Author: Ethan Larkson

European auto stocks saw a positive rebound on Monday morning, recovering from a 3% loss in the previous session. As of the latest trading session, these stocks were up by 1%. The automotive sector, especially sensitive to the looming threat of U.S. tariffs, found some relief as vehicles and machinery represent the EU’s biggest exports to the United States. Major German automakers, including BMW, Mercedes-Benz, and Volkswagen, all posted significant gains, with BMW rising 1.3%, Mercedes-Benz increasing by 1.6%, and Volkswagen surging by 1.4%. Meanwhile, Zealand Pharma experienced a noteworthy rise, climbing 7.3% to top the Stoxx 600 index. The…

President Donald Trump announced on Friday a significant partnership between U.S. Steel and Japanese steelmaker Nippon Steel, aiming to create at least 70,000 jobs and inject $14 billion into the U.S. economy. The investment is expected to take place primarily over the next 14 months, signaling a major development in the American steel industry. The deal, described by Trump as a planned partnership rather than an outright acquisition, comes after a previously blocked $14 billion acquisition attempt by Nippon Steel, which was halted by the Biden administration over national security concerns earlier this year. U.S. Steel currently employs around 22,000…

Jim Irsay, the longtime owner and CEO of the Indianapolis Colts and a well-known rock-and-roll memorabilia collector, passed away peacefully in his sleep at the age of 65 on Wednesday afternoon, the Colts announced. His death marks the end of an era for the franchise and the broader NFL community. pic.twitter.com/TZg4kMpdAj — Indianapolis Colts (@Colts) May 21, 2025 Irsay dedicated much of his life to the Colts, a team he grew up with and eventually led to multiple championships. His passion for football, along with his generosity and commitment to the community, were widely recognized and admired. Throughout his tenure,…

Elon Musk, the world’s wealthiest individual, has announced that he plans to reduce his financial involvement in political campaigns, marking what could be his last major expenditure in this arena for the near future. Musk made this statement on Tuesday, noting that he intends to focus more on his businesses and step away from his role in the Trump administration. This shift comes just weeks after a political setback in Wisconsin, where the candidate he supported in the state’s Supreme Court race lost by a significant margin of 10 percentage points. In Wisconsin, Musk had heavily invested in the race,…

In a striking statement at a recent tech conference in Taipei, Nvidia’s CEO, Jensen Huang, criticized the U.S. government’s export controls on AI chips, calling them a “failure” and pointing out that the restrictions have unintentionally strengthened Chinese tech companies. According to Huang, these regulations, intended to limit China’s access to advanced computer chips, have only accelerated the development of domestic Chinese alternatives, particularly from companies like Huawei. “Washington’s efforts gave Chinese companies the spirit, the energy, and the government support to accelerate their development,” Huang remarked, suggesting that such measures have had the opposite effect of their intended purpose.…

The Trump administration has lifted a month-long stop-work order on the Empire Wind offshore wind facility planned off the coast of New York, enabling construction activities to resume on the $5 billion project. This move brings relief to the offshore wind industry and secures thousands of jobs tied to the ambitious renewable energy development. Empire Wind, developed by Norwegian energy company Equinor, aims to power half a million New York homes with clean energy. The project, which began under the Trump administration in 2017 and was approved under President Biden in 2023, is already 30% complete. It features wind turbines…

Nippon Steel is planning a massive $14 billion investment in U.S. Steel’s operations, including up to $4 billion for a new steel mill, contingent on approval from the Trump administration for its bid to acquire the iconic American company. This substantial investment aims to boost steel production and infrastructure through 2028, signaling Nippon Steel’s strong commitment to expanding its presence in the U.S. steel market. The investment plan involves pouring $11 billion into U.S. Steel’s infrastructure over the next several years, with $1 billion allocated for a greenfield site expected to grow by an additional $3 billion. This effort represents…

Novo Nordisk has announced that it will replace its current Chief Executive Officer, Lars Fruergaard Jorgensen, amid a significant drop in the company’s stock value and intensifying competition in the weight-loss and diabetes drug markets. The surprise move marks a pivotal moment for the pharmaceutical giant, known for blockbuster drugs Ozempic and Wegovy. The company stated that Jorgensen will remain in his role while the board actively searches for his successor. This change comes as Novo Nordisk’s market dominance faces growing pressure from rival drugmakers, particularly Eli Lilly, which has made strides with its own weight-loss treatments. During Jorgensen’s tenure,…

The U.S. Federal Communications Commission (FCC) has officially approved Verizon Communications’ $20 billion acquisition of fiber-optic internet provider Frontier Communications, following the telecom giant’s agreement to dismantle its diversity, equity, and inclusion (DEI) programs. The deal, initially announced in September, includes approximately $9.6 billion in cash and the assumption of $10 billion in Frontier’s existing debt. According to FCC Chair Brendan Carr, this decision marks a significant step in expanding the nation’s broadband infrastructure. “By approving this deal, the FCC ensures that Americans will benefit from a series of good and common-sense wins,” said Carr. He emphasized that the transaction…

The U.S. Department of Education has begun issuing stern warnings to millions of borrowers who have defaulted on federal student loans, signaling a rapid escalation in collection activities. The government’s efforts, paused since the pandemic, are now shifting back into high gear, with wage garnishment and federal benefit seizures set to resume as early as this summer. Over 5 million borrowers are currently in default, and officials warn that the number could surge to nearly 10 million by the end of the year. This would mean one in four federal student loan accounts falling into default — a potentially unprecedented…