Money, Wealth & Power—A Daily Look at the Financial World
The Supreme Court struck down most of the tariffs President Trump imposed under his reciprocal tariff program, a ruling that could lower prices on a wide range of imported goods, from clothing and coffee to electronics and household items. The decision invalidated duties created by Executive Order 14257, which had used emergency economic powers to…
Bitcoin and Ethereum have stumbled into 2026 with their steepest year-to-date losses in a decade, erasing gains that had fueled optimism just weeks earlier. Bitcoin has fallen approximately 24% since January 1, while Ethereum has shed roughly 34% over the same stretch, marking the worst opening to a calendar year for both assets since at…
Wells Fargo has agreed to pay $56.85 million to resolve a class-action lawsuit alleging the bank damaged mortgage borrowers’ credit reports during the COVID-19 pandemic by failing to follow federal rules on forbearance reporting. The case, filed on June 18, 2020, in the Superior Court of California, County of San Diego, centers on the bank’s…
A regional Brazilian carrier and several international airlines serving Venezuela lost the ability to operate flights after regulators and government officials moved to suspend or withdraw permissions, leaving passengers scrambling for alternatives. In Brazil, regulators grounded Voepass after concluding the airline had not addressed safety irregularities flagged after a crash that killed 62 people last…
First Brands Group, the automotive parts conglomerate rocked by federal fraud and money-laundering charges against its founder and a senior executive, has closed an Illinois manufacturing facility and eliminated hundreds of positions as part of a broader restructuring under Chapter 11 bankruptcy protection. The plant shutdown follows the arrests of former CEO Patrick James and…
The U.S. Supreme Court ruled on Feb. 20, 2026, that President Trump lacked authority under the International Emergency Economic Powers Act (IEEPA) to impose the challenged tariffs, handing a victory to a small wine importer who argued the executive branch had overstepped its emergency powers. Victor Owen Schwartz, founder of V.O.S. Selections, said the ruling…
The Supreme Court struck down President Trump’s sweeping global tariffs, delivering a ruling that small importers across the country had been waiting on for months, according to coverage from the Associated Press and other outlets. For some business owners who say their costs climbed by tens of thousands of dollars under the tariff regime, the…
President Donald Trump signed a proclamation on Friday imposing a 10% temporary import surcharge on most foreign goods, acting just hours after the Supreme Court struck down his broader tariff program in a 6-to-3 decision. The new levy is set to take effect February 24, 2026, and last 150 days, representing a rapid legal pivot…
Lucid Motors, the electric vehicle maker headquartered in Newark, California, has abruptly eliminated hundreds of jobs at its Bay Area facility. The cuts, disclosed through a state-mandated layoff notification, land at a company that already faced federal scrutiny over how it handled worker separations during a previous round of job reductions. For a region that…
The U.S. Supreme Court struck down President Trump’s sweeping tariffs on February 20, 2026, ruling in Learning Resources, Inc. v. Trump that the executive branch had exceeded its authority under the International Emergency Economic Powers Act. Gold futures immediately blasted past $5,000 per ounce on the COMEX, while silver surged nearly 9%, as investors rushed…