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The 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...

Tesla'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

MPs 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...

The 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...

Samuel 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...

Citigroup 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