Economy

A judge has ruled against President-elect Donald Trump's attempts to throw out his guilty plea in a case involving allegations of falsifying business records, a case linked to a controversial payout during his 2016 presidential campaign. The ruling comes in context of a recent U.S. Supreme Court decision on presidential immunity, raising questions about the case's broader implications. Judge Juan M. Merchan of Manhattan rejected Trump's bid to overturn his guilty plea, delaying any potential resolution until he takes over the presidency next month. Trump's legal team has argued that the charges should be reconsidered, citing his imminent return to…

Hershey shares surged as much as 15% in Monday trading following a Bloomberg report suggesting that Mondelez may attempt another takeover of the iconic chocolate company. This marks a notable development in ongoing speculation about Hershey's future as an independent entity, with its shares now on track for their best day since mid-2016. Prior to this rally, Hershey's stock had faced a turbulent year, with its value falling about 6% due to concerns over rising cocoa prices and the growing use of GLP-1 drugs, which according to some analysts they could suppress the demand for confectionery products. With Monday's boost,…

In an effort to address expected challenges to U.S.-China relations under President-elect Donald Trump, Chinese Vice Premier He Lifeng recently met with several top U.S. financial executives. These meetings come as Beijing prepares for the possible imposition of tariffs on Chinese goods, a key part of Trump's campaign rhetoric. He Lifeng, one of China's four vice premiers and a leading figure in the country's economic and financial policy, has actively sought to establish connections with influential players in American financial circles. In the past month, he had talks with Larry Fink, chief executive of BlackRock, on December 5, and John…

A wave of optimism about personal finances has spread among Americans following Donald Trump's victory in November's presidential election, according to a survey released Monday by the Federal Reserve Bank of New York. The data reveals a significant increase in confidence, with families feeling more positive about their financial future than in recent years. The survey, which involved around 1,300 heads of families, revealed that 37.6% of those interviewed expect their financial situation to improve within the next year. This represents an increase of nearly 8 percentage points compared to October and marks the highest level of financial optimism recorded…

Alaska Airlines is targeting significant growth, with a goal of increasing profits by $1 billion by 2027. The airline is banking on growing demand for premium travel and its recent acquisition of Hawaiian Airlines to achieve this ambitious goal. The $1.9 billion purchase of Hawaiian Airlines, finalized in September, opened up new opportunities for Alaska Airlines, granting it access to cross-Pacific routes and wide-body aircraft such as the Boeing 787 Dreamliner and Airbus A330. Although both Alaska and Hawaiian Airlines continue to operate as separate brands, the acquisition positioned Alaska for a major expansion of its international network. Starting in…

Jerome Powell, chair of the Federal Reserve, faces a crucial moment as the central bank prepares for its next policy meeting. The latest jobs report all but solidified expectations of an interest rate cut later this month, with market indicators assigning a nearly 90% chance to such a move. However, whether the Fed should proceed with the cut and how it will manage monetary policy afterward remain open questions, sparking heated debate among economists and politicians. November's jobs data presented a balanced picture, neither overly strong nor overly weak, giving the Fed the flexibility to justify a rate cut. Nonfarm…

China's recent push to spur economic growth has shown modest progress, but the broader impact remains limited. Earnings and corporate data suggest that a robust recovery in the world's second-largest economy may still be a long way off. Since September, Beijing has introduced a series of stimulus measures aimed at boosting key sectors such as real estate and manufacturing. While there have been signs of improvement, many companies have maintained a cautious outlook. This sentiment was evident during Meituan's earnings call last week, when executives noted only a slight improvement in their hotel booking business. “We are confident that these…

Paul Atkins, CEO of Patomak Global Partners and an expert figure in financial regulation, has been chosen by President-elect Donald Trump to lead the Securities and Exchange Commission (SEC). The announcement, made via a post on Truth Social, signals a significant shift in regulatory priorities, particularly towards a more cryptocurrency-friendly environment. If confirmed, Atkins will succeed Gary Gensler, whose tenure has been marked by aggressive actions in the cryptocurrency market. Gensler's policies have drawn harsh criticism from the digital assets industry, with many stakeholders accusing him of stifling innovation. Trump's appointment of Atkins reflects the administration's commitment to easing restrictions…

JetBlue Airways is making significant changes to its flight operations as part of a strategy to rationalize costs and increase profitability. The airline told staff on Wednesday that it will cut several unprofitable routes, redeploy planes equipped with its premium Mint business class and streamline its services in Europe. One of the most notable changes is the decision to stop using Mint-class planes on routes to Seattle starting in April. Additionally, the airline will cease flights from Fort Lauderdale to Jacksonville, from New York's John F. Kennedy International Airport (JFK) to cities such as Austin, Houston, Miami and Milwaukee, as…

Frontier Airlines, one of the world's leading low-cost airlines, is poised to introduce first-class seating as part of a strategic shift aimed at attracting customers seeking greater comfort and personal space. The move reflects growing competition in the airline industry to satisfy passengers willing to pay for premium experiences. Starting in September, Frontier plans to overhaul the cabin layout by replacing the first two rows of the standard three-by-three economy seating configuration with four first-class seats arranged in a spacious two-by-two arrangement. The Denver-based airline is also enhancing its loyalty program to incentivize frequent flyers, offering free seat upgrades for…