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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, CEO of The Digital Chamber, a crypto trade group, thanked ⁠the White House for "pulling all sides to the negotiating table."

 

Reuters

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.

 

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Reuters

Ben Pearson, a senior trader at UBS who is described by Reuters as one of the world's top currency dealers, has said banks' ability to meet demand for hedging could be tested by investors rushing to protect their U.S. assets against dollar ​depreciation. "If dollar hedging ​were to increase materially, and it’s a conversation we’re having more and more with clients, the issue is structural capacity," Pearson said.

 

Reuters

Wells Fargo Wealth & Investment Management, which oversees $2.5tn in client assets, has launched a proprietary proxy voting platform to manage voting internally where it holds discretion and authority. The move aims to reduce reliance on third-party proxy advisors like ISS and Glass Lewis, whose influence has drawn political backlash over their support for ESG and DEI shareholder proposals. Wells Fargo said the in-house system will increase independence and better reflect clients’ long-term financial interests. The shift follows similar action by JPMorgan and comes amid heightened regulatory and political scrutiny of proxy advisory firms, including an executive order from President Donald Trump and investigations from multiple states.

 

ESG Today

The U.K.'s Competition and Markets Authority (CMA) has proposed new rules to regulate Google's AI-powered search. These aim to give publishers control over their content used in AI summaries, addressing concerns that generative AI could undermine the web's economic structure. CMA chief executive Sarah Cardell said that the proposals ensure competition keeps pace with evolving search technologies. The regulator also said the way Google decides how content is ranked in search results, including AI Overviews and AI Mode, should be made "fair and transparent." Google responded by warning that excessive regulation could harm search functionality. The consultation period will last until 25 February 2026.

 

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UBS has asked a Connecticut court to throw out a suit filed by former trader Tom Hayes that accuses the Swiss lender of handing him over to global prosecutors to protect the bank and its senior leadership during the Libor rigging scandal. Lawyers for UBS described Hayes' allegations as "spurious" and said that he cannot prove that UBS prosecuted him or acted maliciously, because UBS wasn't a party to the U.K. criminal proceedings. “Despite the bank’s efforts to deflect attention elsewhere, UBS’s purely procedural motion is a desperate attempt to avoid having discovery into the facts and having the case heard on its merits,” a spokesperson for Hayes said.

 

Bloomberg

U.S. District Judge Jed Rakoff has ruled that Bank of America must face part of a class action lawsuit alleging it knowingly aided Jeffrey Epstein's sex trafficking by providing banking services. The judge dismissed four claims but allowed two to proceed, including accusations of benefiting from Epstein's activities and obstructing the Trafficking Victims Protection Act. Bank of America expressed satisfaction with the narrowed case, saying: "We look forward to a full review of the facts."

 

U.S. News

Oil majors operating the Karachaganak field in Kazakhstan have lost an international arbitration case in London and are liable to pay compensation to the country's government. The arbitration ruling upheld the government's position that the companies recovered unapproved cost overruns and other expenses that should not have been recoverable through the field's production sharing agreement. The court has yet to determine the specific amount to be paid by the Karachaganak partners, who include Chevron, Lukoil PJSC and KazMunayGas National Co.; external legal advice suggests it could be between $2bn and $4bn.

 

Bloomberg

Archer Daniels Midland (ADM) has paid $40m to settle accusations by U.S. securities regulators that it misled investors about the performance of its nutrition business. The SEC accused former finance chief Vikram Luthar of directing accounting maneuvers that shifted profits from other units to nutrition, a business touted as ADM’s growth engine. Mr Luthar, who sold $1.8m in stock while the price was inflated, is now being sued by the SEC for fraud and may face bans from future public company leadership roles. ADM did not admit wrongdoing in the settlement but said criminal prosecutors have closed their investigation without charges.

 

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Dow plans to eliminate around 4,500 jobs as it shifts focus towards artificial intelligence and automation. The chemicals maker expects severance costs of between $600m and $800m as part of its strategy to simplify operations. Dow, which employs approximately 34,600 people globally, has already announced previous job cuts and plant closures. 

 

U.S. News

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.

 

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Major U.S. airlines have called on Congress to ensure that air traffic controllers are paid in the event of a partial government shutdown, citing last year's disruption that affected millions of passengers. Airlines for America said: "Congress needs to understand the real-world consequences [of shutdowns]." The FAA has reported a significant shortage of air traffic controllers, leading to unprecedented flight cancellations and economic losses.

 

Reuters

President Trump has announced plans to impose tariffs on any nations supplying oil to Cuba, further escalating tensions with the Communist government of that island. Following his executive order, Cuba’s state-run media responded robustly, accusing the U.S. of risking severe repercussions for the island's essential services, saying: "What is the goal? A genocide of the Cuban people." Trump has reiterated his stance, declaring: "Cuba will be failing pretty soon."

 

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Tata Consultancy Services boss K Krithivasan has dismissed fears that AI will upend the $300bn outsourcing industry and precipitate mass lay-offs, saying “AI is not going to create lay-offs by itself.”

 

Financial Times