The Volvo logo is displayed at the Volvo Cars of Austin dealership on September 04, 2024 in Austin, Texas.Brandon Bell | Getty ImagesVolvo Group plans to lay off as many as 800 workers at three U.S. facilities over the next three months due to market uncertainty and demand concerns in the face of President Donald Trump’s tariffs, a spokesperson said on Friday.Volvo Group North America said in a statement it has told employees it plans to lay off 550-800 people at its Mack Trucks site in Macungie, Pennsylvania, and two Volvo Group facilities in Dublin, Virginia, and Hagerstown, Maryland.The company,…
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A view of the Internal Revenue Service (IRS) building in Washington, D.C., U.S., April 11, 2025. Jonathan Ernst | ReutersGary Shapley, the acting commissioner of the Internal Revenue Service, is being replaced after Treasury Secretary Scott Bessent approached President Donald Trump to say that Shapley was placed into the agency without his knowledge and at Elon Musk’s direction, according to a source familiar with the discussions.Bessent received Trump’s approval to roll back the decision, the source said, and Deputy Treasury Secretary Michael Faulkender is expected to become the next acting IRS head.The move and details of the decision were first reported by the…
U.S. President Donald Trump and U.S. Federal Reserve Chair Jerome Powell.Win McNamee | Annabelle Gordon | ReutersPresident Donald Trump on Friday lobbed his latest criticism at Federal Reserve Chair Jerome Powell, as the White House’s discontent for the economic policy leader hits a fever pitch.During a Friday afternoon question-and-answer session with reporters, Trump pointed to examples of prices going down. “If we had a Fed Chairman that understood what he was doing, interest rates would be coming down, too,” Trump said. “He should bring them down.”Trump has long argued that the Fed, which sets monetary policy in the U.S., should cut…
The US Consumer Financial Protection Bureau (CFPB) headquarters in Washington, DC, US, on Sunday, Feb. 2, 2025. Bloomberg | Bloomberg | Getty ImagesA federal judge on Friday halted the mass firings carried out Thursday afternoon at the U.S. Consumer Financial Protection Bureau, saying she was deeply concerned that the Trump administration had violatedcourt orders setting conditions on dismissals.On Thursday, the agency fired between 1,400 and 1,500 workers, eliminating as much as 90% of its workforce.A witness statement filed Friday morning also accused senior officials and an administration official associated with billionaire Elon Musk’s Department of Government Efficiency of disregarding the court’s…
Sign at the entrance to a Capital One bank branch in Manhattan. Erik Mcgregor | Lightrocket | Getty ImagesCapital One Financial’s application to acquire Discover Financial Services in a $35.3 billion all-stock deal has officially been approved by the Federal Reserve and the Office of the Comptroller of the Currency, the regulators announced on Friday.”The Board evaluated the application under the statutory factors it is required to consider, including the financial and managerial resources of the companies, the convenience and needs of the communities to be served by the combined organization, and the competitive and financial stability impacts of the proposal,” the Fed…
Ukrainian servicemen operate a tank on a road near the border with Russia, in the Sumy region of Ukraine, on August 14, 2024. The Ukrainian army entered Russia’s Kursk region on August 6, capturing dozens of settlements in the biggest offensive by a foreign army on Russian soil since World War II. Roman Pilipey | Afp | Getty ImagesThe U.S. has presented allies with potential plans for peace between Russia and Ukraine that include an end to fighting and rolled-back sanctions on Moscow, according to Bloomberg News.The U.S.’ proposals were shared in Paris on Thursday, European Union officials familiar with the…
President Donald Trump, right, speaks as Jerome Powell, Trump’s nominee as chairman of the Federal Reserve, listens during a nomination announcement in the Rose Garden of the White House in Washington, D.C., Nov. 2, 2017.Olivier Douliery | Bloomberg | Getty ImagesWhite House economic adviser Kevin Hassett said on Friday that President Donald Trump and his team would study the matter when asked if firing Federal Reserve Chair Jerome Powell was an option.”The president and his team will continue to study that matter,” Hassett told reporters at the White House in response to a question.Hassett’s exchange with the press came a…
An attendee wearing a Super Mario costume uses a Nintendo Switch 2 game console while playing a video game during the Nintendo Switch 2 Experience at the ExCeL London international exhibition and convention centre in London, Britain, April 11, 2025. Isabel Infantes | ReutersNintendo on Friday announced that retail preorder for its Nintendo Switch 2 gaming system will begin on April 24 starting at $449.99.Preorders for the hotly anticipated console were initially slated for April 9, but Nintendo delayed the date to assess the impact of the far-reaching, aggressive “reciprocal” tariffs that President Donald Trump announced earlier this month.Most electronics companies,…
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A growing number of wealthy Americans are opening bank accounts in Switzerland as part of the “de-Americanization” of their portfolios, according to investors and banks. Swiss banks say they have seen a surge of interest and business from high-net-worth Americans opening investment accounts in recent months. “It comes in waves,” said Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former President…
Uncertainty around President Donald Trump’s tariffs have roiled the markets, but select telecom stocks may help bolster investors’ portfolios, Bank of America traders found. Trump announced a slate of “reciprocal” tariffs on April 2, sending stocks on a wild ride as investors worry that the policy overhaul could slow down economic growth and perhaps even lead to a recession . The S & P 500 has fallen nearly7% since then, and it is down 10% year to date. Bank of America traders compiled a list of defensive stocks in the telecommunications sector that have historically “demonstrated propensity to outperform the…
