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Senate Intelligence Committee Vice Chairman Mark Warner (D-VA) has said Chinese intelligence is continuing a massive hack of U.S. telecom networks in a cyber campaign that allows it to access the communications of almost every American. Warner told reporters that he still gets “conflicting” assessments from various intelligence agencies on whether the China-linked hacking group known as Salt Typhoon can still access the data from nine of the largest U.S. telecommunication companies. “I believe they’re still inside. Some parts of our government think we’ve got them out. They have not shown us,” Warner said. “I had conflicting information.”

 

Financial Times

Washington Examiner

The U.S. Office of the Comptroller of the Currency has granted preliminary approval to major cryptocurrency companies, including Ripple and Circle, to establish national trust banks, which could significantly evolve the integration of digital assets within the traditional banking framework. These conditional approvals enable the firms to manage customer assets and expedite payments, though they cannot accept cash deposits or issue loans. Comptroller of the Currency Jonathan Gould expressed optimism about new entrants to the banking sector benefiting consumers and the economy, despite concerns from the banking industry regarding potential regulatory leniency.

 

Reuters

Chief financial officers remain broadly optimistic about the U.S. economic outlook but are unconvinced that President Donald Trump’s decision to replace Federal Reserve chair Jerome Powell will enhance the central bank’s effectiveness, according to CNBC’s Q4 2025 CFO Council Survey. The majority of CFOs expect economic stability in 2026, with 73% describing their outlook as optimistic and most predicting no recession or bear market. However, 77% said it is “doubtful” that Mr. Trump’s Fed nominee - widely expected to be National Economic Council Director Kevin Hassett - would make the institution more effective than under Mr. Powell’s leadership. CFOs anticipate only one or two rate cuts in the first half of next year and expect inflation to remain above the Fed’s 2% target into 2027. Despite a 16% rise in the S&P 500 this year and the extension of corporate tax cuts, 72% of CFOs rated Mr. Trump’s first year of his second term as either “fair” or “poor.” His trade and immigration policies were particular points of criticism, with many saying they are not conducive to business success. By contrast, Treasury Secretary Scott Bessent received a stronger reception, with 62% of CFOs rating his performance as “good” or “excellent.” 

 

CNBC

A federal judge in California has ruled that millions of Ticketmaster customers can proceed as a class in an antitrust lawsuit accusing Live Nation Entertainment and its subsidiary of using monopoly power to boost ticket prices. U.S. District Judge George Wu in Los Angeles said the plaintiffs met the criteria to expand their lawsuit into a class action seeking 15 years of alleged damages tied to the purchase of more than 400 million tickets.

 

Music Business Worldwide

Reuters

The House of Representatives has passed the PERMIT Act, aimed at reducing states' authority to impede pipeline developments, with a vote tally of 221 to 205. This legislation targets a provision of the Clean Water Act that governors in Northeastern states have used to block pipelines they believe could harm water supplies and the environment. By curbing these powers, the bill seeks to facilitate the federal permitting process for energy projects, allowing increased access to shale gas from states including Pennsylvania and Ohio to urban consumers.

 

Bloomberg

The Transportation Security Administration (TSA) has terminated a collective bargaining agreement covering 47,000 TSA officers. The agency said it will dissolve the 2024 agreement covering the airport screening officers on Jan. 11. The American Federation of Government Employees (AFGE) said it would file a lawsuit to challenge the decision. “[Homeland Security Secretary Kristi Noem's] decision to rip up the union contract for 47,000 TSA officers is an illegal act of retaliatory union-busting that should cause concern for every person who steps foot in an airport,” observed AFGE National President Everett Kelley. The agency said that union representation is “inconsistent with efficient stewardship of taxpayer dollars and impedes the agility required to secure the traveling public.” 

 

Politico

Reuters

Roomba maker iRobot has filed for bankruptcy and will be taken over by Picea, its Chinese supplier, marking the end of a company that popularised the robot vacuum cleaner. The Massachusetts-based firm, founded in 1990, filed for Chapter 11 protection in Delaware bankruptcy court as it grapples with increased competition from lower-priced rivals and new U.S. tariffs. Under the plan, Picea will take 100% of the company's equity and cancel the $190m it is owed by the firm. iRobot said the bankruptcy is not expected to disrupt its app functionality, customer programs, global partners, supply chain relationships or product support.

 

Bloomberg

Financial Times

Reuters

Wall Street Journal

GE Vernova is partnering with the U.S. government to bolster stockpiles of the rare earth element yttrium, which is becoming scarce due to China's export restrictions. CEO Scott Strazik assured investors that the company has sufficient yttrium supplies to last through 2025 but remains proactive about seeking additional inventory. As prices for yttrium have skyrocketed by 4,400% outside China this year, the company is also exploring alternatives to reduce reliance on rare earths for its production processes.

 

Reuters

Lending by private credit firms in emerging markets has surged to $18bn so far this year even as the U.S. sector struggles, according to data from the Global Private Capital Association.

 

Financial Times

Coupang founder Bom Kim has told South Korean lawmakers that he won’t attend this week’s parliamentary hearing on the country’s largest-ever data breach. Two former heads of the retailer's Korean operations had already notified lawmakers that they would not attend after being summoned by the parliamentary committee, saying they had resigned from Coupang. The committee described the moves as a “systematic evasion of corporate responsibility” that betrays public trust.

 

Bloomberg

Dutch insurer Aegon has announced the relocation of its headquarters and legal seat to the United States, and a rebrand as Transamerica. Aegon CEO Lard Friese said: “We are ready for the next frontier: to fully capture the opportunities in the largest life insurance market in the world: the U.S.,” adding: “Aegon's ambition is clear: we want to become a leading U.S. life insurance and retirement group.” The transition will impact around 250 employees and is expected to be completed by January 2028. The group's shares will remain listed in Amsterdam.

 

NL Times

Canadians are slowly raising a glass to U.S. alcohol again, as provinces resume limited sales of products pulled from shelves earlier this year in response to U.S. tariffs on Canadian goods. Manitoba, Nova Scotia, and Quebec have begun offering stockpiled American spirits and wines, often with proceeds going to local charities, while Ontario and British Columbia continue to hold large inventories. Popular items, particularly Kentucky bourbon and California wines, have seen strong demand, with Manitoba reporting nearly $2m in sales on the first day of public availability.

 

CBC