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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.

 

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The Federal Reserve's Open Market Committee has voted 10-2 to keep the benchmark federal-funds rate steady in a range between 3.5% and 3.75%, ending a run of three consecutive quarter-point reductions.“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated,” the Fed said in a post-meeting statement that offered little to suggest what it's next move will be. “In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” it added. Futures markets are pricing in at most two rate reductions in 2026, during which Chair Jerome Powell will step down, and none in 2027. Predictions markets are pointing to BlackRock bond chief Rick Rieder as the likely candidate to succeed Powell.

 

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Meta has projected 2026 capital expenditures of $115bn–$135bn, nearly doubling last year’s $72bn, as it ramps up investment in AI infrastructure and talent. Additionally, fourth-quarter revenues rose 24% to $59.9bn and net income hit $22.8bn, both ahead of forecasts. “In 2025, we rebuilt the foundations of our AI program. Over the coming months, we’re gonna start shipping our new models and products,” chief executive Mark Zuckerberg said on a call with investors and analysts. “I expect our first models will be good, but more importantly will show the rapid trajectory we’re on.”

 

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Starbucks has reported its first U.S. sales growth in two years, with comparable North America sales up 4% in the first quarter, driven by chief executive Brian Niccol’s “Back to Starbucks” strategy - although operating margins fell 290bps due to past tariffs and store investments. Revenues in the three months to December 28th rose 6% to $9.92bn, with both global and U.S. like-for-like sales increasing 4%. Net income totalled $293.3m, or 56 cents per share adjusted, down from $780.8m a year eerlier. Analysts surveyed by LSEG had expected revenues of $9.67bn and adjusted per-share earnings of 59 cents. 

 

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TikTok has reached an eleventh-hour settlement to avoid its involvement in a landmark social media addiction trial. The settlement came just hours before jury selection was due to begin in California. The plaintiff, a 19-year-old woman identified as K.G.M., alleges that social media apps fueled her depression and suicidal thoughts and is seeking to hold the tech companies liable. "The parties are pleased to have reached an amicable resolution of this dispute," the Social Media Victims Law Center said of the TikTok settlement, adding the terms were confidential. The defendants now include Meta - which owns Instagram and Facebook - and YouTube parent Google. Snapchat settled with the plaintiff last week.

 

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Bethany Mockerman, former finance chief of online sneaker retailer Zadeh Kicks, was sentenced to 18 months in prison for her role in a $15m bank fraud scheme. She helped owner Michael Malekzadeh secure loans using falsified applications while benefiting from the proceeds. Assistant U.S. Attorney William McLaren noted that Ms. Mockerman admitted to knowing the funds were tainted by fraud, saying: "She wanted a fireplace." Despite her defense attorney's plea for leniency, U.S. District Judge Michael J. McShane emphasized the scale of the fraud, which totalled around $80m. Ms. Mockerman must also pay restitution of at least $15.9m.

 

OregonLive.com

M&A experts have identified Glencore as the top potential takeover target for 2026. Glencore is in talks with Rio Tinto Group to create the world’s biggest mining company. Other top potential takeover targets, according to an informal Bloomberg survey of 30 risk-arbitrage desks, traders and analysts, include French biotech Abivax, BP, Delivery Hero, EasyJet and Great Portland Estates.

 

Bloomberg

Apollo Commercial Real Estate Finance (ARI) has agreed to sell its $9bn loan book to Athene, the insurance arm of its parent company, near book value - about 20% above ARI’s trading price - as it struggles with a persistent market discount. The move reflects strong institutional demand for yielding real estate debt and includes several non-performing loans. ARI will retain $466m in equity interests and explore new strategies, including M&A or dissolution, if no plan is set by year-end.

 

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Research from Chainalysis reveals that money laundering using cryptocurrencies reached at least $82bn in 2025, a sharp increase from $10bn in 2020. The study highlights the rapid growth of Chinese-language money-laundering networks, which processed $40m worth of crypto daily, and cited the identification of nearly 1,800 active wallets involved in processing $16.1bn. Chainalysis pointed out that these networks have developed "a complex and resilient ecosystem" that adapts to enforcement actions, making it challenging to disrupt their activities.

 

Reuters

Amazon has confirmed that it is laying off about 16,000 corporate employees, marking its second round of job cuts in three months. This follows a previous reduction of 14,000 workers in October. Senior vice president Beth Galetti said the company aims to streamline operations by "reducing layers, increasing ownership, and removing bureaucracy." U.S.-based staff will have 90 days to find new roles internally, with severance and benefits offered to those who do not. Chief executive Andy Jassy noted that generative AI is expected to further reduce the workforce in the coming years.

 

Boston Globe

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PwC U.S. has announced a three-year collaboration with Google Cloud, investing $400m to enhance security operations. The partnership aims to modernize cyber resilience through AI-driven tools.

 

Bloomberg Tax

A recent series of cyberattacks has impacted Bumble Inc., Panera Bread Co., Match Group Inc., and CrunchBase Inc., highlighting vulnerabilities in U.S. companies. Bumble confirmed that an account belonging to one of its contractors was compromised through phishing, prompting them to involve law enforcement.

 

Bloomberg

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

France's finance minister, Roland Lescure, has called on Capgemini to clarify its contract with Immigration and Customs Enforcement (ICE) amid growing concerns over the agency's actions. Capgemini Government Solutions has signed a contract for "skip tracing services" to assist ICE in locating deportees. Lescure said: "I urge Capgemini to shed light . . . on its activities." The scrutiny follows incidents involving ICE officers that have raised international concerns, including the agency's involvement in the U.S. security team for the upcoming Winter Olympics in Italy. Capgemini chief executive Aiman Ezzat noted that the U.S. branch of the firm acted independently on the contract.

 

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Financial Times

A court in the Netherlands has ruled that binding greenhouse gas emissions targets to reach net zero by 2050 must be set by the government to protect the Dutch-Caribbean island of Bonaire, and has ordered the state to develop a proper climate adaptation plan for the island. “This is an incredible victory for the people in Bonaire,” said Eefje de Kroon, a climate justice expert at Greenpeace Nederlands. “Not only has the court established that people from Bonaire are being discriminated against because of the climate crisis but also the Dutch government needs to do much more to protect them.” The court ruled that the Dutch government was breaching articles 8 and 14 of the European convention on human rights, which protect the right to respect for private and family life and prohibit discrimination.

 

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