Money, Wealth & Power—A Daily Look at the Financial World
Federal Express Corp. and FedEx Logistics, Inc. have filed a lawsuit in the U.S. Court of International Trade demanding a full refund of every dollar paid in tariff duties imposed under the International Emergency Economic Powers Act during the Trump administration, plus interest. The suit, which names the United States, U.S. Customs and Border Protection,…
California’s proposed 2026 Billionaire Tax Act, a one-time wealth levy targeting the state’s ultra-rich, may already be pushing billionaires and their assets out of the state before a single dollar has been collected. A nonpartisan fiscal analysis warns that while the tax could produce a short-term revenue windfall, it risks triggering a lasting decline in…
Sen. Bernie Sanders of Vermont traveled to Los Angeles to campaign for a ballot initiative that would impose a one-time 5% wealth tax on California billionaires, putting him in direct conflict with Gov. Gavin Newsom, who has warned the measure would drive the ultra-rich out of the state. The clash between two of the Democratic…
America’s post-pandemic economic recovery continues to split along income lines, lifting asset-rich households while leaving millions of low-wage workers stuck near or below the poverty threshold. The pattern, widely described as a K-shaped recovery, has persisted well beyond the initial pandemic shock, and new federal data on wages, wealth, and poverty suggest the gap is…
Gold futures were quoted near $5,200 per ounce in early trading as investors fled equities following President Trump’s announcement of a sweeping global import tariff, a move that collided with a Supreme Court ruling limiting the White House’s claimed legal authority for trade barriers. The collision of a constitutional rebuke and an aggressive new levy…
ExxonMobil is pressing the U.S. Supreme Court to force Cuban state entities to pay more than $1 billion in compensation for oil and gas assets seized during the Cuban Revolution, a claim rooted in a 1960 confiscation that has gone unresolved for over six decades. The case, which reached oral argument on February 23, 2026,…
Citigroup shares dropped sharply after a report revealed the bank is preparing to sell an additional 24% stake in its Mexican subsidiary Banamex for roughly $2.5 billion, a move that would accelerate its exit from consumer banking in Mexico ahead of a planned initial public offering. The sale raises fresh concerns about billions of dollars…
Banks across the United States are now sorting software companies into winners and losers based on their exposure to artificial intelligence, creating a two-tier lending system that is driving up borrowing costs and killing deals for firms seen as vulnerable to AI disruption. The Federal Reserve’s January 2026 lending survey confirms that commercial lenders are…
The Dow Jones Industrial Average plunged 821.91 points on Monday, February 23, 2026, closing at 48,804.06 after President Donald Trump unleashed a brutal tariff hike in the form of an abrupt import surcharge escalation that spooked investors and triggered a broad sell-off across U.S. equities. The S&P 500 dropped 1% to 6,837.75 and the Nasdaq…
T G S Transportation Inc., a California-based carrier listed in federal records as operating 20 power units and employing 20 drivers, appears to have ceased operations and is reported as a Chapter 7 bankruptcy liquidation, joining a growing list of Golden State trucking firms under pressure amid a punishing freight-rate slump. The shutdown leaves drivers…
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