Money, Wealth & Power—A Daily Look at the Financial World
Mukesh Ambani, chairman of Reliance Industries and India’s wealthiest individual, has laid out an aggressive plan to build AI infrastructure, robotics systems, and deep-tech products designed to compete directly with Silicon Valley heavyweights. At the company’s 48th annual general meeting, Ambani detailed a vision that puts Reliance on a collision course with Tesla’s humanoid robot…
Crypto.com has secured conditional approval from the Office of the Comptroller of the Currency to operate a national trust bank in the United States, a milestone that places the Singapore-headquartered exchange alongside a small but growing cohort of crypto firms winning federal banking charters. The entity, named Foris DAX National Trust Bank and headquartered in…
Shares of Europe’s biggest listed private-equity and private-credit firms fell sharply on Monday as investor anxiety over the quality of their underlying holdings intensified. EQT, Partners Group, CVC Capital Partners, and Intermediate Capital Group were at the center of the rout, extending a selloff that has wiped out weeks of gains and raised pointed questions…
San Diego County transit riders could soon pay more per trip than commuters anywhere else in California if the Metropolitan Transit System (MTS) board moves forward with a proposed fare ordinance update. The potential increase, rooted in historical fare governance records maintained by the state, would push flat-rate bus and trolley fares above even the…
General Motors is cutting thousands of electric vehicle jobs across its U.S. manufacturing operations, a decision that landed on workers at multiple plants effective January 5, 2026. The layoffs, spanning facilities in Michigan and Ohio and extending to joint-venture battery sites, stem from what GM describes as slower-than-expected EV adoption and shifting federal policy on…
The OECD and UNDP released a joint report this week arguing that accelerated climate action is not just an environmental necessity but the most cost-effective way to protect economic growth and reduce poverty worldwide. The report, timed ahead of the next round of Nationally Determined Contributions under the Paris Agreement, lands as separate research estimates…
For decades, a set of economic assumptions about self-correcting markets and rational actors shaped how Wall Street managed risk and how Washington regulated finance. Those assumptions, embedded in formal models used by the Federal Reserve, the SEC, and major investment banks, failed spectacularly during the 2008 financial crisis. The wreckage left behind a trail of…
The War Department has signed an agreement to bring Elon Musk’s xAI and its Grok chatbot onto the military’s internal AI platform, GenAI.mil, with initial deployment targeted for early 2026. The deal, which carries a $200 million ceiling, has already drawn sharp criticism from at least one U.S. senator over procurement concerns and the chatbot’s…
The Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act, but the justices stopped short of ordering the federal government to return the money it collected. That gap between ruling and remedy has set off a scramble among importers, lawmakers, and at least one Fortune 500 company to force billions of…
Shares of International Business Machines plunged 13% on Monday, February 23, 2026, after Anthropic announced that its artificial intelligence technology can modernize COBOL, the decades-old programming language that still powers much of the world’s banking and government infrastructure. The single-day loss was IBM’s steepest since 2000, rattling investors who had viewed the company’s legacy mainframe…
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