Latest Business News
Global Economic Expansion Slows in December 2025
The J.P. Morgan Global PMI Composite Output Index fell to 52.0 in December from 52.7 in November, the lowest in six months, signaling GDP growth at 2.4% annualized. Manufacturing and services growth softened, with US manufacturers seeing new orders fall for the first time in a year, while employment stagnated.
Muted price pressures raise expectations for interest rate cuts in 2026.
Luxury Retail Giant Saks Files for Bankruptcy
The parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman filed for bankruptcy due to struggles paying vendors. This reflects ongoing challenges in luxury retail amid economic pressures.
Citigroup CEO Announces Job Cuts and Raises Performance Bar
Citigroup CEO Jane Fraser warned of 1,000 immediate job cuts and tens of thousands more, ending 'old, bad habits' in a staff memo. This aims to streamline operations in a competitive environment.
Citi CFO Warns Credit Card Rate Cap Would Harm Economy
Citi CFO Mark Mason stated Trump's proposed 10% credit card interest rate cap would have a 'deleterious' impact on the economy. This follows Trump's call to prevent consumers from being 'ripped off'.
Bilt Unveils Credit Cards with 10% Interest for First Year
Bilt launched credit cards offering 10% interest rate for the first year, aligning with Trump's proposed cap on rates. Trump emphasized protecting the public from high rates.
US Manufacturing Jobs Decline Amid Tariffs
US manufacturing employment fell every month since April 2025 tariffs, with 73,000 jobs lost, as costs rose without boosting reshoring. Manufacturers cut workforce to protect margins against overseas competitors.
Point72 Sells Fintech Stakes to Goldman Sachs in $280M Deal
Point72 sold stakes in fintech startups via a $280 million continuation vehicle led by Goldman Sachs and others. This provides liquidity for the hedge fund's investments.
Nigeria Plans $1 Billion Green Bond Amid $3 Billion Climate Opportunity
Nigeria seeks investors for a $1 billion green bond as part of broader $3 billion climate finance opportunities. This initiative targets sustainable development funding.
Russian Oil Firm Retains Venezuela Assets Post-US Operation
A Russian oil firm vows to keep its Venezuela assets despite a US military operation, amid ongoing Moscow-Caracas ties. Putin has not commented publicly.
California Wealth Tax Sparks Debate Among Billionaires and Unions
California's proposed wealth tax on billionaires ignites controversy, pitting labor unions against tech execs, but fails to address 'buy, borrow, die' strategies. Nearly half of state income tax comes from top 1%.
Philippines Economy on 'Weaker Footing' After Scandal and Trade Tensions
ASEAN chair Philippines starts 2026 weakly post-corruption scandal and trade issues, with Q3 2025 GDP at four-year low of 4%, prompting slashed growth targets.