Money, Wealth & Power—A Daily Look at the Financial World
High earners from California are quietly redrawing the map of wealth in the American West, and the Las Vegas Valley is at the center of that shift. As a controversial new wealth tax advances in Sacramento, luxury agents and moving companies say affluent households are accelerating plans to establish Nevada residency, buying into desert penthouses…
War Secretary Pete Hegseth is trying to do something unusual in Washington: admit that the Pentagon itself has been a terrible customer for American industry, then use that confession as political cover to rip up the rules that made it so. His promise to revive dormant factories and rebuild the defense industrial base is wrapped…
Russia’s wartime economy is running into a wall as sanctions and price caps squeeze the oil revenues that have long bankrolled the Kremlin. The collapse in cash from crude exports is now feeding through to the state budget, the currency and the broader financial system, forcing President Vladimir Putin to lean harder on domestic banks…
A Massachusetts tax preparation business that once marketed itself as a lifeline for working families is now at the center of a sweeping federal fraud case, accused of siphoning off millions of dollars meant to keep small businesses afloat during the COVID-19 crisis. Prosecutors say the company and its associates treated emergency relief programs as…
California’s latest immigration crackdown has not just inflamed politics, it has punched a billion‑dollar hole in the state’s economy. After a summer of federal raids and street clashes in Los Angeles, officials now tally more than $1 billion in lost productivity, sales, and wages, a shock that lands on top of existing fiscal stress and…
Sen. Elizabeth Warren is turning a dry export-license fight into a full-blown corruption brawl, arguing that a massive sale of advanced U.S. chips to the United Arab Emirates is inseparable from Trump family money. At the center is a proposed transfer of 500,000 cutting-edge artificial intelligence processors to a close security partner that also happens…
The House’s top investigative panel is zeroing in on a financial mystery at the center of Rep. Ilhan Omar’s family: how her husband, Timothy Mynett, reportedly went from $51,000 in assets to as much as $30 million in a single year. At stake is more than one couple’s balance sheet, it is a test of…
Elon Musk’s latest prediction about SpaceX’s finances is as blunt as it is symbolic: he says NASA will contribute only about 5 percent of the company’s revenue this year, even as SpaceX prepares for a blockbuster IPO and pivots its long-term focus to the Moon. The claim signals a decisive shift from government anchor client…
Grocery shoppers are facing a fresh jolt at the checkout as food prices notch their sharpest monthly rise in more than three years. The spike caps a year in which overall inflation cooled, yet the cost of filling a cart kept grinding higher and is now accelerating again. For households that already trimmed back, the…
Jensen Huang’s fortune has vaulted him past Bernard Arnault, pushing the Nvidia cofounder into the world’s seventh-richest slot as investors crowd into the artificial intelligence boom. The shift is more than a leaderboard novelty: it captures a deeper rotation of global wealth from heritage luxury toward the infrastructure of machine intelligence. The question now is…