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Trump’s promises would spike inflation and wipe out jobs, study finds [CNN]
“We find that ironically, despite his ‘make the foreigners pay’ rhetoric, this package of policies does more damage to the US economy than to any other in the world,” the Peterson Institute working paper from researchers Warwick McKibbin, Megan Hogan and Marcus Noland concluded…. Inflation would climb to 6% by 2026, the researchers found. By 2028, consumer prices are 20% higher…. A loss of Fed independence would cause “permanently higher inflation” that “leads to ever-increasing prices across the US economy,” the paper said. By 2040, prices would be about 41% higher than otherwise, the researchers said.
Trump Media co-founders just dumped almost all of their stock [Fortune via Yahoo!]
An investment vehicle controlled by Andrew Litinsky and Wesley Moss liquidated the bulk of its nearly 7.53 million shares that would currently be worth roughly $100 million based on the stock’s last closing price…. Litinsky and Moss went on to sue the company, feeling they were being shortchanged, while TMTG countersued claiming they had bungled the rollout of Truth Social.
Germany to Keep Commerzbank Shares After UniCredit Takes Stake [WSJ]
The move marks a U-turn for the government, which had said earlier this month that it wanted to start process to exit the stake in Commerzbank it built during the financial crisis of 2008.
UniCredit bought the Commerzbank shares the German government put up for sale as well as further stock on the market…. Disclosure of the stake purchase revived speculation among investors and analysts that UniCredit could pursue a deeper tie-up of the two banks….
Fidelity Slashes Mobile Deposit Limits Following Fraud Wave [WSJ]
The Boston firm is also subjecting some account-holders to a 16 business-day hold on deposits before the money is made available for withdrawal or investment…. The scheme targeting Fidelity’s mobile-app shares some similarities to the check-fraud scams that have hit JPMorgan Chase and other banks recently.
DirecTV and Dish Near Deal That Has Eluded Them for Years [WSJ via MSN]
A deal could be finalized as soon as Monday…. The two companies have flirted with a merger before, holding talks multiple times over the years. [Dish co-founder Charlie] Ergen tried as early as 2001 to combine the two satellite networks, but was thwarted by regulators. His brash negotiating tactics also complicated earlier deal talks.
The question now is whether regulators would see the pay-TV market as competitive enough—and satellite TV’s future bleak enough—to let the deal proceed.
The Big Apple Business View on Eric Adams [DealBook]
One prominent figure who changed his tune on Adams was Bill Ackman, who on Wednesday questioned why the mayor was being prosecuted. After the indictment was unveiled, the billionaire financier posted on X, “Sadly for NYC and for the Mayor, the complaint against @ericadamsfornyc is devastating and credible….”
Privately, executives suggest that Adams could stay put for now. The local economy is holding up, despite ongoing concerns about homelessness, crime and other quality-of-life issues…. Adams’s defense team includes Alex Spiro, the Quinn Emanuel Urquhart & Sullivan partner whose other clients include Elon Musk….
