Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Sir Keir Starmer announces changes to the planning system to speed up delivery of new nuclear power stations in the UK, aiming to introduce small modular reactors and give developers more flexibility in site selection. The government's nuclear projects, including Hinkley Point C and plans for Sizewell and Wylfa, are facing delays and budget overruns, while ministers are overseeing a competition for private companies to win state support for small modular reactors. Full Article
Read moreAmericans, especially young entrepreneurs, are embracing side hustles to earn extra income, with 44% of millennials and 48% of Gen Z already involved. Surprisingly, Gen Alpha, aged 1-14, are also joining the trend, with 69% planning or starting side hustles for financial security, according to Acorns' report. Parents play a role in shaping their children's financial habits, with 63% of kids hearing about money often and learning important money management skills from a young age. Full Article
Read moreThe U.S. trade deficit in goods reached a record $1.2 trillion in 2024, driven by strong imports of auto parts, weight-loss drugs, computers, and food, while export growth was hampered by a strong U.S. dollar. The deficit with China was the largest, at $295.4 billion, and President Trump may use the data to justify trade actions against other countries. Despite criticism, economists attribute the deficit to the U.S. economy's strength, with consumers continuing to spend on imports. Full Article
Read moreThe recruitment industry faces challenges during economic downturns, with companies like SThree, Robert Walters, and Hays feeling the impact and implementing cost-cutting measures to navigate difficult times. Despite the current market stress, these asset-light firms have the potential for recovery, especially for investors who can buy near book value and withstand short-term volatility. While further pain may be expected, there is an opportunity for long-term gains by investing strategically in these resilient businesses. Full Article
Read moreTesla's sales in Germany dropped by 59 percent in January as CEO Elon Musk faced backlash for comments regarding "past guilt" and support for a nationalist party. The decline in sales was also seen in France, Britain, Sweden, and Norway, possibly influenced by political controversies and delayed Model Y release. In the United States, Tesla's sales in California decreased by 11.6 percent in 2024 despite overall growth in electric vehicle sales. Full Article
Read moreMPs have launched an inquiry into the role of artificial intelligence (AI) in financial services, with concerns about risks and safeguards in place to protect consumers. The deadline for submissions is March 17, as AI is already widely used in the sector, particularly in insurance and customer service. While AI can help reduce the advice gap, there are risks involved in relying solely on AI for financial decisions, with experts emphasizing the importance of human empathy in financial services. Full Article
Read moreThe US Postal Service has temporarily suspended package delivery from China, impacting ecommerce groups like Temu and Shein due to new tariffs imposed by President Trump. Chinese logistics companies are now charging extra fees to cover the increased levies, affecting exporters and increasing costs for US consumers. The abrupt implementation of tariffs caught many by surprise, leading to uncertainty and chaos in the ecommerce industry as Chinese sellers navigate the changes and potentially raise prices for American customers. Full Article
Read moreSamuel Butler, a prominent figure in the Wall Street legal world, passed away at 94 in Manhattan. Known for his role in major mergers and acquisitions, including advising on deals like Squibb's sale to Bristol-Myers and Disney's takeover of Capital Cities, Butler was a respected lawyer at Cravath for 47 years. He also had a lasting friendship with Warren Buffett and was deeply involved in nonprofit work, notably serving on the New York Public Library board for 45 years. Full Article
Read moreCitigroup CEO Jane Fraser has decided to maintain a hybrid work schedule for the bank, allowing staff up to two days per week of remote work. This decision aims to recruit talented staff and provide work-life balance for Citigroup's 210,000 employees, with only traders and branch staff expected in the office five days a week. In contrast, other Wall Street banks like JPMorgan have implemented stricter return-to-office policies, prompting backlash from employees. Full Article
Read moreU.S. oil prices on Tuesday retreated most of the gains made the day before following the implementation of a 10% tariff on Chinese imports by the U.S. and retaliatory measures by Beijing, sparking concerns about future demand. The escalation in trade tensions between the two countries raised uncertainty in the oil market, leading to a decrease in prices as investors grew wary of the impact on global economic growth and oil consumption. Full Article
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Copyright © 2024 News Wave
News Wave is not responsible for the content of external sites.