Millions of American households are struggling with soaring energy prices, leading to widespread utility debt and shut-offs. A recent report indicates that nearly 5% of households are at risk of collections for overdue utility bills, with severely overdue debt increasing by 3.8% in the first half of Trump's second term, highlighting the growing financial strain on consumers.
SpaceX's Starlink is reportedly providing free internet service to users in Iran, according to U.S.-based tech nonprofits, amidst government-imposed communication blackouts during mass protests. The move, which waives standard fees, aims to provide crucial connectivity in a region where access to information is severely restricted, though SpaceX has not officially commented on the offering's financial impact or duration. This action follows Starlink's established pattern of providing internet access in conflict zones and remote areas.
A World Bank report reveals that 25% of developing nations are financially worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately impacted. Despite some growth in countries like Nigeria (4.4% last year), many low-income nations, including South Africa (1.2% growth last year), failed to increase average incomes, signaling insufficient global growth to alleviate poverty and create employment.
Millions of US households are struggling with soaring energy prices, leading to increased utility debt and service disconnections. A recent report indicates that nearly 5% of US households are at risk of having their utility debt sent to collections, with severely overdue utility debt rising by 3.8% in the first half of the year, highlighting the growing financial strain on consumers.
Weaker-than-expected job growth in the latest employment report has validated bond traders' bets on Federal Reserve interest-rate cuts in 2026. This development is expected to further widen the yield gap between short- and long-maturity Treasuries, as short-maturity bonds are more sensitive to central bank policy. The market's confidence in these bets suggests continued outperformance for short-maturity Treasuries relative to their longer-term counterparts.
President Trump addressed the Detroit Economic Club, focusing on the U.S. economy amidst voter concerns about affordability, a key issue for the upcoming midterm elections. While boasting about the economy's strength, Trump also digressed into other topics and criticized political figures. The economic outlook and Trump's messaging are expected to significantly influence voter sentiment.
Millions of American households are struggling with soaring energy prices, leading to increased utility debt and service disconnections. A recent report indicates that nearly 5% of households are at risk of having their utility debt sent to collections, with severely overdue debt rising by 3.8% in the first half of Trump's second term, highlighting the growing financial strain on consumers.
A Swiss judge extended the detention of Jacques Moretti, co-owner of Le Constellation bar in Crans-Montana, for 90 days following a New Year's Eve fire that killed 40 and injured 116, many under 20. Moretti and his wife face potential manslaughter and arson charges, with prosecutors citing flight risk as justification for the extended custody as investigations continue into safety lapses at the bar, which hadn't been inspected in five years.
Saks Global, parent company of Saks Fifth Avenue and Neiman Marcus, is reportedly preparing to file for bankruptcy amid worsening financial struggles since its $2.7 billion acquisition of Neiman Marcus in 2024. The retailer faces inventory shortages and questions about its future, impacting shoppers, vendors, and investors. The merger, intended to cut costs and strengthen brands, has seemingly failed to deliver anticipated benefits.
Saks Global, parent company to Saks Fifth Avenue and Neiman Marcus, is reportedly preparing to file for bankruptcy amid financial struggles stemming from its $2.7 billion acquisition of Neiman Marcus in 2024. Inventory shortages and broader financial woes are impacting the luxury retailer's operations, raising concerns among customers, vendors, and investors about the future of the combined entity.
Jerome Powell's confirmation of an investigation into his testimony triggered a market selloff, with Nasdaq 100 futures leading the decline at -0.8% and S&P 500 futures down 0.5%, as investors fear a compromised Fed independence. Safe-haven assets like gold and silver surged, rising 1.7% to $4,578/ounce and over 4% respectively, signaling increased demand amidst political and monetary uncertainty.
Analysts predict a "booming" UK mortgage market in 2026, fueled by increased competition among lenders and a surge in available mortgage products to an 18-year high. While mortgage rates have fallen since August 2023, when the average two-year fixed rate dipped below 5%, global economic uncertainty could still impact further improvements for borrowers, over 80% of whom have fixed-rate deals.
TGI Fridays shuttered 16 UK locations, resulting in 456 job losses, after Interpath was appointed administrator to Liberty Bar and Restaurant group. The remaining 33 restaurants will continue operating under a Sugarloaf-owned company, safeguarding 1,384 jobs in a deal aimed at providing a stable foundation for future growth amidst challenging times for hospitality operators. The closures mark a pivotal step in TGI Fridays' wider turnaround plan.
Paramount Global has escalated its $108.4 billion hostile takeover bid for Warner Bros. Discovery (WBD) by filing a lawsuit to challenge WBD's $82.7 billion deal with Netflix. Paramount's lawsuit seeks transparency on WBD's valuation of its Global Networks and the Netflix transaction, arguing its $30 per share all-cash offer is superior to Netflix's $27.72 per share bid. The move aims to sway WBD shareholders before the January 21 deadline.
A World Bank report reveals that 25% of developing nations are financially worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately impacted. Despite growth in some countries like Nigeria (4.4% last year), many, including South Africa (1.2% growth), failed to increase average incomes, highlighting insufficient global growth to alleviate poverty and create jobs. This economic downturn underscores the need for targeted interventions to support vulnerable nations.
A World Bank report reveals that 25% of developing nations are financially worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately impacted. Despite growth in some countries like Nigeria (4.4% last year), many, including South Africa (1.2% growth), failed to increase average incomes, signaling insufficient global growth to alleviate poverty and create jobs. This economic downturn highlights a significant setback for low-income nations.
Christopher Butler, the former CEO of The Painted Turtle, a Paul Newman-founded nonprofit camp for sick children, faces 15 felony charges for allegedly embezzling over $5 million over seven years. The alleged embezzlement from the donation-reliant camp, which provides free programs, has sparked outrage, with the Los Angeles County District Attorney vowing to hold Butler accountable for abusing his position and stealing from a vulnerable community.
Analysts predict a "booming" UK mortgage market by 2026, driven by increased competition among lenders and a surge in available mortgage products to an 18-year high. While mortgage rates have fallen below 5% since August, uncertainty remains, though Moneyfacts anticipates further rate declines early this year, benefiting first-time buyers.
Luminar has agreed to sell its lidar business to Quantum Computing Inc. for $22 million, pending court approval and potentially higher bids by Monday's deadline, marking a significant drop from its peak valuation. This follows Luminar's previous agreement to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million, as the company navigates Chapter 11 bankruptcy and aims for a swift resolution with creditor support.
Chancellor Rachel Reeves is signaling targeted financial relief for pubs facing significant business rate increases in April, acknowledging their pandemic struggles and disproportionate impact. While resisting broader support for the hospitality sector, Reeves confirmed upcoming measures to soften the blow on pubs, supplementing the existing £4.3 billion government fund aimed at easing the transition from Covid-era relief. The move comes amid warnings from various businesses and political figures about the potential strain of higher rates on the wider economy.
