US private payrolls unexpectedly declined in November, the ADP employment report showed on Wednesday.Private employment decreased by 32,000 jobs last month after an upwardly revised 47,000 increase in October. Economists polled by Reuters had forecast private employment rising by 10,000 jobs after a previously reported 42,000 rebound in October.The ADP report is jointly developed with the Stanford Digital Economy Lab. The monthly estimate has historically diverted from the government’s private payrolls coun ...

Core Viewpoint - Tesla has warned the UK government that weakening electric vehicle (EV) regulations could negatively impact battery car sales and hinder the country's ability to meet carbon dioxide targets [1][4]. Group 1: Government Regulations and Industry Impact - The Labour government has weakened the zero-emission vehicle (ZEV) mandate, which previously required increased sales of EVs, allowing carmakers to sell more petrol and diesel vehicles [2]. - Critics argue that new taxes on electric cars could further reduce demand, complicating the transition to electric vehicles [2]. - Tesla emphasized that introducing new loopholes, referred to as "flexibilities," would suppress battery electric vehicle (BEV) supply and significantly impact emissions, risking the UK's carbon budgets [4]. Group 2: Industry Reactions and Concerns - Carmakers like BMW, Jaguar Land Rover, Nissan, and Toyota have expressed concerns that the weakened mandate is damaging investment, as they are selling electric cars at a loss [3]. - Ford and Mercedes-Benz have lobbied against stricter rules post-2030, which would require further reductions in average carbon dioxide emissions, allowing them to sell more polluting vehicles for a longer period [7]. - Ford criticized European governments for retracting support for electric car sales, highlighting the competitive threat from Chinese manufacturers with lower cost bases [9]. Group 3: Financial Measures and Future Proposals - The UK Chancellor announced a "pay-per-mile" charge on electric cars starting in 2028, which may diminish their appeal compared to petrol and diesel models, while also extending grants for new electric cars [5]. - Mercedes-Benz proposed reducing VAT on public charging from 20% to 5% to align with home electricity rates and suggested a price cap on public charging [10]. - Tesla called for a ban on sales of plug-in hybrid electric vehicles with a battery-only range of less than 100 miles after 2030, which would eliminate many popular models in that category [10].

Company Overview - Shares in American Bitcoin Corp (ABTC), associated with Eric Trump's crypto mining business, experienced a significant decline, losing more than half their value in under 30 minutes, dropping from $2.39 to $1.90 [1][2] - The stock previously peaked at $9.31 on September 9, 2023, before falling 78% to its current trading value [2] - American Bitcoin was formed from Hut 8 Corp earlier this year and reported a third-quarter net income of $3.5 million on revenue of $64.2 million [4] Market Context - The decline in ABTC shares coincides with a broader sell-off in the cryptocurrency market, with Bitcoin's value plummeting over 30% from a peak of $126,272 on October 6 to $92,133 [3] - Analysts at Deutsche Bank noted that approximately $1 trillion in value has been lost from the global crypto market since early October [3] Family Business Ventures - Eric Trump's crypto mining venture is part of a larger family business that includes the launch of an NFT in 2022 and the establishment of World Liberty Financial in 2024, along with a cryptocurrency named $TRUMP in 2025 [4] - Other Trump-affiliated crypto ventures, such as WLFI, have also seen declines, with WLFI dropping from 26 cents in early September to around 16 cents [5] - The Trump family's estimated fortune decreased from $7.7 billion in September to $6.7 billion due to the decline in crypto values [5] Industry Sentiment - Despite the downturn, Eric Trump expressed optimism about the future of cryptocurrency, referring to the current situation as a "great buying opportunity" and emphasizing the potential for those who embrace market volatility [9]

Core Viewpoint - The debate over the European Commission's 2035 ban on new petrol and diesel cars is intensifying, with Swedish companies Volvo and Polestar advocating for the ban to remain in place, arguing that any delay would hinder electric vehicle adoption and benefit Chinese manufacturers [1][2][10]. Group 1: Industry Perspectives - Polestar's CEO, Michael Lohscheller, strongly opposes pausing the 2035 ban, emphasizing that Europe must lead in the transition to electric vehicles or risk falling behind [2][12]. - Lohscheller highlights the urgency of the situation, stating that delaying the target could jeopardize hundreds of thousands of jobs in the automotive sector [10]. - Volvo's CEO, Håkan Samuelsson, argues that rolling back the ban lacks logic and compares the current resistance to past opposition against safety measures like catalytic converters and seatbelts [4][5][8]. Group 2: Competitive Landscape - Samuelsson warns that if traditional car manufacturers like Volkswagen and BMW slow down their electrification efforts, they will create a competitive advantage for Chinese companies, which are expanding their manufacturing presence in Europe [8][10]. - Both CEOs stress the importance of maintaining momentum in electrification to ensure that European manufacturers remain competitive against Chinese firms [8][17]. Group 3: Consumer Concerns - Samuelsson identifies three main consumer concerns regarding electric vehicles: range, charging time, and price, asserting that addressing these issues will accelerate EV adoption [18][19]. - He believes that the industry should focus on technological advancements rather than delaying regulatory timelines, as innovation is crucial for meeting consumer expectations and environmental goals [20].

Apple’s head of artificial intelligence, John Giannandrea, is stepping down from the company. The move comes as the Silicon Valley giant has lagged behind its competitors in rolling out generative AI features, in particular its voice assistant Siri. Apple made the announcement on Monday, thanking Giannandrea for his seven-year tenure at the company.Tim Cook, Apple’s CEO, said his fellow executive helped the company “in building and advancing our AI work” and allowing Apple to “continue to innovate”. Giannan ...

Core Points - The UK government has secured a deal with the Trump administration to maintain zero tariffs on UK pharmaceutical imports into the US and increase NHS spending on drugs [1][2] - The agreement aims to ensure continued investment by UK pharmaceutical companies in the US and is expected to create jobs in the US [1] - The NHS will increase the net price it pays for new medicines by 25%, addressing concerns about the competitiveness of the current drugs-purchasing agreement [3][6] Trade and Pricing Arrangements - Trade in medicines has been largely duty-free under a 1994 WTO agreement, but tariffs were imposed by the Trump administration affecting imports from the UK and EU [4] - The new deal includes a reduction in the "rebate" payments that drug companies make to the NHS, which currently range from 23.5% to 35.6% of revenue from branded medicines [5][6] - The average rebate rates in other European countries are significantly lower, indicating potential for reform in the UK's arrangements [6] Negotiation and Strategic Context - Negotiations were led by key figures including Varun Chandra and Patrick Vallance, highlighting the importance of government involvement in pharmaceutical policy [7] - The Trump administration is also pushing for US drug companies to lower their prices to align more closely with those in the UK and other developed countries [7] - There are ongoing threats of high tariffs on pharmaceutical imports to encourage domestic manufacturing in the US, particularly in competition with countries like India and China [8]

Core Points - Switzerland's federal prosecutor has filed charges against Credit Suisse and UBS over the "tuna bonds" loan scandal that significantly impacted Mozambique's economy nearly a decade ago [1][2] - The charges include money laundering against an unnamed Credit Suisse employee, with accusations of "organizational deficiencies" in both banks that allowed wrongdoing to occur [2][5] - The scandal involved $2 billion in loans arranged by Credit Suisse for Mozambique, with funds misappropriated and kickbacks totaling at least $137 million [3][4] Summary by Sections - **Charges and Accusations** - The Swiss attorney general's office has accused Credit Suisse and UBS of failing to implement necessary organizational measures to prevent money laundering during 2016 [5] - UBS has stated it will vigorously defend its position against the attorney general's conclusions [2] - **Background of the Scandal** - The tuna bonds scandal originated from loans intended for government-sponsored projects, including maritime security and a state tuna fishery [2] - A contractor was found to have arranged significant kickbacks, including $50 million for Credit Suisse bankers [3] - **Regulatory Settlements** - Credit Suisse settled with US and UK regulators in 2021, paying $275 million to American authorities and £147 million to the UK's Financial Conduct Authority [4] - UBS agreed to settle with Mozambique in October 2023, just before a trial was set to begin in London [4] - **Impact on Credit Suisse** - Credit Suisse was sold to UBS in March 2023 amid a banking crisis, with UBS acquiring the bank for 3 billion Swiss francs [5][7] - The crisis of confidence in Credit Suisse was exacerbated by its largest shareholder, Saudi National Bank, ruling out further funding [6]

Airbus has fixed most of its jets affected by a software glitch after a technical problem grounded thousands of its planes, but its shares tumbled on Monday after it discovered a separate issue with its fuselage panels.Airlines around the world cancelled and delayed flights over the weekend after the French plane manufacturer ordered immediate repairs to 6,000 of its A320 family of jets, more than half of its global fleet.Airbus said on Friday that analysis of a recent incident had revealed “intense solar r ...

Core Insights - The 2025 holiday season is expected to be divided into two distinct segments, influenced by varying consumer spending behaviors based on income levels [1] Group 1: Consumer Spending Trends - Higher-income individuals are likely to have a decent holiday season, with average salaries rising between 4.5% and 6.7% depending on job stability [2] - The top 10% of earners account for 50% of consumer spending, while the remaining 90% are expected to spend less due to high credit card debt and economic uncertainty [5][6] - Retail sales growth is projected at 4% for the holiday season, but much of this increase will be due to inflation rather than volume, leading to relatively flat real spending [7] Group 2: Economic Indicators - Deloitte forecasts holiday retail sales growth between 2.9% and 3.4%, significantly lower than last year's 4.2% and the 10-year average of 5.2% [8] - The economic landscape is characterized by high inflation, tariffs, and uncertainty, impacting consumer confidence and spending [8][9] Group 3: Impact on Small Businesses - Small businesses, which rely heavily on holiday sales for revenue, may face challenges unless they cater to affluent demographics or are located in wealthier areas [10][11] - The disparity in consumer behavior suggests that while some businesses may thrive, others will struggle due to reduced spending from lower-income consumers [9][11]

Core Viewpoint - Airbus has initiated a significant recall affecting 6,000 A320 family jets, leading to widespread flight cancellations and delays globally, as safety concerns arise from a recent incident involving the aircraft [1][11]. Group 1: Recall Details - The European Union Aviation Safety Agency (EASA) mandated immediate repairs for the A320 aircraft, emphasizing that "safety is paramount" [1]. - The US Federal Aviation Administration (FAA) issued an emergency airworthiness directive requiring specific software modifications for certain Airbus planes [2]. - Airbus indicated that while most fixes involve simple software changes, a subset of jets will require more extensive hardware modifications, with the number needing extensive fixes being lower than initial estimates of 1,000 [3]. Group 2: Impact on Airlines - Major airlines such as Delta, United, and American Airlines reported varying impacts, with American Airlines stating that 209 of its 480 A320 aircraft would require fixes, expecting completion by Saturday [5]. - In Australia, Jetstar cancelled 90 flights due to the issue, affecting a significant number of passengers [6]. - ANA Holdings in Japan cancelled 65 flights, indicating potential further cancellations [7]. - Other airlines, including Lufthansa, IndiGo, and easyJet, also reported disruptions but some had already completed necessary updates [8][10]. Group 3: Incident Background - The recall was triggered by an incident involving a JetBlue flight that experienced a sudden drop in altitude, resulting in injuries to passengers [12]. - The problem was traced to the elevator and aileron computer (ELAC), which is critical for flight control [13]. Group 4: Industry Context - The recall represents one of the largest in Airbus's history and comes at a time when airline repair shops are already facing capacity shortages due to other maintenance demands [14]. - There are approximately 11,300 A320-family aircraft in operation worldwide, with 6,440 being the core A320 model [14].