Latest News
-
Investors eye Fed rate reduction this week; US yields and dollar increase after Japan earthquake
Investors weighed the possible impact of an earthquake in Japan on the U.S. Treasury yields and the Japanese yen, while the major stock indexes dipped slightly. The northeastern region of Japan was shook by a powerful earthquake measuring 7.6 on the Richter scale, prompting tsunami alerts and evacuation orders. The iShares MSCI Japan ETF fell 0.7%. Dollar was up 0.4% last against yen. This week, the Federal Reserve will make an announcement on Wednesday. A rate cut is expected by many, but some analysts believe the Fed's Policy Committee could be divided. Investors speculated that this meeting might be the most contentious of recent times. Since 2019, the Federal Open Market Committee had not seen three or more dissenters at a single meeting. It has only happened nine times since 1990. Investors awaited signs of a milder cycle of easing than expected. According to CME Group’s FedWatch Tool, the expectation that the Fed would cut its policy rate 25 basis points is at 87.4%. The markets were only pricing in a 30 percent chance of a rate cut, until recent comments by Fed officials sparked a change in expectations. The market may be expecting the Fed to indicate that there will be a pause after this rate reduction in the first quarter 2026. However, I do not subscribe to that," Peter Cardillo said, chief market analyst at Spartan Capital Securities, New York. JAPAN DELAY IN RATE DECISION? After the news of the Japanese earthquake, the dollar increased against the yen. Analysts said that depending on the extent of damage caused by the earthquake, the Bank of Japan may delay its expected rate increase next week. The next BOJ monetary meeting is scheduled to take place on December 18-19, 2020, with the statement and policy decision expected the second day. The yield on benchmark U.S. Treasury notes. The rate rose by 4.9 basis points, to 4.188%. It had previously reached 4.19%. This was its highest level since 26 September. The Dow Jones Industrial Average dropped 159.43, or 0.33 percent, to 47.796.26. The S&P 500 declined 21.37, or 0.30 percent, to 6,849.53, and the Nasdaq Composite lost 40.44, or 0.17% to 23,537.69. The MSCI index of global stocks fell 2.64 points or 0.26% to 1,008.09. The pan-European STOXX 600 fell by 0.11%. Nikkei soared 90.07 points or 0.18% to 50.581.94. Beijing's diplomatic spat between Tokyo and Beijing worsened after a Chinese carrier-strike group conducted intense air operations in the vicinity of Japan at the weekend. All three central banks will meet this week, and are expected to maintain their current stance. Swiss National Bank would like to ease further to counter the strength of their franc but is already at zero percent and does not want to go below that. The markets have given up on the Reserve Bank of Australia easing again after a string of strong economic data. They even priced in a rate increase for late 2026. Energy prices fell by 1.47% to $62.81 per barrel for U.S. crude and 1.53% for Brent. Caroline Valetkevitch reported from New York. Additional reporting was provided by Iain Withers and Wayne Cole, both in Sydney and London, and Alun Johnson in London. Joe Bavier and Aiden Lewis edited the story.
-
German Foreign Minister in China urges to end supply chain uncertainty
German Foreign Minister Johann Wadephul called on Monday to end the uncertainty surrounding vital Chinese semiconductors and rare Earths deliveries to European manufacturers. Wadephul’s first trip to China took place at a time of turmoil for the European industry. The dependence on Chinese suppliers, particularly in strategic chips and rare Earths, has been exposed by Beijing’s export restrictions as global trade tensions have escalated. Wadephul stated that "in all of these fields there was uncertainty and this needs to be removed." Hildegard Müller, the head of Germany's VDA automobile industry association, was part of a small delegation that accompanied Wadephul in China. Wadephul was forced to Postponement A planned visit last week was cancelled after Beijing only agreed to one of his office's requests. He said that the talks were open and intensive, and that his trip would pave the way for a visit from Chancellor Friedrich Merz in early 2013. He said that "quite some work" is still required to convince Beijing to grant new licences for rare earths to German firms. This indicates that German companies were not among the first batch of licenses announced last Thursday. The U.S.-China Trade War has caused months of disruptions since April when China introduced export controls on minerals that are used in autos, consumer electronics, and defence. Beijing also placed restrictions on certain semiconductors used by the automotive industry following the Dutch government’s decision to ban them. seize control Nexperia, a Chinese-owned chipmaker. China's Minister for Commerce Wang Wentao China said it "valued German concerns" on issues such as export controls and chip but that the Dutch government's "most urgent task" is to stop "improper administration interference and stabilize semiconductor supply chain". The growing surplus of China's trade, as described by French President Emmanuel Macron during his visit to China last week, had already strained relations between Europe and China. Unsustainable TAIWAN Wadephul also met with the Chinese Foreign Minister during his visit. Wang Yi He reiterated China's position regarding Taiwan, and stated that its "One China policy" was a key political foundation in relations. Taiwan's government denies that China considers democratically-governed Taiwan to be its territory. It also rejects the "One China" principle, which states that both sides of Taiwan Strait are part of one country. Wadephul, according to the German Foreign Ministry, will discuss European security concerns, including Russia's invasion in Ukraine, in his meeting Wang. However, there is no indication that China has changed its position. According to a foreign ministry statement, Wang stated that "China will continue to play an active role in promoting peace." Berlin tried to strike a balance between imposing a tougher stance on Beijing in relation to trade disputes and geopolitical conflict, as per European partners, but also trying to maintain its relationship with the top trading partner. The German government established a committee to advise the parliament on "security relevant trade relations" with China. This was part of an effort to reduce Germany's reliance on China for key materials as well as customers of its industrial exports. (Reporting and writing by Alexander Ratz of Beijing Newsroom, Sarah Marsh, James Mackenzie, and Christoph Steitz Additional reporting by Toby Chopra and Gareth Jones; Editing and rewriting by Toby Chopra and Andrew Heavens.
-
Investors show caution as gold prices drop ahead of FOMC meeting
Gold prices fell slightly on Monday, as investors were cautious in advance of the U.S. Federal Reserve’s two-day meeting to discuss policy and Chairman Jerome Powell’s remarks on future monetary policies. By 11:25 am, spot gold had fallen by 0.1% to $4,191.44 an ounce. ET (16:25 GMT). U.S. Gold Futures for February Delivery fell 0.5% to $4.220.70 an ounce. Peter Grant, senior metals analyst at Zaner Metals and vice president of the company, said that "the market is awaiting Fed policy guidance and a decision by the Fed." Grant stated that gold remains attractive, as fundamentals are strong and central banks continue to buy. He added that a move towards $5,000 per ounce is achievable in the first quarter 2026. The markets are expecting a rate cut of 25 basis points, with 90% probability. This is up from 66% in November. Powell will hold a presser after the Fed's Open Market Committee concludes its meeting Wednesday. The FOMC will announce its final policy of the year. Gold that doesn't yield is more attractive when interest rates are lower. The leaders of France and Germany, as well as the British Prime Minister, showed their support in London for Ukrainian President Volodymyr Zelenskiy, at what they called a "crucial moment" for Kyiv. This was due to U.S. demands that Kyiv agree to a proposed deal for peace with Russia. Gold is a safe haven asset that tends to perform well in times of economic and geopolitical instability. Morgan Stanley believes that gold will continue to rise, due to a declining U.S. Dollar, the strong ETF purchases, central bank purchases and demand for safe havens. Silver fell 0.6%, to $57.95 an ounce after reaching a record-high of $59.32 per ounce on Friday. Jim Wyckoff said that silver is normally a close follower to gold. However, in the last few weeks, the price of silver has been leading the gold market. He added that the prices would rise above $60 per ounce, and might even reach $70 by the end of the year. Palladium rose 0.3%, to $1,461.60, while platinum was down 0.1%. (Reporting and editing by Joe Bavier, Shalesh Kuber and Arunima K. in Bengaluru)
-
Hollywood's Golden Globe nominees are led by 'One Battle After Another.
The dark comedy "One Battle After Another", starring Leonardo DiCaprio, received nine Golden Globe nominations in a row on Monday. This puts the thriller at the top of the list for Hollywood's race to the Academy Awards. DiCaprio stars in the movie directed by Paul Thomas Anderson as a revolutionary who takes action when his daughter is threatened. Warner Bros' film will be competing in the category of best movie musical, or comedy against other films such as "Bugonia" and "Marty Supreme". Norwegian family drama "Sentimental Value", which won eight nominations in total, was just one ahead of the supernatural horror film "Sinners", with seven. Both films were nominated in the category of best movie drama, alongside Guillermo del Toro’s version of "Frankenstein", and "Hamnet," which tells a story about William Shakespeare's family. DiCaprio's "One Battle" co stars Benicio del Toro, Sean Penn and Chase Infiniti were among the nominees for acting. Adam Sandler and George Clooney received nominations for the film "Jay Kelly", as did Dwayne Johnson and Jessie Buckley. Ariana Grande, Cynthia Erivo and others were nominated for their roles in the Universal Pictures "The Wizard of Oz: The Prequel" sequel "Wicked: For Good." However, the second half of the Universal Pictures "The Wizard of Oz: The Prequel" failed to win any awards either in the musical or comedic categories. The Globes is one of the first Hollywood award ceremonies that precedes the Oscars in March. The Globes will be broadcast on Jan. 11, 2019. Globes voters have nominated a number of podcasts in a new category. These include "Armchair Expert With Dax Shepard", "Call Her Daddy", "Good Hang with Amy Poehler", "The Mel Robbins' Podcast", "Smartless", and National Public Radio’s "Up First". Netflix's limited series "Adolescence", about a 13 year old accused of murder, was nominated for six awards in the TV categories. Netflix is the pioneer of streaming Warner Bros Discovery is attempting to reinvent Hollywood by buying TV, film, and streaming assets. The network dominated the television category with 22 nominations. The independent distributor Neon (the studio behind "Sentimental Value," It Was Just an Accident," and "The Secret Agent") received the most nominations for films with 21. More than 300 entertainment journalists around the globe choose the Globe winners, as opposed to the 9,000 Oscar voters. In recent years, the Globes voting panel was expanded and reforms were implemented after critics criticized for ethical lapses or a lack diversity. Nikki Glaser, a comedian and actress from Los Angeles, will host the Globes for a second consecutive time. The show will air live on CBS, and be streamed by Paramount+. (Reporting and editing by Bernadette B. Baum, Nick Zieminski, and Lisa Richwine)
-
US utilities secure data center supply agreements as AI drives demand surge
U.S. utilities are racing to sign supply deals with data-center operators as the artificial-intelligence boom sparks a surge in power demand, setting the stage for higher profits in the coming quarters. Goldman Sachs reported in May that data centers will account for 8% (compared to 3%) of the electricity generated in the U.S. in 2030. Here are some of the deals that utilities have announced for 2024 and 2025. NextEra Energy has expanded its partnership to Alphabet’s Google Cloud in order to increase data center capacity across the U.S. by multiple gigawatts, and improve energy infrastructure. Meta Platforms has signed 11 power purchase agreements, two energy storage agreements and over 2.5 GW in clean energy contracts with the utility. These projects will be completed between 2026-2028. PPL's Kentucky division, Louisville Gas and Electric Company signed in January 2025 a power supply contract with developers PowerHouse Data Centers and Poe Companies who will develop a 400 Megawatts (MW), data center campus in Louisville. The first 130 MW of power will be available by October 2026. Constellation Energy and Microsoft have signed a deal to restart a unit at Three Mile Island Nuclear Plant in Pennsylvania. The agreement will see the utility provide 835MW of power to the data centers of the tech giant. This deal will also be the first time a nuclear plant has been restarted in the U.S. since it was closed. Constellation and Meta also reached an agreement to keep one of Meta's Illinois reactors operational for a further 20 years. Ameren has signed a deal to supply a 250-MW data center. It also received commitments for expansion and signed new contracts for over 85 MW additional load from smaller data centers in Missouri and Illinois. Alliant Energy has said that it has signed multiple power supply agreements with data centres, but didn't disclose any details. Exelon has announced that it is currently in the engineering stage for data centers with a capacity of more than five gigawatts. ComEd, Exelon subsidiary, has also received deposits from data-center clients to order transmissions and breakers. The firm revealed this during its post-earnings conference call. American Electric Power has signed letters of intent for an additional 15 GW data centers to be powered by the end the decade. Meta Platforms data center in Minnesota will be powered by Xcel Energy. Entergy received approval from the Mississippi legislature for an investment in transmission and production to serve Amazon’s new Amazon Web Services (AWS), facility. The utility also signed an agreement with Meta for the supply of power to Facebook's parent company's hyperscaler in Louisiana. Meta would have its largest data center anywhere in the world at this location. Pinnacle West Capital is committed to more than 4,000MW of data center customers. This does not include the more than 10,000 requests for data centers that it has received. AES has signed a contract with Google to provide 310 MW of power for its Ohio data centres. It expanded its previously announced partnership with Google by signing a 15-year agreement to purchase 727 MW of power in Texas. Meta has also signed two long-term agreements to provide 650 MW of solar power to Facebook's parent data centers located in Texas and Kansas. In November, the utility reported that it had signed 11.1 GW of power purchase agreements. Of these, 4 GW were with hyperscalers, and the majority will be online in the next three to four years. Talen Energy has announced that it will supply electricity to Amazon AWS and its data center campus in Pennsylvania. NorthWestern Energy signed a letter committing to providing energy services to an Montana data center developer. The energy service load will be at least 50 MW by 2027, and grow to 250 or more MWs by 2029. (Reporting from Vallari Srivastava in Bengaluru, Seher Dareen in Mumbai and Pooja menon at the University of Michigan; editing by Sriraj Kalluvila & Alan Barona).
-
Former president Moreno is ordered to stand trial by an Ecuadorian judge
A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018. Moreno has denied these allegations repeatedly. He served as vice-president from 2007 to 2013, and president from 2017 to 2020. He is currently living in Paraguay which will complicate the legal proceedings. In a video that was posted last week on social media, Moreno stated: "I've presented all of the evidence to the Attorney General's Office and they haven't been able prove that I received even a cent." "Let's stop such an injustice." Since its inception, the Coca Codo Sinclair factory has faced a number of technical and structural problems. Moreno was required to appear before Ecuador's National Court of Justice, Quito, periodically while the investigation continued. In his ruling, Judge Olavo Hernández stated that "this judge resolves to prosecute citizen Lenin Moreno as the direct perpetrators of the crime of corruption". (Reporting from Alexandra Valencia).
-
Gold gains on Fed rate cuts bets before FOMC meeting
Gold rose on Monday, as investors became more confident that U.S. Federal Reserve would cut interest rates during its two-day meeting this week. A weaker dollar also helped. Gold spot rose 0.3%, to $4208.40 an ounce at 09:11 am ET. ET (14:11 GMT)). U.S. Gold Futures for February Delivery fell 0.1 per ounce to $4,238. Dollar index slid lower, boosting the appeal of greenback-priced Gold for overseas buyers. Both gold and silver have a very strong technical posture in the near term. This is a good thing for speculators, as it encourages them to be on the long side of these markets," said Jim Wyckoff. Senior analyst at Kitco Metals. He added that prices "have not moved too far away from the same level ahead of the FOMC's meeting on Tuesday, and the announcement of interest rates on Wednesday." The markets are expecting a rate cut of 25 basis points, with 90% of traders predicting it, compared to 66% last November. The Fed's Open Market Committee will conclude their meeting on Wednesday by announcing its final policy decisions for the year. This will be followed by remarks from Chairman Jerome Powell. Gold that doesn't yield is more attractive due to lower interest rates. While Washington is increasing pressure on Kyiv, the Ukrainian president Volodymyr Zelenskiy will meet with European leaders at a meeting in London to rally support. Gold is viewed as a safe haven asset and does well in times of economic and geopolitical unrest. Morgan Stanley believes that gold will continue to rise, due to a declining U.S. Dollar, the strong ETF purchases, central bank purchases and demand for safe havens. Silver rose 0.1% to $58.35 an ounce after reaching a record-high of $59.32 per ounce on Friday. Wyckoff stated that silver is normally a close follower to gold. However, in the last few weeks, the price of silver has actually been leading the gold market. He added that the prices would rise above $60 per ounce, and might even reach $70 by the end of the year. Palladium increased 1.3%, to $1 476. Platinum rose 0.9%, to $1 656.50. (Reporting by Sarah Qureshi and Arunima Kumar in Bengaluru; Editing by Joe Bavier)
-
Who is Trump's target?
Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia. Trump has publicly criticised a number of influential individuals and entities. NETFLIX Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets. After a lengthy bidding war, Netflix's offer of nearly $28 per share beat out Paramount Skydance, who had made several unsolicited offers to purchase Warner Bros Discovery and its cable television assets. U.S. president Donald Trump said He would comment on the proposed merger, citing concern over the combined market share. It's up to some economists to decide .... It is still a large market share. "There's no doubt it could be a serious problem," he said. The CEO of GUNVOR will step down Gunvor, a global commodity trading company, announced that its CEO Torbjorn Tornqvist would step down and sell all of his shares in a management-led buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because of its previous Russian connections. The company announced earlier this month that Americas Head Gary Pedersen will take on the top position. Pedersen was hired just last year by the firm. In November, the U.S. Treasury sank Gunvor's largest ever deal for the acquisition of international assets owned by Russian oil giant Lukoil sanctioned by the U.S. Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S. The firm has been in active discussions to invest in U.S. assets producing oil and gas in recent weeks. GOLDMAN SACHS Goldman's Economic Research arm published a report in August that stated U.S. Consumers had absorbed 22 percent of tariff costs up to June. Their share could increase to 67%, if recent levies continue the same pattern. Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social. Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also a target for Trump. Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military. "The CEO at INTEL has a great deal of CONFLICT and must resign immediately." Trump stated in a Truth Social post that there is no solution to the problem. Tan replied to Trump by saying that he shared his commitment to the advancement of U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing. After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker. MICROSOFT Trump said in September that the tech company should fire Lisa Monaco, its global affairs director who has served in previous Democratic administrations. Trump stated on Truth Social that "she is a threat to the National Security of the United States, especially in light of the large contracts Microsoft has with the United States Government." "I believe that Microsoft should terminate Lisa Monaco's employment immediately." Trump stated that Monaco's position at Microsoft would give her access to sensitive information. "This kind of access cannot stand," said Trump. Monaco, who joined Microsoft in July, worked as a security adviser in the administration of former President Barack Obama and was deputy attorney general under former President Joe Biden. Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire. Musk and Trump, however, had a falling out in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt. Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles. JAGUAR LAND RIDER Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure from the CEO of the company. Trump's remarks came at the same time that Tata Motors announced the retirement from the British automaker of Adrian Mardell who had spent over three decades with the company. Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move sparked a backlash online and was criticized by brand loyalists. Trump has repeatedly threatened to impose tariffs on Apple and Tim Cook for selling iPhones in the United States outside of the country. After a meeting with Cook in Doha, Qatar in May, Trump said that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026. In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else". Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base. AMAZON.COM Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com. Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act. Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice". BANK OF AMERICA & JPMORGAN CHASE In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives. In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing. Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie, and everyone else, I hope that you're going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking." WALMART Trump stated in May that Walmart, China and other retailers should "eat tariffs" to avoid burdening American consumers. This was after Doug McMillon had said that the retailer couldn't absorb all tariff-related cost due to narrow retail margins. Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media. Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to tariffs that his administration imposed. CRACKER BAREL A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel. Cracker Barrel announced in late August that it would stick with its decades old logo. Plans for a brand new one were scrapped after social media backlash from the U.S. president Donald Trump, among others. "Congratulations Cracker Barrel on changing your original logo. "All of your fans really appreciate it," Trump told Truth Social following the company's change. COMCAST Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed. Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week. SMITHSONIAN INSTITUTION In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence. In an executive directive issued in March, Trump stated that the institution was under the influence of "a divisive, race-centered ideologie" over the past few years. HARVARD UNIVERSITY Trump has targeted the oldest and wealthiest university in the United States, canceling federal grants worth $2.5 billion and mounting efforts to stop research funding for Harvard. This is part of an overall campaign to change U.S. Universities, which Trump claims are dominated by antisemitic, "radical-left" ideologies. We are going to remove Harvard's tax exemption status. "It's what they deserved!" In May, Trump posted a message on his social media platform. Trump announced on September 30, that his administration is close to reaching a deal with Harvard University, which would include a payment of $500 million by the Ivy League school. This comes after months spent negotiating over policies at schools. COLUMBIA UNIVERSITY The Trump administration announced in March that it would cancel $400 million of federal funding for Columbia University because of how the university handled protests last year. This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, anti-Semitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media. These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests. In July, the University announced that it would pay more than $200 million in settlement to the U.S. Government as part of a deal with Trump's Administration. LAW FIRMS Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy. Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement. In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump. Covington has said that it will continue to represent Jack Smith in spite of these measures. Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable." THE NEW YORK TIMES PENGUIN RANDOM HOUSE Trump has filed a $15 Billion lawsuit defamation lawsuit In September, he filed a lawsuit against the New York Times as well as book publisher Penguin Random House. He accuses these major media companies of unfairly treating him. THE WALL STREET JOURNAL Trump sued The Wall Street Journal, its owners and employees Rupert Murdoch was sued in July by the New York Times for $10 billion over a report that revealed that his name appeared on a 2003 greeting to Jeffrey Epstein, which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon and Dharna Bafna in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
Buffett shakes up the management at Berkshire Hathaway as he prepares to hand over Abel
Berkshire Hathaway announced Monday a shakeup in its top management, weeks before Warren Buffett passes the company's reins to Greg Abel.
Berkshire Hathaway announced that Marc Hamburg, the company's finance chief, who has been with the company since 1987, will retire from his position on June 1, 2027, after spending four decades there. Todd Combs, meanwhile, will be leaving for JPMorgan Chase.
Charles Chang, the CFO of Berkshire Hathaway Energy will succeed Hamburg in 2019.
Marc has been invaluable to Berkshire as well as to me. Buffett stated that Buffett's integrity and judgement are invaluable.
Abel's appointment as CEO on 1 January closes Buffett’s six-decade tenure at Berkshire Hathaway. He was a household name and multi-billionaire, while also becoming an American success tale.
Combs, along with another Berkshire investment manger, Ted Weschler, were expected to take on the equity portfolio of the company, after helping Buffett invest in stock, but in recent years, the CEO said Abel would be able to handle it.
The company stated that the appointments are in line with Berkshire’s tradition of selecting leaders who support its unique operating model and uphold its culture. They also show strong business judgement.
Berkshire Hathaway announced also changes to its insurance and non-insurance operations, and named Michael O'Sullivan the general counsel. This marks the creation of a brand new position within the company.
Abel will continue to oversee the non-insurance businesses, including BNSF, Berkshire Hathaway Energy and Pilot, as well as industrial products and building products.
COMBS TO LEAD JPMORGAN'S NEW INITIATIVE
JPMorgan announced on Monday that Combs will lead the strategic investment group for the new Security and Resilience initiative. Combs is an investment manager at Berkshire.
Combs, according to JPMorgan, will work with the Commercial & Investment Bank, Asset & Wealth Management and Healthcare & Energy units of the bank, pursuing opportunities for middle-market clients and large corporations in the areas of defense, aerospace and healthcare, and energy.
The Wall Street giant launched earlier this year its Security and Resilience Initiative, a decade-long $1.5 trillion plan to support industries that are deemed essential to the U.S. economy's security and resilience.
The bank will invest up to $10 billion of direct equity and venture-capital investments in selected U.S. firms to expand their growth, accelerate innovation, and increase strategic manufacturing.
Separately JPMorgan Chase announced that it had set up a council of leaders from the public and private sectors to guide its Security and Resilience Initiative.
The council, which will be presided over by Jamie Dimon of JPMorgan, will include members like Jeff Bezos from Amazon, Michael Dell, CEO of Dell Technologies, and Condoleezza rice, former U.S. secretary for state. Combs is also a member of the advisory council.
Combs will report to Dimon and join the bank as of January. (Reporting from Pritam Biswas, Bengaluru; Jonathan Stempel and Megan Davies, New York; editing by Anil D’Silva and Leroy Leo).
(source: Reuters)