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A Supreme Court ruling that scraps the Trump administration's tariffs imposed on dozens of nations under the 1977 International Emergency Economic Powers Act, and which refunds the import fees collected, would create a major “administrative problem,” Kevin Hassett, director of the National Economic Council, has told CBS' “Face the Nation.” The president's top economic advisor said: “We really expect the Supreme Court is going to find with us,”  but even if it didn't find in the administration's favor, Hassett argued it would be “pretty unlikely that they're going to call for widespread refunds because it would be an administrative problem to get those refunds out there.”

 

Fortune

CBS News

Los Angeles Times

The U.S. Interior Department has suspended five offshore wind projects, citing national security risks from turbine interference with radar systems. The $28bn in projects include Vineyard Wind 1, Coastal Virginia, Revolution Wind, Empire Wind 1, and Sunrise Wind. Offshore wind firms including Orsted and Dominion saw stock declines following the news. Critics, including Senator Chris Murphy and New York Governor Kathy Hochul, called the suspension illegal and politically motivated. Interior Secretary Doug Burgum cited radar “clutter” as a concern, though analysts and experts dispute the validity of sudden new risks.

 

Bloomberg

Reuters

Waymo has said it will update its self-driving software and emergency response protocols after robotaxis stalled across San Francisco during a widespread power outage. The outage disabled traffic signals, overwhelming confirmation systems and causing congestion. “While we successfully traversed more than 7,000 dark signals on Saturday, the outage created a concentrated spike in these requests,” Waymo said. The company plans fleet-wide updates to better handle power outages and refine protocols as its robotaxi operations scale across major U.S. cities.

 

Reuters

U.S. consumers increased gift spending during the first seven weeks of the holiday shopping season, with cash and credit card sales rising 4.2%. However, this is lower than last year's 4.8% increase. Visa's U.S. principal economist Michael Brown noted that inflation-adjusted sales rose only 2.2%. Retailers report that shoppers are selective, focusing on gifts while cutting back on holiday decor due to economic concerns. Mastercard SpendingPulse indicated a 3.9% sales rise, with e-commerce sales up 7.8%. Overall, the National Retail Federation forecasts sales between $1.01trn and $1.02trn this season.

 

The Globe and Mail

U.S. News

Union Pacific and Norfolk Southern have submitted a nearly 7,000-page application to the U.S. Surface Transportation Board to merge, intending to create the first coast-to-coast freight railroad in the nation. The filing initiates a 30-day regulatory review period, during which stakeholders, including shippers and labor unions, can express their support or opposition to the $85bn merger. While the proposal has received backing from President Donald Trump, it faces significant resistance from competitors concerned about reduced choice and potential impacts on pricing in an already concentrated market.

 

Reuters

Alphabet will acquire clean energy developer Intersect for $4.75bn in cash plus assumed debt to support the growing energy needs of its AI operations. The deal includes energy and data center projects under development, with Intersect targeting 10.8 GW of capacity by 2028 - over 20 times the Hoover Dam's output. Existing Intersect assets in Texas and California will remain separate under original investors. Alphabet previously backed Intersect in a $800m round with TPG Rise Climate. The move deepens Alphabet’s energy investments amid surging AI-driven power demand.

 

Bloomberg

Financial Times

Reuters

Private credit firms bought up nearly 14 times as much consumer debt this year as in 2024, piling into riskier areas such as credit cards, according to figures from KBW analysts.

 

Financial Times

Beauty company Coty has appointed Procter & Gamble veteran Markus Strobel as executive chair and interim CEO. The overhaul comes after Coty's shares slumped, falling more than 50% this year.

 

Financial Times

Mercedes-Benz will pay $149.6m to settle allegations from 48 U.S. states and territories that it used illegal software to cheat diesel emissions tests. Nearly 40,000 affected vehicles emitted up to 40 times the legal pollution limits. The automaker will provide $2,000 to each eligible vehicle owner and cover emissions repairs, along with extended warranties. New York Attorney General Letitia James confirmed the deal, which Mercedes says won’t impact its bottom line. The company previously paid $2.2bn in 2020 for related claims and still faces legal actions abroad.

 

Reuters

Jim Beam will halt production at its main Kentucky distillery throughout 2026 to focus on site upgrades. While other facilities remain open, the pause reflects broader industry pressures, including global trade tensions and excess inventory. Owned by Suntory Global Spirits, the company is evaluating worker roles during the shutdown in collaboration with the union. The Kentucky Distillers' Association cited “a crushing” $75m in barrel taxes and called for an end to retaliatory tariffs stemming from President Trump’s trade policies. “We are always assessing production levels,” the company said.

 

BBC News

Boston Globe

Italy's competition authority has imposed a fine of €98.6m (approximately $115m) on Apple for allegedly abusing its dominant position in the mobile app market. The regulator claims Apple enforced a restrictive privacy policy through its App Tracking Transparency (ATT) prompt, which it argues was detrimental to third-party developers and violated European regulations. An investigation revealed that these practices required developers to obtain consent in a manner that was "not proportionate" to achieving privacy objectives, further complicating the app development process.

 

Reuters

The Louvre Museum in Paris has installed security bars on the balcony used by burglars who stole jewels worth $102m on October 19. The heist lasted less than seven minutes. The museum also acknowledged inadequate security camera coverage and is now implementing other changes, including a mobile police presence and 100 additional cameras. "The Louvre is learning all the lessons from the theft of October 19," the museum said. Police have identified eight suspects, but the stolen jewels remain missing.

 

U.S. News