Money, Wealth & Power—A Daily Look at the Financial World
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…
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…
American retailers face a punishing wave of product returns that, by industry estimates, can total about $850 billion annually, while fraudulent return activity has reportedly climbed to roughly 9% of return transactions. The collision of generous e-commerce return policies and increasingly organized fraud schemes is forcing major chains to rethink how they handle merchandise coming…
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…
Macy’s has confirmed another round of store closures, with 14 additional locations set to shut their doors as the retailer accelerates a years-long plan to shed underperforming sites and redirect resources toward its strongest properties. The cuts follow a previous wave of 66 closures and bring the company closer to its target of eliminating roughly…