide, according to federal data released Thursday.

Claims for unemployment assistance declined by 23,000 during the week that concluded February 14, reaching 206,000 total applications, the Labor Department announced. This figure came in well below the 225,000 new claims that economists polled by FactSet had predicted.

These weekly unemployment filings serve as a key gauge of job market stability and provide near real-time insight into employment trends across the country.

The Labor Department revealed earlier this month that employers nationwide created an unexpectedly robust 130,000 positions in January, while the jobless rate dropped from 4.4% to 4.3%. However, significant revisions to employment data slashed 2024-2025 job creation figures by hundreds of thousands, bringing last year’s total to merely 181,000 new positions. This represents roughly one-third of the initially reported 584,000 jobs and marks the poorest performance since 2020’s pandemic year.

Although weekly job losses have consistently stayed within the historically modest range of 200,000 to 250,000 over recent years, several major corporations have recently declared workforce reductions, including UPS, Amazon, Dow, and the Washington Post.

The growing number of layoff declarations throughout the past year, coupled with government employment reports showing sluggish growth, has contributed to rising economic pessimism among Americans, despite the economy’s continued solid expansion.

Recent Labor Department findings also indicated that available job positions dropped in December to their lowest point in over five years.

Information gathered over the past year has consistently shown an employment landscape where new hiring has noticeably decelerated, hampered by economic uncertainty driven by President Donald Trump’s tariff policies and the ongoing impact of elevated interest rates implemented by the Federal Reserve during 2022 and 2023 to combat pandemic-related inflation.

Economic experts remain divided on whether January’s unexpectedly strong job growth represents an isolated occurrence or potentially signals the beginning of labor market recovery, which might prompt the Federal Reserve to postpone additional interest rate reductions.

Several Federal Reserve officials have specifically contended that last year’s weak employment growth demonstrates that current borrowing costs are hampering economic expansion and deterring business growth. Sustained improvement in hiring patterns could challenge this assessment.

Thursday’s Labor Department data revealed that the four-week rolling average of unemployment claims, which smooths out weekly fluctuations, decreased by 1,000 to reach 219,000.

The overall count of Americans receiving unemployment benefits for the week ending February 7 rose to 1.87 million, representing an increase of 17,000 from the prior week, according to government figures.

WASHINGTON — America’s trade deficit experienced a slight reduction in 2025, dropping to just over $901 billion as President Donald Trump implemented sweeping tariffs that disrupted international trade patterns, according to Commerce Department data released Thursday.

The difference between what America sells overseas versus what it purchases from foreign nations decreased from $904 billion in 2024, representing a marginal improvement of $3 billion.

American exports climbed 6% during the year, while incoming imports increased by nearly 5%.

The trade imbalance expanded significantly during the first quarter as American businesses rushed to bring in foreign products before Trump’s new taxes took effect, then contracted throughout most of the remaining months.

These tariffs function as taxes that American importers must pay, costs that are frequently transferred to consumers through increased prices. However, the inflationary impact has been less severe than economists initially predicted. Trump contends that these trade barriers will shield American industries, encourage domestic manufacturing, and generate revenue for federal coffers.

Southern Company announced Thursday that it anticipates annual earnings will fall below what Wall Street analysts predicted, while simultaneously increasing its infrastructure investment plan as the utility prepares for extraordinary electricity demands from major industrial clients and data centers.

The nation’s utility companies have been pouring significant resources into modernizing electrical infrastructure as they confront severe weather events and surging power consumption from energy-intensive data centers supporting artificial intelligence and cryptocurrency operations, plus growing adoption of electric heating systems and vehicles by consumers and businesses.

The company plans to invest approximately $81 billion between 2026 and 2030, an increase from its previous five-year investment plan of $76 billion.

Southern Company announced it has secured agreements for 10 gigawatts of major customer load throughout Alabama, Georgia and Mississippi, with clients including tech giants Google, Meta, Microsoft and Compass Datacenters. Company stock prices climbed more than 2% during pre-market trading.

Serving 9 million customers across Alabama, Georgia, Illinois, Mississippi, Tennessee and Virginia, Southern Company holds the position as America’s second-largest utility provider.

During the fourth quarter ending December 31, the company reported adjusted earnings of 55 cents per share, falling short of the 57-cent expectation from analysts surveyed by LSEG.

Operating costs increased 14.7% during the quarter, while company revenue grew 10%.

The Atlanta-based utility company projects adjusted earnings for 2026 will range from $4.50 to $4.60 per share, with the middle estimate slightly under analyst projections of $4.56 per share.

American Airlines announced Thursday that it has chosen CFM International to supply engines for its future fleet of Airbus A321neo aircraft.

The major U.S. airline had ordered 260 new planes in March 2024, with 85 of those being A321neo aircraft. The remaining orders were divided between Boeing and Brazil-based Embraer.

CFM International, a joint venture between GE Aerospace and France’s Safran, faces competition from Pratt & Whitney, which is owned by RTX, in providing engines for Airbus’s single-aisle aircraft.

The new contract also includes CFM providing ongoing maintenance services for the engines over the long term. American’s current A321neo aircraft already use CFM LEAP engines.

Aviation industry experts note that airlines typically prefer using the same engine model across similar aircraft types to streamline their operations and reduce maintenance expenses.

Neither company revealed the financial details of their agreement.

Stock market futures retreated Thursday morning, ending a three-day rally for the S&P 500, as major technology companies saw their shares decline and retail giant Walmart issued a cautious business forecast.

The Arkansas-based retailer projected annual sales and earnings below what Wall Street analysts had anticipated, causing its stock price to fall 3% before regular trading hours began. Despite this setback, Walmart achieved a historic milestone earlier this month by becoming the first American retailer to reach a $1 trillion market valuation.

Major technology companies including Apple, Nvidia, and Meta Platforms all saw their stock prices retreat after posting gains in the prior trading session.

Wednesday’s trading session had concluded with all three primary U.S. stock indices posting positive results, driven largely by technology sector gains including Nvidia and Amazon.com, as investors moved past recent concerns about artificial intelligence investments.

Technology stocks tied to AI development and large-cap companies experienced volatility earlier in February as investors questioned whether massive AI spending would translate into meaningful revenue and profit increases, given their elevated stock valuations.

Various industries from software development to transportation have also faced pressure amid worries that advancing AI technology could threaten their established business operations.

Tom Nelson, who serves as head of market strategy at Franklin Templeton, observed the changing market dynamics in a research note: “The rotation in sectors, styles, and country leadership suggests that equity markets may no longer be driven by a singular theme; instead, a meaningful broadening appears to have emerged.”

Pre-market trading at 7:15 a.m. Eastern Time showed the Dow E-minis declining 131 points or 0.26%, while S&P 500 E-minis dropped 16.25 points or 0.24%, and Nasdaq 100 E-minis fell 97.5 points or 0.39%.

Several companies posted strong results in earnings-driven trading moves. Food delivery service DoorDash surged 9.9% after projecting first-quarter marketplace gross order value that exceeded Wall Street forecasts.

Online marketplace eBay gained 9.2% following its forecast of first-quarter revenue above analyst projections and its announcement of acquiring fashion platform Depop from Etsy. Etsy’s shares jumped 19% on the news.

Used car retailer Carvana tumbled 14.5% after reporting fourth-quarter profits that missed expectations due to increased operational costs.

Federal Reserve meeting minutes released Wednesday revealed that central bank officials reached near-consensus agreement to maintain current interest rates unchanged.

However, policymakers showed divided opinions regarding future monetary policy direction, with “several” officials open to raising rates if inflation persists at elevated levels, while others favored additional cuts should inflation decline as projected.

Four Federal Reserve officials, including Chicago Fed President Austan Goolsbee and Fed Vice Chair for Supervision Michelle Bowman, are expected to deliver public remarks Thursday.

Weekly unemployment claims data will be released later Thursday, followed by Friday’s personal consumption expenditure report, which represents the Federal Reserve’s preferred inflation measurement.

Telehealth company Hims & Hers saw its shares climb 7.5% after announcing plans to acquire Australian digital health firm Eucalyptus for as much as $1.15 billion.

Energy giants Exxon Mobil and Chevron both rose over 1% as crude oil prices increased amid growing concerns about potential military confrontation between the United States and Iran.

Occidental Petroleum jumped 4.6% after the shale oil producer reported fourth-quarter earnings that surpassed analyst expectations.

Financial institutions throughout Europe are looking at substantial implementation expenses as the continent prepares to launch its digital euro currency, according to new cost projections from European Central Bank leadership.

Speaking to Italian lawmakers on Thursday, ECB Governing Council member Piero Cipollone revealed that banking sector expenses for rolling out the digital currency are projected to range from 4 billion to 6 billion euros, equivalent to $4.7 billion to $7.1 billion, distributed across a four-year timeframe.

The central bank itself anticipates spending approximately 1.3 billion euros on establishing the digital payment infrastructure, with ongoing operational expenses estimated at around 300 million euros, though Cipollone did not clarify whether this represents yearly costs.

European monetary authorities are currently waiting for legislative approval from the European Union to move forward with the digital euro initiative. Officials view this electronic currency as essential for maintaining public money’s relevance in an increasingly digital marketplace, creating unity across Europe’s currently divided payment systems, and reducing reliance on payment companies based outside the EU to safeguard the region’s financial independence.

“Estimates we’ve come up with based on indications we received from banks point to implementation costs of between 4 and 6 billion (euros) over four years: that is about 3% of what they spend every year on IT-system maintenance,” Cipollone explained during his testimony to the Italian parliamentary banking committee.

Cipollone, who leads the digital euro initiative as part of his payments responsibilities at the ECB, indicated that financial institutions will have opportunities to recover their investment costs through merchant fees collected for digital euro services.

Under the planned system, banks will distribute smartphone applications that consumers will use to make digital euro transactions. However, these institutions will benefit from not having to pay the typical fees to private payment networks, since the ECB will provide its network services without charge.

The central bank is currently in the process of identifying financial institutions interested in participating in trial runs of the digital euro before its scheduled 2029 official debut.

Business owners are expected to see savings under the new system, as digital euro transaction fees will be subject to caps set below current rates charged by major international payment companies like Mastercard and Visa.

An energy infrastructure company announced Thursday that it anticipates 2026 earnings will surpass Wall Street predictions, fueled by the artificial intelligence data center construction boom driving demand for electrical services.

Quanta Services saw its stock value climb 6% during early morning trading following the announcement.

The Texas-based contractor projects annual adjusted earnings per share will fall between $12.65 and $13.35 for the full year, beating the $12.44 per share that analysts had predicted, based on LSEG data.

“The convergence of utility, power generation, and large-load industries continues to create significant opportunities,” Quanta Services CEO Duke Austin said.

During its previous quarterly earnings presentation, the company indicated it was strategically positioned to capitalize on increasing electricity and infrastructure needs from data centers, manufacturing operations returning to the U.S., industrial expansion, electrification efforts, and power grid improvements.

The contractor – which delivers infrastructure solutions across utility, renewable energy, technology, communications, pipeline and energy sectors – is capitalizing on substantial AI data center investments from major technology companies.

For the quarter ending December 31, Quanta’s adjusted earnings climbed to $3.16 per share, up from $2.94 per share during the same period last year. Wall Street analysts had projected earnings of $3.02 per share on average.

Fourth-quarter revenue increased to $7.84 billion, compared to $6.55 billion in the previous year. Analysts had estimated revenue would reach $7.37 billion.

A telehealth company’s ambitious attempt to break into the lucrative weight-loss drug market has spectacularly collapsed, triggering increased federal oversight of medication compounding operations nationwide.

Hims & Hers Health, an online healthcare platform, quickly withdrew its announcement to sell a compounded weight-loss pill for $49 after facing immediate pushback from both federal regulators and a major pharmaceutical manufacturer.

The company had planned to offer an oral version of semaglutide, the active ingredient found in popular weight-loss medications, even as established drugmakers Novo Nordisk and Eli Lilly were already working to reduce prices on their branded products.

Within just two days of the announcement, Hims reversed course after FDA Commissioner Marty Makary publicly criticized the offering and similar medications as “illegal copycats.”

Danish pharmaceutical giant Novo Nordisk then escalated the situation by filing a patent infringement lawsuit against the telehealth company over its injectable weight-loss products.

The oral medication could have provided Hims access to patients who prefer pills over injections, according to industry analysts. However, the company’s future growth strategy now remains uncertain.

“They probably looked at this as their next big driver of growth in the business,” explained Needham analyst Ryan McDonald. He noted that Hims’ other recent service additions, including testosterone treatments and cancer screenings, were “nice add-ons” but wouldn’t generate substantial new customer subscriptions independently.

Hims representatives declined to provide comment on the situation.

The company, led by entrepreneur Andrew Dudum, has marketed itself as an affordable healthcare alternative, including through an expensive Super Bowl advertisement campaign.

Hims has also worked to increase its political influence, contributing $1 million to President Donald Trump’s inauguration – matching donations from much larger pharmaceutical companies like Pfizer and Gilead.

The telehealth platform’s recent expansion has been largely driven by injectable weight-loss treatments. Company sales were under $900 million in 2023, before introducing the injection services, but Wall Street projects revenues will surpass $2.3 billion when 2025 results are announced Monday. Analysts anticipate fourth-quarter sales of $620 million, representing a 28% increase.

While Hims has maintained sales growth rates between 59% and 94% over the past four years, forecasts suggest growth will slow to approximately 17% over the next two years.

Company stock prices have dropped to less than 25% of their mid-2023 peaks and have fallen more than 45% since the weight-loss pill announcement.

Industry experts project the obesity medication market will reach roughly $100 billion in annual sales by 2030. Novo Nordisk executives believe oral medications could account for one-third or more of that market, with Eli Lilly potentially launching its oral treatment as early as April.

Compounding pharmacies gained temporary permission to market their own versions of GLP-1 medications during widespread shortages in recent years. After branded medication supplies stabilized last year, companies like Hims continued selling what they termed personalized compounded versions, adjusting dosages or ingredients to address side effects and allergies.

However, analysts suggest Hims may have overstepped regulatory boundaries with its pill proposal.

GLP-1 compounds are fragile peptides requiring specialized technology to remain effective when taken orally. Hims couldn’t utilize Novo’s patented absorption technology for oral semaglutide, the primary component in Wegovy and Ozempic. Instead, the company planned to employ complex liposomal technology to enhance absorption.

Manufacturing experts indicated this technology would likely prove difficult to produce in personalized doses and could raise safety concerns with regulators, particularly since the manufacturing process lacked prior FDA approval.

“It’s a tricky technology,” said Prashant Yadav, a professor of technology and operations management at INSEAD business school. Yadav likened liposomal particles to bubbles, explaining that incorrect application could render the medications ineffective.

“Each of those bubbles has to be precisely the right size,” Yadav detailed. “If some are too big or are too small, then it has the problem that it won’t carry the payload, or it may carry the payload, and when it’s time to release, it may not release it in the right quantity.”

BMO Capital Markets pharmaceutical analyst Evan Seigerman, who follows Lilly, predicts compounded GLP-1 sales will continue declining as branded medication prices decrease, insurance coverage expands, and regulatory oversight intensifies.

“That’s the problem with a platform that’s kind of based on selling of a gray-market product,” Seigerman observed. “Lilly and Novo are always going to be able to make their product more efficiently. They have the scale, so they’re going to win.”

While major airlines chase after big-spending travelers, Frontier Airlines is taking a different approach by betting on budget-conscious passengers who are watching their wallets more carefully.

The airline’s newly appointed CEO James Dempsey shared with Reuters that concentrating on lower fares and encouraging travel during slower periods remains a viable approach for 2026. This strategy aims to grab customers previously served by Spirit Airlines, which entered bankruptcy protection for the second time in August 2025.

After taking over as CEO in January following the sudden exit of former chief executive Barry Biffle, Dempsey addressed recent media speculation about Frontier’s future. Reports had surfaced suggesting passengers couldn’t reserve flights beyond April, raising concerns about potential bankruptcy.

“They are categorically untrue,” Dempsey stated regarding the bankruptcy speculation. He explained that booking limitations were actually the result of schedule restructuring in preparation for spring and summer seasons. “We are very focused on the go-forward plan on Frontier and right-sizing our fleet,” he added. “It puts us in a very strong position to bring the airline back to profitability.”

However, Wall Street remains doubtful about the carrier’s strategy of returning to its traditional high-utilization approach, where airlines maximize aircraft usage to spread operational expenses across more flights and reduce per-unit costs. Frontier’s stock has plummeted 19% over five days and dropped 44% during the past year.

“We offer value to customers at fares that enable people to travel who would not otherwise travel,” Dempsey explained. “We think that the model is phenomenally beneficial to consumers.”

Aviation industry experts note that this high-utilization strategy has faced difficulties since the pandemic began, as operational expenses have increased while established airlines have moved into discount carriers’ territory. Should demand for budget travel weaken, Frontier could see deeper financial losses under growing investor scrutiny.

JP Morgan equity analyst Jamie Baker wrote in a research report: “Frontier’s deeply negative margins are second only to Spirit’s, and remain among the worst peacetime margins we’ve ever witnessed.”

These difficulties have sparked industry discussions about potential consolidation, including possible partnerships between Frontier and Spirit.

CHALLENGING CONDITIONS

Baker’s estimates show Frontier’s fourth-quarter earnings dropped 9.6% when excluding profits from sale-leaseback deals, while costs per available seat mile without fuel increased 7% compared to the previous year. A company representative attributed higher expenses in 2025 to reduced aircraft utilization.

Data analytics company Cirium reported that Frontier expanded seating capacity by 18% at the start of 2024. However, the airline operated 3.5% fewer seats in 2025 versus 2024 due to weakened demand conditions.

Speaking after the February 11 quarterly earnings report, Dempsey expressed optimism about recent demand improvements as the company enhances its loyalty program and Spirit withdraws from competing markets.

Frontier reported a 10% increase in revenue per available seat mile during the current quarter, suggesting stronger pricing capabilities.

“It’s a testament to some of the changes that we’ve made around disciplined pricing and giving customers clarity and transparency around what they’re purchasing,” Dempsey noted.

Despite focusing on budget travelers, the airline still pursues higher-paying customers through plans to launch first-class seating later this year and install Wi-Fi service by the end of 2027.

“We’re very focused on having a diversified product in the cabin,” he said. “You’ve seen post-COVID the change in customers’ appetites to pay for premium products.”

Following the pandemic’s end, numerous U.S. carriers including Delta Air, United Airlines, and American Airlines have emphasized luxury travel to boost profits and minimize exposure to economic fluctuations.

Dempsey announced Frontier’s intentions to shrink its fleet size while pursuing $200 million in yearly cost reductions by 2027 to improve operational performance. According to Cirium data, Frontier ranked at the bottom among 10 North American airlines for on-time performance in 2025.

SPIRIT NEGOTIATIONS

Merger discussions between Spirit and Frontier have continued since 2022 without reaching a final deal. Dempsey refused to comment on whether negotiations remain active.

During Spirit’s initial Chapter 11 bankruptcy process, the airline turned down multiple Frontier proposals in early 2025, including a $2.16 billion bid. After Spirit’s second bankruptcy filing in August 2025, Frontier submitted another offer that sources described to Reuters as unfeasible.

“We look at opportunities as they arise, and we’ll be disciplined in how we assess those opportunities,” Dempsey said. “If it’s favorable to Frontier, we would pursue it.”

In January, smaller airlines Sun Country and Allegiant revealed merger plans, as post-pandemic changes in pricing dynamics have highlighted weaknesses among low-cost carriers.

Jeff Potter, who served as Frontier’s CEO from 2002 to 2007, commented: “Sun Country and Allegiant make business sense, and I’m not sure that same box is checked when you look at a Frontier-Spirit.”

“You have two companies that for lack of better terms are finding their way through some financial challenges and I don’t think that improves if there were a combination now,” Potter added.

The Arkansas-based retail giant continued its winning streak during the holiday shopping season, attracting customers across all income levels with its commitment to affordable prices, the company announced Thursday.

Despite the strong performance, Walmart’s stock dropped nearly 3% in pre-market trading after the company provided a conservative outlook for the months ahead, suggesting potential economic headwinds.

For the quarter ending January 31st, Walmart posted profits of $4.24 billion, translating to 53 cents per share. When adjusted for one-time items, earnings reached 74 cents per share, slightly beating analyst predictions of 73 cents according to FactSet data.

This represents a decline from the previous year’s net income of $5.25 billion, or 65 cents per share.

Revenue climbed 5.6% to reach $190.7 billion, up from $180.6 billion in the same period last year, surpassing Wall Street forecasts.

Same-store sales, which include both physical locations and online purchases, increased 4.6% following a 4.5% gain in the prior quarter.

The company’s worldwide online business surged 24%.

This marks the first quarterly report under new leadership in over ten years. John Furner, age 51, who previously oversaw the company’s domestic operations, replaced Doug McMillon as CEO earlier this month. McMillon had transformed the nation’s largest retailer into a technology-driven powerhouse and led a period of strong revenue growth since taking the helm in 2014.

Walmart’s stock value has jumped more than 25% since its previous quarterly announcement, and the company recently achieved a historic milestone by becoming the first non-technology corporation to surpass a $1 trillion market valuation.

This success comes as American consumers remain cautious about their spending due to persistent inflation, making Walmart’s performance a key indicator of overall consumer health given its enormous customer reach. The retailer serves more than 150 million shoppers weekly across its digital platforms and physical locations.

Although inflation has moderated, consumer costs have climbed approximately 25% over the last five years. Economic experts anticipate that additional companies may start transferring increased expenses from higher U.S. import duties to consumers in the coming months.

Walmart’s focus on competitive pricing has expanded its customer demographic to include more affluent buyers, with the most significant market share increases coming from families earning more than $100,000 annually.

The retailer has navigated rising costs through strategic product mix adjustments while absorbing some increased expenses internally.

Looking forward, Walmart projects current quarter sales growth between 3.5% and 4.5%, with earnings per share expected to fall between 63 and 65 cents. For the full year, the company anticipates reaching $706.4 billion in sales with earnings per share of $2.64.

These projections fall slightly below Wall Street expectations. Financial analysts surveyed by FactSet had predicted first-quarter earnings of 68 cents per share and annual earnings of $2.64 per share on revenues of $712.6 billion.

Walmart’s newly appointed CEO John Furner is taking a measured stance on future growth projections, setting expectations below what Wall Street analysts had hoped for as he begins leading the retail giant.

Despite strong performance during the holiday shopping season, Furner’s team announced Thursday they anticipate annual sales growth between 3.5% and 4.5% for the upcoming year. This forecast falls short of analyst predictions, which had estimated roughly 5% growth.

The cautious projections come as Furner steps into his leadership role, having previously guided Walmart’s domestic operations through the pandemic. Market observers had anticipated this conservative approach as the new CEO establishes his strategy.

However, the company’s recent performance tells a positive story. Fourth-quarter revenue climbed 5.6% to reach $190.66 billion, slightly exceeding projections. Same-store sales in the United States jumped 4.6%, surpassing the 4.2% increase that analysts had expected.

“The pace of change in retail is accelerating… For our customers and members, the future is fast, convenient, and personalized,” Furner stated. The company simultaneously revealed plans for a substantial $30 billion share repurchase program.

Walmart’s digital commerce division particularly impressed investors, with online sales climbing 27% during the quarter. This marked the fifteenth consecutive quarter of double-digit e-commerce growth for the Arkansas-based retailer.

The company has successfully attracted higher-income shoppers, with households earning over $100,000 annually driving much of the market share gains over the past two years. These more affluent customers have embraced Walmart’s expanded delivery options, including same-day service and curbside pickup.

Store-fulfilled delivery services experienced explosive growth, increasing more than 50% during the quarter. Foot traffic data from Placer.ai showed customer visits to Walmart’s 4,600 locations rose every month of the reporting period.

While other retailers have struggled with consumers avoiding higher-priced merchandise, Walmart has maintained its appeal through competitive pricing and grocery dominance. The influx of wealthier shoppers has boosted sales of profitable items including apparel, kitchen goods, furniture, and toys.

Furner takes over as Walmart becomes the first retailer to surpass $1 trillion in market capitalization, with shares gaining 22% over the past year. David Guggina now leads the U.S. division, which generates nearly 70% of the company’s total revenue.

The retailer’s resilience stands out amid broader economic pressures, including tariff impacts on imported goods from China and other countries. While overall U.S. retail sales showed weakness in December, Walmart continued attracting value-seeking customers across all income levels.

Looking ahead, the company projects adjusted earnings per share between $2.75 and $2.85, which also trails analyst expectations of $2.96. Walmart shares dropped 2.6% in pre-market trading following the announcement.

Software services company EPAM Systems announced Thursday that its projected first-quarter financial performance matches Wall Street expectations, driven by continued corporate investment in artificial intelligence system upgrades that increase demand for the firm’s technology services.

The Pennsylvania-based business offers comprehensive information technology solutions, including advisory services, cloud computing, artificial intelligence transformation, and software development.

Even with widespread economic concerns, companies have maintained their spending on software creation and AI-powered modernization initiatives as they work to stay competitive in the artificial intelligence marketplace.

EPAM projects first-quarter earnings between $1.38 billion and $1.40 billion, with the middle estimate matching analyst predictions compiled by LSEG data.

The company anticipates adjusted earnings per share ranging from $2.70 to $2.78, which also aligns with Wall Street forecasts.

During the fourth quarter, EPAM reported $1.41 billion in revenue, surpassing analyst expectations of $1.39 billion, along with adjusted earnings per share of $3.26, which also exceeded predictions.

Stock prices for the Newtown, Pennsylvania-headquartered company dropped more than 4% during pre-market trading sessions.

Agricultural equipment manufacturer John Deere announced Thursday it has increased its yearly earnings projections, driven by recovering construction and compact farming equipment sectors along with expense reductions that helped offset sluggish machinery demand. The news boosted the company’s stock price by 4.7% in pre-market trading.

The Illinois-based equipment giant had previously reduced manufacturing output to address declining demand for new machinery, as farmers face lower commodity prices and increased operating expenses that delay major equipment investments.

Deere is collaborating with its dealer network nationwide to decrease stockpiled inventory levels.

American agricultural producers are preparing for another year of depressed crop values and high operational costs, creating difficult choices about continuing their farming operations amid abundant grain supplies that keep market prices low.

The machinery manufacturer now projects 2026 net earnings between $4.5 billion and $5 billion, an increase from the previous estimate of $4 billion to $4.75 billion.

“While the global large agriculture industry continues to experience challenges, we’re encouraged by the ongoing recovery in demand within both the construction and small agriculture segments,” CEO John May said.

“These positive developments reinforce our belief that 2026 represents the bottom of the current cycle.”

The company has revised its 2026 revenue expectations for its Small Agriculture & Turf and Construction & Forestry divisions, anticipating approximately 15% growth in each sector compared to the earlier projection of roughly 10% increases.

President Donald Trump’s extensive tariff policies have impacted the company’s operational earnings, placing Deere among numerous industrial firms affected by recent White House policy changes.

The Moline, Illinois-headquartered manufacturer has faced difficulties from increased production expenses due to tariffs, as the company depends heavily on imported raw materials for producing its signature green and yellow tractors.

Quarterly net earnings reached $656 million, equivalent to $2.42 per share, representing a decline from the previous year’s $869 million, or $3.19 per share.

First-quarter revenue for Deere increased 13% to $9.61 billion, compared to $8.50 billion in the same period last year.

Technology stocks found some relief Wednesday following news that Nvidia secured a significant multi-year agreement to provide artificial intelligence chips to Meta Platforms, though rising oil prices are creating new market concerns.

The chip manufacturing giant, currently the world’s most valuable company, will supply Meta with millions of both existing and next-generation AI processors. While financial terms weren’t disclosed, Nvidia shares climbed 1.6% on the announcement, building momentum ahead of the company’s earnings report scheduled for next Wednesday.

The partnership highlights the massive capital expenditures planned by major technology companies through 2026, with Meta preparing to nearly double its AI-focused investment spending. The deal also addresses recent investor worries about increasing competition facing Nvidia in the semiconductor market.

However, the agreement underscores how concentrated artificial intelligence development remains among a small group of companies. Nvidia’s most recent financial results revealed that four customers alone accounted for 61% of the company’s revenue growth.

Market sentiment appears to be shifting again, with S&P 500 futures trading lower ahead of Thursday’s opening bell. Adding pressure to equities, crude oil prices surged more than 4% Wednesday, approaching yearly highs amid escalating tensions between the United States and Iran, plus ongoing diplomatic discussions involving Ukraine and Russia.

Parallel negotiations in Geneva addressed both international conflicts this week. The Ukraine-Russia talks concluded Wednesday without significant progress, while U.S.-Iran discussions continue despite both nations increasing military activities and exercises.

Oil prices also gained support from data showing U.S. industrial production and manufacturing posted their largest monthly increase in nearly a year during January.

Rising energy costs contributed to higher U.S. Treasury yields after Federal Reserve meeting minutes revealed strong opposition to additional interest rate cuts. The central bank documents also showed divided opinions on how the AI revolution might affect productivity and inflation rates.

The dollar retreated but remained above recent lows.

Thursday’s economic calendar includes Walmart’s quarterly earnings, weekly unemployment claims, and the Philadelphia Federal Reserve’s latest business activity surveys.

In commodity markets, prices for two critical rare earth elements used in electric vehicle magnets and defense equipment have doubled over seven months due to supply constraints and growing demand. The price surge for neodymium and praseodymium has risen above the $110 per kilogram threshold established by the U.S. government, meaning taxpayers won’t need to subsidize domestic miner MP Materials’ production.

These four-year price highs also benefit other rare earth companies that Western governments hope will reduce dependence on China, the world’s dominant producer.

Key economic data releases Thursday include December trade balance figures, weekly jobless claims, and Philadelphia Fed business surveys, all at 8:30 AM. Several Federal Reserve officials are scheduled to speak, including Michelle Bowman, Atlanta Fed President Raphael Bostic, and Chicago Fed President Austan Goolsbee.

WASHINGTON — Mid-sized American companies saw their import tax payments increase threefold during the past year, according to fresh research from the JPMorganChase Institute released Thursday. The findings add to mounting evidence that President Donald Trump’s strategy of imposing higher levies on foreign goods is creating economic challenges.

These additional costs have impacted businesses employing a total of 48 million Americans — precisely the type of companies Trump pledged to strengthen. These firms are now being forced to manage the increased expenses by raising customer prices, reducing their workforce, or accepting smaller profit margins.

“That’s a big change in their cost of doing business,” said Chi Mac, business research director of the JPMorganChase Institute, which published the analysis on Thursday. “We also see some indications that they may be shifting away from transacting with China and maybe toward some other regions in Asia.”

While the study doesn’t detail how these extra expenses are rippling through the broader economy, it demonstrates that American companies are bearing the cost of import taxes. This research joins a mounting collection of economic studies that challenge the administration’s assertions that foreign entities shoulder the tariff burden.

The JPMorganChase Institute examination focused on payment records from businesses that may not possess the market influence of major international corporations to counteract tariff impacts, yet might be agile enough to rapidly adjust their supply networks to reduce exposure to tax hikes. These enterprises typically generated revenues ranging from $10 million to $1 billion and employed fewer than 500 workers — a sector referred to as the “middle market.”

The findings indicate that the Trump administration’s objective of reducing direct dependence on Chinese manufacturing is taking effect. Payments to China from these businesses dropped 20% below their October 2024 figures, though it remains uncertain whether this reflects China redirecting products through other nations or actual supply chain relocations.

The study’s authors stressed during interviews that businesses are still adapting to the tariff environment and indicated they will continue monitoring this situation.

The Trump administration maintains that import taxes benefit the economy, businesses, and workers. Kevin Hassett, director of the White House National Economic Council, strongly criticized research by the New York Federal Reserve on Wednesday that found nearly 90% of Trump’s tariff costs fell on American companies and consumers.

“The paper is an embarrassment,” Hassett told CNBC. “It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system. The people associated with this paper should presumably be disciplined.”

Trump raised the average tariff rate from 2.6% to 13% last year, according to New York Fed researchers. He justified taxes on various products including steel, kitchen cabinets and bathroom vanities as essential to national security — and proclaimed an economic emergency to circumvent Congress and establish a baseline tax on goods from much of the world last April during an event he termed “Liberation Day.”

The elevated rates triggered financial market turmoil, leading Trump to reduce his rates and subsequently enter negotiations with various countries that resulted in new trade agreements. The Supreme Court is anticipated to decide soon whether Trump exceeded his legal powers by declaring an economic emergency.

Trump won the 2024 election promising to control inflation, yet his import taxes have added to voter concerns about affordability. Although inflation hasn’t surged during Trump’s current term, job growth has slowed significantly, and academic economists estimate consumer prices are approximately 0.8 percentage points higher than they would be otherwise.

LAS VEGAS – The entertainment capital is experiencing a tourism downturn that mirrors nationwide economic concerns, as visitor numbers dropped to their lowest levels since the pandemic.

Las Vegas welcomed 3.1 million fewer tourists in 2025 compared to the previous year, marking a 7.5% decline that represents the steepest drop since record-keeping started in 1970, excluding pandemic years. The Las Vegas Convention and Visitors Authority released the concerning figures this week.

James Chrisley, who directs the Clark County Aviation Department, described the pattern at Harry Reid International Airport: “Our peaks are still peaks, and our valleys are softer.”

The decline becomes most apparent during weekdays, when Friday’s bustling crowds with rolling luggage and packed ride-share lines give way to a much quieter Monday atmosphere at the airport.

Airport passenger volumes dropped approximately 6% in 2025, with December seeing a particularly sharp 10.3% decrease despite typically strong holiday travel patterns. Major airlines including American, Southwest, and Allegiant serve the facility.

University of Nevada economist Andrew Woods believes the situation reflects consumer behavior rather than broader economic trends. “I think this is more of a microcosm of where the American consumer is than necessarily telling us where the American economy is going,” Woods explained.

Unlike other major vacation destinations such as Honolulu, Orlando, and Disneyland, Las Vegas faces unique challenges from escalating costs and additional fees that particularly impact budget-conscious travelers, according to Woods.

The tourism decline primarily affects leisure travel, while business conventions continue performing well. This distinction matters significantly since leisure visitors form the backbone of the city’s economy.

Federal Reserve surveys and airline earnings reports indicate a growing divide between high-income travelers who maintain their booking patterns and middle-income households reducing travel expenses due to financial pressures.

Tourist Fernanda Loiza from Guatemala suggested that current immigration policies under the Trump administration may discourage some international visitors who fear complications during their stays. “Some people are afraid of coming and openly and freely enjoying Las Vegas,” she observed.

Tour guide Michael Hillman pointed to pricing concerns among visitors he encounters. “Ten bucks for a bottle of water,” he noted. “People don’t see a deal anymore.”

The financial impact appears clearly in casino company earnings. MGM Resorts reported decreased revenue and profits at Las Vegas properties during the fourth quarter and full year 2025, with budget-oriented hotels like Luxor and Excalibur showing particular weakness.

Caesars Entertainment announced similar results Tuesday, with Las Vegas segment profits falling roughly 20% year-over-year on approximately 5% lower revenue for 2025.

Hotels have responded with increased promotional offers and dining credits since late 2025, while CoStar Group data shows midweek revenue per available room declined about 11% during the year.

“Las Vegas remains a predominantly leisure-driven hotel market,” said CoStar senior market analyst Michael Stathokostopoulos, noting that inflation and economic uncertainty push travelers to cancel trips, reduce stay lengths, or choose less expensive options.

Airlines have adjusted schedules accordingly, with U.S. carriers scheduling approximately 7% fewer seats into Las Vegas for the first quarter of 2026 compared to the same period last year.

International travel shows similar patterns, particularly from Canada, a crucial overseas market. Canadian airlines have reduced capacity by roughly 30% for the quarter, partly due to political tensions including tariff disputes and immigration policy concerns.

Casino workers experience the downturn most directly through reduced tips and fewer available hours. Joe Spica, a Cosmopolitan bellman and Culinary Workers Union representative, described the impact on his family of three.

“They’re not tipping as much,” Spica said. “Tips have gone ridiculously down. And then when I go to the grocery store, every single thing I buy has somehow gone up.”

Ted Pappageorge, secretary-treasurer of Culinary Workers Union Local 226, explained that economic slowdowns typically begin with disappearing extra shifts rather than major layoffs, affecting part-time and on-call employees first.

Federal statistics highlight the local economic squeeze, with Las Vegas wages remaining below national averages while local inflation and unemployment rates exceed national levels.

Job seekers like 26-year-old Shuang Woo face particular challenges, receiving multiple automated rejections and struggling to secure interviews. She recently enrolled in dealer training as an alternative.

“It’s been really tough,” Woo explained. “The entire city runs on tourism.”

Industry observers note that Las Vegas follows two consecutive record-breaking years and may be adjusting to more sustainable levels. The crucial test period approaches this spring as families make summer vacation decisions.

Drive-in traffic from Southern California, a key visitor source, will provide an early indicator of recovery prospects for the tourism-dependent economy.

French spirits manufacturer Pernod Ricard announced Thursday that revenue declined across all five of its key markets during the first six months of its fiscal year, with company earnings taking a hit from currency fluctuations and increased expenses alongside struggles in American and Chinese operations.

The company, which produces Absolut vodka and Martell cognac, saw results that matched analyst predictions and demonstrated second-quarter improvements thanks to stronger performance in markets like India and international duty-free sales. Management anticipates stronger results in the year’s second half.

Despite facing an industry-wide downturn in consumer demand, Pernod Ricard maintained its projection for sales increases between 3% and 6% from 2027 through 2029.

Chief Executive Alexandre Ricard stated the company can achieve this target range even if American and Chinese markets, where revenues have declined due to stretched consumer budgets, inventory reductions, and China’s sluggish economic conditions, expand by less than 3%.

“Beyond the U.S. and China, we have the rest of the world,” Ricard explained during a phone interview with Reuters.

Company stock prices rose 0.32% at 0931 GMT Thursday, though shares have dropped more than 22% over the past year.

The spirits industry is experiencing a prolonged sales decline that has caused company valuations to fall, executive departures, and corporate restructuring including asset sales and expense reductions.

Pernod Ricard has implemented a reorganization strategy aimed at achieving 1 billion euros ($1.18 billion) in cost reductions between 2026 and 2029, which resulted in workforce reductions during the first half.

Ricard denied reports suggesting the company plans to take its Indian operations public, contradicting Wednesday media speculation about a potential stock listing review.

The company is pursuing additional measures to safeguard earnings and boost sales, including reducing finished product inventory levels and introducing more affordable options such as smaller package sizes.

Pernod Ricard’s organic operating earnings decreased 7.5%, performing slightly better than forecasts, but the decline reached 18.7% on a reported basis when including factors like currency exchange impacts.

Chris Beckett, an analyst at Pernod investor Quilter Cheviot, noted that even this “strikingly negative” financial performance failed to trigger share price declines because investor expectations for the sector have become so pessimistic.

“It says quite a lot about where we are,” Beckett observed.

German pharmaceutical company Bayer announced Thursday that global supplies of glyphosate will remain unaffected following a presidential executive order that invoked the Defense Production Act to secure domestic herbicide availability.

The company stated that the executive order highlights the critical importance of ensuring American farmers maintain access to the widely-used weedkiller, but emphasized that the action will not create supply disruptions in international markets.

Last August, Bayer warned it might halt glyphosate manufacturing in the United States without regulatory reforms to address ongoing litigation that has significantly impacted the German corporation. While Bayer remains the sole domestic producer of glyphosate, American agriculture also relies heavily on generic versions imported from China.

The pharmaceutical giant has spent years defending against disputed liability claims alleging the herbicide causes cancer. This week, Bayer announced a settlement agreement worth up to $7.25 billion to resolve thousands of related lawsuits.

In a separate legal development, Bayer successfully petitioned the U.S. Supreme Court to review an appeal that could substantially reduce the company’s exposure to future litigation, primarily filed by residential gardening consumers.

The Supreme Court agreed to consider the case after the Trump administration endorsed Bayer’s position that federal glyphosate regulations, which generally favor the company, should override state laws cited by lawsuit plaintiffs.

A prominent economist is warning that Japan’s anticipated interest rate increase to 1% could spark a major reshuffling of money that might make monetary policy more difficult to manage for the country’s central bank.

Japan’s central bank ended its decade-long massive economic stimulus program in 2024 and has increased rates multiple times, reaching 0.75% in December – the highest level in three decades. Financial markets expect another possible increase to 1.0% as early as March or April.

Ikuko Samikawa, the chief economist at Japan Center for Economic Research, explained that as Japan moves away from its extended period of zero interest rates, the country could witness massive fund movements as citizens transfer money into interest-earning bank accounts.

According to Samikawa, who serves on a finance ministry advisory panel and regularly participates in central bank discussions, historical patterns show households typically move cash into bank deposits when the policy rate climbs above 0.5%.

Such an increase in bank deposits would boost the total reserves that financial institutions maintain with Japan’s central bank, creating downward pressure on money market rates.

“The next anticipated rate hike to 1% could be a trigger point of such inflows… If the flow of funds back to bank accounts turns out to be big, it could complicate the BOJ’s effort to guide short-term interest rates around its target,” Samikawa explained.

She noted that the extended period of aggressive money printing has made it extremely difficult to forecast how funds might shift as interest rates climb.

Japan’s central bank is working to reduce its balance sheet, which expanded five times larger over the past twenty years to approximately 756 trillion yen ($4.88 trillion), primarily due to stimulus measures implemented in 2013.

Currently, financial institutions maintain reserves of about 454 trillion yen with the central bank.

Samikawa estimates the central bank could decrease this balance to around 280 trillion without causing short-term rates to spike, though she cautioned these figures could change based on future bank lending activity.

Mining heavyweight Rio Tinto delivered disappointing annual financial results on Thursday, with profits remaining unchanged from the previous year despite strong performance in its copper operations.

The global mining giant, recognized as the world’s top iron ore producer, announced underlying profits of $10.87 billion for the year ending December 31. This figure matched the previous year’s earnings but came in below analyst forecasts of $11.03 billion.

The company announced it would pay shareholders a final dividend of 254 cents per share, representing 60% of underlying profits and an increase from the 225 cents distributed in 2024.

Trading in London saw Rio Tinto shares drop 3.4% by mid-morning, performing slightly worse than other mining companies in the market.

The earnings report underscores the mining industry’s growing emphasis on copper production as demand surges from artificial intelligence data centers and renewable energy infrastructure development.

This strategic shift toward copper has sparked numerous acquisition attempts throughout the mining sector as companies compete for long-term copper assets.

Rio Tinto’s potential merger discussions with Glencore fell apart in February when both companies couldn’t reach agreement on company valuation and control structure. The failed deal would have formed the world’s biggest publicly traded mining operation and substantially increased copper production capacity.

Competitor BHP, the world’s largest publicly listed mining company, reported earlier this week that copper revenues exceeded iron ore income for the first time in company history.

“A good result, perhaps as not as impressive as BHP, particularly with capital liberation,” said Andy Forster of Argo Investments in Sydney, commenting on Rio’s asset divestiture strategy.

Both mining leaders have committed to liquidating existing assets to generate funds for reinvestment and shareholder returns. BHP announced this week a $4.3 billion agreement with Wheaton Precious Metals for future silver production from a Peruvian mining operation.

Rio Tinto revealed it is exploring market interest in selling its titanium and borates business units while examining opportunities to monetize portions of its infrastructure holdings across all operational divisions.

“Without M&A, we expect freed up cash to be used to strengthen Rio’s balance sheet and maintain returns within its 40-60% dividend payout range,” analysts at Jefferies said.

Iron ore earnings dropped to approximately 60% of total company profits, declining from 70% in the previous year. Meanwhile, copper division earnings doubled annually to represent roughly 30% of total profits, with aluminum and lithium operations accounting for the remaining portion.

The iron ore business faced challenges from increased annual production costs at the company’s Pilbara operations in Western Australia, rising about $0.50 per metric ton compared to 2024 due to inflation and weather-related operational interruptions.

Pilbara production costs are projected to climb further this year, reaching between $23.50 and $25 per ton.

The copper division reported average selling prices increased 17% year-over-year in 2025, while production volume grew 11% from 2024, boosted by expanded operations at the Oyu Tolgoi facility in Mongolia.

European Central Bank President Christine Lagarde reached out to her fellow policymakers to confirm her dedication to her current role following reports suggesting she might leave her position early, according to four sources who spoke with Reuters.

Earlier this week, the Financial Times published a story claiming Lagarde was considering departing from her ECB leadership role before France’s presidential election next year, potentially allowing outgoing President Emmanuel Macron to influence the selection of her replacement.

Following that report on Wednesday, Lagarde sent a private communication to her colleagues at the central bank, emphasizing that she continues to concentrate on her ECB responsibilities and promising that any future departure announcements would come directly from her rather than through media outlets, the sources revealed.

Those who received Lagarde’s message interpreted her communication as indicating she has no immediate plans to leave the European Central Bank, though they noted her statement didn’t completely rule out the possibility of a future departure.

When contacted for comment, a spokesperson for the ECB chose not to provide a statement on the matter.

The United States experienced a reduction in international tourist arrivals during the previous year, according to recent data analysis.

Travel industry experts are investigating the underlying causes of this decrease in foreign visitors, with some questioning whether political climate changes or broader economic factors played a role in deterring overseas travelers from choosing America as their destination.

The tourism industry continues to monitor these trends as they assess the impact on local economies that depend heavily on international visitor spending.

Mark Zuckerberg, the chief executive of Meta, testified before a jury in a groundbreaking legal case examining whether social media platforms are intentionally designed to be addictive and cause harm to young users.

The Meta CEO answered challenging questions during what marks the first trial in the United States to examine the addictive nature of social media and its potential negative effects on children and teenagers.

The head of Facebook’s parent company faced questioning in court over claims that social networking platforms are designed to be addictive and cause harm to users. Mark Zuckerberg, who leads Meta, provided testimony as part of legal proceedings examining whether social media companies bear responsibility for negative effects on their users.

The case represents part of broader scrutiny facing major technology firms regarding their platforms’ impact on public health and user wellbeing. NPR’s Leila Fadel discussed the implications of the testimony with Darrell West, who studies technology policy at the Brookings Institution.

The legal challenge adds to mounting pressure on social media giants to address concerns about how their platforms affect users, particularly regarding potentially addictive design features and mental health impacts.

The Japanese automaker Nissan announced Thursday it will pull nearly 643,000 Rogue SUVs from American roadways following two distinct mechanical failures that federal safety officials say could result in complete power loss while driving.

Federal transportation safety regulators reported that Nissan will retrieve 318,781 Rogue vehicles due to faulty throttle body components that have suffered mechanical breakdown.

In a second action, the car manufacturer will also collect 323,917 additional Rogue SUVs because of compromised engine bearing systems. These defective bearings may leak extremely hot engine oil, creating dangerous fire conditions and potentially causing complete engine failure.

Transportation safety officials have recommended that authorized service centers update the vehicles’ computer control systems and install new parts where necessary to address both mechanical problems.

Technology executives from around the world converged in New Delhi this week for a significant artificial intelligence conference, where they announced massive financial commitments to expand AI capabilities in India.

The India AI Impact Summit produced several major investment announcements totaling hundreds of billions of dollars over the coming decade.

Leading the charge was Indian conglomerate Reliance Industries and its telecommunications division Jio, with billionaire chairman Mukesh Ambani announcing Thursday that the companies will pour $109.8 billion into artificial intelligence and data infrastructure development over the next seven years.

Another major Indian corporation, the Adani Group, revealed Tuesday its plans to spend $100 billion on renewable energy-powered AI data centers by 2035. The ports-to-power company estimates this investment will generate an additional $150 billion in related sectors, including server production and sovereign cloud platforms, ultimately creating a $250 billion AI infrastructure ecosystem throughout India over the next ten years.

Technology giant Microsoft announced Wednesday it is targeting $50 billion in investments by 2030 to expand artificial intelligence access across ‘Global South’ nations. The company had previously revealed $17.5 billion in AI investments specifically for India last year.

Indian data center company Yotta Data Services disclosed Wednesday it will construct one of Asia’s most extensive AI computing facilities using Nvidia’s newest Blackwell Ultra chips, with the project requiring more than $2 billion in funding.

In another significant development, Tata Consultancy Services announced Thursday it has secured ChatGPT creator OpenAI as the inaugural client for its data center division under the global AI infrastructure program Stargate.

Infrastructure company Larsen & Toubro also revealed a partnership proposal with Nvidia to develop AI-ready data center infrastructure, sophisticated computing platforms, and ecosystem support necessary for large-scale artificial intelligence operations.

Technology giant Google has formed a strategic alliance with Sea Ltd, a major Southeast Asian tech company, to create advanced artificial intelligence applications for online retail and video game development, the companies revealed Thursday.

The partnership will focus on creating what the companies describe as “an AI agentic shopping prototype” for Shopee, Sea’s popular online marketplace, according to their joint announcement.

This collaboration represents part of a broader industry trend where technology companies are working to expand their AI capabilities beyond basic question-and-answer functions, aiming to handle more complex tasks like automated shopping across multiple platforms and managing sophisticated business processes.

The competitive landscape is heating up, as Chinese tech giant Alibaba introduced a new AI system earlier this week, marketing it as designed “for the agentic AI era.” Alibaba’s Lazada platform directly competes with Shopee across Southeast Asian markets.

According to research firm Momentum Works, Shopee maintained its position as the leading e-commerce platform in Southeast Asia throughout 2024, capturing 52% of the regional market.

The partnership will also extend to Sea’s gaming division, Garena, where both companies plan to implement AI technologies to “transform” how efficiently games are developed and produced.

This new agreement builds upon a previous collaboration established in 2024 between Shopee and Google’s YouTube platform, which targeted the Southeast Asian online commerce sector.

Food and beverage giant Nestle announced Thursday that it exceeded fourth-quarter sales projections while revealing plans to divest its ice cream operations as part of a strategic business restructuring.

The Swiss-based company, known for producing Maggi seasoning cubes and Nescafe coffee products, will concentrate its efforts on four primary divisions: Coffee, Pet Care, Nutrition, and Food & Snacks. Company officials disclosed they are in final-stage discussions to transfer the ice cream division to Froneri, a partnership between European investment firm PAI Partners and Nestle that currently owns the Haagen-Dazs brand.

CEO Philipp Navratil faces significant challenges in his mission to accelerate operations at the consumer goods corporation, particularly due to the company’s largest infant formula product recall in recent years. The recall has created inventory shortages and product returns that will affect sales volumes through 2026.

“While there is more to be done, we are confident that our faster execution of a more focused strategy will deliver sustained improvement through 2026 and beyond,” Navratil stated.

Company projections indicate organic sales growth of 3-4% for 2026, with expectations for enhanced underlying trading operating profit margins this year, improving from the 16.1% recorded in 2025.

Navratil, who assumed leadership in September and subsequently announced workforce reductions of 16,000 positions, continues to address obstacles including U.S. import duties, currency fluctuations, and reduced consumer spending power.

The company completed its evaluation of mainstream and budget vitamin and supplement product lines and is actively seeking potential purchasers. Additionally, Nestle anticipates removing its water business from consolidated reporting beginning in 2027, having initiated formal partnership discussions during the first quarter.

Revenue growth excluding currency changes and acquisitions reached 4% for the quarter ending December 31, surpassing analyst predictions of 3.4% growth.

A major French alcoholic beverage company experienced declining sales during the first six months of its fiscal year, though conditions began showing improvement in recent months.

Pernod Ricard, the company behind well-known brands including Absolut vodka, Mumm champagne, and Martell cognac, saw revenue drop by 5.9% during the six-month period ending December 31. The company brought in 5.25 billion euros, equivalent to about $6.19 billion.

While the overall numbers remained negative, the second quarter showed signs of recovery with a 5% decrease in comparable sales – an improvement from the steeper 7.6% drop experienced during the first quarter. Company officials attributed the better performance to stronger business in India and improved sales in global travel retail locations.

The beverage manufacturer, which ranks as the world’s second-largest Western spirits company after Diageo, continues facing headwinds from reduced consumer spending and inventory reductions by retailers in both the United States and China.

Company leadership indicated they anticipate fiscal year 2026 will serve as a transitional period, with sales improvements expected to accelerate during the latter half of the year. The company’s fiscal calendar begins July 1.

Operating profits also declined during the reporting period, falling 7.5% on a comparable basis. Industry analysts had projected a slightly larger decrease of 7.7%, making the actual results marginally better than expected. The sales figures also aligned closely with analyst predictions of a 5.7% decline.

One of India’s most prominent business leaders announced Thursday that his company will commit a staggering $110 billion toward artificial intelligence development over the coming seven years.

Billionaire businessman Mukesh Ambani, who serves as Chairman of Reliance Industries, revealed that his conglomerate along with its telecommunications subsidiary Jio will dedicate 10 trillion rupees to AI initiatives through 2031.

The massive financial commitment represents one of the largest private sector investments in artificial intelligence technology announced by any company worldwide.

French hospitality giant Accor announced Thursday that its annual core earnings narrowly exceeded Wall Street forecasts, buoyed by strategic portfolio diversification and growth in its customer loyalty initiatives.

The company behind popular hotel chains including Ibis and Novotel posted earnings before interest, taxes, depreciation and amortization of 1.20 billion euros ($1.41 billion) for the past year, up from 1.12 billion euros in 2024. The figure topped analyst projections of 1.19 billion euros.

“The rapid integration of artificial intelligence into our digital roadmap and the robustness of our pipeline allow us to accelerate our development and be even more efficient,” Accor CEO Sébastien Bazin said in a statement.

Earlier this month, the hospitality company unveiled an artificial intelligence booking platform powered by ChatGPT technology, designed to decrease reliance on third-party travel booking sites and lower distribution expenses.

Revenue per available room, a key hospitality industry metric, climbed 4.2% to reach 76 euros in 2025.

The hotel group reaffirmed its medium-term financial projections and announced plans to maintain its stock repurchase program, targeting 450 million euros in buybacks during 2026.

Chemical giant Bayer’s Monsanto division has unveiled a massive $7.25 billion settlement proposal designed to resolve tens of thousands of current and future cancer lawsuits linked to its popular Roundup herbicide. The company is positioning this agreement as the long-sought solution to end years of costly legal battles.

The proposed settlement, which requires court approval, would establish a compensation fund distributed over as many as 21 years. This program would provide payments to individuals claiming their non-Hodgkin lymphoma diagnosis resulted from Roundup exposure.

Compensation amounts would be determined by several factors including the claimant’s age, level of exposure, and cancer severity. Workers with occupational exposure who received aggressive non-Hodgkin lymphoma diagnoses before turning 60 could expect average payments of $165,000. Meanwhile, qualifying patients over 78 years old would receive $10,000.

The agreement aims to address most of the 65,000 existing claims currently pending in state and federal courtrooms nationwide. Additionally, it would provide compensation for individuals who used Roundup and later develop non-Hodgkin lymphoma in the coming years.

However, the level of plaintiff support remains uncertain. While Bayer states that multiple law firms representing Roundup claimants back the settlement, the company hasn’t revealed specific numbers. Bayer retains the right to withdraw from the agreement if insufficient plaintiffs participate, though they won’t specify the minimum participation threshold required.

The negotiating attorneys are seeking to represent all current and future claimants rather than guaranteeing specific client numbers for the deal. Legal experts suggest Bayer’s approach of creating a new class action to override existing cases, rather than addressing current claims directly, may face resistance from claimants or the presiding judge.

Several major law firms are still evaluating the proposal, with at least one already expressing opposition to the settlement terms.

The extended 21-year timeframe is specifically designed to capture future cancer claims and compensate people who used Roundup before February 17, 2026, and subsequently develop cancer. Bayer didn’t eliminate glyphosate—Roundup’s active ingredient that plaintiffs claim causes cancer—from residential products until 2023. Since non-Hodgkin lymphoma may have a latency period of a decade or longer, new claims could emerge for years to come.

The settlement mandates yearly public notifications to inform potential future claimants, who would have two years following their cancer diagnosis to decide on participation.

Bayer is gambling that future claimants will choose the settlement over the uncertainty of litigation. However, since individuals can decline participation, the company may still face jury trials in the future. Previous verdicts demonstrate the significant financial risks involved—while Bayer has won several recent Roundup trials, plaintiffs have secured substantial judgments, including a $2.1 billion Georgia jury award in 2025 and a $332 million California verdict in 2023.

A crucial Supreme Court case adds another layer to Bayer’s legal strategy. Oral arguments are scheduled for April 27 in a case that could determine whether Bayer can face state law lawsuits for allegedly failing to warn about Roundup’s cancer risks when federal regulations don’t mandate warning labels.

A favorable Supreme Court ruling could eliminate thousands of claims potentially worth billions in damages, as most current litigation relies on failure-to-warn theories. Even with a Supreme Court victory, plaintiffs might pursue alternative legal theories, making the settlement important for addressing other potential liability risks.

The proposed agreement doesn’t guarantee complete legal closure for Bayer. The deal could collapse without adequate support, or courts could reject it entirely. Even if finalized, there’s no mechanism to force all claimants to participate, as current and future plaintiffs retain the right to opt out and pursue individual claims.

Should both the settlement gain approval and the Supreme Court rule in Bayer’s favor, plaintiffs would face increased pressure to resolve their claims through the settlement, which could provide faster compensation, particularly if the high court makes litigation more challenging.

Markets across Asia remained subdued Thursday as many regions continued observing Lunar New Year festivities, while global investors kept a watchful eye on mounting tensions between the United States and Iran that could spark the next major geopolitical crisis.

The two countries have maintained a contentious relationship centered around Iran’s nuclear program, with American officials claiming Iran harbors military intentions while Iranian leaders maintain their nuclear activities serve peaceful purposes. Although this week’s diplomatic discussions in Geneva showed some advancement, the White House confirmed Wednesday that significant gaps remain between the nations.

According to a senior U.S. official speaking to Reuters, Iran plans to present a proposal outlining potential solutions to resolve the ongoing disputes.

However, heightened American military presence in the oil-rich region has kept market watchers anxious. Rabobank Senior Global Strategist Michael Every warned that risks favor a potential U.S. military action after markets close Friday, suggesting any such operation would likely extend for weeks rather than concluding by Monday’s market opening.

These concerns have driven oil prices higher, building on gains from the previous trading session as fears mount over possible supply interruptions. Thursday saw Brent crude futures climb 0.36% to reach $70.60 per barrel, while U.S. crude increased 0.43% to $65.47.

In contrast, equity markets found support from renewed enthusiasm surrounding artificial intelligence developments, particularly after Nvidia revealed this week a multi-year agreement to supply Meta Platforms with millions of current and next-generation AI processors.

Market analysts noted this announcement provided crucial relief for technology shares, which had declined this month due to concerns about excessive valuations and uncertainty regarding when AI investments might translate into meaningful revenue increases.

Currency markets saw the U.S. dollar strengthen after Federal Reserve meeting minutes revealed no urgency to reduce the central bank’s benchmark interest rate, with multiple officials expressing willingness to implement increases if inflation remains persistent.

The released minutes exposed internal disagreements at the Fed, especially regarding artificial intelligence’s impact on America’s economy, with some policymakers anticipating a productivity surge that could help control inflation, while others warned that substantial AI investments might create financial instability.

Thursday’s key market-moving events include Walmart’s earnings report, weekly U.S. unemployment claims figures, and speeches from Federal Reserve officials Bostic, Bowman, Kashkari, and Goolsbee.

Stock markets throughout Asia climbed Thursday, following a strong performance on Wall Street powered by semiconductor leader Nvidia.

However, U.S. market futures dipped slightly while crude oil prices increased amid growing media speculation about potential military confrontation with Iran.

President Donald Trump continues to evaluate possible military action against Iran while his administration increases military presence in the region and maintains indirect negotiations with Tehran regarding its nuclear activities. These developments have sparked fears that any military strike could escalate into broader Middle Eastern warfare.

Trading remained suspended in Greater China due to Lunar New Year celebrations, though several other regional markets resumed operations.

Tokyo’s Nikkei 225 climbed 0.8% to reach 57,582.93, while South Korea’s Kospi surged 2.8% to 5,661.22 as trading resumed after earlier holiday closures.

Australia’s S&P/ASX 200 gained 0.9% to finish at 9,088.70.

Markets across Southeast Asia showed strong performance, with Thailand’s SET rising 0.9%. India’s Sensex posted modest gains of 0.1%.

During Wednesday’s European session, London’s FTSE 100 jumped 1.2% following fresh inflation data that strengthened predictions the Bank of England might reduce interest rates soon.

On Wall Street, the S&P 500 increased 0.6% to 6,881.31 while the Dow Jones Industrial Average rose 0.3% to 49,662.66. The Nasdaq composite advanced 0.8% to 22,753.63.

Nvidia drove market gains with a 1.6% increase after Meta Platforms revealed an extensive partnership utilizing millions of Nvidia chips and additional hardware for Meta’s artificial intelligence data facilities.

“No one deploys AI at Meta’s scale,” stated Nvidia CEO Jensen Huang. Given Nvidia’s position as Wall Street’s most valuable company, its stock movement served as the primary force driving the S&P 500 upward.

This performance highlighted artificial intelligence development’s positive impact on U.S. markets. However, investors have recently concentrated on AI’s potential negative effects, creating volatile price movements.

Meta’s shares initially dropped as much as 1.7% before bouncing back to close up 0.6%.

Another concern involves AI’s potential to develop cost-effective tools for complex tasks, which could threaten businesses across diverse sectors including software development, legal services, and transportation logistics. Investors have rapidly sold shares of companies perceived as vulnerable, adopting what analysts describe as a “shoot first-ask questions later” approach.

Multiple corporate earnings reports contributed to Wednesday’s stock gains, extending what has been a robust reporting period for major S&P 500 companies.

Beyond earnings announcements, Moderna soared 6.1% after announcing that Food and Drug Administration regulators would review its flu vaccine candidate following an earlier rejection.

In bond markets, Treasury yields increased following economic reports that exceeded economist predictions. The 10-year Treasury yield climbed to 4.08% from Tuesday’s close of 4.05%.

One report showed industrial production expanded more than anticipated last month. Another indicated orders for computers, fabricated metal products, and other durable manufactured goods rose beyond December forecasts when excluding aircraft and transportation equipment. A third report revealed homebuilders started construction on more new homes in December than expected.

Such robust economic data might encourage the Federal Reserve to maintain current interest rates.

The Fed has paused rate reductions, though many Wall Street observers anticipate resumption later this year. The prevailing expectation points to summer timing, coinciding with a new Fed chair’s scheduled appointment.

Wednesday’s released minutes from the Fed’s most recent meeting revealed many officials prefer seeing further inflation decline before supporting additional rate cuts this year.

Reduced rates can stimulate economic growth and investment prices, but risk intensifying inflation.

In early Thursday trading, U.S. benchmark crude oil rose 30 cents to $65.36 per barrel. Brent crude, the international benchmark, increased 27 cents to $70.62.

Gold and silver prices remained stable.

Bitcoin’s value declined 1.3% to approximately $67,000.

The artificial intelligence company behind ChatGPT announced Thursday it will become the inaugural client of Tata Consultancy Services’ data center operations, starting with a substantial 100-megawatt capacity agreement.

OpenAI revealed that India’s Tata Group also intends to roll out ChatGPT Enterprise throughout its organization in the coming years, with the implementation initially covering hundreds of thousands of workers.

This partnership represents a significant milestone for both companies, as OpenAI expands its infrastructure partnerships globally while Tata strengthens its position in the growing artificial intelligence services market.

Investment giant Apollo Global Management issued a statement Wednesday denying that Chief Executive Marc Rowan maintained any ties to convicted sex offender Jeffrey Epstein, as newly released documents continue creating controversy throughout corporate America.

In a communication to clients and partners, Apollo stated: “Neither Marc Rowan nor anyone else at Apollo (excluding Leon Black) had either a business or personal relationship with Jeffrey Epstein.”

The recently disclosed Epstein files do not suggest Apollo or its leadership participated in or knew about Epstein’s criminal conduct.

Apollo’s clarification follows a request by two teachers’ unions on Tuesday asking federal securities regulators to examine what they consider “misleading” communications Apollo made to investors. These unions maintain financial stakes in Apollo via their retirement funds.

Company co-founder Leon Black, a billionaire, departed Apollo in early 2021 following corporate governance reforms sparked by scrutiny of his connections to the disgraced financier. Rowan assumed the CEO position after Black’s exit.

An investigation conducted by law firm Dechert LLP, which Apollo previously disclosed, found no evidence of wrongdoing by Black. The review determined that although Black attempted to connect Epstein with his co-founders Rowan and Josh Harris, no Apollo staff member besides Black “ever seriously considered hiring Epstein.”

Recently released Epstein documents show communications between Rowan’s and Epstein’s offices regarding at least five planned meetings between the two men. Reuters was unable to confirm whether these scheduled meetings actually occurred.

“From an Apollo perspective, there’s nothing new in these documents,” the company stated. “In select instances, Mr. Rowan and other Apollo employees provided information to Epstein in connection with his tax work for Mr. Black.”

The document release also reveals that Brad Wechsler, who managed Black’s family office, requested in emails that Apollo personnel include Epstein on materials concerning tax issues for the three Apollo founders’ family offices, including Rowan’s, citing his “substantive expertise.”

Apollo emphasized: “While Mr. Epstein sought to do work with the Apollo co-founders other than Mr. Black, it was declined at every turn.”

The latest document disclosures have intensified examination of Apollo executives following Epstein’s 2008 conviction on prostitution charges, including one case involving a minor. Epstein died in a Manhattan detention facility in 2019 in what authorities determined was suicide.

American Federation of Teachers President Randi Weingarten and American Association of University Professors President Todd Wolfson wrote to the SEC: “As the Epstein files make clear, Apollo partners Rowan and Harris appear to have consulted with Epstein on numerous personal and professional matters.”

Following congressional directives, the Justice Department has made public numerous documents connecting Epstein to influential figures across politics, finance, academia and business, spanning both before and after his 2008 guilty plea to prostitution charges.

These revelations have also impacted major financial institutions including UBS and Morgan Stanley, which established accounts for Epstein’s trusts from 2015 to 2019, well after his conviction and registration as a sex offender.

The controversy continues to create political challenges for former President Donald Trump, who previously socialized with Epstein during the 1990s and 2000s. Trump has denied knowledge of the financier’s crimes and claims he severed ties in the early 2000s, prior to Epstein’s plea agreement.

A Vietnamese airline has made headlines with one of the largest aircraft purchases in recent memory, announcing Thursday it will acquire 40 Boeing 787-9 Dreamliner jets in a deal valued at $22.5 billion.

Sun PhuQuoc Airways revealed the massive Boeing order from its headquarters in Hanoi, marking a significant expansion for the carrier. The company stated the new wide-body aircraft will enable it to launch long-distance international operations.

According to the airline’s announcement, the fleet of Dreamliners will position Sun PhuQuoc Airways to offer direct service across continents, with plans to eventually connect Vietnam and the United States through non-stop flights.

HANOI – Three Vietnamese air carriers have committed to purchasing 90 Boeing aircraft in agreements totaling $30 billion, announced Thursday as Vietnam and the United States work toward a new trade arrangement.

The agreements were finalized while Vietnamese Communist Party General Secretary To Lam visited the United States to participate in the first Board of Peace meeting, an initiative created by President Donald Trump to tackle international conflicts.

Vietnam Airlines entered into an $8.1 billion contract with Boeing for 50 narrow-body 737-8 aircraft, according to the airline’s announcement.

The carrier expects to receive these planes from 2030 through 2032, which will expand its total fleet to roughly 151 aircraft by 2030, the statement indicated.

The national airline is additionally discussing with Boeing the potential acquisition of 30 wide-body aircraft valued at as much as $12 billion.

Sun PhuQuoc Airways, a recently established Vietnamese carrier, also finalized a $22.5 billion agreement with Boeing on Thursday for 40 787-9 Dreamliner aircraft.

Additionally, Vietnamese low-cost carrier Vietjet obtained a $965 million financing arrangement through Griffin Global Asset Management to purchase 6 Boeing 737-8 planes.

Earlier this month, Vietnam expressed readiness to increase purchases of American products following the White House’s October announcement that U.S. tariffs would remain at 20% on most Vietnamese imports while eliminating duties on select items.

Technology stocks provided a boost to Asian markets Thursday, though geopolitical tensions with Iran and uncertainty about Federal Reserve interest rate policy continued to create market volatility.

Markets across Asia posted gains despite several major exchanges being closed for Lunar New Year celebrations. The MSCI Asia-Pacific index excluding Japan climbed 0.5%, while Japan’s Nikkei index advanced 0.85%, driven primarily by technology sector performance. South Korea’s Kospi index surged approximately 3% to reach a new record high.

The rally followed strong performance by major technology companies on Wall Street, sparked by Tuesday’s announcement that Nvidia secured a multi-year agreement to supply Meta Platforms with millions of artificial intelligence chips, both current and future models.

“We needed some good news. I think there has been a general feeling of malaise in the tech sector,” commented Tony Sycamore, a market analyst at IG, referencing the significant decline that occurred earlier this month.

“Nvidia has been very much the front and centre of the rally which we saw up into the end of 2025, and potentially it’s now coming to the rescue a little bit… some badly needed good news there that can potentially set tech stocks for a better run into Nvidia’s earnings next week,” Sycamore added.

U.S. market futures showed modest gains, with Nasdaq futures up 0.05% and S&P 500 futures rising 0.03%. European EUROSTOXX 50 futures declined 0.15%.

Geopolitical concerns remained a significant factor influencing market movements. Oil prices maintained their elevated levels after Wednesday’s sharp increase, as traders factored in possible supply chain disruptions amid growing tensions between the United States and Iran.

Brent crude futures traded slightly lower at $70.31 per barrel after Wednesday’s 4.35% jump, while U.S. crude held at $65.10, retaining most of the previous session’s 4.6% increase.

“There’s been a very intensive buildup of military assets over the past 24 hours … but I think this is all part of this diplomatic cat and mouse, and I don’t think we’re going to see an imminent attack. I think this is just designed to put more pressure on Iran to come back with more reasonable objectives from these talks,” Sycamore explained.

Gold prices remained stable at $4,963.99 per ounce as investors continued seeking safe-haven assets.

The U.S. dollar strengthened Thursday following better-than-expected economic data and Federal Reserve meeting minutes from January that revealed several policymakers would consider raising rates if inflation continues at current levels.

The British pound dropped near a one-month low of $1.3488 against the dollar, while the Japanese yen remained weak near 155 per dollar, last trading at 154.80.

“From our perspective, the (Fed) minutes support our view that rate cuts are off the table for the foreseeable future,” said Charlie Ripley, senior investment strategist at Allianz Investment Management.

“While some market participants are looking at inflation in the rear view mirror, the Fed is still signaling the safety warning that ‘objects in the mirror are closer than they appear’. Policymakers specifically noted disinflation could be on a slower path,” Ripley continued.

The euro struggled below $1.18, last trading at $1.1791, weighed down by reports that European Central Bank President Christine Lagarde intends to step down from her position ahead of schedule.

New Zealand’s dollar gained 0.11% to $0.5972, recovering partially from Wednesday’s 1.4% decline that followed the country’s central bank tempering market expectations for more aggressive policy changes at its recent meeting.

Crude oil markets pulled back during early Thursday trading in Asia after Wednesday’s dramatic 4% rally, as market participants evaluated diplomatic developments between Washington and Tehran while both countries continue military maneuvers in the strategically important oil-producing region.

Brent crude dropped 12 cents to $70.23 per barrel, representing a 0.2% decline by 0110 GMT, while West Texas Intermediate crude decreased 8 cents to $65.11 per barrel, down 0.1%.

Wednesday’s trading session saw both oil benchmarks close over 4% higher, marking their strongest finishes since January 30th as market participants factored in possible supply interruptions due to escalating US-Iran tensions.

“Tensions between Washington and Tehran remain high, but the prevailing view is that full-scale armed conflict is unlikely, prompting a wait-and-see approach,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.

Kikukawa further explained, “U.S. President Donald Trump does not want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes.”

The White House reported Wednesday that modest advancement occurred during Iranian negotiations in Geneva this week, though significant gaps persist on certain matters. Officials indicated Tehran is anticipated to provide additional details within the coming weeks.

According to the Federal Aviation Administration’s website, Iran has issued a notice to airmen announcing planned rocket launches across its southern territories on Thursday between 0330 GMT and 1330 GMT.

Simultaneously, American naval vessels have been positioned near Iranian waters, with Vice President JD Vance stating that the administration is evaluating whether to maintain diplomatic discussions with Tehran or consider “another option.”

Intelligence experts report that satellite imagery reveals Iran has recently constructed a concrete barrier over a new installation at a sensitive military location, subsequently covering it with earth. This development advances construction at a site that Israel reportedly targeted in 2024.

In related developments, two days of peace negotiations in Geneva between Ukrainian and Russian representatives concluded Wednesday without significant progress, with Ukrainian President Volodymyr Zelenskiy criticizing Moscow for hindering US-facilitated attempts to resolve the four-year conflict.

Market sources indicated that American crude oil, gasoline, and distillate stockpiles declined last week, referencing American Petroleum Institute data released Wednesday. This contradicted Reuters poll expectations that crude inventories would increase by 2.1 million barrels during the week ending February 13.

The Energy Information Administration is scheduled to release official US oil inventory data on Thursday.

An Australian financial technology company experienced a devastating stock market collapse on Thursday after delivering disappointing earnings results that failed to meet Wall Street expectations.

Zip Co, which provides buy-now-pay-later payment services, watched its share price tumble nearly 40% following the release of its six-month financial performance through December 31. The company generated cash operating earnings of A$124.3 million (equivalent to $87.61 million), which came in below analyst forecasts of A$128.4 million according to Visible Alpha consensus data.

The dramatic sell-off sent Zip’s stock price plummeting as low as A$1.743 during trading, representing the company’s worst performance since early May 2025. This marked the steepest single-day percentage decline the company has experienced since mid-November 2014.

Adding to investor concerns, Zip Co indicated that its second-half performance would likely mirror the results from the first six months of the fiscal year. According to analysis from Citi, this guidance suggests full-year cash operating earnings of approximately A$248 million, which would fall short of the A$260.6 million that analysts had been anticipating.

In other corporate developments, the company announced it would continue evaluating market conditions before making any decisions about potentially listing its shares on a United States stock exchange, stating such a move would only occur when it serves shareholders’ best interests.

A Vietnamese budget airline has completed a major financing agreement worth nearly $1 billion to expand its fleet with new Boeing aircraft.

Vietjet announced Thursday that it has finalized the $965 million deal with Griffin Global Asset Management to acquire six Boeing 737-8 planes. According to the airline’s statement, this arrangement represents an important milestone in the company’s efforts to expand its international financing partnerships.

The financing agreement was completed while Vietnam’s Communist Party leader To Lam was visiting the United States for the first meeting of the Board of Peace, an initiative established by President Donald Trump aimed at resolving international conflicts.

In additional news from the carrier, Vietjet disclosed Thursday that a previously announced contract with Pratt & Whitney, which is owned by RTX, carries a total value of $5.4 billion. This comprehensive agreement covers both the supply and ongoing maintenance of 44 engines designed for A321neo and A321XLR aircraft models.

The engine contract was initially revealed during last month’s Singapore Airshow but the financial details had not been previously disclosed.

eBay is making a major move to attract younger customers by acquiring a popular resale fashion platform.

The California-based online marketplace announced Wednesday it will purchase Depop from Etsy in an all-cash transaction worth approximately $1.2 billion. The acquisition represents eBay’s strategy to expand its reach among Generation Z consumers.

This transaction occurs during a surge in secondhand clothing popularity, as consumers increasingly seek distinctive items at lower prices while supporting environmental sustainability by keeping garments out of landfills.

eBay CEO Jamie Ianonne explained in a company statement that acquiring Depop presents a chance to engage a younger customer base.

“We are confident that as part of eBay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities,” Ianonne said.

According to the joint announcement, Depop’s platform boasted 7 million active purchasers as of December 31, 2025, with almost 90% being younger than 34 years old, plus over 3 million active vendors.

This acquisition comes five years following Etsy’s purchase of Depop for $1.6 billion. The mobile application launched in 2011.

The San Jose-based eBay confirmed it will finance the deal entirely with cash. Brooklyn-headquartered Etsy stated it will use the money for general business operations, ongoing stock buybacks, and investments in its primary marketplace.

Both companies’ boards have given unanimous approval for the deal, which is anticipated to finalize during the second quarter.

Company officials confirmed that Depop will maintain its current name, branding, platform structure, and corporate culture following the acquisition.

Wall Street responded positively to the announcement, with eBay stock climbing over 7% and Etsy shares jumping nearly 15% in after-hours trading.

Stock prices for Wesfarmers, Australia’s largest non-food retail company, tumbled Thursday following disappointing early second-half performance results that reflected ongoing financial pressures on consumers.

The retail conglomerate’s shares dropped as much as 6.1% to A$83.85 during early trading hours, representing the company’s steepest single-day decline since late October 2025, according to data as of 2353 GMT.

Rising inflation and increased operational expenses continue to squeeze both household and business budgets across Australia, forcing consumers to reduce spending even as foot traffic remains steady at major retail locations.

During the initial six weeks of the second half, Wesfarmers’ leading division Bunnings maintained sales growth matching its first-half performance of approximately 4%, while Kmart exceeded its previous 3.2% growth rate from the six-month period ending in December.

However, both divisions failed to meet market projections for second-half expansion.

“Australian consumer demand remains solid, but cost-of-living pressures are being felt unevenly across the economy and impacting many households,” Wesfarmers stated.

“The recent interest rate rise and uncertainty regarding the outlook for inflation and interest rates are affecting consumer sentiment, while higher operating expenses are weighing on business confidence and spending.”

For the six-month period concluding December 31, hardware chain Bunnings achieved earnings growth of 5% reaching A$1.39 billion ($978.42 million), while discount retailer Kmart posted growth exceeding 6% to A$683 million.

The company’s WesCEF division, encompassing chemicals, energy, fertilizer and Covalent Lithium operations, also delivered 18% earnings growth during the first half.

Company officials indicated they anticipate sequential earnings increases from their lithium operations in the second half.

“While earnings are ahead, the strength in lithium had been well understood by the market,” noted Citi analysts in their research commentary.

Robust earnings performance across multiple divisions enabled the conglomerate to achieve first-half net profit after tax of A$1.60 billion, surpassing both the Visible Alpha consensus projection of A$1.56 billion and the previous year’s result of A$1.47 billion.

The Perth-headquartered company, which jointly operates the Covalent lithium project in Western Australia alongside Chile’s SQM, announced an interim dividend of 102 Australian cents per share, up from 95 Australian cents per share in the prior year.

WASHINGTON – Business leaders from Indonesia and the United States completed trade and investment agreements totaling more than $7 billion on Wednesday, according to the U.S.-ASEAN Business Council. The signing ceremony took place during a dinner event honoring Indonesian President Prabowo Subianto, just one day before his scheduled meeting with U.S. President Donald Trump to finalize a comprehensive trade agreement.

The business agreements feature significant agricultural purchases by Indonesian companies, including commitments to buy 1 million metric tons of American soybeans, 1.6 million tons of corn, and 93,000 tons of cotton over timeframes that were not specified, according to documentation from the U.S.-ASEAN Business Council.

Indonesian buyers also committed to purchasing 1 million tons of American wheat during 2025, with potential purchases expanding to as much as 5 million tons by the year 2030.

Beyond agricultural products, the agreements encompass industrial cooperation as well. Mining company Freeport McMoRan entered into a memorandum of understanding with Indonesia’s Ministry of Investment focused on critical minerals collaboration. Additionally, Indonesia’s state-owned oil company Pertamina reached an agreement with energy services firm Halliburton Co to work together on oilfield recovery projects, the business council reported.

The US dollar recovered from recent declines on Thursday following the release of Federal Reserve meeting minutes that indicated central bank officials are taking a measured approach to interest rate reductions, with some even considering increases if inflation remains problematic.

American bond yields climbed higher while the dollar maintained its overnight strength against major currencies including the euro and Japanese yen during early Asian trading sessions, keeping the euro trading beneath $1.18.

Australia’s currency was positioned at $0.7045 as investors awaited employment statistics that could potentially boost expectations for future rate increases if the data proves robust.

New Zealand’s dollar experienced significant weakness, recording its largest single-day percentage decline since April’s trade policy turmoil, following the nation’s central bank adopting a more conservative stance on upcoming rate hikes that fell short of market predictions.

The New Zealand currency plummeted nearly 1.4% during overnight trading and remained just below $0.60 in morning sessions. Meanwhile, the euro stayed around $1.1788 after taking a hit from reports suggesting European Central Bank President Christine Lagarde may depart before her October 2025 term conclusion. The British pound held steady at $1.3497.

Federal Reserve meeting records revealed disagreement among policymakers regarding the future direction of US interest rates, indicating the incoming chairman scheduled to begin duties in May will face challenges implementing rate reductions.

Multiple officials anticipate that productivity improvements could help control inflation, according to the minutes, though “most participants” warned that advancement might be gradual and inconsistent. Some even suggested rate increases remain possible if inflation continues exceeding targets.

“This suggests there isn’t a great deal of urgency to cut rates again, at least not until after current chair (Jerome) Powell’s term ends in May,” said Peter Dragicevich, Asia-Pacific currency strategist at Corpay.

Financial markets are now focusing on upcoming global purchasing managers’ index data and US gross domestic product figures scheduled for Friday release.

The Japanese yen weakened against the strengthening dollar overnight, coinciding with Trump administration announcements of $36 billion in initial projects under Japan’s committed $550 billion US investment program.

Japan’s currency declined 1% overnight and remained stable at 154.78 against the dollar Thursday, retreating from the 152 level it had approached last week following Prime Minister Sanae Takaichi’s decisive electoral win.

The yen has experienced years of decline due to Japan’s low domestic interest rates and concerns about the nation’s fiscal situation, though recent economic growth optimism has provided some stability.

“Direct Japanese investment into the U.S. will be a key watch factor this year, and one which adds to the very mixed picture on USD/JPY,” said Chris Turner, global head of research at ING.

“The question for FX markets this year is whether this investment proves a supportive dollar flow or something like Japan’s FX reserves are used to guarantee new USD loans and avoid pressure on the yen. The latter seems to be the preferred outcome for Tokyo.”

Trading activity remained light across Asia due to holidays in Hong Kong, China and Taiwan, while the Chinese yuan held steady at 6.89 against the dollar in offshore markets.

The parent company of Snapchat announced Wednesday that its subscription-based business has achieved a $1 billion annual revenue rate, marking a significant milestone as the platform competes with social media giants like TikTok and Instagram.

Snap Inc. reported that more than 25 million users now pay for various premium services, including Snapchat+ subscriptions, the Memories storage feature, and additional in-app purchases.

Facing intense competition from larger platforms owned by TikTok and Meta’s Instagram, the company has been working to diversify its income sources beyond traditional advertising revenue, which still makes up the majority of its earnings.

Last year, CEO Evan Spiegel described the company as being in a “crucible moment” due to slowing quarterly revenue growth, and expressed his goal to transform direct revenue into “a durable multi-billion-dollar growth driver for Snap.”

The company announced Tuesday plans to introduce a new subscription option that will allow content creators to earn steady income directly from their most dedicated followers. This feature will begin testing on February 23 with a select group of U.S.-based Snapchat creators.

Snapchat+, which debuted in 2022, provides users with exclusive customization options such as the ability to pin their closest friends, personalized chat backgrounds, and AI-generated pet avatars called Bitmoji Pets designed to increase user involvement and keep people on the platform longer.

The platform saw its total number of active advertisers increase by 28% during the fourth quarter of last year.

While Snapchat’s daily active user base grew 5% to reach 474 million users in the most recent quarter, the company noted a decline of 3 million users compared to the previous three-month period.

In January, Snap introduced Specs, a separate division focused on developing augmented reality smart glasses, as the company attempts to compete with Meta in the expanding wearable technology sector.

Federal investigators are conducting private meetings with leading cinema chains across the nation to discuss concerns about Warner Bros Discovery’s proposed sale, according to a Wednesday report from Bloomberg News.

TV Delmarva was unable to confirm the report independently. Neither Warner Bros Discovery nor the Justice Department provided immediate responses when asked for comment.

According to the Bloomberg report, federal attorneys are gathering details about how such a transaction might affect movie audiences and whether it could lead to fewer theatrical releases, based on information from sources with knowledge of the discussions.

This development follows Warner Bros’ Tuesday decision to turn down Paramount Skydance’s recent hostile takeover attempt valued at $30 per share, while allowing the competing Hollywood company one week to present a “best and final” proposal that would exceed their current Netflix agreement.

Paramount confirmed receiving the seven-day deadline but described Warner Bros’ board decisions as “unusual.”

The parent company of CBS stated it would proceed with its tender offer, challenge what it calls the “inferior” Netflix deal, and maintain plans to propose directors for Warner Bros’ upcoming shareholder meeting.

Warner Bros plans to hold a shareholder vote on Netflix’s proposal for its streaming and film studio divisions on March 20.

Should shareholders approve the transaction, it would occur following Warner Bros’ separation of its Discovery Global cable networks, including CNN, TLC, Food Network and HGTV, into an independent publicly-traded entity.

The Bloomberg article noted that director James Cameron, who helmed Paramount’s “Titanic,” publicly supported the company’s Warner Bros acquisition attempt last November, stating that a Netflix purchase would represent “a disaster” for movie theaters.

Food delivery giant DoorDash sent its stock soaring nearly 14% in after-hours trading Wednesday after the company projected first-quarter order volumes that exceeded Wall Street expectations.

The California-based delivery service anticipates its marketplace gross order value — the total dollar amount of orders processed through its platform — will reach between $31 billion and $31.8 billion during the current quarter. This projection surpasses analyst predictions of $29.61 billion, according to LSEG data.

DoorDash continues to capitalize on Americans’ growing preference for convenience, with order volume climbing 32% compared to the same period last year. This mirrors similar growth patterns seen at competitor Uber, which reported strong delivery booking increases earlier this month.

“DoorDash’s ability to continue drawing in new customers and encourage existing customers to order more frequently shows that the platform’s convenience proposition is resonating strongly with consumers, even with growing cost-of-living pressures,” said eMarketer analyst Rachel Wolff.

The company is currently investing heavily in a comprehensive technology overhaul designed to merge its various brands — including DoorDash, Wolt and Deliveroo — into one unified platform. Company leadership announced in November plans to spend several hundred million dollars by 2026 on new products and technological improvements.

These substantial investments are impacting the company’s bottom line, with DoorDash projecting first-quarter adjusted earnings before interest, taxes, depreciation and amortization between $675 million and $775 million. This falls short of the $798.22 million average analyst forecast.

The online food delivery sector remains fiercely competitive, with companies like Instacart and Uber Eats continuously launching new partnerships and promotional campaigns to capture market share.

For the quarter ending December 31, DoorDash’s marketplace gross order value increased 39% to $29.68 billion year-over-year, beating analyst estimates of $27.65 billion. However, the company reported earnings of 48 cents per share, falling below the expected 59 cents.

Federal civil rights officials have taken legal action against a Coca-Cola bottling company, claiming the business violated discrimination laws by organizing a workplace networking event that barred male employees from participating.

The Equal Employment Opportunity Commission filed the federal lawsuit on Tuesday against Coca-Cola Beverages Northeast, marking the agency’s first legal challenge to workplace diversity initiatives since President Donald Trump returned to office.

According to the legal filing, the company organized the gathering for approximately 250 female staff members at a Connecticut casino facility in September 2024, which federal officials say violated employment discrimination statutes.

The bottling company, which operates under the ownership of Japan-based Kirin Holdings, has not yet provided a public response to requests for comment. The Coca-Cola Company itself is not named as a defendant in the legal proceedings.

This New Hampshire federal court case represents an initial challenge to widespread corporate diversity, equity and inclusion initiatives that Trump administration leaders, including EEOC Chair Andrea Lucas, argue constitute illegal reverse discrimination practices.

The Republican president has launched extensive efforts to eliminate DEI programs across federal agencies, private companies, and educational institutions, arguing these initiatives undermine merit-based systems and create discriminatory practices.

Diversity, equity and inclusion programs encompass various workplace policies and initiatives that advocates say ensure fair treatment and meaningful participation for historically marginalized or underrepresented groups.

Federal investigators are currently examining Nike and Northwestern Mutual Insurance for alleged discrimination against white employees, while demanding detailed information about DEI policies from 20 prominent law firms last year.

However, this legal action against the Coca-Cola distributor represents the EEOC’s inaugural lawsuit specifically challenging a diversity-oriented workplace program as unlawful.

Acting General Counsel Catherine Eschbach stated that barring any protected group of employees, including men, from employer-sponsored activities violates federal law.

“The EEOC remains committed to ensuring that all employees – men and women alike – enjoy equal access to all aspects of their employment,” Eschbach declared in an official statement.

The federal complaint describes the two-day networking gathering as including social receptions, team-building activities, recreational programs, and presentations from high-ranking Coca-Cola executives.

According to lawsuit details, Coca-Cola Beverages Northeast allowed participating female employees to attend without using vacation time or personal days, while also covering all hotel accommodation expenses for attendees.

Private investment company Blue Owl Capital announced Wednesday it’s offloading $1.4 billion worth of assets from three credit funds to major pension and insurance buyers, as the firm grapples with mounting market pressures and declining stock values.

The transaction allows Blue Owl to return money to investors and reduce debt obligations during a challenging period for direct lending firms and software-related investments. The company’s stock price has dropped by half over the past 12 months.

Blue Owl is receiving 99.7% of the loans’ original value, matching how the company values these assets internally. This pricing has drawn increased scrutiny as investors demand greater transparency from firms managing alternative investments beyond traditional stocks and bonds.

“This is an extremely strong statement,” Blue Owl co-President Craig Packer told Reuters, particularly when “investors are asking questions about marks and quality of portfolio, risk about software, all the questions are being asked.”

The asset sale occurs as software companies face significant market declines, creating ripple effects for private credit firms like Blue Owl that have heavily financed the sector’s expansion. While artificial intelligence spending surges, sectors vulnerable to AI disruption are experiencing selloffs, affecting private credit, real estate, data analytics, legal services and insurance industries.

The debt being sold spans 128 different companies across 27 industries, with software and services representing the largest portion at 13%. The S&P 500 Software & Services index has shed approximately $2 trillion in value since its October peak, with roughly half those losses occurring this month alone.

Market response to the sale will indicate how concerned wealthy private credit investors have become given recent software stock declines and ongoing credit worries.

Blue Owl’s shares gained 1.9% during regular trading Wednesday, closing at $12.31, but dropped about 1.6% in after-hours trading following the announcement.

The assets come from three credit funds: $600 million from Blue Owl Capital Corp II, $400 million from Blue Owl Technology Income Corp, and $400 million from Blue Owl Capital Corp. Proceeds will partially fund investor payouts for Blue Owl Capital Corp II, which the company failed to merge with its publicly traded fund last year, and reduce debt across all three funds.

The publicly traded fund’s shares jumped approximately 4% in after-hours trading.

Blue Owl abandoned its previous merger proposal after investor backlash that hammered the company’s share price.

Packer explained that executives began seeking potential buyers after the merger fell through, looking for ways to return capital to shareholders. He noted this type of transaction aligned with the fund’s original vision when it launched eight years ago.

The company declined to identify the buyers, describing them only as “leading North American public pension and insurance investors” purchasing equal stakes.

The transaction enables Blue Owl Capital Corp II to return up to 30% of its current net asset value to investors, equivalent to $2.35 per share. Based on the most recent share count, the total distribution could reach approximately $268 million.

Citizens analyst Brian McKenna wrote that the deal validated the firm’s valuations as “marked-to-market,” calling Blue Owl “prudent” for addressing the smaller retail fund since “the investor experience, specifically in private wealth, is by far the biggest driver of success in the channel longer-term.”

Moving forward, Blue Owl Capital Corp II will implement quarterly shareholder payouts instead of tender offers.

Blue Owl co-CEO Marc Lipschultz disclosed last week that software represents 8% of the firm’s total assets.

Investors pulled 15.4% of assets from Blue Owl Technology Income Corp in January after the company increased the redemption limit from 5%. Software companies comprise 46% of that fund’s holdings, according to Packer.

“We like running that fund with a lot of liquidity,” Packer stated.

“People have pressed us on this and we have acknowledged a sector like health care, information technology is mostly software,” Packer added.

Enterprise software company Atlassian announced Wednesday that it has selected James Chuong to serve as its next chief financial officer, with the appointment taking effect March 30.

The 46-year-old executive brings extensive financial leadership experience from his current role as finance chief at LinkedIn, which operates as a Microsoft subsidiary.

Before joining LinkedIn, Chuong built his career in investment banking, holding positions at major Wall Street institutions such as J.P. Morgan, Citigroup, and Bank of America Securities.

The leadership transition comes after Atlassian announced last October that current CFO Joe Binz planned to step down from his position, with his retirement scheduled for June 30.

The beer industry took a hit Wednesday when Molson Coors announced it anticipates a significant decline in profits for 2026, citing increased aluminum tariffs and reduced consumer spending among budget-conscious shoppers.

The brewing company’s stock price dropped approximately 6% in after-hours trading following the announcement, which also revealed the company fell short of fourth-quarter revenue projections.

Molson Coors, the company responsible for producing Miller Lite and its signature Coors brands, projects adjusted earnings per share will decline between 11% and 15% in 2026. This stands in stark contrast to analyst predictions of a 1.9% increase to $5.48 per share, based on LSEG data.

The grim outlook emerges as newly installed CEO Rahul Goyal works to revitalize the company through cost-cutting measures following a challenging 2025 characterized by declining beer sales, reduced production volumes, and ongoing inflationary pressures.

“We made the necessary difficult decisions in our business to course correct and set ourselves up for the future,” Goyal stated.

The alcoholic beverage industry faces headwinds as health-focused consumers increasingly choose non-alcoholic alternatives and energy drinks over traditional beer. This shift has been accelerated by the growing popularity of GLP-1 weight-loss medications. Additionally, younger consumers, especially Generation Z, are reducing their consumption of beer and spirits.

Rising aluminum prices in the U.S. Midwest caused Molson Coors’ cost of goods sold per hectoliter to surge 8.1%, significantly impacting the company that depends extensively on aluminum cans for product packaging.

Chief Financial Officer Tracey Joubert cautioned that commodity price increases will continue to severely impact the company’s bottom line throughout 2026, despite expectations for revenue improvements. During Wednesday’s industry conference, company leadership indicated aluminum cost increases alone are anticipated to reduce profits by approximately $125 million.

The company forecasts net sales for 2026 to range from a 1% decrease to a 1% increase compared to the previous year, while analysts had predicted a 0.1% decline.

For the quarter ending December 31, Molson Coors reported net sales of $2.66 billion, falling below analyst expectations of $2.71 billion. However, the company exceeded earnings projections with underlying earnings of $1.21 per share, surpassing the estimated $1.16 per share.

Stock prices for online used car dealer Carvana plummeted 25% in after-hours trading Wednesday following the company’s disappointing fourth-quarter earnings report that fell short of Wall Street predictions due to rising operational expenses.

The disappointing financial results brought an end to what had otherwise been an exceptional year for the company famous for its towering car vending machines. Carvana’s stock value more than doubled throughout 2025, and the business achieved inclusion in the prestigious S&P 500 index.

The company attributed the earnings shortfall to increased operational expenses during the final quarter, specifically citing vehicle reconditioning costs that exceeded projections at multiple facilities, combined with elevated retail depreciation rates that added pressure to per-unit expenses.

When excluding certain items, Carvana reported earnings of $1.06 per share, falling below analyst predictions of $1.10 per share according to LSEG data compilation.

Total quarterly expenses reached approximately $2.16 billion for the period.

The company’s net income climbed to $951 million, representing a significant increase from the previous year’s $159 million.

Revenue for the quarter surged roughly 58% to reach $5.6 billion during the final three months of 2025, driven by robust consumer demand for used vehicles as Americans cope with elevated living costs and economic impacts from tariff policies.

NEW YORK – American stock markets began Wednesday’s trading session by following their European counterparts upward, but the rally lost steam as the day wore on, while continuing international tensions sparked a recovery in oil and precious metal prices.

Market attention remained focused on central banking developments, with news emerging about European Central Bank President Christine Lagarde potentially stepping down early and fresh details from the Federal Reserve’s latest policy discussions taking center stage.

Several major developments shaped Wednesday’s trading activity across different market sectors and asset classes.

Key Market Activity

Stock performance showed mixed results, with Madison Square Garden Sports climbing to new record levels amid speculation about a potential Knicks spinoff. Garmin and MGM Resorts ranked among the day’s strongest performers, while all members of the “magnificent seven” tech stocks posted gains, led by Amazon.com.

Sector performance varied significantly, with energy, consumer discretionary, technology, and transportation stocks all outpacing the broader market indices.

Currency markets saw the euro weaken following reports about Lagarde’s potential ECB departure, while the dollar strengthened against major international currencies.

Bond markets experienced rising Treasury yields after encouraging economic data suggested the Federal Reserve would maintain current interest rate policies for the near term.

Commodity trading reflected growing geopolitical concerns, with crude oil prices jumping sharply due to supply worries and gold advancing as investors sought traditional safe-haven assets.

Major News Developments

The Financial Times reported that Lagarde plans to resign from her ECB position before France’s upcoming election, potentially allowing French President Emmanuel Macron input in selecting her replacement. This news triggered widespread speculation about possible successors to lead the European central bank.

Peace negotiations between Russia and Ukraine, facilitated by the United States, came to an abrupt halt after two days of discussions. Ukrainian President Volodymyr Zelenskyy described the talks as “difficult” and criticized Russia for intentionally stalling progress toward ending the conflict.

Economic indicators showed American business investment finished 2025 strongly, with new orders for core capital goods – excluding aircraft and defense equipment – exceeding expectations in December. These figures, considered key indicators of corporate spending plans, suggest robust business investment and economic expansion in the fourth quarter.

Recently released Federal Reserve meeting minutes revealed policymakers were nearly unanimous in maintaining steady interest rates but remained divided about future monetary policy direction.

Upcoming Market Influences

Thursday’s economic calendar includes several important data releases: December’s international trade balance, weekly unemployment claims, January pending home sales, February eurozone consumer confidence, and December eurozone construction output, plus Canada’s December trade figures.

Multiple Federal Reserve officials are scheduled to speak, including Atlanta Fed President Raphael Bostic, Fed Vice Chair for Supervision Michelle Bowman, Minneapolis Fed President Neel Kashkari, and Chicago Fed President Austan Goolsbee.

NEW YORK – Stock prices for Madison Square Garden Sports climbed over 16% Wednesday, reaching an all-time high after the company announced its board has given unanimous approval to explore splitting the New York Knicks and New York Rangers into separate businesses.

The entertainment company’s stock price closed at $341.76, marking both a record high value and the largest single-day percentage increase in the company’s history.

Under the proposed separation plan, one company would control the Knicks basketball franchise along with their NBA G League affiliate team, the Westchester Knicks.

The second company would oversee the Rangers hockey team, which competes in the National Hockey League, plus their American Hockey League affiliate known as the Hartford Wolf Pack.

Company officials stated the proposed separation received complete board support and would be designed as a tax-free distribution to current stockholders. The company has not announced any specific timeline for completing this potential transaction.

Wall Street analysts covering Madison Square Garden Sports currently give the stock an average “buy” recommendation, with a typical price target of $337 per share, based on LSEG information.

BTIG research analysts noted in their analysis that company leadership has consistently discussed examining different strategies, particularly since the stock sometimes sells for 50% less than what independent analysts believe the teams are worth privately.

“The single largest catalyst investors have been looking for is ways to unlock value from the teams whether that be minority sales, spin-offs, outright sales or some other means to close the public-private valuation gap,” BTIG analysts led by Tyler DiMatteo wrote, while giving Madison Square Garden Sports a “neutral” investment rating.

The parent company of Kayak exceeded Wall Street’s profit expectations for the final quarter of 2024 on Wednesday, driven by strong international travel demand that pushed shares higher by 2% in after-hours trading.

International travel demand is projected to continue its upward trajectory, boosted by major events like the FIFA World Cup and an uptick in affluent travelers willing to pay more for luxury experiences, creating favorable conditions for companies like Booking Holdings.

The Connecticut-based travel platform reported adjusted earnings of $48.80 per share for the quarter, surpassing analyst predictions of $48.47 per share based on LSEG data.

Looking ahead, the company that owns Kayak anticipates full-year 2026 adjusted earnings growth in the mid-teens percentage range. Management forecasts first-quarter gross bookings to increase between 14% and 16%.

Fourth-quarter gross bookings reached $43 billion, representing a 16% increase compared to the previous year’s corresponding period.

Quarterly revenue totaled $6.35 billion for the period ending December 31, exceeding analyst projections of $6.13 billion.

A major financial index company announced Wednesday it’s gathering input from market participants about potential new policies that would allow certain newly public companies to quickly join its U.S. stock indexes.

FTSE Russell revealed it’s collecting feedback regarding possible fast-track inclusion guidelines and baseline qualification standards for its Russell U.S. Equity Indexes. The timing coincides with expectations that several prominent technology companies will launch initial public offerings in 2026.

Among the anticipated high-profile public debuts are space exploration company SpaceX, artificial intelligence firms OpenAI and Anthropic. These companies are expected to generate significant investor interest when they begin trading on public markets.

The index provider’s consideration of expedited entry procedures suggests preparation for managing the potential market impact of these major IPOs when they occur.

NEW YORK – A federal court in Manhattan has denied Live Nation Entertainment’s motion to dismiss a significant antitrust case brought against the company by federal prosecutors and numerous state governments on Wednesday.

The lawsuit alleges that Live Nation has engaged in monopolistic practices within the live entertainment sector, attempting to control the concert market while driving up costs for ticket buyers across the country.

Following U.S. District Judge Arun Subramanian’s ruling, Live Nation’s stock price dropped by 3.1% during after-hours market activity.

The decision means the case will proceed to the next phase of litigation, as government attorneys seek to prove their claims that the entertainment conglomerate has violated federal antitrust regulations.

Online retail giant eBay announced Wednesday it will acquire fashion resale platform Depop from Etsy in a deal worth approximately $1.2 billion, while also projecting first-quarter revenues that exceed Wall Street expectations. The news drove eBay’s stock price up 7% during after-hours trading.

The San Jose, California-based company has been concentrating on niche markets including luxury items and automotive components as it works to compete in the challenging online retail landscape.

For the upcoming quarter, eBay projects revenues between $3 billion and $3.05 billion, surpassing the average analyst prediction of $2.80 billion according to LSEG data.

According to eBay, Depop demonstrates “strong momentum in the pre-loved fashion category” and will help the company connect with younger consumers interested in fashion while expanding its footprint in the thriving resale market.

The company has been working to set itself apart by embracing “recommerce” and promoting its contribution to the circular economy, highlighting previously owned, refurbished and verified merchandise.

eBay’s stock experienced significant growth last year, climbing 40% over the 12-month period.

The Federal Reserve acknowledged Wednesday that it conducted unusual inquiries into dollar-yen exchange rates in January, acting on instructions from the U.S. Treasury Department in a move that caught financial markets’ attention and raised speculation about possible currency intervention.

According to meeting minutes from the Fed’s January 27-28 session released Wednesday, the central bank’s trading desk sought price quotes from dealers regarding the dollar-yen exchange rate specifically at Treasury’s direction. The Fed noted in its minutes: “In the days leading up to the meeting, the dollar had depreciated markedly after reports that the Desk had made requests for indicative quotes, known as ‘rate checks,’ on the dollar–yen exchange rate.” The minutes further explained: “The manager noted that the Desk had requested those quotes solely on behalf of the U.S. Treasury in the Federal Reserve Bank of New York’s role as the fiscal agent for the U.S.”

These uncommon rate inquiries by the New York Fed in late January caused the yen to gain strength against the dollar, marking an unusual development that put markets on edge about the possibility of the first coordinated U.S.-Japan currency market intervention in a decade and a half. However, no clear evidence of large-scale intervention by either nation materialized following the initial reports.

Treasury Secretary Scott Bessent has publicly rejected suggestions that the United States was actively intervening in foreign exchange markets.

A Manhattan federal court has issued a temporary order preventing former Palantir Technologies executives from recruiting employees to their new artificial intelligence company, following allegations they used inside information to create a rival firm.

U.S. District Judge Paul Oetken issued the Wednesday ruling that stops former Palantir vice president Hirsh Jain and senior engineer Radha Jain from soliciting workers for their startup, Percepta AI, which they established in 2024. The relationship between the two Jains remains unclear.

The court order will remain active while Palantir’s October lawsuit proceeds. The company alleges the former employees violated confidentiality agreements and used proprietary information to build what they call a “copycat” artificial intelligence software business.

Judge Oetken also prohibited Joanna Cohen, another former Palantir engineer who joined Percepta, from violating her confidentiality contract with her previous employer. However, the judge declined Palantir’s immediate request to enforce non-compete clauses and customer solicitation restrictions.

The judge’s detailed reasoning remains under seal, though a redacted version will be released after both legal teams suggest appropriate edits.

Percepta AI, which is backed by venture capital firm General Catalyst, made its public debut in October. Neither Palantir nor General Catalyst provided immediate responses to requests for comment.

According to Palantir’s legal filing, both companies offer similar AI-powered services designed to help businesses and government organizations improve efficiency using their existing data resources.

The defendants counter in court documents that Percepta operates as a consulting and engineering company that, unlike Palantir, doesn’t sell software products or offer data analytics services.

Court records show Hirsh Jain previously managed Palantir’s healthcare division, while Radha Jain contributed to developing the company’s primary software platform. Cohen specialized in creating AI solutions for specific clients. Hirsh Jain departed Palantir in August 2024 to establish Percepta, with the others following shortly after.

Within months of launching, Percepta recruited at least 10 former Palantir workers, with nearly half of its staff consisting of ex-Palantir employees, according to the lawsuit.

Palantir claims all defendants signed contracts preventing them from competing with the company for one year after departure, soliciting Palantir clients or staff for two years, and using any confidential company information beyond their employment period.

The lawsuit seeks to enforce these contractual obligations and prevent further alleged violations.

Food delivery giant DoorDash announced Wednesday that its fourth-quarter revenue climbed 38% as the company attracted additional U.S. customers and expanded into new areas like restaurant booking services.

However, Wall Street appears concerned about the company’s increasing expenditures on emerging technologies, such as self-driving delivery robots and experimental drone services.

Shares of DoorDash dropped 3% during after-hours trading Wednesday following the earnings announcement.

The San Francisco-headquartered company posted quarterly revenue of $3.96 billion for the final three months of 2024. This figure fell short of the $3.99 billion projection from analysts surveyed by FactSet.

The platform processed 903 million total orders during the quarter, representing a 32% increase and surpassing analyst expectations of 884.8 million orders, FactSet data showed. The company reported maintaining over 56 million active users throughout the period, with 35 million subscribers paying monthly fees for DashPass, Wolt+, and Deliveroo Plus membership programs.

However, the company’s spending increased substantially during the same timeframe. Research and development expenses surged 41%, while sales and marketing expenditures jumped 31%.

Company CEO and Co-founder Tony Xu explained Wednesday that DoorDash is currently constructing a unified technology platform designed to integrate its various international operations. The company purchased Finnish delivery service Wolt in 2022 and acquired British competitor Deliveroo in the previous year.

“This is a massive and expensive undertaking and honestly one you shouldn’t do if you thought your best days were behind you,” Xu stated in his message to investors.

DoorDash’s net profits increased 51% to reach $213 million, equivalent to 49 cents per share. This earnings figure came in below Wall Street’s anticipated 59-cent per-share profit.

MEXICO CITY – Walmart’s Mexican operations delivered disappointing fourth-quarter results this week, with earnings falling short of Wall Street expectations as the retail giant grappled with currency headwinds.

Walmex, which operates Walmart stores throughout Mexico and Central America, saw its net income decline 3.9% during the final three months of 2025 compared to the previous year. The company earned 14.60 billion pesos, significantly below the 16.68 billion pesos that financial analysts had projected, according to data from LSEG.

While sales increased by 3% to reach 282.85 billion pesos for the quarter, this figure also came up short of analyst expectations of 287.37 billion pesos.

The retailer’s Central American business faced particular challenges during the reporting period, though performance improved when accounting for currency fluctuation impacts. Mexico’s peso gained significant strength against the U.S. dollar, rising 13.8% over the full year and 1.5% in the fourth quarter alone, which reduced the value of international earnings when converted back to pesos.

Chief Executive Officer Cristian Barrientos emphasized the company’s commitment to its core strategy moving forward. “We know what we have to do, we have clear priorities and we will accelerate the speed at which we are moving,” Barrientos stated in the earnings announcement. He indicated the company will continue prioritizing competitive pricing, maintaining product inventory, and expanding its online shopping platform.

Despite the profit challenges, Walmex maintained its aggressive expansion strategy throughout the quarter. The company launched 102 additional locations in Mexico, with the majority being Bodega Aurrera discount grocery stores, while adding 13 more stores in Central American markets. This growth brought the retailer’s total store count to 4,265 locations across the region.

The exchange rate at the end of December was approximately 18.01 Mexican pesos per U.S. dollar.

Wall Street investment firm Morgan Stanley established banking relationships with Jeffrey Epstein’s financial trusts as recently as 2019, according to newly released Justice Department documents that shed light on the convicted sex offender’s continued access to major financial institutions.

The correspondence, part of over 3 million pages published by the DOJ on January 30, 2026, reveals that Epstein’s associates and investment vehicles maintained banking connections with Morgan Stanley well beyond his 2008 conviction and registration as a sex offender following a plea agreement.

These banking relationships developed during a timeframe when competing Wall Street institutions like Deutsche Bank and JPMorgan were severing their connections with the controversial financier due to reputational concerns.

Epstein received immunity in 2008 after entering a guilty plea to Florida state prostitution charges, resulting in a 13-month incarceration. Federal authorities later charged him in July 2019 with trafficking dozens of minors for sexual exploitation.

The intervening period saw escalating legal challenges, including Virginia Giuffre’s 2016 defamation case against Epstein confidante Ghislaine Maxwell. Investigative reporting by the Miami Herald in 2018 further intensified public attention on Epstein’s activities. The financier took his own life in a Manhattan detention facility in August 2019 while facing trial.

Internal emails show Morgan Stanley’s risk management team terminated an Epstein trust account in 2017, yet the institution established a new account relationship in 2019, according to the released documentation.

A person with knowledge of the situation confirmed that Morgan Stanley ended one banking relationship with Epstein in 2017 after informing him of their decision to discontinue services. The same source indicated another account opened in 2019 was quickly shuttered, though specific reasons and exact timing weren’t disclosed.

Communications with the financial institution were managed by Epstein’s long-serving accountant Richard Kahn, whose legal representative didn’t respond to requests for comment. Kahn currently serves as co-executor of Epstein’s estate, which provided $105 million in cash to settle U.S. Virgin Islands claims regarding the territory’s use for trafficking operations.

Estate executors also established a victim compensation program that distributed $121 million. Fellow executor Darren Indyke’s attorney similarly didn’t respond to comment requests.

Reuters discovered no indication of misconduct by Morgan Stanley or the estate executors, and found no evidence suggesting Epstein personally contacted the bank.

Federal banking regulations require institutions to verify customer identities and beneficial ownership while monitoring potentially suspicious activity as part of standard due diligence procedures.

Reuters couldn’t establish what specific verification measures Morgan Stanley implemented when establishing Epstein-connected accounts.

Morgan Stanley joins several Wall Street firms that maintained financial relationships with the New York-based financier over multiple years. Various banks have encountered scrutiny regarding their Epstein and Maxwell connections, with Maxwell convicted in 2021 for assisting Epstein’s criminal activities.

JPMorgan served as Epstein’s banking partner from 1998 through 2013, when the institution ended the relationship.

Deutsche Bank informed Epstein in December 2018 of plans to close his accounts, completing the process following his July 2019 arrest, as previously reported by Reuters.

JPMorgan verified to Reuters that their banking relationship with Epstein concluded in 2013. Deutsche Bank declined comment regarding specific closure dates for this report.

Documentation indicates Morgan Stanley’s connections with Epstein-related entities were operational by 2015. An April 17, 2015 email forwarded to Epstein showed Kahn writing: “Morgan Stanley account is open and funded with 5,000,000.”

Redacted or damaged portions of the documents rendered some information unreadable.

A February 6, 2016 email exchange with Epstein included Kahn noting that a “Morgan Stanley=existing brokerage account in stc name currently has approximately 17,250,=00,” potentially referencing a Southern Trust account. Reuters couldn’t verify the precise amount or whether figures represented thousands or millions. Southern Trust operated as one of Epstein’s business entities.

Morgan Stanley complex risk officer Rachel Kaplan sent correspondence on August 18, 2017, contained within the DOJ documents, to Epstein and attorney Darren Indyke at Southern Trust Co, stating the bank’s decision to “terminate our current broker/client relationship.”

Kaplan, serving as vice president and risk officer in Morgan Stanley’s wealth management division, directed inquiries to Morgan Stanley. The institution declined comment about their Epstein banking relationship.

Two years afterward, on March 18, 2019, Kahn confirmed to Epstein the establishment of a new Morgan Stanley account, according to documentation. This account served Butterfly Trust, another Epstein financial entity. Butterfly Trust appeared in a 2020 settlement with the New York State Department of Financial Services that penalized the bank for permitting Epstein to withdraw questionable cash amounts.

Australia’s leading telecommunications company Telstra Group delivered financial results that surpassed analyst predictions on Thursday, driven by strong performance in its mobile services division and effective expense management, while simultaneously refining its earnings projections for the 2026 fiscal year.

The telecommunications giant implemented rate hikes across the majority of its mobile service packages beginning in July of last year, solidifying its position as the leading service provider in Australia’s intensely competitive telecommunications market dominated by three major players.

The company has pursued strategic initiatives to boost profitability and concentrate efforts on key business areas including mobile and internet services, which included restructuring its enterprise operations through workforce reductions and asset sales.

Australia’s dominant telecom operator announced attributable earnings of A$1.12 billion (equivalent to $788.03 million) for the six-month period ending December 31, representing an increase from the previous year’s A$1.03 billion and marginally surpassing Visible Alpha’s projected consensus of A$1.11 billion.

The company refined its underlying EBITDA after lease amortization outlook to fall within A$8.2 billion to A$8.4 billion, adjusting from its previous projection range of A$8.15 billion to A$8.45 billion.

Telstra announced an interim shareholder dividend of 10.5 Australian cents per share, representing an improvement over the 9.5 Australian cents per share distributed in the previous year.

The telecommunications provider also expanded its existing A$1 billion stock repurchase program, initially announced in August, increasing it to as much as A$1.25 billion.

The Trump administration’s ambitious plan to make home loans more affordable isn’t delivering the results officials hoped for, according to Federal Reserve meeting minutes made public Wednesday.

During the Fed’s January 27-28 policy meeting, a New York Federal Reserve official briefed colleagues on the administration’s $200 billion mortgage bond-buying program launched earlier this year. The initiative successfully pushed down yields on mortgage-backed securities compared to similar Treasury bonds, the minutes revealed.

However, the New York Fed official “observed that the decline was unlikely to result in a material increase in mortgage refinancing because current mortgage rates are well above the weighted average rate of outstanding mortgages,” according to the meeting record.

This assessment aligns with what private market experts have been saying – while the Trump program has moved some financial markets, it hasn’t meaningfully changed the challenging dynamics facing homebuyers and the housing sector.

Federal Reserve policymakers pointed to a different core issue: America simply doesn’t have enough homes available for sale. Until builders can increase the housing supply, affordability problems will persist in what represents the largest category of household debt, Fed officials concluded.

The most significant factor driving mortgage rates lower has actually been the Federal Reserve’s own interest rate cuts. Last year, Fed officials reduced their benchmark rate by 0.75 percentage points, bringing it to a range between 3.5% and 3.75%. The central bank is currently pausing further cuts while monitoring whether inflation continues declining, though markets anticipate additional rate reductions in 2024.

The meeting minutes also covered other Fed operations, including updates to the central bank’s standing repurchase agreement facilities. The New York Fed official reported that recent modifications have made these short-term lending tools more appealing to financial institutions.

Additionally, the Fed’s large-scale Treasury bill purchases designed to boost bank reserves before the mid-April tax season are progressing as planned. Reserve levels are expected to fluctuate around $3 trillion during this period.

These liquidity operations serve a technical purpose, ensuring money markets maintain adequate cash flow to keep short-term interest rates trading within the Fed’s target range.

A prominent activist investment firm is pressuring the London Stock Exchange Group to undertake a comprehensive portfolio evaluation and execute a massive 5 billion pound ($6.7 billion) share repurchase program within the coming year, according to a Bloomberg News report published Wednesday that cited sources with knowledge of the situation.

The news follows recent reports that Elliott Investment Management acquired a position in LSEG and began discussions with company leadership about strategies to enhance operational performance.

The stock exchange’s share price has plummeted over 30% during the last twelve months, with additional pressure coming from a widespread global decline in software company valuations.

Paul Singer’s Elliott is also pushing LSEG to reevaluate its complicated organizational framework, which includes data services, trading platform operations, and majority ownership of 51% in the American-listed Tradeweb Markets, according to the Bloomberg report.

The investment firm wants LSEG to strengthen its investor outreach regarding potential benefits from artificial intelligence technology, as the company’s data division could experience increased demand from AI-related applications, the report noted.

Elliott is additionally advocating for operational enhancements to boost profit margins and close performance gaps with industry competitors, Bloomberg reported, while clarifying that the fund is not advocating for a complete company sale or separation of the exchange operations.

“LSEG maintains an active and open dialogue with our investors, while remaining focused on executing our strategy,” an LSEG representative stated to Bloomberg.

Neither Elliott nor LSEG provided immediate responses to requests for comment. Reuters, which supplies news content for LSEG’s Workspace terminal and other products, could not independently confirm the Bloomberg report.

Copper prices rebounded strongly on Wednesday, recovering from their lowest point in over a week as investors seized the opportunity to purchase at reduced prices and industrial metals followed technology stocks higher.

The primary copper contract on the London Metal Exchange gained 2.2% to reach $12,893 per metric ton by 1700 GMT, after peaking at $12,941 earlier in the session. The metal had dropped 1.8% on Tuesday, falling to its weakest level since February 6.

Chinese traders, who represent the world’s largest metals market, remained mostly sidelined due to Lunar New Year celebrations. Panmure Liberum analyst Tom Price explained that traders “rarely leave significant capital in the market” during the holiday period, noting that increased volatility typically results in dip-buying opportunities. “So I think that will offer a little bit of support,” Price stated.

According to broker Marex, base metals have been following signals from the Nasdaq instead. The Nasdaq Composite gained 1.3% as technology companies recovered ground following a recent artificial intelligence-driven market selloff.

London Metal Exchange copper inventories rose for the twelfth consecutive day, reaching 224,625 tons – the highest level in eleven months. New deliveries arrived at warehouses in New Orleans and Kaohsiung.

American storage facilities now hold nearly 18% of all copper available in LME warehouses, while an additional 538,122 tons remain on the U.S. Comex exchange.

“When inventories and copper prices lift together, something’s not right,” Price observed, noting that American copper usage has decreased over the past twelve months.

The immediate-delivery LME copper contract traded at a $97 per ton discount compared to three-month forward contracts, indicating limited urgent demand for the metal.

Other base metals also rallied broadly. Zinc increased 2.4% to $3,365.50 per ton after reaching a two-week low on Tuesday, while aluminum rose 1.7% to $3,086.50, positioned to end a four-session decline.

Lead advanced 0.9% to $1,963.50, nickel surged 3.1% to $17,375, though tin fell 0.3% to $45,710.

Swiss food giant Nestle is exploring ways to scale back its involvement in the ice cream sector, according to a Bloomberg News report released Wednesday.

The multinational company is examining various strategies, including potentially reducing its ownership stake in Froneri, a joint venture ice cream business, sources familiar with the discussions told Bloomberg.

Another option under consideration involves transferring some of Nestle’s wholly-owned ice cream operations to the Froneri partnership, according to the report.

Neither Nestle nor Froneri provided comments when contacted by Reuters about the potential business changes.

Froneri operates as a partnership between investment firm PAI Partners and Nestle. The company received a significant financial boost in October when Goldman Sachs and Abu Dhabi Investment Authority invested in the venture, establishing its market value at 15 billion euros, equivalent to approximately $17.69 billion.

Should Nestle move forward with reducing its ownership percentage, PAI Partners might expand its control over Froneri. Alternatively, Nestle could transfer portions of its stake to other investors such as the Abu Dhabi Investment Authority, Bloomberg reported.

The discussions remain in preliminary stages, and there’s no guarantee any transaction will be completed, according to the report.

Froneri manufactures well-known ice cream products including Haagen-Dazs and Rowntree’s brands. The company faces competition from Magnum Ice Cream Company, which recently began operating independently following its separation from Unilever last year.

A descendant of the man who created Reese’s Peanut Butter Cups is publicly calling out Hershey for what he claims are cost-cutting measures that compromise the beloved candy’s quality.

Brad Reese, age 70 and grandson of the original inventor, sent a scathing letter on February 14th to Hershey’s corporate brand manager, alleging the company has switched from milk chocolate to compound coatings and swapped peanut butter for peanut crème in several Reese’s varieties.

“How does The Hershey Co. continue to position Reese’s as its flagship brand, a symbol of trust, quality and leadership, while quietly replacing the very ingredients (Milk Chocolate + Peanut Butter) that built Reese’s trust in the first place?” Reese questioned in his letter, which he shared publicly on LinkedIn.

His grandfather, H.B. Reese, worked at Hershey for two years before launching his own confectionery business in 1919. The famous peanut butter cups were created in 1928, and H.B. Reese’s six sons eventually sold the company to Hershey in 1963.

Hershey responded Wednesday, maintaining that the classic Reese’s Peanut Butter Cups continue to be manufactured using the traditional method with genuine milk chocolate and peanut butter made from roasted peanuts, sugar, salt, and other basic ingredients. However, the company acknowledged that formulations differ across various Reese’s products.

“As we’ve grown and expanded the Reese’s product line, we make product recipe adjustments that allow us to make new shapes, sizes and innovations that Reese’s fans have come to love and ask for, while always protecting the essence of what makes Reese’s unique and special: the perfect combination of chocolate and peanut butter,” the company stated.

Brad Reese believes Hershey has crossed a line. He recently discarded a package of Reese’s Mini Hearts, a Valentine’s Day release, after discovering the wrapper indicated they contained “chocolate candy and peanut butter crème” rather than authentic milk chocolate and peanut butter.

“It was not edible,” Reese explained to The Associated Press. “You have to understand. I used to eat a Reese’s product every day. This is very devastating for me.”

Federal regulations require products labeled as milk chocolate to contain specific minimum amounts: 10% chocolate liquor (a paste from ground cocoa beans), 12% milk solids, and 3.39% milk fat. Manufacturers can sidestep these standards by using alternative terminology like “chocolate candy” on packaging, as seen on Hershey’s Mr. Goodbar wrapper.

According to Brad Reese, multiple Reese’s products have undergone recipe modifications in recent years. He claims Reese’s Take5 and Fast Break bars previously featured milk chocolate coatings but no longer do. Additionally, White Reese’s products, which contained actual white chocolate when introduced in the early 2000s, now use white crème instead.

International versions also differ from American products, Reese noted. Reese’s Peanut Butter Cups marketed in Europe, the United Kingdom, and Ireland contain different ingredients. A British online retailer’s website described the candy as having “milk chocolate-flavored coating and peanut butter crème.”

During an investor conference call last year, Hershey CFO Steven Voskuil confirmed the company had modified certain formulations, though he didn’t specify which products. Voskuil emphasized that Hershey carefully preserved the “taste profile and the specialness of our iconic brands.”

“I would say in all the changes that we’ve made thus far, there has been no consumer impact whatsoever. As you can imagine, even on the smallest brand in the portfolio, if we were to make a change, there’s extensive consumer testing,” he explained.

However, Brad Reese reports frequently hearing complaints from people who believe Reese’s products have declined in taste quality. He urged Pennsylvania-headquartered Hershey to remember founder Milton Hershey’s philosophy: “Give them quality, that’s the best advertising.”

“I absolutely believe in innovation, but my preference is innovation with quality,” Reese concluded.

WASHINGTON — Federal Reserve policymakers are deeply split on whether to reduce interest rates again in 2025, with most officials wanting to see inflation drop more significantly before supporting additional cuts, according to meeting minutes released Wednesday.

The document from the Fed’s January 27-28 meeting revealed that the “vast majority” of the 19 committee members believe the employment market has found stability following unemployment increases in late 2025. Most policymakers also indicated the central bank’s benchmark rate has reached a neutral position that neither boosts nor hampers economic growth.

During that January session, Fed officials chose to maintain their primary interest rate at approximately 3.6%, following three reductions implemented in the final months of 2024. However, two committee members — Fed governors Stephen Miran and Christopher Waller — dissented by voting for an additional quarter-point reduction.

The meeting minutes highlighted significant disagreement among committee members, revealing three distinct viewpoints: “Several” policymakers indicated that further rate reductions would “likely be appropriate” if inflation continues its downward trend. Meanwhile, “some” officials supported maintaining current rates “for some time,” suggesting an extended pause in rate changes. Additionally, “several” committee members said they would have backed language in the post-meeting statement indicating the Fed’s next action could be either a rate cut or increase, depending on whether inflation stays above their 2% goal.

The world’s largest food and beverage company, Nestle, announced Wednesday that it will nominate former Swiss National Bank Chairman Thomas Jordan to join its board of directors while implementing significant changes to its corporate governance structure.

The Swiss-based multinational has experienced significant leadership instability during the last year and a half, with two chief executives leaving their positions and a board chairman resigning ahead of schedule. These departures came following major business challenges that negatively impacted the company’s stock value and sparked concerns about its management oversight.

Jordan will be nominated for board election along with Fatima Francisco, who currently leads Procter & Gamble’s Global Baby, Feminine and Family Care division. Shareholders will vote on both candidates during the company’s annual shareholder meeting scheduled for April 16.

The consumer goods corporation announced it has conducted a comprehensive evaluation of its governance procedures and committee framework, with reforms taking effect during the upcoming annual meeting.

The planned modifications include scheduling more frequent board meetings to boost director involvement and restructuring committee roles and duties, according to the company’s announcement.

Under the new structure, the existing chair’s and corporate governance committee will be eliminated. A newly created audit and finance committee will handle financial oversight responsibilities, while a separate nomination and corporate governance committee will manage governance matters.

Officials in Ivory Coast are debating whether to slash the payments made to cocoa farmers, following the lead of neighboring Ghana amid a severe downturn in the global cocoa market, according to two government sources speaking to Reuters.

Senior officials from Ivory Coast indicated that all possibilities remain under consideration as the government weighs matching Ghana’s approach. Ghana has already reduced its farmer payments by 28.6% for the remainder of the 2025/2026 harvest season’s primary crop, working in coordination with Ivory Coast authorities as both nations respond to dramatically falling market prices.

These farmer payments, established at the beginning of each harvest period, represent the direct compensation producers receive for their crops before any middlemen, export companies, processing facilities, trading firms, or farming cooperatives add their markup.

Previous reports have not disclosed these coordination talks between Ghana and Ivory Coast, nor the internal Ivory Coast government deliberations about matching Ghana’s pricing strategy.

According to the Ivory Coast-Ghana Cocoa Initiative (ICCIG), these two African nations collectively supply approximately 60% of worldwide cocoa production and have maintained close coordination since the sector’s crisis began.

“We have put all options on the table and discussions are progressing well. Courageous and realistic decisions will be taken soon,” stated the first Ivory Coast official, who requested anonymity due to lack of authorization to discuss the matter publicly.

The second official explained that the ongoing price decline, which has seen cocoa values plummet nearly 50% over recent months, has severely limited the government’s available responses.

Cocoa commodity contracts on the ICE exchange reached their lowest point in two and a half years this Tuesday, as ongoing concerns about unsold cocoa inventory in both Ivory Coast and Ghana continued pressuring market values.

“We must think about the survival of the cocoa sector in Ivory Coast. We need to act; changes are underway,” the source explained, refusing to provide additional specifics.

Both sources confirmed that a multi-ministry committee has convened regarding this issue, with a decision potentially coming in the near future.

An Ivory Coast government representative did not respond to Reuters’ request for commentary.

Alex Assanvo, serving as ICCIG’s executive secretary, explained that both countries are adjusting to this unexpected market reversal and have implemented protective measures to avoid structural harm.

Assanvo noted that the trading departments of Ivory Coast’s Coffee and Cocoa Council and Ghana’s COCOBOD maintain ongoing communication.

He also supported the Living Income Differential program, launched in 2019 to increase farmer revenues, arguing that current market instability demonstrates its importance.

ICCIG is organizing a bilateral meeting to enhance coordination as farmers experience financial strain.

“The organisation remains mobilised to coordinate policies in both countries,” Assanvo stated, noting that all sector participants would be brought together to examine market changes and suggest enhancements to price-stabilization systems.

Export companies and purchasers anticipate Ivory Coast will announce reductions shortly, indicating the question has shifted from whether to when.

“The country is resisting, but for how long? I don’t see Ivory Coast doing something different from Ghana,” commented the director of an Abidjan-based export firm.

A powerful coalition of investors delivered a stern message to Starbucks on Wednesday, demanding shareholders reject the reelection of two board members due to what they call ongoing failures in handling worker relations.

The investor group is targeting lead independent director Jorgen Vig Knudstorp and Nominating and Corporate Governance Committee chair Beth Ford as the coffee giant continues struggling to negotiate a contract with its unionized employees.

The company made headlines last year when over 3,800 baristas walked off the job in what became Starbucks’ most extended work stoppage ever. The Starbucks Workers United union organized the strike to demand improved staffing levels, more reliable work schedules, and increased wages following stalled contract negotiations.

The labor conflict presents a significant challenge for CEO Brian Niccol as he attempts to boost declining sales figures.

“We are concerned that, without a constructive relationship between Starbucks and its unionized workforce, sustaining the turnaround may prove difficult,” the investors stated in their letter released before the company’s March 25 annual shareholder meeting.

The coalition includes several major institutional investors: New York State Comptroller Thomas DiNapoli, New York City Comptroller Mark Levine, Trillium ESG Global Equity Mutual Fund, SOC Investment Group, Merseyside Pension Fund, and the Shareholder Association for Research and Education.

Starbucks defended its employment practices in response, stating: “We offer the best job in retail with hourly partners earning an average of $30 an hour and world-class benefits… all for those who only work 20 hours a week on average.”

The investor coalition had previously contacted both directors in January, expressing concerns about the board’s unexplained decision to eliminate its Environmental, Partner, and Community Impact Committee.

According to Starbucks, the dissolved committee’s duties have been redistributed among existing committees, with the full board now taking primary oversight of labor-related matters.

Two major American oil refiners are working to establish direct purchasing agreements with Venezuela’s state-owned oil company, cutting out middleman traders to boost their profit margins, industry sources reveal.

Phillips 66 and Citgo Petroleum want to begin buying heavy crude oil straight from PDVSA starting in April, according to people familiar with the companies’ plans. Currently, these refiners purchase Venezuelan oil through trading companies and Chevron.

The push for direct deals follows recent changes in U.S. policy toward Venezuelan oil. Trading firms Trafigura and Vitol obtained the first American licenses in January to export Venezuelan crude as part of a $2 billion agreement between Caracas and Washington. Chevron has maintained authorization to operate in Venezuela and transport crude since last year.

The Trump administration expanded these opportunities last month by issuing broader licensing for Venezuelan oil exports. White House officials project this could increase trade to $5 billion in the coming months.

Phillips 66, among America’s largest refiners, is currently working through compliance procedures and seeking internal approval to purchase directly from PDVSA, three sources confirmed. The company intends to charter its own tankers to collect crude at Venezuelan terminals once clearance is obtained.

While declining to discuss specific commercial activities, a Phillips 66 representative acknowledged that access to heavy crude represents a valuable opportunity for their Gulf Coast operations, which can handle various crude oil types. The company previously purchased Venezuelan oil from Vitol last month at approximately $9 below Brent crude prices.

White House spokeswoman Taylor Rogers said Friday that the administration is managing significant interest from energy companies. “The president’s team is working around the clock to field requests from oil and gas companies,” Rogers stated.

Venezuela-owned refiner Citgo Petroleum is also pursuing direct crude purchases but faces logistical challenges. The company wants Venezuelan oil delivered to Gulf Coast facilities, which proves difficult given PDVSA’s limited shipping capacity, according to another source.

In an email statement, Citgo confirmed plans to utilize opportunities under the general license for direct Venezuelan crude purchases, aiming to process this oil at Gulf Coast refineries in upcoming months. The company made its first Venezuelan crude purchase since 2019 in January, buying 500,000 barrels through Trafigura for February delivery.

Valero, America’s second-largest refiner and a major buyer of Venezuelan oil through Chevron, plans to establish direct PDVSA purchases later this year after evaluating Venezuela’s loading infrastructure conditions. The company is significantly increasing Venezuelan oil imports, with up to 6.5 million barrels heading to Gulf Coast refineries in March, primarily through Chevron arrangements.

However, these expansion plans may encounter obstacles as Washington continues refining regulations for Venezuelan business dealings. The South American nation remains under economic sanctions, creating ongoing compliance challenges.

PDVSA has informed potential buyers they require individual licenses or specific Treasury Department clearance to collect cargoes at Venezuelan ports, sources indicated. Additionally, many American banks remain hesitant to finance Venezuelan oil transactions.

The increased Venezuelan oil flow to American markets has affected pricing. Venezuelan Merey crude is now being offered at $10 below Brent prices, down from $6-$7.50 below Brent last month, as more oil shifts from Chinese to American buyers.

Initial Venezuelan crude purchases by Vitol and Trafigura were negotiated at approximately $15 below Brent prices, generating $500 million in sales last month, according to Energy Secretary Chris Wright. These trading companies earned profits of up to $4 per barrel after covering transportation and storage costs.

American companies concluded 2025 with robust equipment purchases, as December orders for key manufactured capital goods exceeded forecasts and shipments jumped significantly, according to new federal data released Wednesday.

The Commerce Department’s latest figures show that orders for core capital goods – which exclude defense items and aircraft – climbed 0.6% in December, surpassing economist predictions of a 0.4% increase. This follows a revised 0.8% gain in November.

The year-end surge in business investment, largely fueled by artificial intelligence technology expansion, has analysts predicting sustained economic momentum heading into 2026.

“After the AI boom sustained the business spending category of GDP in the first three quarters of the year, firms outside of the tech space began to re-engage late last year, setting the stage for a noticeable pickup in investment outlays in 2026,” explained Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets.

Stanley added: “This has been and continues to be my main justification for expecting an above-consensus economic performance in 2026.”

The artificial intelligence revolution continues driving rapid expansion in data center construction, though import tariffs have dampened manufacturing activity in sectors not connected to AI technology. Economic experts anticipate broader manufacturing recovery this year as tariff uncertainties diminish and tax reductions take hold.

December saw particularly strong performance across multiple sectors. Computer and electronic product orders jumped 3.0%, while fabricated metal products surged 0.9%. Electrical equipment and components rose 0.6%, machinery orders increased 0.3%, and primary metals orders shot up 1.7%.

Core capital goods shipments experienced an even more dramatic rise, jumping 0.9% after November’s modest 0.2% gain. The report’s release was postponed due to last year’s federal government shutdown and arrives ahead of Friday’s preliminary fourth-quarter GDP estimates.

Economists project business equipment spending achieved its fourth consecutive quarter of expansion. The overall economy likely maintained a 3.0% annualized growth rate during the final quarter of 2025, following the July-September period’s robust 4.4% pace.

However, broader durable goods orders – covering everything from household appliances to aircraft designed to last three years or longer – dropped 1.4% in December after November’s strong 5.4% surge.

This decrease stemmed primarily from a 24.9% plunge in non-defense aircraft and parts orders. Boeing’s website indicates the company secured 175 aircraft orders in December, mostly less expensive models, compared to 164 orders in November.

Transportation equipment orders fell 5.3% after rebounding 15.2% the previous month, though motor vehicle orders recovered with a 1.2% increase. Overall durable goods shipments grew 1.0% following the prior month’s 0.3% decline.

Financial markets showed little reaction to the equipment spending data as investors focused on upcoming Federal Reserve meeting minutes from the January 27-28 policy session.

Housing sector developments presented a mixed picture. Single-family housing construction starts, representing the majority of homebuilding activity, increased 4.1% to reach a seasonally adjusted annual rate of 981,000 units in December.

Import tariffs affecting building materials like lumber and bathroom vanities have elevated construction costs, while labor shortages amid immigration enforcement have further constrained building activity.

Multi-family housing starts experienced a dramatic 10.1% surge to 402,000 units annually. Combined housing starts jumped 6.2% to 1.404 million units, marking the highest level since July.

Future single-family construction permits declined 1.7% to 881,000 units in December. Homebuilder confidence continued deteriorating in February, according to National Association of Home Builders survey data released Tuesday, with builders citing expensive land, high construction costs, and elevated home prices relative to household incomes.

The current administration has introduced various housing affordability measures, including mortgage-backed securities purchases and restrictions on institutional investors buying single-family properties. Despite some mortgage rate relief, progress has stalled as federal debt concerns keep Treasury yields elevated.

Since mortgage rates follow 10-year Treasury yields, economists and real estate professionals emphasize that increasing housing supply remains essential for affordability improvements. The delayed fourth-quarter GDP report is expected to show residential investment declining for the fourth straight quarter.

Those seeking a peaceful getaway or scenic retreat might want to consider visiting a famous 8,000-acre destination nestled in the Blue Ridge Mountains. The winter season provides calm, memorable days perfect for exploration and relaxation.

Members of Virginia Farm Bureau can receive discounts of up to $8 on Biltmore Estate’s digital admission tickets year-round. The estate is currently featuring its most affordable pricing of the season, available until March 25.

The Biltmore experience offers exceptional relaxation opportunities and distinctive activities for guests. The estate features tours of the magnificent mansion showcasing its architectural beauty, historical significance, and impressive art displays. Visitors can sample premium wines at the on-site winery, browse specialty retail shops, walk through exclusive nature paths, and dine on locally-sourced cuisine at various restaurants throughout the property.

Virginia Farm Bureau members interested in accessing this discount can visit the organization’s website to discover how to claim their savings benefit.

As February arrives, homeowners across the region begin planning their ambitious spring renovation projects, and a visit to The Meadow Event Park in Caroline County could provide the perfect jumpstart for those seasonal goals.

The RVA Home Show is scheduled to return to The Meadow on February 21-22, providing visitors with a comprehensive marketplace to connect with top-rated landscaping businesses, home renovation contractors, interior design firms and additional service providers in the area. Those interested in attending can find additional details at rvahomeshow.com.

Boating enthusiasts can also prepare for the upcoming season during the Central Virginia Boat Show, which runs from February 27 through March 1. This three-day exhibition will showcase marine retailers presenting “boats for every budget and every lifestyle,” featuring pontoon vessels, family sport boats, ski boats, wakeboard boats and deck boats. Complete information is available on the show’s website at rvaboatshow.com.

On February 28, ticket holders for the Virginia Ducks Unlimited State Volunteer Celebration for Wetlands Conservation will honor the conservation work of state volunteers while enjoying refreshments, a buffet dinner, auctions, raffles, games and door prizes. Additional details can be found on the Ducks Unlimited website.

Those wanting to stay informed about upcoming events at The Meadow Event Park can subscribe for monthly email updates through the venue’s website.

Two of the world’s largest food companies are under mounting pressure from investors and regulators following extensive baby formula recalls that have sickened dozens of infants worldwide.

Nestle initiated widespread product withdrawals in December throughout Europe, Asia, and the Americas due to potential contamination with cereulide, a harmful toxin causing nausea and vomiting in babies.

The contamination crisis led to a public video apology from Nestle’s newly appointed CEO Philipp Navratil and has also impacted competing manufacturers including Danone and private company Lactalis.

French regulatory agencies have launched formal investigations into how the companies managed the product withdrawals, while consumers continue questioning why the recalls took so long to implement. Investors are demanding detailed financial impact reports when Nestle releases annual earnings Thursday and Danone follows Friday.

When contacted, Danone refused to provide comment, while Nestle stated its priority remains restocking inventory.

“I would have expected a little more proactivity and transparency in terms of communication,” stated Kai Lehmann, a portfolio manager at Nestle investor Flossbach von Storch. “This is precisely what Philipp Navratil promised when he took office.”

The contamination scandal compounds existing difficulties for Navratil as he attempts to boost lackluster sales volume at the $260 billion consumer products corporation, which already faces pressure from U.S. trade tariffs and customers switching to lower-cost alternatives.

While Nestle maintains it doesn’t anticipate major financial losses, Lehmann questioned whether the company’s assessment – claiming less than 0.5% of total sales are impacted – remains accurate. Investment firm Jefferies analyst David Hayes estimates Nestle’s complete exposure at 1.6 billion euros ($1.9 billion).

“The downstream effects are likely to be greater, without question,” Lehmann commented, condemning what he described as Nestle’s gradual information disclosure approach. Nestle maintains it has responded quickly and proactively throughout the crisis.

Six industry experts, financial analysts, and affected consumers who spoke with Reuters indicate both companies face significant challenges rebuilding consumer confidence.

“In the infant formula business, your reputation is everything,” explained Tom Booijink, senior dairy specialist for Europe and Africa at RaboResearch.

For Paul Jamieson, a father from Northumberland, England, whose daughter became ill after consuming Nestle-manufactured formula, confidence has been completely lost. “When that trust is compromised, it’s very difficult to feel comfortable continuing with those products,” he explained.

French authorities have determined that Chinese manufacturer Cabio Biotech supplied the contaminated arachidonic acid (ARA) oil containing cereulide. Companies including Nestle and Danone have scrambled to find alternative suppliers while increasing manufacturing output.

Cabio Biotech has not responded to requests for comment.

Danone faces particularly high stakes: approximately 17% of total company profits derive from Chinese infant formula sales, compared to under 2% for Nestle, according to Jefferies’ Hayes. Chinese consumers remain extremely cautious about contamination issues following previous food safety crises.

Danone stock prices have dropped over 5% this year, while Nestle shares have bounced back from a late January decline.

Both corporations risk significant sales losses and reduced market position. Danone’s robust Chinese operations helped exceed third-quarter sales expectations, while Nestle’s NAN formula brand, previously a bright spot against declining Gerber sales, has been swept into the recall crisis.

Several competitors are already capitalizing on the situation. German family-owned brand HiPP reported to Reuters a dramatic surge in customer demand and has ramped up production accordingly. However, New Zealand’s a2 Milk stated it doesn’t anticipate substantial gains.

Hayes suggested the recalls might force Navratil to reduce Nestle’s volume-growth projections by roughly 100 basis points.

“It might be unfair, but people may ask if (Navratil) is unable to really control and avoid these things because (Nestle’s) just too much of a Goliath to oversee,” Hayes commented.

Prominent activist investor Nelson Peltz declared Wednesday in regulatory documents that shares of burger chain Wendy’s are trading below their true market value.

The fast-food company’s stock price jumped approximately 8% during morning trading sessions following the announcement.

Peltz, who established the investment firm Trian Fund Management, currently owns a 16.24% ownership position in Wendy’s, regulatory filings reveal.

An influential investment firm is calling on cryptocurrency mining company Riot Platforms to accelerate its pursuit of artificial intelligence data center partnerships, arguing the company has prime positioning to benefit from surging AI infrastructure needs.

Starboard Value made the appeal Wednesday in correspondence to Riot’s leadership, causing the company’s stock price to climb roughly 5% during pre-market hours.

The recommendation highlights a broader transformation within the cryptocurrency mining sector, as companies seek alternative revenue streams from their substantial electrical capacity while bitcoin mining returns remain unpredictable and AI data center requirements expand dramatically.

According to Starboard’s correspondence to Riot CEO Jason Les and Executive Chairman Benjamin Yi, artificial intelligence and high-performance computing firms are increasingly viewing crypto miners as appealing sources of immediate power capacity for their data operations.

The investment firm noted that Riot’s stock performance has lagged behind competitors who have successfully negotiated substantial AI and high-performance computing contracts.

“In such a dynamic and rapidly evolving AI/HPC demand environment, Riot must urgently seize this extraordinary opportunity,” Starboard Managing Member Peter Feld said in the letter.

Riot has not yet provided a response to requests for comment.

Starboard, holding approximately 12.7 million Riot shares, highlighted the company’s two primary Texas locations in Corsicana and Rockdale as ideally situated to meet this growing demand.

Combined, these operations provide roughly 1.7 gigawatts of accessible power capacity appropriate for AI data center applications, the correspondence indicated.

The investment firm advised prioritizing premium, institutional-grade tenants, including major cloud computing providers, rather than simply pursuing maximum rental rates.

While Starboard viewed Riot’s recent partnership with Advanced Micro Devices as encouraging, they described it as merely a limited pilot program.

The activist investor recognized Riot’s efforts to enhance corporate governance and operational effectiveness, noting the addition of board members with data center expertise and the recruitment of a dedicated chief data center officer.

NEW YORK – Bank of America has unveiled a new art advisory service targeting its wealthiest customers, responding to growing demand from collectors who want to use their valuable artwork as security for major loans.

The financial giant’s decision comes as ultra-wealthy individuals hold approximately $2.56 trillion worth of art globally in 2024, with projections suggesting this could climb to $3.5 trillion by 2030, according to consulting firm Deloitte’s most recent art market analysis. Industry experts anticipate roughly one-third of these collections will change hands to younger family members within the next ten years.

A rising number of wealthy clients are seeking to leverage their art holdings as security for financing, typically to support business investment opportunities. Deloitte’s research shows that 70% of wealth management professionals experienced increased requests for art-backed lending in the past year, with this specialized lending generating $2.3 billion in industry revenue.

The new advisory program will serve high-net-worth customers at both Bank of America and Merrill Lynch, explained Drew Watson, who leads the bank’s art services division. Watson noted in a recent interview that evolving preferences among collectors, whether they’re inheriting collections or entering the market fresh, has created greater demand for professional guidance.

Watson emphasized that Bank of America maintains one of the industry’s most extensive art-backed lending operations, and the consulting service will guide clients in selecting pieces that match their personal preferences while considering potential appreciation in value.

“It’s a very interesting moment to look for new long-term trends in the art market with all the recent change,” Watson stated.

The bank treats artwork not as a traditional investment category within client portfolios, but rather as valuable property suitable for loan collateral. This approach allows collectors to access needed funds without having to part with their prized pieces, according to Watson.

Automotive experts at Edmunds have announced their annual Top Rated vehicle awards for 2026, recognizing outstanding new cars, trucks, and SUVs following comprehensive testing and evaluation. Winners earn their titles by ranking highest in their respective categories after extensive track testing and real-world driving assessments.

The awards span six primary categories: top car, SUV, and truck, plus electric variants in each segment. This year’s selections include both returning champions and fresh winners, all representing excellent choices for prospective vehicle buyers. Listed prices include destination fees.

The Honda Civic secures its position once again as Edmunds’ Top Rated Car for 2026. Featuring an available hybrid system, the Civic delivers up to 49 mpg combined according to EPA estimates, outstanding efficiency for its size category. Beyond fuel economy, the Civic Hybrid offers impressive acceleration, spacious passenger accommodations, and premium interior styling that surpasses competitors. Buyers can choose between sedan and hatchback configurations, with the latter providing additional cargo capacity.

Civic sedan hybrid pricing begins at: $30,590

Tesla’s Model 3 continues its winning streak thanks to substantial improvements introduced previously. This compact electric sedan combines reasonable pricing with impressive driving range and advanced technology features. During Edmunds’ independent EV Range Test, the Model 3 Long Range All-Wheel Drive achieved 338 miles per charge, sufficient for extended daily commuting or longer journeys. Access to Tesla’s extensive Supercharger network provides convenient high-speed charging nationwide. The company’s Full Self-Driving (Supervised) technology offers remarkable autonomous steering capabilities through urban environments.

Model 3 pricing starts at: $38,630

The completely redesigned Hyundai Palisade claims the midsize three-row SUV crown this year. Accommodating up to eight occupants with gasoline or hybrid powertrains available, the Palisade projects luxury SUV styling. Its spacious, comfortable cabin reinforces this premium feel through features like powered second-row seats, typically found only on luxury models. Edmunds favors the hybrid variant for its superior power output, enhanced performance, and exceptional 34 mpg combined rating for such a large family vehicle.

Palisade pricing begins at: $45,760

The Hyundai Ioniq 5 stands out as an accessible five-passenger electric SUV with broad appeal. Available configurations range from value-oriented base models to the performance-focused N variant and adventure-ready XRT, offering something for diverse EV buyers. The spacious, high-tech interior provides ample passenger room and modern amenities. Rapid public charging capabilities minimize charging station time while maximizing driving enjoyment.

Ioniq 5 pricing starts at: $36,600

Ford captures another Edmunds Top Rated Truck honor, this time with the compact Maverick claiming victory. The Maverick offers superior urban maneuverability compared to full-size or midsize trucks, with buyers choosing between an efficient hybrid or potent turbocharged engine. Despite its compact size, it handles truck duties respectably with a practical cargo bed and 4,000-pound towing capacity. All-wheel drive availability and specialized variants like the off-road Tremor and sport-oriented Lobo expand its versatility.

Maverick pricing begins at: $28,990

Recent updates to the Rivian R1T electric pickup maintain its electric truck category leadership. Its unique styling combines with stable handling and rapid acceleration that blurs the line between pickup and performance vehicle. In Edmunds’ independent testing, a dual-motor R1T with Max battery pack achieved 390 miles per charge, excellent range for its segment. Outstanding truck capabilities include advanced all-wheel drive for off-road adventures, 11,000-pound maximum towing capacity, and innovative storage compartments between the cabin and bed.

R1T pricing starts at: $74,885

German industrial conglomerate Thyssenkrupp is exploring options to sell, spin off, or publicly list its materials trading division potentially as early as this fall, according to three sources with knowledge of the discussions.

The potential divestment of Thyssenkrupp Materials Services (MX) represents another major restructuring move by CEO Miguel Lopez, who has already overseen the separation of the company’s defense operations while continuing negotiations to sell the steel manufacturing unit.

The materials division generated 11.4 billion euros ($13.5 billion) in revenue last year and accounts for more than one-third of Thyssenkrupp’s total sales. Industry insiders suggest the unit could be separated through a public offering as soon as this autumn.

Following news of the potential sale, Thyssenkrupp’s stock price jumped as much as 4.2% and was trading 3.6% higher by midday Monday.

In response to inquiries, Thyssenkrupp confirmed that MX was “well on track” to become ready for capital markets. The company had previously indicated it was pursuing an independent future for the business unit.

Sources indicate that any successful divestment depends on the division showing stronger performance in the second fiscal quarter ending in March. The unit handles both metals and raw materials trading along with warehousing operations.

Company executives are also exploring restructuring MX under a KGaA legal framework, which would allow Thyssenkrupp to maintain controlling interest even after selling a majority stake, according to the sources.

The discussions remain fluid with no final decisions reached, and specifics could change as talks progress.

“We are confident that Materials Services can be successfully brought to the capital market – even in a challenging environment. As with any planned transaction, the exact timing will depend on market conditions,” the company stated.

The materials division identifies the United States as its primary market, where it currently ranks fourth among steel service providers behind Reliance, the merged Ryerson/Olympic Steel entity, and Kloeckner & Co. The U.S. market is experiencing significant consolidation, with Worthington Steel recently announcing plans to acquire Kloeckner for $2.4 billion.

“We see potential for consolidation in the market, but we do not view this potential as a risk, but rather as an opportunity for Materials Services,” Thyssenkrupp said.

Industry analysts estimate that based on recent market valuations, including Worthington’s offer for Kloeckner at 8.5 times core earnings, Thyssenkrupp Materials Services could command approximately 2 billion euros in a sale.

Pharmaceutical distributor Cencora announced Wednesday it will sell its animal health subsidiary MWI Animal Health to private company Covetrus in a transaction valued at $3.5 billion, allowing the company to concentrate on its primary drug distribution operations.

The transaction structure will provide Cencora with $1.25 billion in cash when the deal closes, along with $800 million in preferred equity and $1.45 billion in common equity within the newly formed company. Despite the sale, Cencora will retain a 34.3% minority ownership position in the merged animal health business.

This divestiture represents part of Cencora’s broader strategic realignment as the company works to shed business units that don’t match its future objectives while strengthening its primary pharmaceutical distribution focus.

Company executives had previously indicated the animal health division didn’t fit well with Cencora’s long-range strategic goals, similar to other assets including legacy U.S. hub services and a pro forma equity investment in Brazil.

Covetrus CEO Ben Wolin stated the merger will expand the range of products and services available to veterinarians and animal health practitioners while enhancing logistical capabilities.

Both companies noted the transaction must receive regulatory approval and satisfy other standard closing requirements before completion.

Cencora maintained its fiscal 2026 financial projections, stating the company doesn’t expect the transaction to finalize before its fiscal year concludes in September 2026.

Credit rating powerhouse Moody’s delivered optimistic earnings projections for 2026 on Wednesday, anticipating robust demand for bond evaluations as companies increase debt offerings.

The company’s stock climbed approximately 2% during pre-market hours following the announcement.

Bond market activity has intensified recently, particularly as major technology companies boost borrowing to finance artificial intelligence infrastructure investments, creating stronger demand for credit assessment services and benefiting rating agencies like Moody’s.

The company’s MIS division, responsible for credit evaluation services, saw fourth-quarter revenues jump 17% to reach $946 million.

This positive outlook emerges as the rating firm’s stock had previously suffered during a broader selloff affecting software companies and Wall Street firms considered susceptible to artificial intelligence disruption.

Competitor S&P experienced significant stock declines earlier this month after releasing disappointing annual profit forecasts. Moody’s shares have dropped more than 17% in 2026 so far.

Several analysts suggest these automation fears may be exaggerated, noting that companies like Moody’s might actually gain efficiency advantages from new technology.

“By scaling decision grade, contextual intelligence that is embedded directly into customer workflows — across our platforms, third party systems, and AI enabled interfaces — we are expanding the ways in which Moody’s remains central to high stakes decision making,” CEO Rob Fauber said.

The rating agency anticipates full-year adjusted earnings per share ranging from $16.40 to $17.00, exceeding analyst predictions of $16.38 average, based on LSEG data compilation.

Fourth-quarter results also surpassed expectations, with adjusted earnings reaching $3.64 per share versus analyst forecasts of $3.42 per share.

A New Jersey insurance analytics company delivered better-than-expected fourth-quarter earnings results Wednesday, boosting its stock price nearly 10% in early trading.

Verisk, which specializes in data analytics for the insurance industry, credited consistent demand for its services as insurers rely more heavily on data-driven solutions for underwriting, claims management, fraud detection, and operational improvements.

The strong quarterly performance occurred despite facing some obstacles, including minimal weather-related activity and a decrease in federal government contract work that slowed overall growth.

Despite Wednesday’s gains, Verisk shares have dropped approximately 21% year-to-date as investors worry about artificial intelligence potentially disrupting traditional information services companies.

Founded in 1971 as Insurance Services Office to collect industry data and assist insurers with regulatory compliance, Verisk has evolved into a major analytics provider.

Financial analysts believe the company faces minimal AI-related risks because it operates using exclusive datasets contributed directly by insurance companies, combined with deeply embedded processes within the industry.

Looking ahead to 2026, Verisk projects adjusted earnings per share ranging from $7.45 to $7.75, slightly below analyst expectations of $7.71 according to LSEG data.

The company anticipates total revenue between $3.19 billion and $3.24 billion for 2026, compared to analyst projections of $3.28 billion.

Management announced an expanded share buyback program worth $2.5 billion, with plans to execute $1.5 billion through an accelerated repurchase initiative in the coming months.

Fourth-quarter underwriting revenue increased 8.7% compared to the same period last year. Overall revenue climbed 5.9% to $778.8 million, surpassing analyst estimates of $773.6 million.

Adjusted earnings per share reached $1.82 for the quarter, beating Wall Street expectations of $1.61.

Medical technology company Insulet Corporation exceeded financial forecasts this week, posting fourth-quarter earnings that outpaced analyst predictions thanks to rising consumer interest in its needle-free insulin delivery systems.

The Massachusetts-based manufacturer projects annual revenue will expand by 20% to 22% in 2026, with adjusted per-share profits anticipated to rise more than 25%. Current quarter revenue is expected to grow between 25% and 27%.

The company’s financial success stems from expanded regulatory clearance for its Omnipod 5 automated insulin management system, a skin-attached device now approved for both Type 1 and Type 2 diabetes treatment across the United States.

Industry peer Dexcom similarly reported strong sales for its glucose monitoring technology just last week, indicating broader market growth in diabetes management devices.

Fourth-quarter Omnipod device sales totaled $781.8 million, surpassing the $767.3 million Wall Street projection compiled by LSEG data.

Company leadership announced a $350 million boost to its stock repurchase program, with approximately $300 million in buybacks planned for the first quarter of 2026.

J.P.Morgan analyst Robbie Marcus commented on the financial results, stating: “(It is) a bullish signal on top of an already strong start to 2026 that should help support a positive response from investors today.”

Overall quarterly revenue climbed 31.2% to reach $783.8 million for the period ending December 31, compared to analyst estimates of $768.7 million.

Adjusted quarterly earnings reached $1.55 per share, beating the projected $1.45 per share estimate.

A major contract research company announced Wednesday it anticipates strong profits next year, driven by recovering demand from biotechnology firms seeking drug development assistance.

Charles River Laboratories, headquartered in Wilmington, Massachusetts, projects its adjusted earnings for 2026 will fall between $10.70 and $11.20 per share. The midpoint of this forecast surpasses the average Wall Street prediction of $10.88 per share, based on LSEG data.

The research firm has observed a rise in project proposals from pharmaceutical and biotech companies, while contract cancellations have decreased. Those earlier cancellations stemmed from clients responding to the federal government’s drug pricing negotiation initiative.

CEO James Foster highlighted the positive trend, stating that fourth-quarter “net bookings… demonstrates the stabilization of the biopharmaceutical demand environment.” Foster added that the company remains “cautiously optimistic that positive demand trends will continue in 2026.”

Foster’s retirement was announced last month, with Chief Operating Officer Birgit Girshick set to take over leadership in May.

The company also revealed additional executive changes Wednesday, naming Glenn Coleman as its new finance chief to replace interim CFO Michael Knell. Kerry Dailey will assume the newly established role of chief legal officer.

For the fourth quarter, Charles River reported revenue of $994.2 million, beating analyst projections of $987 million.

Despite the revenue beat, the company noted that quarterly sales were dampened by reduced volume in both drug discovery services and regulated safety assessment services compared to the previous year.

Looking ahead to 2026, Charles River anticipates revenue growth ranging from flat to a 1.5% increase.

The company’s fourth-quarter adjusted earnings per share reached $2.39, surpassing the analyst consensus estimate of $2.34.

The Pet Food Institute has selected Elise Fennig as its new president and chief executive officer, the organization announced. Fennig will take the helm from Dana Brooks, who has served in the leadership role since 2018.

Prior to her appointment, Fennig held key positions at the National Confectioners Association, where she worked as both chief of staff and senior vice president overseeing industry engagement. Her career includes executive positions at several major industry organizations, including the Consumer Brands Association and the American Frozen Food Institute, as well as corporate experience at The Kraft Heinz Co.

Fennig is scheduled to begin her duties at the Pet Food Institute on March 16.

LONDON – British inflation dropped to its lowest level in 10 months during January, driven primarily by decreasing food and energy costs, according to government data released Wednesday. This downward trend has strengthened predictions that England’s central bank will reduce interest rates next month.

Government statistics show consumer prices rose 3% compared to the same period last year, a decrease from December’s 3.4% rate.

The reduction matched what financial experts had predicted and moves inflation closer to the central bank’s 2% goal in the months ahead. Earlier this month, the Bank of England maintained its primary interest rate at 3.75% while forecasting inflation would reach their target by April.

This continued decrease in rising prices offers some political relief for the Labour government, whose approval ratings have dropped significantly since taking office in July 2024, partially due to concerns over living expenses.

“Cutting the cost of living is my number one priority,” Treasury chief Rachel Reeves said Wednesday.

Officials expect inflation to meet the target in April, mainly because of government policies. During her November budget presentation, Reeves revealed plans to reduce certain taxes aimed at lowering household energy costs.

Given the inflation decrease, financial experts now widely anticipate an interest rate cut in March. Market analysts are focusing on how many additional cuts might occur throughout the year.

“Inflation is set to fall further in coming months, falling back to 2% in the near future, which should open up further rate cuts later this year,” said Luke Bartholomew, deputy chief economist at asset management firm Aberdeen.

Ride-sharing giant Uber Technologies announced Wednesday its commitment to spend more than $100 million creating charging infrastructure for self-driving vehicles, marking another significant step in the company’s robotaxi expansion efforts.

The investment will fund the construction of high-speed DC charging facilities at fleet operation centers where Uber manages its daily autonomous vehicle operations, as well as strategic charging locations throughout key metropolitan areas.

Self-driving technology has become a cornerstone of Uber’s business strategy, with the company forming partnerships with over 20 organizations worldwide to develop autonomous freight hauling, package delivery, and taxi services. This aggressive expansion comes as Uber competes for market dominance against rivals like Tesla in the emerging autonomous vehicle sector.

The charging network rollout will launch in three major U.S. markets – the San Francisco Bay Area, Los Angeles, and Dallas – before expanding to additional cities in subsequent phases.

Uber is also establishing partnerships with charging network operators globally through what it calls “utilization guarantee agreements.” These collaborations include working with EVgo across New York, Los Angeles, San Francisco, and Boston, Electra in Paris and Madrid, and both Hubber and Ionity in London.

Company officials expect these partnerships to facilitate the installation of hundreds of new charging stations throughout these metropolitan areas, with priority placement in locations where charging demand is highest.

Earlier in February, Uber reinforced its commitment to the capital-heavy autonomous vehicle sector, announcing it would provide funding to vehicle manufacturing partners to ensure early access to fleets and accelerate deployment timelines, citing its platform’s competitive advantages.

The company currently provides robotaxi services through its app in four American cities, plus Dubai, Abu Dhabi, and Riyadh. Uber has formed strategic alliances with autonomous vehicle companies including Alphabet’s Waymo division and China-based WeRide to operate these self-driving fleets.

LOS ANGELES – Facebook founder and Meta Platforms CEO Mark Zuckerberg appeared in a Los Angeles courtroom Wednesday for his first-ever U.S. court testimony regarding how Instagram affects teenagers’ mental well-being, as a groundbreaking trial over social media addiction among youth moves forward.

Although Zuckerberg has appeared before congressional committees on this topic previously, this jury trial carries significantly greater consequences. Should Meta lose this case, the company could face substantial financial penalties, and the outcome might weaken the technology industry’s long-established legal protections against lawsuits claiming user harm.

This legal action represents part of a worldwide pushback against social media companies concerning children’s psychological well-being.

Several nations have implemented restrictions on young users’ access to social platforms. Australia and Spain have banned social media access for anyone under 16 years old, while other nations are exploring similar limitations. Florida has enacted legislation preventing companies from permitting users younger than 14 to access their platforms, though technology industry organizations are fighting this law in court.

The current case centers on a California woman who began using Meta’s Instagram platform and Google’s YouTube service during her childhood. Her lawsuit claims both companies deliberately attempted to generate profits by creating addictive experiences for children, despite understanding that social media usage could damage their psychological health. She contends these applications contributed to her depression and thoughts of suicide, and seeks to hold both corporations responsible.

Both Meta and Google have rejected these claims and highlighted their efforts to implement safety features for users. Meta frequently references research from the National Academies of Sciences that concludes current studies don’t demonstrate social media platforms alter children’s mental health.

This case functions as a crucial test for comparable claims within a broader collection of lawsuits targeting Meta, Google’s parent company Alphabet, Snap, and TikTok. Thousands of legal actions have been filed across the United States by families, educational institutions, and state governments, all alleging these companies have contributed to a crisis in youth mental health.

During his testimony, Zuckerberg faced questions about Meta’s internal research and company conversations regarding Instagram’s effects on younger users.

Instagram’s head Adam Mosseri provided testimony last week, stating he was not informed about a recent Meta research study that found no connection between parental oversight and teenagers’ awareness of their social media habits. The trial document revealed that teens experiencing difficult personal situations more frequently reported using Instagram compulsively or without conscious intention.

Meta’s legal representative informed jurors that the woman’s medical documentation indicates her problems originated from a difficult childhood, arguing that social media platforms served as a creative expression tool for her.

Swedish electric vehicle manufacturer Polestar announced Wednesday it will introduce updated versions of its bestselling models rather than developing completely new vehicles as part of a cost-saving strategy to increase European market share.

The company plans to launch refreshed editions of its popular Polestar 2 and Polestar 4 vehicles within the coming year, opting for budget-friendly modifications instead of expensive new designs to address ongoing financial challenges.

Polestar’s strategic pivot toward Europe, which included adopting a conventional dealership approach, helped drive 2025 retail sales beyond 60,000 vehicles. However, the company faces mounting obstacles including European Union and United States tariffs, intensified market competition, and weaker electric vehicle demand than anticipated.

Company executives project modest double-digit growth in retail volumes for 2026 and intend to expand their dealer network by approximately 30% to support this ambitious goal.

These increased sales figures are crucial for supporting parent company Geely Holding Group’s ambitious five-year strategy to rank among the world’s top five automotive manufacturers, targeting annual sales exceeding 6.5 million vehicles by 2030, with one-third originating from markets outside China.

Per Ansgar, who leads Geely Sweden Holding, confirmed to Reuters that Polestar continues receiving technological benefits from its Chinese parent company, with Geely committed to providing ongoing financial backing.

“We do this because we think that Polestar is a very strong brand,” Ansgar explained, emphasizing that Polestar had “good opportunities moving forward.”

Geely has repeatedly intervened with bank-supported assistance, contributing equity investments and serving as a financial guarantor to maintain Polestar’s operations.

Speaking from Polestar’s Gothenburg headquarters, CEO Michael Lohscheller told journalists that the updated models should drive sales growth while the company maintains its luxury market position.

“We want to be above 100,000 (annual sales) as quickly as we can,” Lohscheller stated. “But most important is establishing Polestar as a premium company.”

The company’s Polestar 5 grand touring vehicle begins customer deliveries this summer, while a new wagon-SUV variant of the Polestar 4 manufactured in Busan, South Korea, will start shipping during the fourth quarter.

The redesigned Polestar 2, produced in China, will debut in European markets early next year but will not return to the United States, where the company withdrew due to tariffs exceeding 100%.

Polestar’s next completely new vehicle, the compact SUV Polestar 7, is scheduled for 2028 production at sister company Volvo Cars’ Slovak manufacturing facility, a decision Lohscheller believes will attract a broader customer base.

“When you put all of this together, we get much more volume and segment coverage,” he explained, predicting the expanded lineup will address 60% of Europe’s electric vehicle market.