Become more informed in minutes...

President Donald Trump has selected Kevin Warsh, a former Federal Reserve governor and Wall Street veteran, as his nominee to lead the Federal Reserve, succeeding Jerome Powell. “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” the president said in a Truth Social post announcing the selection. Mr. Warsh, who served at the Fed during the 2008 financial crisis and currently works at Stanford’s Hoover Institution, is expected to align with Mr. Trump’s desire for significantly lower interest rates, despite Mr. Warsh’s historically hawkish stance on inflation. His nomination comes amid Mr. Trump's broader efforts to reshape the central bank, including previous attempts to replace board members and challenge the Fed's independence. He is anticipated to face questions about maintaining central bank autonomy during his Senate confirmation, though a Republican majority makes confirmation likely. Mr. Warsh, if confirmed, would take over when Mr. Powell's term expires in May.

 

CNN

CNBC

NPR

New York Times

Lease vs Buy Calculator in Excel  

Making a strategic capital decision requires more than a simple cash flow comparison; it demands a comprehensive analysis of how leasing versus buying will influence your balance sheet, debt covenants, and long-term compliance under ASC 842 or IFRS 16.
Our Lease vs Buy Calculator empowers CFOs to move beyond fragmented spreadsheets by modeling the precise financial impact of asset acquisitions, providing the clarity needed to optimize capital allocation and ensure audit-ready reporting from the moment a contract is signed.  

Get the Tool

 

U.S. jobless claims declined slightly last week, the Labor Department reported on Thursday, but remained consistent with a relatively low level of layoffs. Initial claims in the seven days to January 24th fell 1,000 to a seasonally-adjusted 209,000. The previous week's level of claims was revised up by 10,000 to 210,000. Economists surveyed by the Wall Street Journal were expecting to see 205,000 new claims. The four-week moving average rose 2,250 to to 206,250, while continuing claims, reported with a one-week lag, fell 38,000 to 1.827m. The Labor Department also reported Thursday that U.S. worker productivity grew at its fastest pace in two years in the third quarter, rising 4.9%. Economists polled by Reuters had expected third-quarter productivity growth would be ‌unrevised. Productivity growth in the April-June quarter was also unrevised ​at a 4.1% pace. Unit labor costs - the price of labor per single unit of output - decreased at an unrevised 1.9% rate in the third ​quarter.

 

Bloomberg

Nasdaq

Reuters

Wall Street Journal

The U.S. trade gap widened by 94.6% to $56.8bn in November - its sharpest monthly increase since 1992 - driven by a 5% rise in imports while exports dropped 3.6%, Commerce Department data showed. Despite recent volatility tied to Trump-era tariffs, the overall deficit remains smaller than in recent years, though economists see import growth recovering as businesses restock. The inflation-adjusted merchandise deficit reached $87.1bn, the highest in four months.

 

Bloomberg

CNBC

New York Times

Reuters

Prada has terminated its relationship with more than 200 suppliers for compliance breaches, with the luxury brand adopting a “zero tolerance” stance to allegations of labor abuse in its supply chain.

 

Financial Times

Apple has reported first-quarter revenue of $143.76bn, driven by a 23% surge in iPhone sales to $85.3bn, fuelled by strong demand for the iPhone 17, particularly in China. The three months to December 27th saw Mac revenues total $8.39bn, iPads $8.6bn, wearables and accessories $11.49bn, and services hit $30.01bn. Net income came in at $42.1bn, or $2.84 per share, up from $36.33bn a year earlier. For the second quarter, revenues are expected to rise 13%-16%, while operating expenses are expected to hit $18.4bn-$18.7bn. Chief executive Tim Cook said that sales could be impacted by processor supply issues. "We're currently constrained. And at this point, it's difficult to predict when supply and demand will balance", he said, adding, "we're ​seeing less flexibility in supply chain than normal, partly because of our increased demand". In other Apple news, the company has acquired Israel-based artificial intelligence startup Q.ai, which develops technology for reading facial movements and understanding silent communication. Financial terms have not been disclosed, but it is thought to be worth around $2bn.

 

Bloomberg

CNBC

Reuters

Wall Street Journal

Visa and Mastercard published their holiday quarter results on Thursday, with both exceeding analyst expectations. Visa reported that revenues rose 15% to $10.9bn, while profits hit $5.85bn, or $3.17 per share. Analysts surveyed by FactSet had expected revenues of $10.69bn and adjusted per-share earnings of $3.14. Payments volume increased 8%, cross-border volumes were up 12%, and processed transactions rose 9%. Mastercard, meanwhile, saw its revenues rise 18% to $8.81bn, and net income rise from $3.34bn to $4.06bn, or $4.76 per share adjusted. Analysts had expected $8.77bn in sales and $4.24 per-share in earnings. Additionally, Mastercard said that, following a strategic review, it is planning to cut 4% of its 35,000-strong workforce, taking a $200m restructuring charge as a result.

 

Bloomberg

Reuters

Wall Street Journal

Wall Street Journal

Saks Global will shut 62 off-price retail outlets, including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call locations, as part of its ongoing bankruptcy proceedings and shift toward full-price luxury retail. The group cited projected losses of $139m from its off-price operations in fiscal 2025. Just 12 Saks OFF 5th stores will remain to manage excess inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, which will continue operating. The company will also wind down its e-commerce business, including the SO5 Digital platform, as part of its strategic overhaul.

 

CNN

Reuters

Washington Post

Wall Street Journal

President Donald Trump has filed a $10bn lawsuit against the IRS and the Treasury Department, claiming they failed to prevent the leak of his tax information to the media between 2018 and 2020. The lawsuit, submitted in a Florida federal court, includes Mr. Trump's sons, Eric Trump and Donald Trump Jr., as plaintiffs. The suit alleges that the leak caused "reputational and financial harm" and negatively impacted Mr. Trump's public standing during the 2020 presidential election. The leak was attributed to Charles Edward Littlejohn, a former IRS contractor, who was sentenced to five years in prison for disclosing sensitive tax records, including those of other billionaires like Jeff Bezos and Elon Musk. The Treasury Department recently cut ties with Booz Allen Hamilton, the firm that employed Mr. Littlejohn, citing inadequate data protection measures.

 

NPR

New York Times

Washington Post

Wall Street Journal

A U.S. district judge has thrown out a lawsuit alleging Johnson & Johnson committed fraud by repeatedly attempting to use a shell company's bankruptcy to resolve tens of thousands of lawsuits that claimed its baby powder and other talc products caused cancer. The judge said that the plaintiffs failed to demonstrate actual harm from the delays caused by the bankruptcy process, which paused their legal cases for nearly four years. J&J maintains that its talc products are safe and devoid of asbestos. Legal battles continue with numerous lawsuits pending against the company.

 

Reuters

A summit to be hosted by the White House's crypto council on Monday will focus on how landmark crypto legislation which has stalled due to ​a clash between the  banking and cryptocurrency industries treats interest and other rewards crypto firms can distribute on customer holdings of dollar-pegged tokens known as stablecoins. Cody Carbone, chief executive of The Digital Chamber, a crypto trade group, thanked ⁠the White House for "pulling all sides to the negotiating table."

 

Reuters

Amazon is in discussions to invest as much as $50bn in OpenAI, potentially becoming the largest backer in the ChatGPT maker’s latest funding round, which seeks up to $100bn at a valuation of $830bn. Chief executive Andy Jassy is personally leading the talks with OpenAI's Sam Altman. The move would deepen ties between the companies, building on a $38bn AWS deal struck in November. Amazon is also a key investor in OpenAI rival Anthropic and is ramping up AI infrastructure spending while cutting jobs to refocus on growth areas.

 

Bloomberg

CNBC

Reuters

Wall Street Journal

First Brands founder Patrick James has been indicted on multiple charges including fraud and conspiracy following allegations of defrauding lenders out of billions before the company's bankruptcy. Prosecutors claim that he and his brother Edward concealed financial fraud through schemes involving false documents and inflated assets, which ultimately led to the company’s insolvency and disrupted supply chains for major clients such as Ford and General Motors. Patrick James has denied the charges through a spokesperson, asserting his commitment to the company's success as he prepares to defend himself in court.

 

Bloomberg

Reuters

JPMorgan Chase, Bank of America and Wells Fargo have said that they will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees. The so-called Trump accounts, enacted through the One Big Beautiful Bill Act, are part of a pilot program that deposits $1,000 from the U.S. Treasury into tax-advantaged accounts for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028. Fortune notes that critics view the Trump Accounts as misleading or elitist. “While we support direct investments in families, the Trump Accounts being hailed by the White House are a policy solution that doesn’t meet most families’ needs,” said Amy Matsui, vice president of income security and child care at the National Women’s Law Center. “As currently structured, these accounts will just become another tax shelter for the wealthiest.”

 

Fortune

CNBC