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The U.S. Environmental Protection Agency has announced the repeal of the “endangerment finding,” a scientific determination made in 2009 during Barack Obama’s administration, which empowered the EPA to regulate greenhouse gases. The rule classified carbon dioxide and five other greenhouse gases as a threat to public health. The endangerment finding underpinned regulations that set emissions standards for cars and light trucks, power plants, and oil and gas industry facilities. “This is about as big as it gets,” President Donald Trump said at the White House with EPA Administrator Lee Zeldin. Obama said in a social media post that the Trump administration’s action makes the U.S. “less safe, less healthy and less able to fight climate change - all so the fossil fuel industry can make even more money.”

 

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Politico

Washington Post

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Gail Slater, the head of the U.S. Justice Department's antitrust division, which enforces laws against illegal monopolies, has stepped down less than a year after being appointed by President Donald Trump. Earlier this week, Mark Hamer, the second-in-command at the division, said he was exiting the Trump administration after nearly a year in the role. Reuters says the departures leave the division with few senior leaders at a time when companies facing antitrust investigations have increasingly hired Trump-connected lobbyists to influence the outcomes of their cases. Omeed Assefi, another senior official in the antitrust division, is expected to become its acting director, according to people familiar with the matter.

 

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The Federal Trade Commission (FTC) has raised concerns to Apple about accusations that Apple News promotes left-leaning outlets and suppresses conservative publications. In a letter to CEO Tim Cook, FTC Chair Andrew Ferguson said the agency can’t force political viewpoints, but warned that if Apple’s practices are “inconsistent with Apple’s terms of service or the reasonable expectations of consumers,” they “may violate the FTC Act.” He cited reports that Apple News featured no conservative-leaning U.S. sources recently while promoting “hundreds” of liberal articles. Apple did not immediately comment.

 

Reuters

The Financial Times reports that President Trump is planning to scale back some tariffs on steel and aluminum goods, as he battles an affordability crisis that has sapped his approval ratings ahead of November’s midterm elections. Sources close to the White House say that a review of the list of products affected by the up-to 50% tariffs is underway, citing a belief among trade and commerce officials that consumers are being hurt by higher costs for goods such as pie tins and food and drink cans. That viewpoint is supported by a new report from the Federal Reserve Bank of New York, which says that 90% of the tariffs imposed by the president on imported goods are borne by American consumers and companies. The paper said that between January and August of last year, Americans took 94% of the hit from Trump’s tariffs. During September and October, that ebbed to 92%, settling to 86% in November.

 

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Reuters

President Trump announced earlier this week that he is directing the Department of Energy to allocate $175m to six coal plants across Kentucky, North Carolina, Ohio, Virginia, and West Virginia. This funding, sourced from the bipartisan infrastructure bill, aims to support upgrades and maintain operations. Trump, who has dismissed climate change, declared an "energy emergency" to address rising electricity demands from artificial intelligence and data centers. He said: "We need to keep the United States competitive." The funding targets rural capacity and energy affordability projects.

 

U.S. News

McKinsey has agreed to transfer control of $20bn in alternative assets from its investment arm, MIO Partners, to Neuberger Berman following a strategic review. The move follows longstanding scrutiny of MIO over potential conflicts of interest with McKinsey’s consulting work, including a 2021 $18m SEC fine for inadequate internal controls. Under the deal, MIO’s 280 employees and its advisory business serving McKinsey partners will join Neuberger. MIO manages $26bn in total assets, though $6bn in passive investments are excluded from the transaction. The unit primarily runs multi-strategy and macro investment approaches and invests significantly in externally managed funds. The agreement, subject to client consent and regulatory approvals, is expected to close this year.

 

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Kraft Heinz has reversed its plan to split into two companies, with newly-appointed chief executive Steve Cahillane saying the food giant must first stabilize and return to growth before pursuing a separation. The company had previously approved a division that would have separated faster-growing brands such as Heinz ketchup and Kraft Mac & Cheese from slower-growing products including Oscar Mayer and Lunchables, but the plan will now be revisited in 2027. Instead, the firm will invest $600m in price promotions, marketing and additional sales staff in a bid to revive demand and regain market share. Kraft Heinz also reported on Wednesday that fourth-quarter sales fell 3.4% to $6.3bn, with adjusted operating income down nearly 16% to $1.2bn, reflecting lower volumes and higher costs.

 

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Reuters

Saks, its bankruptcy lenders, and luxury suppliers are in last-minute talks to avoid a court dispute over whether high-end inventory can be used as collateral for the retailer’s $1.75bn debtor-in-possession loan. Suppliers, including major concessionaire Chanel with a reported $136m claim, are seeking assurances that goods supplied on concession or consignment - which remain vendor-owned until sold - will not be claimed by lenders. While a January court order provided some protections, brands fear the loan terms could still allow lenders to assert rights over certain inventory or proceeds. With a deadline approaching to file objections, negotiations are said to be close but unresolved, highlighting the unusual leverage luxury brands hold in Saks’ restructuring given their importance to the department store’s business model.

 

Reuters

The Pentagon is pressing top AI firms, including OpenAI and Anthropic, to make models available on classified networks with fewer standard user restrictions. Pentagon CTO Emil Michael said the military aims to deploy AI on both unclassified and classified domains. A defense official said the Pentagon is “moving to deploy frontier AI capabilities across all classification levels.” Officials want AI to synthesize information for decisions, but researchers warn errors and fabricated outputs could be dangerous in sensitive contexts. OpenAI recently agreed to loosen some restrictions for unclassified use via genai.mil.

 

Reuters

Reuters reports Blackstone is investing an additional $200m in Anthropic, raising its stake to about $1bn as the startup’s valuation reaches roughly $350bn. Anthropic recently launched Opus 4.6, saying it delivers “improved reasoning, coding and complex text-generation capabilities,” amid growing investor worries that fast-improving AI could pressure traditional software businesses.

 

Reuters

Dealmakers and lenders are facing a ‘Darwinian moment’ as digital services risk being made obsolete by groundbreaking technologies such as start-up Anthropic's new AI model, the Financial Times reports.

 

Financial Times

Goldman Sachs general counsel Kathy Ruemmler is to resign after documents released by the Department of Justice revealed the extent of her ties with convicted pedophile Jeffrey Epstein. Ruemmler told the Financial Times that she would depart the Wall Street lender on June 30. In a statement, Goldman CEO David Solomon said: “As one of the most accomplished professionals in her field, Kathy has also been a mentor and friend to many of our people, and she will be missed. I accepted her resignation, and I respect her decision.”

 

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The Guardian

A tough labor market for white-collar workers is turning the traditional recruiting model upside down, and a new trend of “reverse recruiting” has emerged whereby job seekers pay recruiters to find them positions. Reverse-recruiting models vary - some charge a percentage of the first year’s salary upon placement and others charge monthly fees or set rates for sending applications. Some traditional recruiters question the ethics of charging job seekers and the success rate of mass-applying on behalf of candidates.

 

Wall Street Journal