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A federal judge has said that the Trump administration must allow funding for the Consumer Financial Protection Bureau (CFPB) to continue. The administration has been trying to dismantle the agency, which acts as a guardrail for the safety of the financial system, through staffing and funding cuts. Judge Amy Berman Jackson of the Federal District Court in Washington wrote that the watchdog could continue to receive funding from the Federal Reserve even though the Fed had been operating at a loss since 2022. The Fed’s willingness to pay has not changed, she wrote, adding that “the only new circumstance is the administration’s determination to eliminate an agency created by Congress with the stroke of pen.”

 

NPR

Reuters

Bankruptcies are rising sharply across the U.S., affecting large corporations, small businesses and households, highlighting mounting financial strain across the economy. Large corporate filings have reached their highest level in 15 years, according to S&P Global Market Intelligence, with 717 cases logged through November, surpassing last year’s total. Unlike past downturns concentrated in specific sectors, insolvencies are now spread widely, an unusual pattern lawyers attribute to higher costs, tighter credit and economic uncertainty. Data from American Bankruptcy Institute shows small-business filings under Subchapter V rose nearly 10% year on year, while individual bankruptcies increased 8% in November. Analysts say bankruptcy is increasingly being used as a necessary tool for businesses and families seeking to manage debt and regain financial stability.

 

Business Insider

The Wall Street Journal reports that Saks Global is planning to file for Chapter 11 bankruptcy after missing a $100m interest payment related to its 2024 Neiman Marcus acquisition. Since the merger, Saks has struggled with mounting debt, declining sales, and delayed vendor payments, which have reduced merchandise availability. Talks with creditors for bankruptcy financing are underway. In June, the retailer raised $600m to meet previous obligations. A 13% sales drop to $1.6bn and a $288m net loss in the August quarter further pressured the business. Saks has also upset suppliers by extending payment terms.

 

Wall Street Journal

In his annual end-of-year message, Chief Justice John Roberts has emphasized the U.S. Constitution's enduring strength following a challenging year for the judicial system. His remarks came as the nation awaits significant Supreme Court decisions in 2026, including challenges to President Donald Trump’s executive order ending birthright citizenship and his use of emergency powers to impose sweeping tariffs. Roberts did not directly address concerns about the independence of the judiciary but praised the Constitution for “granting life tenure and salary protection to safeguard the independence of federal judges and ensure their ability to serve as a counter-majoritarian check on the political branches . . . This arrangement, now in place for 236 years, has served the country well.”

 

The Baltimore Sun

CNN

Washington Post

AOL.com

The U.S. Chamber of Commerce is appealing a federal court's refusal to block the Trump administration's $100,000 fee on applications for H-1B visas. Last month, U.S. District Judge Beryl Howell in Washington, D.C. rejected a challenge from the nation's largest business lobbying group that the fee on new H-1B visas for highly skilled foreign workers conflicted with federal immigration law and would lead many employers to cut jobs and the services they provide to the public.

 

Bloomberg

Interviews with more than a dozen corporate legal and compliance experts suggest that the Equal Employment Opportunity Commission (EEOC) has a high bar to clear to prove companies' diversity, equity and inclusion (DEI) policies violate discrimination law, Reuters reports. New EEOC chair Andrea Lucas told Reuters last week that the agency plans to launch inquiries into corporate DEI practices to find out whether employers made race or sex-based decisions - but former EEOC chair Jenny Yang says it still has to build a case and convince the courts that a company's programs run afoul of the law.

 

Reuters

The heirs of late tech billionaire Robert Brockman have agreed to pay $750m to the Internal Revenue Service to settle the largest individual tax fraud case in U.S. history. Brockman was accused of hiding $2bn in income over two decades. The civil settlement covers $456m in back taxes and $294m in penalties, ending a case that continued after his death in 2022.

 

Forbes

Wall Street Journal

Greg Abel has officially succeeded Warren Buffett as Berkshire Hathaway's CEO, taking control of a company holding $358bn in cash. Shareholders await Abel's strategy, especially amid a pricey stock market and a pause on Berkshire share buybacks. Abel called the cash an “enormous asset” during the 2025 annual meeting, adding: “It gives Berkshire a cushion.” Though Abel avoids the spotlight, he’s respected for his leadership since 2018 of Berkshire's non-insurance businesses. Buffett affirmed: “Greg has exceeded my expectations in every respect.” Abel is expected to maintain Berkshire’s decentralized and conservative capital approach.

 

CNBC

Goldman Sachs has warned investors that their data may have been exposed in a breach at one of the bank's law firms. Fried Frank Harris Shriver & Jacobs informed Goldman of a "cybersecurity incident" and said its network was now secure and the vulnerability had been corrected. Goldman said its systems were not affected by the incident, and it is working with the law firm “to better understand whether our data or our clients’ data may have been exposed.”

 

Bloomberg

Tougher U.S. tariffs and stricter customs enforcement are leaving tens of thousands of small imports stranded, returned or destroyed, according to a report in the Wall Street Journal. Goods that once cleared quickly are now delayed due to missing or more detailed paperwork requirements, particularly after the removal of the "de minimis" tariff exemption for low-value parcels. Carriers including UPS, FedEx and DHL say most shipments are eventually resolved, but returns and destructions have increased. U.S. Customs and Border Protection has sharply increased revenue from import reviews, while Food and Drug Administration has blocked far more products. Businesses and consumers report rising costs, delays and uncertainty, as enforcement agencies stress that importers are responsible for compliance.

 

The Wall Street Journal

Italy's antitrust authority has instructed Meta Platforms to halt contractual terms that could exclude rival AI chatbots from its WhatsApp service, as it investigates potential abuse of market dominance. A Meta spokesperson labelled the decision as "fundamentally flawed," arguing that the rapid rise of AI chatbots strains their systems. This move reflects Europe's increasing scrutiny of big tech firms and aims to ensure fair competition and protect consumers in the emerging AI chatbot market.

 

Reuters

The U.S. has accused China of unfair trade practices in the semiconductor sector but will delay imposing new tariffs on Chinese chips until 2027. The Office of the U.S. Trade Representative said China’s strategy to dominate production of older-generation chips harms U.S. commerce, following an inquiry begun under the Biden administration. The decision reflects efforts by Donald Trump to stabilise relations with Beijing after recent trade tensions. Trump and Xi Jinping agreed a truce in October, easing tariffs in exchange for Chinese action on fentanyl-related chemicals.

 

Wall Street Journal

China's cyber regulator has released draft rules for public comment aimed at tightening oversight of AI services that simulate human personalities and engage users emotionally. The proposed regulations stress safety and ethical standards for consumer-facing AI products and mandate providers to warn against excessive use and intervene in cases of addiction. Providers must assume safety responsibilities throughout the product lifecycle, enforce algorithm reviews, and protect user data. Additionally, the draft seeks to address psychological risks by requiring providers to assess users' emotions and intervene if they display extreme emotions or addictive behaviors. The regulations also prohibit content that threatens national security or promotes harmful behaviors.

 

Reuters

New research warns that even infrequent cannabis use can negatively impact teenagers' academic performance and emotional well-being. The study, published in the journal Pediatric, found that using cannabis just once or twice a month is linked to poorer school performance and increased emotional distress. Dr. Ryan Sultán, the study leader and Assistant Professor of clinical psychiatry at Columbia University, said: "A few ‘harmless' joints can snowball into real academic consequences." The findings highlight that today's cannabis products are more potent, containing two to three times more THC than in the past, which raises concerns about their effects on developing brains. The study analyzed data from over 160,000 American students, revealing that adolescents who used cannabis reported higher rates of depression-like symptoms and poor academic engagement.

 

Bradenton.com

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