Risk Channel delivers the latest, most relevant and useful business intelligence to key decision makers and influencers, each weekday morning.

U.S. President Donald Trump has said that he would have a say whether a proposed $82.7bn merger between Netflix and Warner Brothers should proceed. "I'll be involved in that decision," Trump told reporters. Trump did not say whether he favored the deal's approval, but indicated a potential concentration of market power in the entertainment industry. At an event in Washington DC, Trump said Netflix has a "big market share" and the firms' combined size "could be a problem." Bloomberg reports that Netflix co-CEO Ted Sarandos met with Trump at the White House in mid-November to discuss the potential acquisition. Trump reportedly told Sarandos that Warner Bros. should sell to the highest bidder, and Sarandos argued that Netflix's acquisition of the company would not create a monopoly. Paramount, which triggered the auction of Warner Bros., may launch a hostile bid, Bloomberg notes.

 

Bloomberg

BBC News

Reuters

The Guardian

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U.S. financial regulators have rescinded their decade-old guidance on leveraged lending, deeming it "overly restrictive" and contributing to the shift of lending activity towards non-bank sectors. The decision by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation is expected to foster increased competition between banks and private lenders, potentially reinstating more leveraged lending within the regulated banking system. The previous guidelines, which imposed scrutiny on loans exceeding a 6 times debt-to-EBITDA ratio, hindered banks from employing standard risk management practices, thereby resulting in a loss of market share to non-bank lenders.

 

Reuters

The European Commission has fined X €120m ($140m) for breaching its transparency obligations under the Digital Services Act (DSA). The breaches include the deceptive design of its ‘blue checkmark', the lack of transparency of its advertising repository, and the failure to provide access to public data for researchers. "Deceiving users with blue checkmarks, obscuring information on ads and shutting out researchers have no place online in the EU. The DSA protects users. The DSA gives researchers the way to uncover potential threats. The DSA restores trust in the online environment. With the DSA’s first non-compliance decision, we are holding X responsible for undermining users’ rights and evading accountability," Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security and Democracy, said.

 

European Commission

Sky News

BBC News

The Guardian

The US Commodity Futures Trading Commission (CFTC) has announced that spot crypto asset contracts will commence trading on registered futures exchanges, marking a significant step in integrating digital assets into mainstream finance. CFTC Acting Chairman Caroline Pham highlighted the necessity for "more choice and access to safe, regulated U.S. markets," particularly in light of recent events involving offshore exchanges. The initiative, part of the broader push under the Trump administration, seeks to establish tailored regulations that accommodate the evolving digital asset industry.

 

Reuters

Amazon has paid €180m ($210m) to Italian authorities and ended the use of a delivery staff monitoring system, closing a probe into alleged tax fraud and labor violations by its logistics unit. The investigation centered on the use of subcontractors to sidestep VAT and social security obligations. Amazon joins over 30 companies that have collectively paid more than €1bn to resolve similar cases.

 

Bloomberg Tax

Reuters

Supreme Court justices are set to convene today to hear a case that could lead to the dismantling of protections designed to protect independent agencies from political pressure. The Trump v. Slaughter case was precipitated by President Donald Trump's move to fire Rebecca Kelly Slaughter from her post at the Federal Trade Commission (FTC) without cause, despite a federal statute that limits a commissioner's removal to instances of inefficiency, neglect of duty or malfeasance in office. The  court is set to decide whether those removal protections for members of the FTC violate the separation of powers, and whether it should overturn the landmark 1935 decision in Humphrey's Executor v. United States, which involved President Franklin Roosevelt's attempt to remove an FTC member.

 

CBS News

The Columbian

NPR / National Public Radio

Virtu Financial has agreed to pay a $2.5m fine to settle allegations by the Securities and Exchange Commission (SEC) that it improperly granted access to confidential client trading data to nearly all employees at its broker-dealer unit, Virtu Americas. The SEC's complaint highlighted that during the period from January 2018 to April 2019, employees accessed sensitive customer information using a widely shared username and password system, despite assurances to clients about the use of "information barriers." Although Virtu did not admit or deny wrongdoing, it had previously informed the SEC in 2019 about potential access issues during the integration of an acquired business into its database.

 

Reuters

The Southeast Alaska Indigenous Transboundary Commission (SEITC) has initiated a judicial review in the Supreme Court of British Columbia regarding proposed mining projects along the transboundary Taku, Stikine, and Unuk Rivers. SEITC alleges that the provincial government did not adequately consult its 14 member Tribes on significant mining developments, including Skeena Gold and Silver's Eskay Creek project and Newmont's Red Chris mine. SEITC president Esther Reese said: “Our Tribes have never surrendered or abandoned their claims to their traditional territories on the Canadian side of the border."

 

Mining

U.S. consumer sentiment has risen for the first time in five months, with the University of Michigan's preliminary December index up to 53.3 from 51, driven by improved personal finance expectations and a moderation in inflation forecasts. One-year inflation expectations fell to 4.1%, the lowest since January, while long-term expectations dipped to 3.2%. Despite the improvement, sentiment remains weighed down by high living costs and job market concerns, as over half of employed Americans fear potential job losses. “Consumers have noted that the soaring inflation they feared in April and May 2025 at the height of tariff developments has not come to fruition at this time,” noted Joanne Hsu, director of the survey. “Still, inflation expectations over both time horizons remain higher than average readings from both 2024 and 2020," she added. 

 

Bloomberg

U.S. import prices remained unchanged in September, according to the Labor Department. This flat reading comes after a slight 0.1% increase in August, and contrasts with economists’ expectations of a similar 0.1% rise. A 1.5% decline in fuel import prices, driven by lower petroleum and natural-gas costs, helped keep overall import prices steady. However, this drop was offset by a 0.2% increase in nonfuel import prices. Within nonfuel categories, industrial supplies, materials, and consumer goods saw price increases strong enough to counter declines in capital goods and foods, feeds, and beverages.

 

Wall Street Journal

Bloomberg reports that the Trump administration is moving to fast-track the construction of power-hungry data centers as a matter of national security, but its hindering of renewable energy projects risks slowing the AI boom. The most efficient way to address growing demands on the power grid is through renewable energy, data suggests. Bloomberg notes that big tech companies are signing power contracts with natural gas, but say they are still committed to their clean energy goals.

 

Bloomberg

Amazon is facing a fresh labor challenge from a newly formed group of its delivery service partners, DEFT (DSPs for Equitable and Fair Treatment), which is demanding better pay, higher van reimbursements, and more achievable bonus criteria. The group, formed under the American Association of Franchisees and Dealers, emerged after Amazon reversed surprise repair charges earlier this year, inspiring members to push for broader concessions. With holiday demand peaking, DEFT highlights concerns over rising insurance and operational costs, flat fee schedules, and a revised performance rating system that many claim makes profitability harder to sustain.

 

Wall Street Journal

The number of billionaires worldwide has risen to 2,900, collectively controlling $15.8tn in wealth, according to a new report from UBS. This marks an increase from 2,700 billionaires with $14tn in 2024, driven by tech sector valuations, rising share prices, and investment gains. UBS recorded 287 new billionaires, the second-highest annual increase since tracking began in 2015, split between entrepreneurs and heirs, including Colossal Biosciences founder Ben Lamm and 15 members of two German pharmaceutical dynasties. The rise reflects a broader generational transfer of wealth, with inheritance playing a growing role. The U.S. remains the dominant region, though billionaire clients surveyed by UBS reported declining short-term investment appeal in North America (63%, down from 81%), with growing interest in Western Europe and Asia. 

 

Wall Street Journal