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Reliance and Adani lead India's AI drive with plans to spend $210 billion
Reliance and Adani, two of India's largest conglomerates, are increasing their investments in?AI infrastructure and data. Reliance has committed about $110 billion while Adani has pledged $100 billion. Both companies want to establish India as a hub for AI. India offers tax breaks to foreign companies operating out of domestic data centres. It also takes measures to attract more AI talent. Mukesh Amani, chairman of Reliance Industries, said that cheaper computing would spur innovation. His company wants to apply the same strategy it used in 2016 to disrupt the telecom industry by slashing prices for data and expanding access. The plans were announced as executives from Google, Amazon, Meta Platforms, and Microsoft gathered at a major summit in New Delhi. This was in response to the increasing investment in India's AI ecosystem and cloud by Google, Amazon, Meta Platforms, and Microsoft. Reliance and Adani both benefit from data centres powered by renewable energy, since their own assets reduce their reliance on expensive grid power. By placing facilities near power plants, transmission losses are reduced and they're protected from rising electricity costs. Ambareesh Baliga is an independent analyst. He said that renewable-powered data centers are the most cost-effective option for companies in the long term. BETTING ON DATACENTRES India's role in the AI boom is limited, due to the lack of large-scale chip production. Data centres are the most viable entry point into the rapidly growing infrastructure market. Jio, a Reliance unit, is building multi-gigawatt AI-ready data centers, including one in Jamnagar, a western city, that is expected to add 120 megawatts in capacity by the second half of 2018. Adani Enterprises announced on Tuesday that it would invest $100 billion in data centres powered by renewable energy and AI. Aishvarya dadheech, chief investment officer and founder of Fident Asset Management, stated that Reliance is aiming to build an integrated AI stack in India. However, execution and monetisation are still key risks. $1 = 91.0870 Indian Rupees
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Investors react negatively to Fed minutes as TSX futures decline
Gold and oil prices rose on Thursday as investors assessed the minutes of the U.S. Federal Reserve. As of 5:30 a.m., March futures for the S&P/TSX 'composite index' had fallen 0.37%. ET. Toronto's benchmark stock index rose 1.5% on Tuesday as shares in technology companies rebounded following a easing of concerns about AI disruption. Miners also gained due to the strength of precious metals. In their January meeting, Federal Reserve policymakers had a split opinion on the next steps. "Several" were open to rate increases if inflation remains high and others would support more cuts if it declined as expected. Further clues on the Fed's policy trajectory will be provided by the weekly jobless claims report due later today, as well as the Personal Consumption Spending report, the Fed's preferred measure of inflation. Apple, Nvidia, and Meta Platforms all traded lower in premarket trade as the focus shifted back to AI concerns. The spot price of gold rose 0.1% on Thursday and the silver price increased 1.4%, amid tensions between Iran and the U.S. On Wednesday, the White House stated that although some progress had been made in talks with Iran earlier this week at Geneva, there was still distance on certain issues. Satellite images have shown Iran strengthening and repairing military sites. Brent futures, and U.S. West Texas Intermediate - Crude rose more than 1%. Nutrien, a fertilizer manufacturer, missed its quarterly profit forecasts due to lower crop nutrients volumes in the after-market earnings on Wednesday. Teck Resources and Kinross Gold, among other miners, beat their quarterly profit estimates. CLICK CODES TO GET CANADIAN MARKETS NEWS TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Krishna Chandra Eluri; Reporting by Utkarsh T. Hathi)
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Teck Resources' quarterly profit beats expectations on the back of higher copper prices and output
Teck Resources surpassed fourth-quarter profits expectations on Thursday. The Canadian miner was helped by a surge in production and copper prices as it advanced its merger proposal with Anglo American. The beat highlights Teck's increasing reliance on copper, a key metal for electrification and the energy transition, as the company works towards completing a merger which would make it one of the largest producers of copper in the world. Teck and Anglo shareholders approved the merger in December. This paved the way for a "copper heavyweight" and left regulatory approvals to be the final hurdle. Teck and Anglo announced their merger plans in September. The $53 billion deal would be a stock-only, no-premium merger. This would result in the fifth largest copper producer in the world. Both companies have been undergoing significant restructuring over the past few years, largely due to previous takeover attempts. Teck reported that realized copper prices increased 22.5% to $5.11 a pound in the fourth quarter, while production increased nearly 10% to 134,000 tonnes. The company stated in a statement that "Copper production increased when compared with the same period of last year, supported by higher throughput, grades, and throughput at?Highland Valley Copper. Antamina also produced higher grades, and Carmen de Andacollo had a higher throughput." The company developed its tailings facility, which improved production at the Quebrada Blanca mine (QB). The fourth quarter copper output at QB reached 55,400 tonnes, a lower figure than last year but the highest quarterly performance since 2025. According to LSEG, the miner reported adjusted earnings per share of C$1.37 for the 'quarter ended December 31. This was above analysts' average estimates of 91 Canadian cents. Teck's copper production forecast for 2026 was kept at 455,000 to 530,000 tons. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)
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As AI fears fade, tensions between the US and Iran simmer but global stocks remain flat.
European stocks fell from a record-high on Thursday, and U.S. Futures?flatlined? as fears of AI disruption abated. However, tensions between Iran and the United States kept markets 'on edge' and supported oil and gold prices. The U.S. dollar found its footing overnight after the minutes of the Federal Reserve meeting revealed that policymakers are not in a hurry to reduce rates. The STOXX 600 Index in Europe fell 0.24% after Airbus and Rio Tinto reported their earnings. The index reached a new record on the previous day, as investors were able to shake off concerns about AI disrupting businesses with a rally of banking and defence shares. The futures of the U.S. S&P 500 index and tech-focused Nasdaq index were not much different. The MSCI index of Asian-Pacific Stocks excluding Japan rose by 0.38% despite the fact that trading was light as markets in Hong Kong and China were closed for Lunar New Year. The US economy is resilient Chris Turner, global director of?markets for ING, said that risk assets are generally OK. He said, "The Fed is talking about an economy that's resilient in the U.S. and good for global economic growth." "Equities are doing well in Asia." Wall Street rose on Wednesday,?driven by Nvidia's announcement that it had signed a multiyear agreement to sell millions of artificial-intelligence chips to Meta Platforms. We needed some good news. "I think there's been a general sense of malaise among the tech industry," said Tony Sycamore. He was referring to a sharp selloff that occurred earlier this month. He said Nvidia could potentially save U.S. stock prices when it reports earnings next Monday. FOCUS ON GEOPOLITICS, FED AND FEDERAL IMPROVEMENT Oil prices continued to rise after a surge in the previous session as investors priced potential supply disruptions due to fears of a war between the U.S. The?New York Times, CNN and other U.S. media outlets reported on the building up of American forces in the area of Iran. However, they stressed that President Donald Trump has not yet decided what course of action to take. Brent crude oil futures rose 1.5% to $71.42 per barrel, the highest level since late January. They had risen 4.4% during the previous session. U.S. crude oil rose 1.6% to $66.26. Michael Every, senior strategist at Rabobank said that the balance of risks is now tilting towards a U.S. attack after Friday's market close. He added that such an attack would likely last for weeks, rather than being "over by Monday morning". Gold, which is traditionally considered a safe haven, increased by 0.8%, to $5,017 per ounce. The dollar fell after rallying on the back of better than expected U.S. data. Minutes of the Fed’s January policy meeting also revealed that several policymakers are open to raising rates if inflation continues to rise. The 'dollar index, which measures the currency in comparison with six major peers, fell 0.11% last after gaining?0.59% Wednesday. Charlie Ripley is a senior investment strategist with Allianz Investment Management. He said, "From our perspective the minutes of the Federal Reserve confirm our belief that rate reductions are off the table in the near future." "Policymakers noted specifically that disinflation may be on a slow path." Reporting by Harry Robertson, Rae Wee and David Holmes in Singapore. Editing by Kim Coghill and Shri Navaratnam.
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Gains in refining for energy group Orlen offset impairment losses, lifting shares
Orlen, a Polish energy group, reported adjusted core earnings higher than expected on Thursday. This was helped by a stronger downstream result which overshadowed the?net profit miss caused?by asset impairments as well as lower oil and natural gas prices. The shares rose 2.2% as of 0849 GMT. This boosted Poland's blue chip index WIG20 which rose by 0.5%. Analyst Tamas Pelser at?Erste Group said that the 4Q25 period was a positive one for the Polish energy giant, highlighting "the very strong contribution" of refining in a margin-friendly environment. Orlen's model refinement?margin increased in the fourth quarter, as sanctions and Ukrainian drone strikes on Russian infrastructure curbed diesel exports. This boost in downstream prices cushioned the impact of a wider commodity slump. Brent crude fell nearly 15%, and gas prices have fallen from their highs of last year. EBITDA LIFO (earnings before interest, tax, depreciation, and?amortisation) adjusted for the value of inventories and impairments fell 15% in the third quarter to 12.15 billion Zlotys ($3.40billion), but still beat the analysts' consensus estimate of 11.4 billion Zlotys. Orlen's net quarterly profit of 3,13 billion zlotys was below the 4.8 billion expected by the analysts polled before the results were published. In the fourth quarter report, net impairment losses totaling 3.34 billion zlotys were recorded on non-current assets. The fourth-quarter report showed a net impairment loss of 3.34 billion zlotys on non-current?assets. Orlen announced that it would spend?36.3 zlotys on capital expenditures in 2026. This is up from 32.6 zlotys spent last year. The first Polish offshore wind farm will be completed this year on the Baltic Sea. A gas-fired energy plant is also planned for the northern city of Grudziadz.
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At the AI summit, tech majors pledge billions to India
This week, senior executives from artificial intelligence companies around the world joined world leaders for an AI summit in?India. Here is a list of the major deals that were struck during the India AI Impact Summit in New Delhi. JIO INVESTS $110 BILLION IN INDIA'S RELIANCE INDUSTRIES Mukesh Ambani, the billionaire chairman of Reliance Industries, said that Jio and Reliance Industries will invest $109.8 Billion over the next seven-year period to build artificial intelligence infrastructure and data infrastructure. INDIA'S ADANI GROUP WILL COMMIT $100 BILLION?FOR AI-DATA CENTRES THROUGHOUT 2030 Adani Group, a port-to-power company, announced on Tuesday that it would invest $100 billion in renewable energy AI data centres powered by 2035. Adani stated that it is expected that the investment will trigger $150 billion in additional investments across related industries including server manufacturing, cloud platforms and sovereign cloud. It added that this would create an ecosystem of $250 billion in AI infrastructure for India within the next decade. MICROSOFT?TO INVEST 50 BILLION DOLLAR IN THE 'GLOBAL SURF' BY 2030 Microsoft announced on Wednesday that it will invest $50 billion in the next decade to expand AI across 'Global South countries'. Last year, the firm announced $17.5 billion in AI investments to India. YOTTA, AN INDIAN DATA CENTER FIRM, COMMITS TO $2 BILLION FOR AI HUB Yotta Data Services announced on Wednesday that it would build one of Asia's biggest AI computing hubs, using Nvidia Blackwell Ultra chips. The project will cost more than $2 billion. INDIAN EXPORTER OF IT SERVICES TCS SIGN OPENAI AS A DATA CENTER CUSTOMER Tata Consultancy Services announced on Thursday that it had signed up OpenAI, parent company of ChatGPT, as its first customer under Stargate's global AI infrastructure initiative. INDIA’S L&T AND?NVIDIA WILL BUILD THE LARGEST AI FACTORY IN INDIA Infrastructure giant Larsen &Toubro announced a joint venture with Nvidia. The two companies will work together to develop AI-ready data centres, advanced computing platforms and ecosystem enablement to support large AI workloads. (Reporting by Nandan Mandayam in Bengaluru; Editing by Raju Gopalakrishnan)
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Cricket-Marsh leads Australia to a crushing victory over Oman in T20 World Cup Dead rubber
Australia thrashed Oman in Pallekele by nine wickets, winning the final Twenty20 World Cup group match in Pallekele. Both teams had already been eliminated from the competition. Mitchell Marsh, who was given a modest target of 105 to win, wasn't in the mood to wait around. He ruthlessly sent Oman's bowlers all over the place, reaching his half-century within the first powerplay. Shakeel Ahmad, from Oman, collided with Vinayak Shukla after he caught Travis Head and bowled him for 32. The 38-year old spinner was overjoyed that he performed Cristiano Ronaldo's trademark celebration. Marsh, who scored 64 runs with seven boundaries and 4 sixes, led 'Australia to victory with 62 balls left to spare. This was a record-breaking chase for a T20 World Cup total of over 100. Australia placed third with two wins, two losses and no points. Oman was the only team without a win. CLINICAL BOWLING DISPLAY FROM AUSTRALIAN Adam Zampa finished with 4-21. Australia had earlier produced a brilliant bowling performance to dismiss Oman in 16.2 overs, after winning the coin toss and choosing to field. Fast bowler Xavier Bartlett started the game with a wicket on the first ball. He removed Aamir Kaleim when his delivery crashed against the stumps. Bartlett's movements troubled the batters, and Jatinder Singh also bowled his next over. He finished with two powerplay?strikes which put?Oman in the backfoot. Oman tried to rebuild, but none of its batters were able to convert their early scores into significant ones. Wasim Ali was the standout with his gritty 32 from 33 balls. He provided the only significant resistance to the steady wicket-taking at the other end. Oman's spinners struggled to keep up with Australia, often misjudging the length of their pitches and playing the wrong line. Zampa took his fourth four wicket haul in T20 World Cups, while Glenn Maxwell, whose first over was marred by a dropped catch, also contributed with two wickets. (Reporting and editing by Alison Williams in Bengaluru, Rohith Nair from Bengaluru)
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Gold Fields increases shareholder returns after profits more than doubled
South 'Africa's Gold Fields announced on Thursday that its full-year profits?more than doubled. This was due to record bullion prices, increased production, and a boost in dividends. Gold prices are expected to rise by 60% by 2025 due to geopolitical and financial uncertainty, the expectation of U.S. rate cuts, and increased purchases by central bankers amid a trend of global dedollarization. Gold prices have risen 15% this year. Gold Fields increased production by 18% in the last year, to 2.438 millions ounces. The miner's headline earnings per share grew to $2.88 from $1.33 the previous year. Gold Fields announced a final "dividend" of 18.50 Rand per share, an increase from 7 Rand. This brought the total payout per year to 25,50 rand, up from 10 rand in 2024. In addition, the company will distribute an additional $353 million to shareholders in the form of special dividends worth $253 million and share buybacks worth $100 million. Gold?Fields' CEO Mike Fraser stated that the company is engaging with the Ghanaian government, which has proposed doubling of the gold royalty?rate as a response to the bullion prices rally. The talks have been?constructive. Fraser said in an interview that while he understood the social needs of Ghanaians, he wanted to make it clear that all governments should take a stance against creating uncompetitive, structural?situations. Gold Fields' Tarkwa Mine in Ghana will be its most productive mine by 2025, out of its entire portfolio, which includes assets in South Africa, Australia, Chile, and Peru. Tarkwa mine produced 475,000 ounces gold last year, which is about a fifth the total Gold Fields output.
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)
(source: Reuters)