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President Donald Trump has signed an executive order to “increase oversight” of proxy advisers that guide shareholder votes made by pension funds and some other money managers, saying top firms often "advance and prioritize radical politically-motivated agendas." Trump directed the Securities and Exchange Commission, the Federal Trade Commission and the Labor Department to review if Institutional Shareholder Services and Glass Lewis had violated rules or antitrust law related to their treatment of environmental and social issues. The executive order calls for a review of regulation relating to proxy advisers and to consider “revising or rescinding those rules, regulations, guidance, bulletins, and memoranda that are inconsistent with the purpose of this order, especially to the extent that they implicate ‘diversity, equity, and inclusion’ and ‘environmental, social, and governance’ policies.” The order also directs the agencies to consider steps such as new regulations.

 

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Palantir has escalated its lawsuit against rival AI firm Percepta, accusing chief executive Hirsh Jain, co-founder Radha Jain, and former employee Joanna Cohen of orchestrating a campaign to poach Palantir staff and clients while misappropriating confidential information. The complaint, filed in U.S. District Court, alleges that the trio violated nonsolicitation agreements and that Mr. Cohen stole internal documents before joining Percepta, a start-up backed by General Catalyst. Percepta has denied wrongdoing, calling Palantir’s claims baseless and an attempt to stifle innovation in applied AI. The suit follows growing legal battles in the competitive AI sector over trade secrets and talent.

 

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The U.S. trade deficit narrowed by nearly 11% to $52.8bn in September, the smallest gap since mid-2020 and well below economist expectations of $63.1bn, driven by a sharp rise in exports of non-monetary gold and pharmaceuticals. Exports rose 3% $289.3bn, while imports increased 0.6% to $342.1bn, according to Commerce Department data published on Thursday. The inflation-adjusted goods trade deficit fell to $79bn, the lowest in almost five years, with real exports of consumer goods hitting a record high. The U.S. posted its largest-ever trade surplus with Switzerland amid shifting gold flows influenced by tariff policy, while deficits with Mexico and Canada widened and the China gap narrowed to near its lowest since 2009.

 

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Initial claims for unemployment benefits rose 44,000 in the seven days to December 6th to 236,000, the Labor Department reported on Thursday - the biggest claim since March 2020, and well ahead of the 220,000 expected among economists polled by Reuters. The four-week moving average of claims rose 2,000 to 216,750, while the total number of applicants for benefits, reported with a one-week lag, fell by 99,000 to 1.84m. Market watchers noted that weekly claims are typically variable around the end of the year. “Don’t read too much into the jump in jobless claims,” commented Heather Long, chief economist at Navy Federal Credit Union. “Smoothing it out, this still looks like an economy averaging 215,000 to 220,000 new jobless claims a week. That’s not a cause for concern.”

 

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More than 18,000 Amtrak workers will receive a $900 bonus by year-end, the Federal Aviation Administration (FAA) has said, in an announcement which explained that funding for the bonuses will come from Amtrak's executive leadership team bonus packages. The FAA urged executive leadership "to forgo 50% of the bonus packages that would have been paid out under the misplaced priorities of the previous executive bonus structure.” Mark Wallace, the president of the Brotherhood of Locomotive Engineers and Trainmen National union, said: "End-of-year bonuses will now go to 18,000 front-line workers rather than being limited to the executive ranks. This long-overdue recognition of the employees who keep the railroad moving is a step in the right direction.” The announcement comes in the wake of the Trump administration's decision to limit $10,000 bonuses to only those air traffic controllers and technicians who had perfect attendance during the government shutdown.

 

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JPMorgan Chase will offer a special award of up to $1,000 to employees globally who earn less than $80,000 annually, according to an internal memo. Eligible staff must have completed at least one year of service by December 31, 2025. The payments are scheduled for early 2026. U.S. employees will receive the amount as a 401(k) contribution, while those outside the U.S. will receive cash. The New York-headquartered bank has some 318,000 employees globally. 

 

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Lululemon announced on Thursday that Calvin McDonald will step down as chief executive next month, following more than a year of underperformance at the athleisure company. “The timing is right for a change", he said. “I’ve described being CEO of Lululemon as my dream job. It truly has lived up to every expectation and given me the opportunity of a lifetime". Finance chief Meghan Frank and chief commercial officer André Maestrini will serve as interim co-CEOs while the board works to identify a permanent leader. Board chair Marti Morfitt will also take on the expanded role of executive chair. The announcement came alongside the company's third-quarter earnings; the three months to November 2nd brought revenues of $2.57bn, up from $2.4bn a year earlier, while net income declined to $306.84m, or $2.59 per share, from $351.87m.

 

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OpenAI has issued a warning regarding its forthcoming artificial intelligence models, indicating they could present a "high" risk to cybersecurity as their capabilities evolve rapidly. The company noted that the models might not only develop zero-day exploits but could also assist in sophisticated intrusion operations aimed at significant effects. To mitigate these risks, OpenAI is investing in bolstering its cybersecurity measures and is creating an advisory group, the Frontier Risk Council, to collaborate with cybersecurity experts on these challenges.

 

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The Office of the Comptroller of the Currency (OCC) has said the nine largest U.S. banks had in the past placed restrictions on providing financial services to some controversial industries in a practice known as "debanking." The regulator launched its review after President Donald Trump signed an executive order directing a regulatory review of all banks for such current or past practices. “It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power," Comptroller of the Currency Jonathan Gould said. The OCC was unable to provide specific examples of wrongdoing at the banks. The firms examined were JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO Bank.

 

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The Walt Disney Co. has announced a $1bn investment in OpenAI and a three-year licensing deal allowing its characters - including those from Marvel, Pixar, and Star Wars - to be used in user-generated videos via OpenAI’s Sora platform. The agreement, which excludes actor likenesses and includes content safeguards, will also bring select AI-generated clips to Disney+. The deal follows Disney’s cease-and-desist letter to Google for allegedly infringing its copyrights through AI tools and reflects a dual strategy of enforcement and collaboration. Disney will also deploy ChatGPT internally and receive OpenAI stock warrants as part of the partnership.

 

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Officials from the PCAOB are expressing caution regarding the impact of artificial intelligence (AI) and private equity (PE) funding on auditing firms. At the AICPA Conference, PCAOB acting chair George Botic said: "AI has the potential to transform how audits are performed and to improve the quality of audits." However, he warned that reliance on AI could erode critical thinking and professional judgment among auditors. Botic also highlighted the dual nature of PE investments, which can enhance growth and technology adoption but may also pressure firms to prioritize profitability over audit quality. Christine Gutia, another PCAOB official, echoed these concerns, noting that while PE can support talent recruitment and technology investments, it may also lead to reduced staffing and threats to auditor independence. Both officials emphasized the need for careful monitoring of these trends to ensure audit quality is maintained.

 

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Elon Musk and Jeff Bezos are now competing to establish AI data centers in space, following their longstanding rivalry in rocket and satellite development. Bezos’ Blue Origin has been developing the necessary technology for over a year, while Musk’s SpaceX is planning to use upgraded Starlink satellites for hosting AI computing, proposing this innovation as part of a share sale that might value SpaceX at £800bn. As both companies push forward, the trillion-dollar data center industry is set to extend beyond Earth.

 

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Efforts to extend enhanced Affordable Care Act (ACA) subsidies failed in the U.S. Senate on Thursday, as both a Democratic proposal for a three-year extension and a rival Republican plan offering healthcare savings accounts fell short of the 60 votes needed to advance. The collapse of both bills leaves around 24m ACA enrollees facing sharply higher costs in 2026, with subsidies set to expire at year-end. Despite bipartisan support from a handful of senators, deep divisions remain over how to structure any extension, particularly around abortion-related provisions. With no clear path forward before open enrollment closes, the issue may now hinge on broader budget negotiations in January.

 

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Amazon is to pay €510m ($582m) to settle a tax dispute in Italy, in one of a number of cases involving the company there. Reuters reports that Milan's prosecutors are however in disagreement with the settlement between the tax collection agency and the company, and plan to continue their criminal investigation, according to sources. Amazon criticized the Italian regulatory environment, saying: "We will forcefully defend our position on the potential ungrounded criminal case . . . Unpredictable regulatory environments, disproportionate penalties, and protracted legal proceedings are increasingly affecting Italy's attractiveness as an investment destination."

 

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E.U. officials are to limit the scope of the bloc’s contested supply chain law and remove a clause requiring businesses to make climate transition plans after months of pressure from companies and governments including the United States. Under the changes, the E.U will limit its corporate sustainability due diligence directive (CSDDD) to only the largest E.U. corporations - those with more than 5,000 employees and €1.5bn annual turnover. A spokesperson for U.S. oil and gas major ExxonMobil said the changes "didn’t go nearly far enough," observing that the E.U.'s due diligence law would still apply to foreign companies.

 

Financial Times

The U.S. government's statistical system is facing severe challenges due to significant staff layoffs, funding cuts, and political interference, according to a report by the American Statistical Association. One agency reportedly lost 95% of its staff, while others experienced reductions of up to 40%. The report highlights that the cuts threaten the integrity of data essential for informed decision-making across various sectors, including the economy and education. “The statistical system is still functioning, but the threats are very serious,” said Beth Jarosz, vice president of the Association of Public Data Users, which was not involved in the report. “There are staffing reductions, contracted services that have been reduced. We're seeing that showing up in the cancellation of data products, the reduction in data collection on things like consumer prices.”

 

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