Money, Wealth & Power—A Daily Look at the Financial World
The U.S. Supreme Court on February 20, 2026, struck down President Donald Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping global tariffs, instantly throwing $133 billion in collected duties into legal limbo. Within days, the administration pivoted to an obscure Cold War‑era trade statute to reimpose levies, setting up a…
The phrase “no tax on tips” became a rare point of bipartisan agreement during the 2024 presidential campaign, with both former President Donald Trump and Vice President Kamala Harris backing the idea. But proposals and guidance now being discussed by Treasury and the IRS are far narrower than the slogan suggests, with reporting requirements, income…
Tesla filed its latest annual report with the Securities and Exchange Commission confirming that the company designs, manufactures, and sells “high-performance fully electric vehicles,” directly contradicting speculation that it might pivot away from battery-powered cars. The 10-K for fiscal year 2025, along with record energy storage numbers and Tesla’s January 28 earnings webcast materials, paints…
IDFC First Bank disclosed over the weekend that it is investigating a suspected $65 million fraud tied to accounts held by government entities, a revelation that triggered a sharp selloff in the lender’s shares and raised pointed questions about how private banks safeguard public funds in India. The bank confirmed it had filed a police…
Gold climbed to a three-week high as the U.S. dollar slid sharply following a Supreme Court ruling that struck down President Trump’s emergency tariffs, triggering a rapid policy pivot that has amplified uncertainty across global markets. The administration responded within hours by issuing a presidential proclamation imposing a 10% ad valorem import surcharge under Section…
Microsoft shares fell after the company reported strong fiscal year 2026 second-quarter results, a reaction that crystallized a broader investor anxiety: the stock now trades near its lowest price-to-earnings multiple in roughly a decade. The disconnect between accelerating revenue growth and a shrinking valuation raises the headline question directly: does Microsoft really deserve a rock-bottom,…
President Donald Trump signed a proclamation imposing a 10% ad valorem import surcharge effective February 24, 2026, after the Supreme Court moved to block his broader tariff program, according to contemporaneous reporting. The move, invoked under a rarely used trade statute, is designed to address what the administration calls fundamental international payments problems. But a…
California and New York are both pushing aggressive new tax proposals aimed squarely at billionaires, setting up what could become the most significant state-level wealth tax fight in American history. California cleared a ballot initiative for circulation that would impose a one-time 5% levy on billionaire residents, while New York legislators have introduced companion bills…
U.S. Trade Representative Jamieson Greer said Republican lawmakers who once questioned the administration’s use of tariffs have “now come around” to supporting its trade agenda, after a Supreme Court ruling struck down the use of the International Emergency Economic Powers Act (IEEPA) for trade levies. Greer cast the decision as a legal setback rather than…
Old Line Brewers, LLC, the company behind Baltimore’s The Brewer’s Art, has filed a Chapter 7 voluntary bankruptcy petition in the U.S. Bankruptcy Court for the District of Maryland, a move that typically leads to liquidation rather than a business restart. Court records indicate the filing has been docketed, placing the roughly 30-year-old brand on…