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Several federal employees have told CNN that they are afraid their lives will be forever changed – including physically threatened – as Elon Musk, who President-elect Donald Trump has announced will co-lead a new “Department of Government Efficiency,” makes government staff into personal targets. Last week, Musk reposted two X posts that revealed the names and titles of people holding climate-related government positions. “These tactics are aimed at sowing terror and fear at federal employees,” said Everett Kelley, president of the American Federation of Government Employees, which represents more than 800,000 of the 2.3 million civilian federal employees. “It’s intended to make them fearful that they will become afraid to speak up.” Mary “Missy” Cummings, a former senior adviser at the National Highway Traffic Safety who angered Musk because of her criticisms of Tesla, said she already knows of federal employees who are quitting their jobs. “He intended for them, for people just like this, to be intimidated and just go ahead and quit so he didn’t have to fire them. So his plan, to some extent, is working,” she said.

 

CNN

The Wall Street Journal says Morgan Stanley "courted dodgy customers" to build a wealth management empire. A cache of internal company documents describe the bank’s weak anti-money-laundering controls and failure to complete due-diligence reviews. Morgan Stanley’s wealth management division, which oversees about $6 trillion of assets, represents close to half the firm’s total revenue and has been a crucial source of profits. International clients are viewed as an engine for growth. The documents illustrate "the day-to-day operations of the bank that appeared to fall short of regulatory standards," with bottlenecks in the bank’s anti-money-laundering procedures delaying the vetting of thousands of accounts, which were allowed to proceed in the meantime. “For Morgan Stanley, the international business is a blessing and a curse,” a former veteran executive said. “It’s a growth business but the risk is enormous, and they have grown too fast.”

 

Wall Street Journal

Texas and 10 other Republican-led states, including West Virginia and Montana, have sued BlackRock, State Street and Vanguard, accusing the fund managers of using their holdings in coal producers to constrict supplies and drive up prices. The companies used net zero carbon emissions goals as a means to pressure coal producers into reducing output, the lawsuit alleges, in a move that drove up prices for American consumers, and “produced cartel-level profits.” Texas Attorney General Ken Paxton said in a statement: “Texas won’t tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.” Paxton cited the Clayton Antitrust Act, a 1914 federal law that outlaws buying shares with the result of substantially reducing competition.

 

Bloomberg

Dallas Morning News

Financial Times

Reuters

White Oak, a U.S. investment firm, has ramped up its $143m lawsuit against Marsh, the largest insurance broker globally, alleging fraudulent conduct linked to the collapse of Greensill Capital.

 

Financial Times

U.S. president-elect Donald Trump’s plan to impose new tariffs on goods entering the U.S. risks higher prices for shoppers, Ikea has said. Ingka Group, the main Ikea retailer that runs 90% of the group’s stores, said the new trade tariffs would make selling furniture and homeware at low prices “more difficult.” Ingka Group chief executive Jesper Brodin said the company had “never experienced a period of benefit” when high tariffs had been imposed, telling CNN “In general, we don’t believe tariffs will support international companies and international trade. At the end of the day, that risks ending up on the bills of customers . . . Tariffs make it more difficult for us to maintain the low prices and be affordable for many people, which in the end is our goal.” He said “We will need to understand and adapt.” Ingka said profits fell to €806m (approximately $850m) in the year to September, compared to €1.5bn a year earlier.

 

Financial Times

The Daily Telegraph

The Independent

The U.S. Department of Homeland Security (DHS)  is investigating Chinese online retailer Temu for potential violations of the Uyghur Forced Labor Prevention Act (UFLPA), which could lead to a ban from the U.S. market. Officials and intelligence experts indicate that Temu, known for its extremely low prices, may rely on forced labor, particularly from Uyghur Muslims in Xinjiang, China, and spy on users of its mobile app. The UFLPA prohibits importing goods made wholly or partially with forced labor, and specifically targets products from Xinjiang. Despite concerns, Temu has not been added to the U.S. banned list. Concerns include the company's ability to self-certify compliance with UFLPA and potential cybersecurity risks similar to those associated with TikTok. The European Union has also launched an investigation into Temu's practices. The DHS is being urged to advance measures to accurately verify product origins to uphold the UFLPA effectively.

 

New York Post

Wage increases in Canada are failing to keep pace with surging food prices, precipitating labor unrest across the nation. Prime Minister Justin Trudeau's government has intervened in various strikes, including those by postal workers demanding a 24% pay rise over four years. Jim Gallant, the postal worker union's negotiator, said: “Too many people have fallen behind” due to inflation. While grocery prices have surged by 20% over the past three years, wages have only risen by about 12%, leaving many Canadians feeling financially strained. Despite a reported 4% year-on-year growth in hourly wages, the Bank of Canada anticipates a cooling labor market, which may further impact wage pressures.

 

Business Times SG

Texas lawyer Brandon Monk faces sanctions for submitting an AI assisted brief that cited two non-existent cases and included unverifiable quotations. Judge Marcia A. Crone of the U.S. District Court for the Eastern District of Texas observed: “At the very least, attorneys must read, and thereby confirm the existence and validity of, the legal authorities on which they rely.” Monk was ordered to pay a $2,000 penalty and complete a continuing legal education course on generative AI.

 

Reuters

Symbotic, the warehouse automation developer that counts Walmart and Target as customers, has disclosed accounting errors less than two weeks after it said it had fixed another set of accounting mistakes.

 

Financial Times

A group of activists from Birmingham, AL, is urging a boycott of a local Walmart this Black Friday after the company's announcement that it is rolling back some diversity, equity and inclusion initiatives nationwide. “We as community members recognize the power of our dollars,” the organizers wrote. “By choosing where it’s spent, a clear message is sent that corporations must prioritize supporting and uplifting minority communities . . . We are calling on individuals across the state — and beyond — to stand in solidarity by boycotting Walmart this Friday and urging the company to restore its commitment to DEI and support for minority entrepreneurs.”

 

AL.com

Volkswagen has said it is to sell its factory and test track in Xinjiang for "economic reasons." China has been accused of numerous human rights abuses in the region, including so-called re-education camps and forced labor targeting Uyghurs and other minority groups. The Uyghur people are a Turkic-speaking and predominantly Muslim ethnic group that inhabit Xinjiang. The German company will transfer its factory in Urumqi and a test track in Turpan to the Shanghai Motor Vehicle Inspection Center (SMVIC). The decision comes as Volkswagen has struggled in the Chinese market, losing its status as the best-selling auto brand to BYD.

 

Deutsche Welle (EN)

France 24

Australia will ban children under 16 from using social media, after the country's parliament approved the world's strictest laws. The ban, which will not take effect for at least 12 months, could see tech companies fined up to A$50m ($32.5m) if they don't comply. Prime Minister Anthony Albanese says the legislation is needed to protect young people from the "harms" of social media. Critics say questions over how the ban will work, and its impact on privacy and social connection, have been left unanswered. The legislation does not specify which platforms will be banned. Those decisions will be made later by Australia’s communications minister, who will seek advice from the eSafety Commissioner, an internet regulator that will enforce the rules. However the minister, Michelle Rowland, has said the ban will include Snapchat, TikTok, Facebook, Instagram and X. Gaming and messaging platforms are exempt, as are sites that can be accessed without an account, meaning YouTube, for instance, is likely to be spared.

 

ABC News

BBC News

News.com.au

The Australian

The New York Times has asked its readers to share their thoughts about Black Friday shopping. More than 75 wrote in, and most said they were not planning to shop on the day, with many saying it no longer felt like a unique shopping event. Other correspondents suggested supporting small businesses rather than big-box retailers. Hayley Leibson, however, wrote in to say that she “fiercely loves” Black Friday. “On Black Friday, when those sales come up, I buy everything I’ll need for the entire year,” said Leibson, who lives in Mill Valley, Calif. “I have my list . . . In the morning, I will just go on all of the websites and then just buy everything in one shot.”

 

New York Times