Bank CEOs expect Trump bump to business as profits surge

NEW YORK (Reuters) -Wall Street CEOs voiced confidence on Wednesday that the incoming U.S. administration would be business-friendly and good for banks as they reported a profits surge after dealmaking and trading picked up. The market environment has already been favorable for banks, with buoyant equity markets and anticipation that President-elect Donald Trump will usher in a deregulatory and lower-tax agenda. “There has been a meaningful shift in CEO confidence, particularly following the results of … Read more…

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US sues Southwest Airlines over chronically delayed flights

WASHINGTON (Reuters) – The Biden administration on Wednesday sued Southwest Airlines, accusing the carrier of illegally operating multiple chronically delayed flights and disrupting passengers’ travel. The U.S. Transportation Department said in its civil suit filed with the Justice Department that the carrier had operated unrealistic schedules, and said it is seeking maximum civil penalties. The department said Southwest operated two chronically delayed flights – one between Chicago and Oakland, California, and another between Baltimore and … Read more…

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BlackRock assets hit record $11.6 trillion in fourth quarter

By Davide Barbuscia NEW YORK (Reuters) -BlackRock’s assets hit a record high $11.6 trillion in the fourth quarter of last year as the world’s largest money manager posted a 21% profit jump, with fee income buoyed by stronger equity markets. Assets managed by the New York-based company increased to $11.55 trillion from $10.01 trillion a year earlier and $11.48 trillion in the third quarter. Client assets were buoyed by a U.S. stock market rally after … Read more…

Traders bring back bets on two Fed rate cuts in 2025

(Reuters) – Traders of interest-rate futures on Wednesday were pricing close to even odds the Federal Reserve will cut interest rates twice by the end of this year, with the first reduction to come in June. Government data showed consumer prices rose 2.9% in the 12 months through December, in line with economists’ expectations.    Before the report, interest-rate futures were pricing a single quarter-point interest-rate cut this year, no sooner than June. (Reporting by … Read more…

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Microsoft halts hiring in US consulting unit as cost-cutting measure, CNBC reports

(Reuters) – Microsoft is planning to halt hiring in part of its consulting business in the U.S. in a bid to cut costs, CNBC reported on Tuesday, citing an internal memo. The tech giant is looking to manage overall expenses as it looks to continue investments in its artificial intelligence (AI) efforts. Earlier this month, Microsoft said it planned to invest about $80 billion in fiscal 2025 on developing data centers to train AI models … Read more…

Apple, Amazon fight off $600 million UK lawsuit over alleged ‘collusion’

LONDON (Reuters) – Apple and Amazon have successfully fought off a mass lawsuit in Britain over alleged collusion between the tech giants to remove resellers of new Apple products from Amazon’s website, a tribunal ruled on Tuesday. The lawsuit was brought by consumer law academic Christine Riefa on behalf of around 36 million British consumers who had bought Apple or Beats products. Riefa’s lawyers alleged that Apple and Amazon reached an agreement in 2018 to … Read more…

U.S. posts record $711 billion deficit for first three months of fiscal 2025

WASHINGTON (Reuters) – The U.S. government posted an $87 billion budget deficit in December, reduced partly by a shift of benefit payments into November but capping a record $711 billion deficit for the first three months of the 2025 fiscal year, the U.S. Treasury Department said on Tuesday. The Treasury, releasing its final budget report before President-elect Donald Trump takes office next week, said that the $711 billion October-December deficit was $201 billion, or 39% … Read more…

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Morning Bid: Markets catch a break before inflation, earnings

A look at the day ahead in U.S. and global markets from Mike Dolan Thanks largely to a stabilisation of bond markets and an ebbing of the super-strong dollar, global stocks caught a rare new year bid on Tuesday with critical inflation and corporate earnings updates now in view. A slightly bizarre narrative developed behind Monday’s bounce in stocks, with some citing a Bloomberg report claiming President-elect Donald Trump’s team is studying gradual tariff hikes … Read more…

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Over half a million ‘TikTok refugees’ flock to China’s RedNote 

By Eduardo Baptista, Katie Paul and Krystal Hu (Reuters) – New users have piled in to Chinese social media app RedNote just days before a proposed U.S. ban on the popular social media app TikTok, as the lesser-known company rushes to capitalize on the sudden influx while walking a delicate line of moderating English-language content, sources told Reuters. In a live chat dubbed “TikTok Refugees” on RedNote on Monday, more than 50,000 American and Chinese users … Read more…

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Brown-Forman to cut about 12% of global workforce as part of restructuring

(Reuters) -Brown-Forman said on Tuesday it will lay off about 12% of its global workforce of 5,400 employees, as the Jack Daniel’s maker looks to reduce costs amid weak alcohol demand. The company has struggled with high input costs, including of raw materials such as agave and wood barrels, and raised prices for its whiskey brands to shield margins. Consumers have also traded down to cheaper brands as they deal with higher costs of living. … Read more…