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A group of 26 institutional investors with $1.5tn in funds has outlined the "clear and consistent" expectations of asset managers when it comes to climate stewardship. The group has asked asset managers to more actively engage with the companies they are invested in about their climate risk, saying climate change is a long-term financial risk, particularly for pension funds that will need to pay out retirement incomes for decades to come. The Asset Owner Statement on Climate Stewardship sets out clear expectations of asset owners regarding climate stewardship and aims to "empower" them to deliver on their asset owner climate objectives as part of their mandates. Leanne Clements, head of responsible investment for The People’s Pension and lead of the initiative, which includes Scottish Widows, the People’s Partnership and Brunel Pension Partnership, said: “Asset owners and asset managers must work together in partnership to drive meaningful change: not only in the companies in which we invest, but in the underlying economic, social and environmental systems upon which our members depend.”

 

Financial Times

Investments & Pensions Europe

Pensions & Investments

Professional Pensions

The U.S. Department of Justice is to stop defending the independent status of the National Labor Relations Board (NLRB), Federal Trade Commission (FTC) and Consumer Product Safety Commission, according to a letter from Acting Solicitor General Sarah Harris to Sen. Dick Durbin (D-IL), ranking member of the Senate Judiciary Committee. Members of many bipartisan independent agencies can, under a near century-old Supreme Court precedent, only be fired for cause, unlike executive branch agencies whose heads the president can fire at will. "I am writing to advise you that the Department of Justice has determined that certain for-cause removal provisions that apply to members of multi-member regulatory commissions are unconstitutional and the Department will no longer defend their constitutionality," Harris wrote. Companies including Amazon, SpaceX and Meta Platforms have filed lawsuits since last year targeting the NLRB and the FTC.

 

Reuters

The Consumer Financial Protection Bureau (CFPB) has had its operations suspended by the Trump administration, raising concerns about consumer protection. Established to oversee financial institutions and safeguard consumers from unfair practices, the CFPB has been a target for conservatives who argue it lacks oversight. Russell Vought, director of the Office of Management and Budget, instructed the CFPB to halt investigations and proposed rules, stating employees should “not perform any work tasks.” This suspension affects key rules, including those capping overdraft fees and removing medical debt from credit reports. Lauren Saunders from the National Consumer Law Center said: “The public broadly thinks that overdraft fees are unfair and medical debt shouldn't be on credit reports.” Kitty Richards, senior strategic advisor at the advocacy group Groundwork Collaborative, noted that consumers today are more vulnerable to data privacy violations, junk fees, and financial scams. Without the CFPB, corporations are “freer to prey on the American people without fearing they might have to give back the money," she said.

 

US News and World Report

President Donald Trump has announced plans to increase U.S. tariffs to match foreign tax rates on imports, and has ordered agencies to investigate plans for new reciprocal levies that could boost America’s revenues. Commerce Secretary nominee Howard Lutnick said he anticipates the investigation will be complete by April 1st. It is then up to Trump to decide, as of April 2nd, when to enact the recommendations. “They charge us a tax or tariff and we charge them the exact same,” Trump told reporters Thursday in the Oval Office before signing a memo dubbed the “Fair and Reciprocal Plan.” “Nobody knows what that number is unless you go by country,” Trump said. In calculating what reciprocal tariff rate to levy on other nations, Trump said his administration will also be taking into account nations with value-added tax (VAT), which he labeled “far more punitive than a tariff.” He added: “Prices could go up somewhat short term, but prices will also go down. So Americans should prepare for some short-term pain.” The U.S. currently has a weighted average import tariff rate of 2% on industrial goods, according to the U.S. Trade Representative, giving special consideration to the value of a country's imports. 

 

AP News

CNN

New York Times

Wall Street Journal

House Republicans introduced a budget plan on Wednesday that aims to facilitate the passage of President Donald Trump's key domestic priorities. The proposal includes up to $4.5tn in tax cuts and a $4tn increase in the debt limit to ensure the U.S. can meet its financial obligations. House Speaker Mike Johnson said, “Then, we'll work with everybody over the week to make sure they are on board.” The plan also mandates various committees to cut spending by at least $1.5tn, with a goal of $2tn over the next decade. While some Republicans seek deeper tax cuts, others advocate for more significant spending reductions. The Senate is pursuing a narrower budget focused on border security and defense spending, with a total of $175bn allocated for these areas. Critics, including Sen. Jeff Merkley (D-OR), the ranking member of the Senate Budget Committee, argue that the proposed tax cuts primarily benefit the wealthy and will increase national debt.

 

Bloomberg Tax

The Baltimore Sun

Wall Street Journal

At the end of the third quarter of 2024, U.S. consumers owed a total of $17.57tn in debt, reflecting a 2.4% increase from $17.15tn from the same period a year earlier, according to Experian data. This modest rise in debt levels is attributed to a slowing inflation rate, which has fallen below 3% for the first time since 2022. The report highlights that "each type of consumer debt tells a different story about consumers' financial habits," indicating varied trends across different debt categories. Experian's analysis of anonymized credit data aims to shed light on these trends and the outlook for consumer borrowing in 2025.

 

Missoulian

U.S. wholesale prices increased more than anticipated last month, indicating a halt in progress against rising inflation. The Labor Department reported a 0.4% rise in the producer price index from December and a 3.5% increase from January 2024, surpassing forecasts of 0.2% and 3.2%, respectively. Core producer prices, excluding food and energy, rose 0.3% month-over-month and 3.6% year-over-year. Paul Ashworth of Capital Economics noted: “the components that feed into the Fed's preferred PCE price measure were, on the whole, very tame.” Despite previous rate cuts by the Federal Reserve, persistent inflation may lead to a pause in further reductions, with Wall Street expecting only one cut this year, likely in October.

 

CNBC

Los Angeles Times

Reuters

Automakers, including General Motors and Ford Motor, are actively lobbying against the potential elimination of electric vehicle (EV) tax credits proposed by President Donald Trump. They are advocating for a gradual phase-out to allow time for adjustments, emphasizing that "many of those jobs will be at risk" if the Inflation Reduction Act (IRA) is repealed, according to Ford chief executive Jim Farley. The industry argues that thousands of jobs depend on EV production, particularly in Republican states like Ohio and Georgia, where many battery plants are located. Automakers are also concerned about new tariffs that could harm their operations. The IRA, which includes a 10-year extension of consumer tax credits and manufacturing subsidies, is crucial for maintaining a competitive edge against foreign manufacturers. The outcome of this lobbying effort remains uncertain as automakers seek to protect their investments and jobs in the evolving EV market.

 

Accounting Today

Chevron has announced plans to lay off 15% to 20% of its global workforce, affecting approximately 6,000 to 8,000 employees, as part of a strategy to achieve $3bn in cost reductions by 2026. The company is leveraging technology, asset sales, and operational changes to meet this target. Amidst a court battle with Exxon Mobil over its acquisition of Hess, Chevron is also grappling with weak refining margins, having reported a loss in the fourth quarter for the first time since 2020. Employees can opt for buyouts until April or May, with notifications for layoffs expected by May or June.

 

Forbes

The Globe and Mail

Nissan and Honda have terminated their merger discussions aimed at creating a $60bn automotive giant, plunging Nissan into further uncertainty amid increasing competition from Chinese manufacturers. The negotiations, which began in December, faltered due to disagreements over power dynamics, particularly Honda's proposal to make Nissan a subsidiary. Following the collapse, both companies will maintain their existing collaboration on technology development with Mitsubishi Motors. 

 

The Guardian

The Times

JPMorgan Chase chief executive Jamie Dimon has rejected employee calls to soften the bank's five-day return-to-office policy. Some workers have voiced their concerns on internal platforms, and around 950 have signed a petition against the policy. In a town hall meeting on Wednesday, Dimon said: "Don't waste time on it. I don't care how many people sign that . . . petition," as he underscored his commitment to in-person work despite employee dissatisfaction. In-office mandates will not be left up to managers, Dimon said. "There is no chance that I will leave it up to managers . . . Zero chance. The abuse that took place is extraordinary." He emphasized the need for increased efficiency, demanding a 10% improvement across departments, and criticized the excessive bureaucracy within the bank. Dimon said some employees did not pay attention during Zoom meetings, which reduced their efficiency and creativity.

 

U.S. News

Ukraine is negotiating a deal with President Donald Trump to secure continued American military aid in exchange for developing its mineral industry, particularly its rare earth elements. Andrii Yermak, chief of staff to Ukrainian President Volodymyr Zelenskyy, said: “We really have this big potential in the territory which we control.” The rare earth elements are crucial for various technologies, and Ukraine's untapped resources could provide a significant advantage. However, the industry faces challenges, most obviously due to the ongoing war, but also because of insufficient geological data.

 

El Pais

Fast Company

Daily Telegraph

Barrick Gold chief executive Mark Bristow announced that operations at the Loulo-Gounkoto mine will resume once Malian authorities permit gold shipments. The Canadian miner has received confirmation that approximately $245m worth of gold, previously seized, remains its property. However, Mali is demanding a settlement payment of 125bn CFA francs ($197m) and compliance with a new mining code that increases the state's share of mining revenues.

 

Mining

The Port of Brunswick in Georgia has overtaken the Port of Baltimore as the leading U.S. gateway for automobile imports and exports, moving 841,000 vehicles in 2024, a 13% increase from the previous year. Georgia Ports Authority CEO Griff Lynch said: “That's huge. I can't believe it myself,” as he highlighted the impact of $262m in recent improvements that expanded the port's capacity. The Port of Baltimore, which had dominated for over a decade, saw a decline of 11% in vehicle movement due to the Francis Scott Key Bridge collapse, which disrupted operations.

 

U.S. News