Money, Wealth & Power—A Daily Look at the Financial World
The U.S. Supreme Court on February 20, 2026, struck down most of President Trump’s global tariffs imposed under the International Emergency Economic Powers Act, a decision that could force the federal government to return up to $175 billion in duties already collected from importers. The ruling, grounded in separation-of-powers and major-questions doctrine, invalidates tariff programs…
Block Inc., the fintech company behind Cash App and Square, is shrinking fast under Jack Dorsey’s direction, with successive rounds of layoffs eliminating thousands of positions while remaining employees are pushed to integrate generative AI into their daily workflows. The cuts, which began in earnest in early 2025 and continued into 2026, have been paired…
Microsoft announced on February 18, 2026, that it is on pace to invest $50 billion in AI infrastructure across the Global South, a commitment that is accelerating the company’s already aggressive push to lock down clean energy for its expanding network of data centers. That spending target, aimed at the world’s fastest-growing digital markets, sits…
Amazon has officially surpassed Walmart as the world’s largest company by revenue, ending a 13-year streak in which the Arkansas-based retailer held the global sales crown. The shift, confirmed by financial data published on February 19, 2026, reflects not just the growth of online shopping but the rising weight of cloud computing and digital services…
The Supreme Court on February 20, 2026, struck down President Trump’s sweeping tariffs imposed under the International Emergency Economic Powers Act, according to the Associated Press, delivering a 6-3 ruling that rejected the legal theory behind the “reciprocal” tariff program. The decision lands squarely on Apple, which manufactures nearly all of its products in countries…
The Trump administration proposed banning investors who own more than 100 single-family homes from purchasing additional properties, sending a memo to congressional leaders with specifics that go well beyond the executive order signed in January 2026. The plan targets federal financing channels and government-sponsored enterprises like Fannie Mae and Freddie Mac, aiming to cut off…
IKEA U.S. says it has 10 new store openings planned for 2026, adding four newly announced locations to six that were already in the pipeline. The expansion targets a mix of first-time markets, urban infill sites, and suburban corridors, signaling a deliberate push to close coverage gaps in regions that have long lacked a nearby…
Amazon has cut several hundred corporate jobs across New York City as part of a company-wide reduction that now totals roughly 30,000 positions eliminated since last fall. A state labor filing confirms at least 135 workers lost their jobs at one Manhattan office alone, with additional notices expected in coming weeks. The layoffs reflect a…
The Supreme Court may rule as soon as this Friday on whether President Trump’s sweeping global tariffs, imposed under emergency powers, can legally stand. A lower court has already declared the duties an illegal use of executive authority, yet left them in place while the case moves through appeals. The outcome will determine whether American…
A wave of price increases is building across the U.S. auto industry and its sprawling supply chain as companies absorb the impact of 25% tariffs on imported automobile parts signed into effect by President Trump in spring 2025. While few firms have publicly announced sticker-price hikes, the regulatory machinery now in motion, from White House…