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The Trump administration plans to create a roughly $12bn stockpile of rare earths and critical minerals to reduce U.S. dependence on China and protect manufacturers from future supply disruptions. The initiative, called Project Vault, would be funded through $1.67bn in private capital and a $10bn, 15-year loan from the U.S. Export-Import Bank. It is designed to function similarly to the Strategic Petroleum Reserve, holding minerals such as rare earths, gallium, and cobalt for use during shortages. The move follows China’s use of its dominance - about 90% of global rare-earth processing capacity - to restrict supplies to U.S. industries, including defense and automotive manufacturing. Beijing recently imposed licensing requirements on rare-earth magnet exports to U.S. firms. More than a dozen companies have agreed to participate, including General Motors, Stellantis, and Google. Administration officials and industry leaders said the stockpile would strengthen national security, support re-industrialization, and improve supply-chain resilience for key U.S. industries.

 

CNBC

Financial Times

Wall Street Journal

U.S. Trade Representative Jamieson Greer has told CNBC that the Supreme Court is taking its time to rule on a case challenging the legality of President Donald Trump's tariffs because of the "enormous" stakes involved. "We've built a new trade order on the back of these tariffs," Greer said. "So the stakes are enormous, and I think the court . . .  is being very careful and considerate as to how they deal with this issue of extreme national interest."

 

Reuters

French prosecutors have asked Elon Musk to appear for questioning as part of an investigation into the distribution of sexual deepfakes and Holocaust denial content on his X social media platform. The Paris offices of X were searched following a public outcry over how the firm's Grok chatbot spread sexualized images of women and children. A voluntary summons was issued for Musk and former X CEO Linda Yaccarino to appear and answer questions about the platform's adherence to French law. "The voluntary interviews with the managers should enable them to explain their position on the facts and, where applicable, the compliance measures envisaged," the prosecutor's office said.

 

Axios

Financial Times

NBC News

A White House meeting which sought to break a protracted stalemate between major U.S. banks and cryptocurrency firms has ended without agreement. A key sticking point between the two industries is how the bill treats interest and other rewards paid on stablecoins. Banks want language in crypto market structure legislation to prohibit the practice. “The White House continues to engage in productive conversations to advance President Trump’s agenda of cementing American dominance in the cutting-edge technologies of the future," said White House spokesman Kush Desai.

 

Reuters

The Republican-led House has narrowly approved legislation to end a partial U.S. government shutdown, passing the funding bill by a 217–214 vote before President Donald Trump signed it into law. The measure restores funding for much of the government through the end of the fiscal year, while temporarily funding the Department of Homeland Security until mid-February to allow further negotiations over immigration enforcement. The vote exposed deep divisions within and between the parties, with most Democrats opposing the bill over concerns about immigration policy and some Republicans dissenting over unrelated election issues. The agreement now sets the stage for intense talks over immigration enforcement standards, with both sides warning that reaching a compromise will be difficult.

 

PBS News

Politico

Washington Post

Wall Street Journal

Bloomberg says the FBI's raid of a Georgia county election office on Jan 28 is a precursor to battles ahead as the Trump administration steps up its efforts to obtain sensitive voter information from states. The Justice Department is suing 24 states and Washington, DC for refusing to turn over voter data. The Democratic National Committee has in turn said it may take action against states that do turn over data if that violates voter rights. “I won’t turn the data over, consequences be damned,” Arizona Secretary of State Adrian Fontes said. “It wouldn’t surprise me if they have plans to throw civil actors and civil servants like me in jail.”

 

Bloomberg

Ford's aluminum supplier, Novelis, has yet to return to full production over four months after a fire in September severely disrupted the supply of aluminum critical for Ford's F-Series pickup trucks. The incident has led Ford to slash its profit forecast for 2025, predicting a loss of up to 100,000 vehicles while incurring costs of around £2bn. An additional fire in November further complicated recovery efforts, and it is uncertain how these disruptions will impact Ford's financial results in upcoming quarters.

 

Reuters

Affordable Care, one of the nation’s largest dental-service organizations, has hired restructuring advisers from AlixPartners for advice, according to people with knowledge of the situation. The group, which faces an uncertain economic outlook that has been curbing consumer spending, has been struggling to service debt stemming from a 2021 leveraged buyout by private-equity firm Harvest Partners that valued the business at about $2.7bn, the people said.

 

Wall Street Journal

Oracle announced a $25bn bond sale on Monday, helping to calm investor concerns that heavy borrowing to fund artificial-intelligence infrastructure could overwhelm the company and spark a wider wave of risky AI-related debt. Demand for the bonds was record-breaking, with investors placing more than $129bn in orders, surpassing previous tech issuance records and signalling renewed confidence in Oracle’s balance sheet. The deal followed Oracle’s announcement that it will also raise about $25bn in equity, reassuring markets that AI investments - particularly in data centres - will be funded with a mix of debt and equity rather than excessive leverage. As a result, Oracle’s bonds rallied, credit-risk measures improved, and fears of an imminent AI-driven debt glut eased. 

 

Bloomberg

Financial Times

Devon Energy and Coterra Energy are to merge to create a $58bn shale drilling giant. The combined company will be one of the biggest oil and natural gas producers in US shale with pro-forma third quarter output of more than 1.6m barrels per day of oil equivalent. Output from the  Permian Basin of West Texas and New Mexico will make up most of the company’s total production and their overlapping acreage will allow them to drill longer horizontal wells.

 

Bloomberg

Financial Times

Disney has named Josh D’Amaro, head of its parks and experiences division, as its new chief executive, succeeding Bob Iger and becoming the company’s ninth CEO in its 102-year history. D’Amaro, 54, emerged from a closely watched internal succession contest against entertainment co-chair Dana Walden, following a carefully managed process led by board chairman James Gorman. The appointment aims to avoid a repeat of Disney’s troubled 2020 succession, when Bob Chapek was named CEO and later removed. While some insiders favored Walden for her deep creative and entertainment background, D’Amaro has sought to bridge that gap by working closely with Disney’s creative teams. His appointment underscores Disney’s belief that its future growth will be driven primarily by experiences rather than traditional media or streaming.

 

Los Angeles Times

Reuters

Wall Street Journal

TDI has launched its second catastrophe bond, MMIFS Re Ltd. (Series 2026-1), providing C$115m in reinsurance capacity against various natural disasters in Canada. This bond, effective from January 9th, 2026, to December 31st, 2028, offers protection on an indemnity and annual aggregate basis. The proceeds will be invested in CAD-denominated European Bank for Reconstruction and Development notes. James Russell, CEO of TD Insurance, said: "Natural disasters can have devastating impacts on Canadians . . . Protecting our clients in their moments of need is a responsibility we take very seriously." TDI was advised by GC Securities and TD Securities.

 

Reinsurance news

An investigation has revealed that chemicals used in the carpet industry, known as PFAS or "forever chemicals," have contaminated large areas of the Southern United States. These compounds, which are resistant to breakdown, have been found in drinking water and human blood. Despite evidence of health risks, including cancer, major carpet manufacturers including Shaw Industries and Mohawk Industries continued using PFAS until 2019.

 

U.S. News