Novartis not joining the ‘frenzy’ of weight loss drugs, CEO says

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

U.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

The Environmental Protection Agency is demoting career employees overseeing scientific research, pollution laws, and hazardous waste cleanup, replacing them with political appointees to increase Trump administration influence and bypass Senate approval. This shift, part of a broader plan to dismantle the agency, involves appointing industry lobbyists to key roles and warning new hires of potential termination. The move is seen as injecting partisanship into traditionally nonpartisan areas, prompting criticism for undermining public health and environmental...

Heathrow airport's long-contemplated third runway project may finally come to fruition as Chancellor Rachel Reeves announces government support, emphasizing the economic benefits of increased connectivity. However, political opposition from Labour and environmental concerns regarding emissions targets pose significant obstacles to the project's success. While Heathrow remains committed to the expansion, challenges related to construction, financing, and the overall impact on growth remain uncertain, prompting some experts to advocate for alternative strategies to boost air capacity...