U.S. consumers are bracing for the impact of new tariffs imposed by President Donald Trump, which include a 25% duty on various products from Mexico and Canada. GlobalData managing director Neil Saunders said that businesses will inevitably have to lift product costs, adding: “There’s no way that retailers can afford to absorb all of this…

Wells Fargo’s net-zero emissions target for its financed portfolio has been scrapped. The bank announced that the goal, which was to have been implemented by 2050, had relied on factors including public policy, consumer behavior and technological advancements which it said are outside its control. The company added that “Many of the conditions necessary to…

Apple has suspended a new artificial intelligence (AI) feature that drew criticism and complaints for making repeated mistakes in its summaries of news headlines. The tech giant had been facing mounting pressure to withdraw the service, which sent notifications that appeared to come from within news organizations’ apps. “We are working on improvements and will…

In Davos, Switzerland, Paul Ryan, the former speaker of the U.S. House of Representatives, has expressed his support for President Donald Trump’s economic personnel choices, saying that the administration is “off to a good start, with first-round draft picks in the economic policy roles.” He emphasized the need to manage the nation’s growing debt, warning…

BankruptcyData has revealed that since 2023, over 60 firms have filed for bankruptcy for a second or third time. Adam Shpeen, a partner in Davis Polk & Wardwell LLP’s restructuring practice, remarked: “For an industry like retail where there’s a secular challenge, it’s not surprising that even using all of the tools of bankruptcy, you…

With the German economy focused on exports, a slowdown in imports to China and continuing threats of US tariffs are posing challenges to the country’s growth. Germany’s manufacturing industry continues to shrink while its economy has also contracted for the past two years, with Jacob Kirkegaard, a Brussels-based senior fellow at the Peterson Institute for…