Money, Wealth & Power—A Daily Look at the Financial World
Rep. Ayanna Pressley is facing a wave of scrutiny after financial disclosures showed her personal wealth climbing into the multimillion-dollar range during her time in Congress, even as she has built a national brand railing against inequality and housing insecurity. Asked to explain the spike, she brushed off the questions, insisting that she files the…
President Donald Trump is about to inject an unusually large wave of tax refunds into the economy, and the biggest payoff is heading straight toward higher earners. A projected $65 billion surge in refunds is set to land in bank accounts just as markets and households are recalibrating to a new political and economic landscape….
Peloton is back in crisis mode, cutting hundreds of jobs just months after betting its future on artificial intelligence–powered hardware. The company that once defined at-home fitness is now shrinking fast, trimming staff and costs as it tries to prove that an AI makeover can revive a brand built in a very different era. The…
Bitcoin’s latest plunge has turned a once-fashionable corporate tactic into a painful liability. Companies that treated the original cryptocurrency as a balance-sheet trophy are now staring at multibillion-dollar paper losses and a market that no longer assumes prices only move one way. The fallout is rippling from high-profile tech names to niche “crypto-treasury” plays that…
Prime Minister Mark Carney has scrapped Canada’s national electric vehicle sales mandate, a centrepiece of the country’s previous climate strategy, while insisting the auto sector’s long‑term future is still battery powered. In its place, Ottawa is rolling out richer rebates, tougher tailpipe rules and fresh industrial subsidies that shift the focus from quotas on dealers…
Artificial intelligence just triggered one of the fastest wealth swings in recent market memory, erasing roughly $1 trillion from software and services stocks and then luring a wave of retail buyers into the wreckage. The same technology that investors once treated as a universal tailwind is suddenly being priced as an existential threat to parts…
Bitcoin’s latest plunge has ripped through the mining industry so violently that operators are literally powering down machines that only months ago were printing money. With the coin trading far below its recent peak and mining economics collapsing to record lows, the sector that secures the network is suddenly confronting a brutal test of who…
Artificial intelligence was supposed to be the lubricant of a new financial era, speeding credit decisions and powering an unprecedented investment boom. Instead, it is exposing a fragile web of off‑balance‑sheet lenders whose bets on the AI gold rush are starting to look dangerously pro‑cyclical. As billions in paper value evaporate from these “shadow banks”,…
In a matter of hours, a shouted insult on a factory floor turned a little-known Ford line worker into the focus of a national political storm and a crowdfunding windfall. TJ Sabula’s clash with President Trump at a Michigan plant cost him his paycheck, at least temporarily, but it also sent GoFundMe donations soaring toward…
Russia’s oil and gas takings have slumped to their weakest level since the early pandemic shock of 2020, stripping the Kremlin of the easy money that once underwrote both domestic spending and the war in Ukraine. The fall reflects a mix of lower global prices, widening discounts on Russian barrels and the slow grind of…