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USA
23rd January 2026
 
THE HOT STORY
U.S. economy grew at a revised pace of 4.4% in the third quarter
The economy expanded at a 4.4% annual pace in the third quarter of 2025, an updated estimate from the Commerce Department showed, to keep the U.S. on track to score the fifth straight year of above-average growth. That marked an acceleration from an initial 4.3% surge, growth of 3.8% in the second quarter, and from a slight economic contraction that began 2025. Consumer spending, which accounts for 70% of U.S. GDP, grew at a 3.5% pace. Spending on services such as healthcare rose 3.6%, while there was a 3% uptick on goods spending, including an increase of 1.6% on so-called durable goods. "The small upward revision to Q3 GDP does not move the needle much on the economic outlook," said Michael Pearce, chief U.S. eonomist at Oxford Economics. "We still expect the economy to slow in the fourth quarter, as the shutdown and a drop in auto sales weigh on activity, but the swings in net trade and inventories driven by shifts in timing of shipments around tariff deadlines pose an upside risk."
LEGAL
Guidance that expanded workplace protections for LGBTQ workers is scrapped
The U.S. Equal Employment Opportunity Commission’s newly-established Republican majority has rescinded legal guidance that had strengthened protections against unlawful harassment for LGBTQ workers and women who have abortions. EEOC Chair Andrea Lucas emphasized that the commission’s decision “will not leave a void where employers are free to harass wherever they see fit, leaving a trail of victims in their wake.” Recently-installed Commissioner Brittany Panuccio added that private sector resources on anti-harassment law would fill any gaps. But critics said the move could discourage employers from preventing harassment and leave workers without recourse when they face it. "This action is likely to increase the amount of harassment that occurs in workplaces across the country," a dozen former EEOC and U.S. Department of Labor officials said in a joint statement.
ECONOMY
Consumer prices climb as inflation persists
The Federal Reserve's preferred inflation measure increased in November, indicating persistent price pressures. Consumer prices rose 2.8% year-over-year, up from 2.7% in October, according to the Commerce Department. Core prices, excluding food and energy, also rose 2.8%, slightly higher than the previous month. While inflation has decreased from a peak in 2022, it has stabilised over the past two years. Monthly increases were modest, with both overall and core inflation rising 0.2% from October. The economy expanded at a robust 4.4% annual rate in the July-September quarter, the fastest growth in two years.
DEALS & TRANSACTIONS
TikTok finalizes U.S. JV to avoid ban, as ByteDance cuts stake below 20%
TikTok owner ByteDance has finalized a deal to create a majority American-owned joint venture, TikTok USDS Joint Venture LLC, designed to secure U.S. user data and prevent a U.S. ban of the app. Under the agreement, American and global investors will hold 80.1%, while ByteDance retains 19.9%. Oracle, Silver Lake and Abu Dhabi-based MGX will each take 15% stakes as managing investors, with Oracle’s U.S. cloud hosting and securing the recommendation algorithm, which will be retrained and updated using U.S. user data. The deal has reportedly received sign-off from both U.S. and Chinese authorities, and TikTok has appointed Adam Presser as chief executive and Will Farrell as chief security officer, with TikTok CEO Shou Chew joining the venture’s board. 
Capital One to acquire fintech Brex for $5.15bn in bid to boost corporate services
Capital One has agreed to acquire fintech startup Brex for $5.15bn in a cash-and-stock deal, aiming to strengthen its offerings for corporate clients. Founded in 2017, Brex provides technology for managing corporate credit cards, expenses, and rewards, and oversees nearly $13bn in deposits. The acquisition follows Capital One's recent $35bn purchase of Discover, as it continues expanding beyond consumer finance. Brex chief executive Pedro Franceschi will remain in his role post-deal, which is expected to close in the second quarter. The move reflects growing bank-fintech partnerships amid shifting regulatory signals and competitive pressure from startups.
CORPORATE
Target adds former Nike and HanesBrands execs to board
Target has appointed John Hoke III, ex-chief innovation officer at Nike, and Steve Bratspies, former HanesBrands chief executive, to its board as it seeks to revitalize its merchandising strategy ahead of new CEO Michael Fiddelke’s tenure. The additions expand the board to 15 members and aim to counteract recent sales declines and investor pressure, with both appointees bringing extensive retail and design expertise to support efforts to enhance product style, value, and shopper experience. In other Target news, the retailer is grappling with internal disruption and external protests after U.S. immigration officials briefly detained two employees - both U.S. citizens - at a Minnesota store, prompting staff absences and postponed office returns. While the retailer has not publicly addressed the incident or wider ICE activity in the Twin Cities, internal memos reveal efforts to support staff and de-escalate tensions. It has told employees that it doesn’t have cooperative agreements with ICE. Federal agents have legal authority to be in parking lots and consumer-facing areas of stores without a warrant, but can’t enter backrooms or corporate buildings without one.
SpaceX readies for major IPO with Wall Street backing
SpaceX is preparing for an initial public offering, enlisting the support of four major Wall Street banks - Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley - for senior roles in the potential listing. The IPO could raise over $25bn, making it one of the largest in market history, with a target valuation of around $800bn. The company's move comes amid broader market anticipation for mega listings, particularly from technology firms.
WORKFORCE
Initial jobless claims hold steady at 200,000
The Labor Department reported on Thursday that new jobless claims in the seven days to January 17th rose 1,000 to 200,000, well below the 208,000 expected among economists polled by the Wall Street Journal. The four-week moving average of new applications fell to a two-year low of 201,500, while continuing claims, reported with a one-week lag, declined to 1.85m, from 1.88m. “With U.S. companies adding fewer seasonal workers, post-holiday layoffs have been limited, keeping initial jobless claims low. Layoff-related news remains relatively sparse, offering little indication that broader labor-market conditions have changed," commented economist Eliza Winger.
Amazon to cut thousands more corporate jobs in second wave of layoffs
Amazon is reportedly preparing to cut thousands of additional corporate jobs next week, targeting roles in Web Services, retail, Prime Video, and HR, as part of a plan to reduce its white-collar workforce by 30,000 - roughly 10% of its corporate staff. Following 14,000 job cuts in October, this second round could begin as soon as Tuesday. Chief executive Andy Jassy has attributed the layoffs to cultural inefficiencies rather than financial or AI-related pressures, despite Amazon's increased use of artificial intelligence to streamline operations. The move marks the largest corporate layoff in the company’s history.
Chicago paid $26.5m in overtime to ineligible employees
Chicago paid $26.5m in overtime to over 1,000 ineligible employees from 2020 to 2024, according to a report from Chicago Inspector General Deborah Witzburg. Her report noted that many of the employees worked in management positions and without collective bargaining agreements, making them ineligible for the extra pay. Ald. Gilbert Villegas, chair of the City Council Committee on Economic, Capital and Technology Development, blamed the problem on the city's reliance on antiquated technology. "There is technology out there for time and attendance that will allow the city to take control and make sure that we're monitoring overtime so that people are not taking advantage of it. It's up to this this administration to act quickly by incorporating this type of technology," he said. 
TECHNOLOGY
Dimon warns of AI dangers
JP Morgan chief executive Jamie Dimon has warned that rapid advancements in artificial intelligence could lead to civil unrest if not managed properly. Speaking at the World Economic Forum, he emphasised the need for governments and businesses to support displaced workers. Dimon highlighted the potential job losses in sectors such as trucking due to automation, saying: "Should you do it all at once . . . No. You will have civil unrest." In contrast, Jensen Huang, CEO of Nvidia, argued that AI will create jobs, particularly in infrastructure and tradecraft, countering fears of mass unemployment.
AI firm sued over 'secret' job scoring
Eightfold, an artificial intelligence ‌hiring ​platform used by Microsoft, PayPal and many ‌other Fortune 500 companies, is being sued for allegedly scoring job candidates without their knowledge. The lawsuit filed in California was brought by job seekers Erin Kistler and Sruti Bhaumik, who claim Eightfold compiles detailed talent profiles, including personality descriptions and “fit scores” that function as consumer reports under the Fair Credit Reporting Act (FCRA).
PERSONAL FINANCE
Cost-of-living concerns threaten Americans’ 2026 financial goals, AICPA survey finds
A new Harris Poll conducted for AICPA reveals that while 92% of Americans have financial goals for 2026 - primarily saving money and paying down debt - half fear rising living costs will derail their plans. Unexpected expenses and income uncertainty also loom as major concerns. The survey found that 81% of those with financial goals in 2025 failed to meet them, with inflation being the top obstacle. Financial experts advise setting clear, realistic goals, tracking progress, and using support resources like CPAs to stay on course.
INTERNATIONAL
U.S. officially leaves World Health Organization
The U.S. has officially withdrawn from the World Health Organization (WHO). All U.S. funding to the WHO has been terminated and U.S. participation in WHO-sponsored leadership bodies and working groups has ended. The U.S. Department of Health and Human Services (HHS) said it took the decision due to the WHO's alleged "mishandling" of the pandemic, an inability to reform, and political influence from member states. The U.S. leaves behind unpaid debt of roughly $260m. There’s no requirement in statute to settle the debt before exiting the agency, a senior HHS official said. “It’s a very messy divorce,” observed Lawrence Gostin, director of the WHO collaborating center on national and global health law at Georgetown University.
BNP Paribas plans ‌to cut around 1,200 asset management jobs
French lender BNP Paribas plans ‌to cut around 1,200 jobs at its asset management ​unit by the end of 2027. About ‌600 positions in France will be affected, said a union source, who added that about ​230 ‌new local jobs would also ‍be ⁠created as part of the plan to cut costs following the bank's €5.1bn acquisition of AXA Investment Managers. The merger created Europe’s third-largest asset manager.
 

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