In a world of uncertainty, Wall Street continues to find a way to make money. That was underscored on Tuesday when, amid the latest flare-up in the war with Iran, the five largest banks in the United States reported a collective $49 billion in profits in the second quarter, smashing records and exceeding analysts’ projections. The earnings reports reflect the growing dichotomy between geopolitical turmoil in the Middle East and a strengthening American economy. The big banks took advantage of one of the best periods of deal-making booms in recent memory and of a roaring stock market, fueled by the…
Author: Scott Willams
As corporate AI bills spiral out of control, many companies are beginning to ask themselves a simple question: why pay a pretty penny for the US’s leading AI models when Chinese ones are far cheaper? Major companies like DoorDash, Airbnb, and Siemens are adopting Chinese AI tools, the Financial Times reports, attracted not only by their lower costs but their “open-weight” approach that allows them to be molded to each company’s particular needs. According to data from OpenRouter, a platform that provides all-in-one access to major AI models and tracks their usage, leading Chinese models from DeepSeek and Z.ai have overtaken US equivalents…
Federal workers began receiving emails Saturday asking them to describe what they did last week — as Elon Musk warned on social media that, if employees fail to respond, it will be taken as a resignation. Musk wrote he was acting “consistent with President @realDonaldTrump’s instructions,” apparently referencing a social media post Trump shared earlier Saturday encouraging the billionaire to be harsher in his efforts to slash the federal workforce. Trump posted on Saturday morning to Truth Social, his social media platform, commending Musk for doing “A GREAT JOB,” but adding, “I WOULD LIKE TO SEE HIM GET MORE AGGRESSIVE.”…
Home sales declined in June, ending the housing market’s key spring season on a sour note as buyers grappled with high mortgage rates and record home prices. Sales of existing homes slid 2.4% in June over the previous month to a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors said Thursday. The number fell well short of expectations: Economists surveyed by The Wall Street Journal had forecast an increase of 0.7%. The June decline marked a turnaround from an unexpectedly strong increase in May. Economists have dimmed their expectations for the housing market in 2026, largely due to…
Former pick by Donald Trump to lead the Bureau of Labor Statistics raises concerns over rising oil prices and consumer costs.
Traders now expect the Federal Reserve to hold rates steady until next summer, delaying anticipated cuts.
LONDON — Britain’s economy is staring down a familiar foe: creeping inflation that threatens to erode living standards and stall recovery. Yet amid the headlines of a 3.4% CPI rise in December 2025—the first uptick in five months—and a slowdown in wage growth to 4.5% annually (regular earnings excluding bonuses) in the three months to November, per the Office for National Statistics (ONS)—a more optimistic path emerges. The UK possesses the structural levers to break free from this inflationary trap without resorting to punitive interest rate hikes or endless fiscal giveaways. The key? A renewed focus on domestic production, export…
In a stinging rebuke to the early momentum of President Donald J. Trump’s second term, Democrats notched three high-profile victories on Election Night, sweeping gubernatorial races in New Jersey and Virginia while handing the reins of New York City to firebrand socialist Zohran Mamdani. These off-year upsets—fueled by voter fury over the protracted government shutdown and persistent economic woes—signal a potential vulnerability in Trump’s coalition, particularly among suburban moderates and working-class families hit hardest by federal furloughs. Yet, as Trump himself posted on Truth Social, “TRUMP WASN’T ON THE BALLOT, AND SHUTDOWN, WERE THE TWO REASONS THAT REPUBLICANS LOST ELECTIONS…
In a stinging defeat for the city’s financial titans, democratic socialist Zohran Mamdani swept to victory in Tuesday’s mayoral election, capping a bruising campaign where Wall Street poured tens of millions into efforts to derail his progressive insurgency. Led by heavyweights like Michael Bloomberg, Bill Ackman, and Airbnb co-founder Joe Gebbia, a cadre of billionaires and executives funneled up to $28 million into super PACs backing rivals Andrew Cuomo and Curtis Sliwa—betting big that Mamdani’s calls for rent freezes, free public transit, and a millionaire’s tax would spell doom for New York’s economic engine. Yet, with over 50% of the…
In a triumph that blends millennial savvy with old-school populism, Zohran Mamdani has emerged from relative obscurity to claim the mayoralty of the world’s financial capital, marking a seismic shift in the governance of America’s largest city. The 34-year-old state assemblyman, born in Uganda to Indian parents and a self-proclaimed democratic socialist, secured a decisive 50.4% victory Tuesday night over former Gov. Andrew Cuomo’s independent bid (41.6%) and Republican Curtis Sliwa’s distant third (7.1%), amid the highest turnout for a mayoral election in over 50 years—more than 2 million ballots cast, including a record 735,000 early votes. Mamdani’s ascent, fueled…
