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TikTok has signed binding agreements with investors including Oracle, Silver Lake and MGX for the sale of its U.S. arm, creating a joint venture as part of a deal orchestrated by President Donald Trump. Parent company ByteDance will retain a 19.9% share of the firm, with 30.1% held by affiliates of existing ByteDance investors. TikTok chief executive Shou Zi Chew said the joint venture will "operate as an independent entity with authority over U.S. data protection, algorithm security, content moderation and software assurance," adding that TikTok's U.S. entities "will manage global product interoperability and certain commercial activities, including e-commerce, advertising, and marketing."

 

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U.S. inflation unexpectedly slowed to 2.7% in November from a year earlier, according to a delayed report from the Labor Department, above the Federal Reserve's 2% target, but below the 3.1% rise expected among analysts polled by Dow Jones. Energy prices surged by 4.2%, while core inflation, excluding food and energy, rose 2.6%. “It’s hard to read too much into the November inflation data. The shutdown clearly had a big impact on data collection,” Heather Long, chief economist at Navy Federal Credit Union, wrote in a note on Thursday. “Inflation did not suddenly improve a lot between September and November. Anyone who has been to the grocery store or paid a utility bill knows this.”

 

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The Labor Department reported on Thursday that initial claims for state unemployment benefits dropped 13,000 to a seasonally-adjusted 224,000 in the seven days to December 13th. Economists surveyed by Reuters had expected 225,000 new claims. The four-week moving average rose 500 to 217,000, while the total number filers for jobless benefits, reported with a one-week lag, grew 67,000 to 1.9m. 

 

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Reuters

Global financial crime auditors, including officials from the Financial Action Task Force (FATF), interviewed Canadian financial companies and 13 government agencies in November, according to sources with knowledge of the visits. Among those interviewed were executives at TD Bank, which last year paid the largest-ever fine to settle a U.S. money laundering case. Reuters notes that a negative report from the FATF could hurt Canada’s foreign investments and the country’s reputation at a time when Prime Minister Mark Carney is seeking to boost productivity and make the Canadian economy less reliant on the United States.

 

Reuters

Hogan Lovells and Cadwalader, Wickersham & Taft are merging to form a new firm, Hogan Lovells Cadwalader, with combined revenues exceeding $3.6bn. The merger will create the world's fifth-largest law firm, employing over 3,000 lawyers. “Clients are increasingly looking for law firms with deep sector expertise and broad global reach to advise on their most complex mandates around the world,” said Hogan Lovells CEO Miguel A. Zaldivar Jr., who will lead the new entity. Partners will vote on the merger in spring, with completion expected by June. Despite potential office overlaps, job losses are not anticipated. 

 

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Contract negotiations between Boeing and the Society of Professional Engineering Employees in Aerospace (SPEEA) regarding 1,600 engineers at Spirit AeroSystems have been paused until January 5, following Boeing's recent acquisition of the fuselage supplier. SPEEA expressed its frustration over what it said was Boeing's lack of preparation for the talks, especially as the current contract is set to expire on January 31, 2026. "The integration of our Boeing Wichita team is a highly complex effort and we are taking the time necessary to be thoughtful with these negotiations," a Boeing spokesperson told Reuters.

 

Reuters

Nike has reported a surprise increase in global revenue but weakening sales in important markets around Asia and Latin America, showing mixed quarterly results as the company attempts to pull out of a slump. The firm's shares fell as much as 10% in after-market trading, despite it reporting a 1% increase in sales for the three months to November 30th to $12.4bn, ahead of the $12.2bn expected among Wall Street analysts. Net income totalled $792m. Sales increased 9% in North America to $5.63bn, but were down 17% to $1.4bn in greater China and 4% to $1.7bn in the Asia Pacific and Latin America region. Gross profit margin declined three points to 40.6%, which the company attributed to higher tariffs in North America.

 

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Amazon is reportedly in discussions to invest around $10bn in OpenAI, potentially valuing the company at over $500bn amid the booming demand for advanced AI technologies. Additionally, significant investments have emerged from other firms: Walt Disney plans to invest $1bn in OpenAI, while Nvidia is set to pour up to $100bn into the company, reflecting a race among major players to enhance their AI capabilities. This wave of funding highlights the urgent need for robust computing power to support the rapid advancement of AI systems.

 

Reuters

Grant Thornton International has reported record global revenues of $8.5bn for the year ending September 30th 2025, marking a 6.1% rise year-on-year and capping a five-year strategy that saw revenues grow from $6.6bn in 2021. The professional services firm cited strong performances across assurance (+7.9%), advisory (+4.7%), and tax (+4.5%), with regional growth led by Africa (+16.2%) and Asia Pacific (+11.2%). Global headcount also rose 5.3% to 80,000. Chief executive Peter Bodin said the results reflect sustained organic growth and strong client trust as leadership transitions to incoming CEO Greg Keith.

 

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CPA Practice Advisor

President Donald Trump has signed an executive order to reschedule marijuana as a Schedule III drug. The change would relieve businesses from the burdens of IRS Code 280E, allowing them to deduct routine expenses like rent and payroll. Jason Tarasek, a Minnesota cannabis attorney, stated, “That is the primary benefit for a business—with rescheduling to Schedule III, it will eliminate what the industry calls the 280E tax penalty.” The order also authorizes a pilot program for Medicare reimbursement of cannabidiol (CBD) and aims to enhance medical research opportunities. However, challenges remain, including banking restrictions and the need for further regulatory changes. Tarasek emphasized that while this is a positive step, it should not be mistaken for full legalization. “Does this mean the federal government is going to legalize marijuana tomorrow? Absolutely not,” he noted.

 

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Several major banks have won their bid to block a £2.7bn ($3.6bn) lawsuit brought on behalf of thousands of asset managers, pension funds and financial institutions over alleged foreign exchange rigging. The lawsuit, which was brought against lenders including JPMorgan, UBS, Citigroup, Barclays and Natwest is based on European Commission findings. The commission fined banks more than €1bn ($1.1bn) in 2019 after finding they had rigged the multitrillion-dollar foreign exchange market in two separate cartels between 2007 and 2013. An appeal by the banks to the UK's Supreme Court reinstated a Competition Appeal Tribunal decision to refuse to certify the case on an opt-out basis.

 

Reuters

Republican lawmakers say Intel is threatening U.S. national security after a report found the semiconductor manufacturer was evaluating chipmaking equipment made by ACM Research, a Chinese-linked company. "Testing Chinese-linked tools for U.S. chip manufacturing opens the door for the (Chinese Government) to manipulate or compromise our most advanced semiconductor capabilities," Republican Senator Marsha Blackburn said. "It is egregious that Intel would put American national and economic security at risk."

 

Reuters