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Reuters reports that Wall Street executives have said they are stress‑testing or monitoring private credit portfolios as the asset class comes under scrutiny, but say they are comfortable with their exposure. "We're passing our own test, and we're comfortable with how we're sitting there, so the constant monitoring the risk capital framework, will play a role," Citigroup CFO Gonzalo Luchetti ​said on an earnings call.  Three of the six biggest U.S. lenders recently disclosed about $108bn  financing exposure to private credit or related loans during their quarterly earnings

 

Reuters

The increasing dominance of four major investment banks - BNP Paribas, Barclays, Goldman Sachs and Morgan Stanley - in supplying billions of dollars to help juice bets at hedge funds and proprietary trading firms is precipitating new financial stability risks, ratings agency S&P Global has warned. “A small network of global banks has underpinned nonbank trading firms’ ascent to the center of the financial ecosystem,” S&P's report said. “Together with record leverage and scale and the concentration of such exposures in a handful of banks, this means the ecosystem exhibits an inherent fragility that could be tested under severe stress.”

 

Bloomberg

Financial Times

President Donald Trump has threatened to fire Federal Reserve chair Jerome Powell from his separate seat on the U.S. central bank's Board ​of Governors if Powell does not vacate that post as well when his term as Fed chief ends on May 15. In an interview with Fox Business, Trump said that if Powell stays on the board of the Fed past the date, "then I’ll have to fire him, OK? If he’s not leaving on time, I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial." Powell, citing a longstanding precedent, has said he will stay on as Fed chair if Kevin Warsh, Trump’s nominee to replace him, has not been confirmed before his departure date. Warsh has a confirmation hearing scheduled for next week, but Sen. Thom Tillis, R-N.C., told NBC News on Tuesday that he will not vote to advance his nomination until the Justice Department drops its ongoing investigation into Powell over his handling of the $2.5bn renovation of the Fed’s headquarters. Trump on Wednesday ruled out dropping the investigation.

 

Financial Times

NBC News

Reuters

World Bank President Ajay Banga has raised ​the alarm about a substantive shortfall in jobs for the 1.2 billion people who will reach working age in developing ‌countries in the next 10 to 15 years. At current trajectories, such economies will generate only about 400 million jobs, leaving a deficit of 800 million jobs, Banga told Reuters. He said his discussions with officials in developing countries showed their interest in creating more, and better, jobs for the next generation.

 

Reuters

A Manhattan jury has held that Live Nation illegally maintained a monopoly that harmed competition among venues, ticketing services and other concert promoters. The lawsuit alleged that the company engaged in “anticompetitive conduct,” resulting in fans’ paying higher fees, artists’ having fewer options for touring and venues’ being coerced to use Ticketmaster. “This is a fantastic outcome for the American people,” said Omeed A. Assefi, the acting assistant attorney general for the Justice Department’s Antitrust Division. “DOJ and some states settled their case and got instant relief. The remaining states received a liability finding and will now move on to the next phase of a remedies trial. Everyone but Live Nation wins with this scenario.” Live Nation said in a statement: "The jury’s verdict is not the last word on this matter. Pending motions will determine whether the liability and damages rulings stand."

 

Bloomberg

Financial Times

NBC News

Meta has pulled adverts by law firms on its social media platforms which seek clients for future lawsuits related to social media addiction. The Facebook owner has recently lost two large-scale lawsuits, including a landmark trial in California in which a young woman successfully sued Meta and YouTube over her childhood addiction to social media. Meta said: "We will not allow trial lawyers to profit from our platforms while simultaneously claiming they are harmful." Emily Jeffcott, an attorney for Morgan & Morgan, one of the firms which has placed such adverts, described the move as "another example of Meta trying to control the narrative and avoid accountability."

 

Reuters

BBC News

Maine legislators have passed the first statewide data center ban amid growing pushback across the United States to the rapid rollout of infrastructure underpinning the build-out of AI. The bill, LD 307, bans data centers larger than 20 megawatts until November 2027. “What we’re talking about here is an ability for us to absorb and understand the impact of data centers potentially on the State of Maine,” Sen. Mark Lawrence (D-York) said Wednesday ahead of the Senate vote. “The states that have had data centers come in have had tremendous impacts.”

 

Maine.gov

Maine Morning Star

Financial Times

The Federal Trade Commission (FTC) says it has settled three lawsuits accusing ​companies of falsely claiming their products were ‌made in the United States. The  actions follow U.S. President Trump’s March Executive Order, “Ensuring Truthful Advertising of Products Claiming to be made in America.” As part of these actions, the FTC reached settlements with sellers of American flags and flagpole display kits, entertainment systems for home and commercial use, and footwear products, resolving allegations in separate federal court complaints that these sellers violated the law by making unqualified and unsubstantiated “Made in USA” claims.

 

Federal Trade Commission

Reuters

According to a new Gallup poll, more American workers are integrating artificial intelligence (AI) into their jobs, yet skepticism about the technology persists. The survey reveals that while 30% of employees frequently use AI, many remain concerned about job displacement due to new technologies. Scott Segal, a social worker, expressed his worries, saying: “I think everyone who works in a replaceable field or trade should be planning ahead.” The poll highlights that 40% of workers report their organizations have adopted AI tools, with two-thirds noting a positive impact on productivity. However, about half of U.S. employees said they use AI infrequently or not at all, citing ethical concerns and a preference for traditional methods. The fear of job loss is growing, with 18% of workers believing their jobs may be eliminated in the next five years due to AI advancements.

 

U.S. News

A White House study argues that race-based hiring policies have reduced productivity in industries that adopted them. Using minority representation in management as a proxy for diversity, equity and inclusion (DEI) adoption, the authors say productivity in those industries was 2.7% lower by 2023 and estimate a 0.34% hit to U.S. output. “There is nothing inherently less productive about minority workers or minority managers,” the study says. “The issue is rapidly promoting unqualified workers in order to meet racial quotas set forth by DEI.” The report observes that the “previously virtually unknown” position of chief diversity officer became the “fastest-growing C-suite executive position.” However, some aspects of the study could raise questions about its conclusions, the Wall Street Journal notes.

 

Wall Street Journal

7-Eleven plans to close 645 stores in North America during the 2026 fiscal year, significantly outpacing the 205 new openings expected. The closures, which include conversions to wholesale fuel stores, were noted by parent company Seven & i Holdings Co. in recent earnings filings. The company has over 86,000 stores globally, with more than 13,000 in the U.S. and Canada. Rising prices and inflation have impacted consumer spending, particularly among low-income households. CEO Stephen Hayes Dacus is leading a transformation plan to enhance convenience offerings and expand delivery services.

 

The Globe and Mail

U.S. News