Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• U.S. Gold Reserves Top $1 Trillion Amid Record Rally
  The U.S. Treasury’s gold reserves have exceeded $1 trillion in value for the first time as gold prices hit new highs above $3,824/oz, rising 45% year-to-date. Investors have piled into bullion amid geopolitical tensions, trade wars, and fears of a potential government funding crisis.

• Trump Imposes New Tariffs on Lumber and Wood Imports
  President Donald Trump announced 10% tariffs on lumber and up to 25% on wood-based goods such as cabinets and furniture. The move aims to bolster domestic manufacturing and reduce import reliance as the administration prioritizes U.S. industry competitiveness.

• China Bans New BHP Iron Ore Cargoes
  China’s state-run iron ore buyer has ordered steelmakers and traders to halt new purchases from BHP Group, escalating a pricing dispute that threatens one of the world’s most important trading relationships. The move adds fresh tension to China’s ongoing commodity negotiations with Australia.

• Exxon to Cut 2,000 Workers as Oil Sector Weakens
  Exxon Mobil announced plans to cut 2,000 jobs globally amid mounting layoffs across the energy sector. The move reflects broader industry pressure from slowing demand and volatile crude prices, signaling a cooling phase after several years of record profits.

• White House to Announce ‘TrumpRx’ Drug-Buying Website
  The administration plans to launch TrumpRx, a direct-to-consumer drug-purchasing website in partnership with Pfizer, offering discounted U.S. medications. Pfizer’s CEO is expected to attend the announcement, which aims to lower costs for millions of patients.

  • Pfizer Gets Three-Year Reprieve From Trump Tariffs
    Following the TrumpRx deal, Pfizer secured a three-year grace period from upcoming pharmaceutical tariffs, part of a broader agreement to voluntarily lower U.S. drug prices. The reprieve is expected to ease short-term pricing pressures on U.S. consumers and the company.

• Saudi Government Paid $87 Million to Kushner’s Affinity Partners
  A U.S. Senate inquiry revealed that the Saudi Public Investment Fund (PIF) paid $87 million in fees to Jared Kushner’s Affinity Partners over three years. Lawmakers have scrutinized the payments but clarified that Kushner faces no accusations of wrongdoing.

• Private Payrolls Fall by 32,000 in September
  Private employers shed 32,000 jobs in September — the steepest drop since March 2023 — according to ADP. The decline comes amid the first government shutdown since 2019, with investors watching for a potential Fed rate cut as labor market momentum cools.

• U.S. Halts $18 Billion in NYC Infrastructure Funding
  The White House froze $18 billion in New York infrastructure funds, citing concerns that diversity, equity, and inclusion (DEI) requirements violated constitutional standards. The pause affects projects like the Hudson Tunnel and highlights political divides over federal infrastructure policy.

• Hamas Pressured to Accept Trump’s Gaza Peace Plan
  Arab and Muslim states are urging Hamas to accept President Donald Trump’s 20-point Gaza plan, aimed at ending the ongoing conflict with Israel. The proposal has backing from Israel’s Netanyahu and several regional governments who prioritize stability over disagreements with the plan’s details.

• How the New U.S. Tax Law Can Cut Bills to $0
  A new federal tax law could allow millions of middle-income Americans to pay no federal income tax, particularly benefiting tipped workers, seniors, and overtime employees. The law expands deductions and credits, simplifying tax relief without complex planning.

• Japan’s Activist Investor Murakami Returns Amid Market Revival
  Notorious Japanese investor Yoshiaki Murakami is back in the spotlight, targeting Fuji Media following a scandal that rocked Japan’s broadcasting industry. His reemergence signals a broader activist revival in Japan, coinciding with a resurgent Nikkei and rising shareholder focus on reform

Public Markets

• Microsoft Launches AI Agent Mode for Excel & Word
  Microsoft introduced Agent Mode for Microsoft 365, integrating OpenAI’s reasoning models to automate tasks across Excel, Word, and PowerPoint. The feature can analyze data, create financial models, and generate reports autonomously — advancing AI-driven productivity for enterprise users.

• D.E. Shaw Raises $3–5 Billion for Human-Run Fund
  D.E. Shaw & Co. is raising $3–5 billion for its new Cogence Fund, which will be managed entirely by human traders using discretionary strategies — a departure from the firm’s quant-driven heritage. The fund launches October 1, with most capital coming from existing investors.

• Boeing Begins Work on 737 MAX Successor
  Boeing has begun developing a new single-aisle aircraft to succeed the 737 MAX, aiming to regain market share from Airbus after years of safety and quality challenges. CEO Kelly Ortberg is steering the company toward restoring long-term confidence through a clean-sheet design initiative.

• CoreWeave Signs $14 Billion Deal With Meta
  Cloud computing firm CoreWeave reached a $14.2 billion agreement with Meta Platforms to provide AI computing infrastructure. The partnership highlights surging demand for GPU-based processing power and underscores the high costs of scaling artificial intelligence models.

• London Drops Out of Top 20 Global IPO Markets
  The London Stock Exchange has fallen out of the world’s top 20 IPO markets, overtaken by Mexico and Singapore. The drop marks another setback for the U.K.’s standing as a global finance hub as more companies list in faster-growing markets.

• Apple Shelves Vision Pro Revamp to Focus on Smart Glasses
  Apple is shifting resources from its Vision Pro headset to develop AI-powered smart glasses similar to Meta’s Ray-Ban partnership, signaling a new competitive front in wearable technology as AR hardware demand remains soft.

• Reddit Stock Plunges 13% After ChatGPT Citation Drop
  Reddit (RDDT) shares tumbled 13% after reports showed ChatGPT reduced citations of Reddit content from 14% to 2% in recent weeks. The decline, combined with falling U.S. user activity, raises questions about the platform’s revenue dependence on AI data licensing.

• Automakers Extend $7,500 EV Discounts After Federal Credit Ends
  Ford, GM, Hyundai, and others will continue offering $7,500 discounts on EVs despite the expiration of a federal tax credit. The move aims to sustain demand in an increasingly competitive electric vehicle market, as automakers face slower-than-expected consumer adoption.

Real Estate & Private Equity

•  L Catterton Leads $800 Million Flexjet Investment
  Private-equity firm L Catterton led an $800 million round in private aviation company Flexjet, joined by KSL Capital Partners and J. Safra Group. The investment will be used to expand Flexjet’s 318-aircraft fleet and upgrade infrastructure, signaling continued growth in luxury travel demand.

• Platinum Equity Closes $2.28 Billion Small Cap Fund II
  Platinum Equity raised $2.28 billion for its Small Cap Fund II, surpassing its $1.75B target. The fund will target lower middle-market acquisitions, with capital already being deployed by the firm’s M&A and operations team.

• FTC Sues to Block Zillow–Redfin Rental Partnership
  The Federal Trade Commission filed a lawsuit to unwind Zillow’s partnership with Redfin, which would have made Zillow the exclusive provider of rental data for listings powered by Rocket Companies’ Redfin platform. Regulators argue the deal limits competition in online housing data.

• BlackRock Nears $40 Billion Deal for AI Data Centers
  BlackRock’s Global Infrastructure Partners is in advanced talks to acquire Aligned Data Centers in a $40 billion transaction — one of the largest private deals of the year. The acquisition would make BlackRock a major player in the AI infrastructure boom, capitalizing on rising demand for high-performance data facilities.

M&A, IPO’s, Bankruptcies

•  Zijin Gold Surges 60% After $3.2B Hong Kong IPO
  China’s Zijin Gold, the overseas arm of Zijin Mining, soared 60% in its Hong Kong trading debut after raising $3.2 billion (HK$25B) — marking the second-largest IPO globally this year. The strong performance highlights investor appetite for commodities amid rising gold prices.

• Startup Founder Charlie Javice Sentenced for JPMorgan Fraud
  Charlie Javice, founder of fintech startup Frank, was sentenced to seven years in prison for defrauding JPMorgan Chase, which had acquired her firm for $175 million in 2021. Javice was found guilty of inflating user data to secure the deal — one of the most high-profile startup fraud cases in recent years.

• Berkshire Hathaway Finalizes $9.7 Billion Deal for Occidental’s OxyChem
  Warren Buffett’s Berkshire Hathaway reached an agreement to purchase Occidental Petroleum’s petrochemical business for $9.7 billion — its largest acquisition since 2022. The sale will help Occidental reduce debt and potentially restart its stock buyback program.

• Millennium Takes $100 Million Hit in First Brands Collapse
  Millennium Management suffered a $100 million loss from the bankruptcy of First Brands Group, a major auto-parts supplier. The fund’s exposure came through a bet led by portfolio manager Sean O’Sullivan, underscoring ongoing credit stress in the auto supply sector.