When It Comes to Tariffs, Trump Can’t Have It All

Citigroup mistakenly credited $81 trillion instead of $280 to a customer's account in April 2024, a transaction caught and reversed by a third employee 90 minutes later. The error, exceeding the GDP of every country, was disclosed to U.S. regulators, with no funds leaving the bank. This incident follows previous inputting errors at Citigroup, including a $900 million payment to Revlon creditors, leading to fines and regulatory scrutiny. Full Article

In order to maximize travel rewards, experts suggest using two credit cards from the same bank to earn more points in different spending categories. By taking advantage of transferable points programs, such as those offered by Amex and Chase, travelers can access better deals on flights and accommodations. While flexibility and timing are key factors in securing premium seats, it is also important to prioritize practicality over perfection when redeeming points to avoid devaluation. Full...

Growth has stagnated and job vacancies are declining, while inflation is rising, making it difficult for the Bank of England to cut interest rates. Chancellor Rachel Reeves faces upcoming challenges, including a rise in employers' national insurance, stamp duty, and the end of business rates relief for pubs and hospitality businesses. Trump's tariffs on Europe could further impact the UK's largest export market. Reeves should consider phasing in the NI rise, reforming business rates, and...

HP Inc. is taking proactive measures to address potential tariffs on goods made in China, including relocating manufacturing operations and increasing inventory purchases. These actions are aimed at minimizing the impact of the expected tariffs on the company's operations and bottom line. HP Inc. is strategically preparing for the looming tariffs by making strategic moves to mitigate any potential disruptions in its supply chain. Full Article

Delegates at U.N. biodiversity talks in Rome made modest progress on measures to support nature, addressing unprecedented global biodiversity losses while facing geopolitical changes. Developing countries pushed for a new fund to mobilize $200 billion yearly by 2030, resulting in a compromise on a fund decision. The U.S. absence and cuts in biodiversity funding raised concerns, as stakeholders highlighted the urgent need for financial support to avert a biodiversity crisis and prevent devastating extinctions. Full...

Roula Khalaf, Editor of the FT, curates Unlock the Editor’s Digest, featuring top stories like OpenAI's launch of GPT-4.5, a large AI model with reduced hallucination rates. Amidst fierce competition in the AI industry, OpenAI continues to invest in large models despite potential cost challenges, and is considering limiting developer access to GPT-4.5 due to high operational expenses. Chief executive Sam Altman notes the model's high cost to train and run, emphasizing its unique intelligence...