MAINSTREAM CNBC Top News

Treasury Secretary Bessent to remain as IRS commissioner after filling role on temporary basis, sources say

Treasury Secretary Scott Bessent will continue serving as IRS commissioner after initially taking on the role temporarily. This decision comes amid ongoing efforts to stabilize leadership within the Internal Revenue Service. Bessent’s extended tenure aims to provide continuity as the agency navigates significant tax administration challenges. A new top deputy is expected to be named soon to support Bessent in managing the IRS’s operations. The move is significant as the IRS plays a crucial role in implementing tax policies and ensuring compliance. Stable leadership is seen as essential for the agency’s efficiency and effectiveness, especially during periods of policy shifts and increased scrutiny. Bessent’s continuation reflects confidence in his ability to lead the IRS through these challenges, with the administration prioritizing steady governance within the tax authority. The announcement signals a commitment to maintaining experienced leadership at the helm of the IRS.

7 hours ago

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MAINSTREAM CNBC Top News

Paul Tudor Jones says ingredients are in place for massive rally before a 'blow off' top to bull market

Paul Tudor Jones, a prominent hedge fund manager, has indicated that conditions are aligning for a significant rally in the stock market. He suggests that this surge could precede a "blow off" top, marking the peak of the current bull market. Jones points to various economic and market indicators that support his outlook, including strong corporate earnings, accommodative monetary policies, and investor sentiment. He warns, however, that while the rally may be substantial, it could be followed by a sharp and potentially severe market correction. Jones emphasizes the importance of being prepared for increased volatility and the risks associated with the market’s final phase before a downturn. This perspective is notable given Jones’s reputation for accurately predicting market trends. His comments highlight the potential for both opportunity and risk in the near-term market environment, underscoring the need for cautious optimism among investors.

7 hours ago

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MAINSTREAM Forbes

Meta AI Confirms Your Data Will Be Used For Ads—Here’s How And When

Meta has confirmed it will use data from interactions with its AI tools to personalize ads across its platforms, including Facebook, Instagram, Threads, and WhatsApp. Starting December 16, 2025, user conversations—both voice and text—with Meta AI will inform ad targeting, aiming to deliver more relevant content and advertisements based on users’ interests expressed during AI interactions. Notifications about this policy update will begin on October 7, 2025. Users in the U.K., E.U., and South Korea are exempt from this data use for advertising. Meta stated sensitive topics such as religion, sexual orientation, political views, health, ethnicity, philosophical beliefs, or trade union membership discussed with Meta AI will not be used for ad targeting. Despite privacy assurances, there is no opt-out option for most users. Meta emphasizes users can control their ad preferences and interaction modes with Meta AI, including voice or text, with visual indicators when microphones are active. This move highlights growing concerns over privacy and data use in AI-driven advertising.

7 hours ago

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MAINSTREAM Forbes

7 Exciting, Free Travel Contests Worth Entering This Month

Several free travel contests are offering exciting prizes this month, ranging from luxury vacations to millions of frequent flyer miles. Marriott Bonvoy, in partnership with the NFL and celebrity Adam Devine, invites guests staying at participating hotels near NFL games in cities like New York, London, and Mexico City to collect special “Keysakes” room keycards. Collecting these cards increases chances to win an all-expenses-paid overnight stay in a stadium suite on Super Bowl game day. American Airlines, the official airline of the Chicago Cubs, is running a contest where entrants can win 1 million AAdvantage miles whenever the Cubs win a game this month. Another AAdvantage promotion offers up to 500,000 miles and a seven-day Norwegian Cruise Line vacation, with entries closing soon. Additionally, a contest grants a trip to Miami to attend a high-profile boxing match between Jake Paul and Gervonta Davis, including airfare and match tickets. These contests provide unique opportunities for travel enthusiasts to win memorable experiences.

7 hours ago

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MAINSTREAM Financial Times Companies

Deloitte issues refund for error-ridden Australian government report that used AI

Deloitte will refund the final payment for an Australian government report after errors were discovered in the document. The report, which involved the use of artificial intelligence, contained incorrect references and citations that raised concerns about its accuracy and reliability. The errors prompted the government to withhold the last instalment of the contract, leading Deloitte to agree to repay the amount. The incident highlights challenges in integrating AI tools into professional services, particularly in ensuring quality control and data integrity. This case underscores the importance of rigorous review processes when AI is used in producing official government documents. It also reflects growing scrutiny over the use of AI in sectors requiring high accuracy, such as public policy and research. The refund signals accountability measures and may influence future contracts involving AI-assisted work between governments and consulting firms.

7 hours ago

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MAINSTREAM Financial Times Companies

US regional bank Fifth Third strikes $11bn deal to buy Comerica

Fifth Third Bancorp has agreed to acquire Comerica in an $11 billion deal, creating the ninth-largest bank in the United States by assets. The combined entity will hold approximately $288 billion in assets, significantly expanding Fifth Third’s footprint, particularly in Texas and the Midwest. The merger aims to enhance scale and competitiveness amid a challenging banking environment marked by recent regional bank instability. Both banks serve diverse customer bases, including commercial clients and retail customers, and the deal is expected to generate cost savings and operational efficiencies. The transaction reflects ongoing consolidation trends in the U.S. banking sector as institutions seek to strengthen balance sheets and improve market positioning. Regulators will review the deal, which is anticipated to close within the next year. This acquisition underscores the strategic importance of scale in regional banking and signals continued shifts in the competitive landscape of American financial services.

8 hours ago

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MAINSTREAM Bloomberg Markets

Venezuela Says It Foiled Plot to Attack US Embassy in Caracas

Venezuela’s government announced it thwarted a planned attack on the US embassy in Caracas, prompting increased security measures around the diplomatic mission. Authorities revealed that the plot was uncovered through intelligence operations, though specific details about the suspects or their motives were not disclosed. The government emphasized the importance of safeguarding diplomatic facilities amid heightened tensions between Venezuela and the United States. This incident underscores ongoing security challenges in the capital and reflects broader geopolitical strains in the region. The move to reinforce embassy security aims to prevent any potential threats and maintain stability in diplomatic relations. The Venezuelan administration has not linked the plot directly to any particular group but stressed vigilance against actions that could escalate conflict or undermine national sovereignty. This development highlights the fragile security environment in Caracas and the sensitivity surrounding foreign diplomatic presence amid Venezuela’s complex political landscape.

8 hours ago

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MAINSTREAM MarketWatch

AMD’s stock soars 25%. Here’s why OpenAI wants a stake.

AMD’s stock surged by 25% following a significant multiyear chip supply agreement with OpenAI. The deal positions AMD as a key hardware provider for OpenAI’s advanced artificial intelligence projects, highlighting the growing demand for high-performance computing components in AI development. As part of the arrangement, OpenAI received a warrant allowing it to purchase up to 160 million shares of AMD, signaling a strategic investment interest beyond the supplier relationship. This move underscores OpenAI’s confidence in AMD’s technology and its potential to support future AI innovations. The partnership reflects the broader industry trend of AI companies securing reliable hardware sources to meet escalating computational needs. AMD’s enhanced role in powering AI workloads could drive further growth and market confidence, influencing investor sentiment and stock performance. This collaboration is significant as it strengthens AMD’s position in the competitive semiconductor market and aligns it closely with a leading AI research organization.

8 hours ago

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MAINSTREAM MarketWatch

Never mind France — it’s time to buy European stocks again, says JPMorgan

JPMorgan has advised investors to shift focus from Japanese markets to European stocks, particularly within the Eurozone. The bank has recently booked profits from its investments in Japan and recommends reallocating those gains into European equities. This strategy reflects JPMorgan’s positive outlook on the Eurozone’s economic prospects and potential for growth. The recommendation comes amid changing global market dynamics, where European stocks are seen as offering attractive value and opportunities compared to other regions. JPMorgan’s analysis suggests that despite concerns in certain European countries, the broader Eurozone market presents a favorable environment for investors seeking returns. This shift highlights a broader trend of portfolio diversification and capitalizing on regional strengths. By moving profits from Japan to Europe, JPMorgan aims to optimize investment performance in a landscape marked by evolving economic conditions and geopolitical factors. The move underscores the importance of adapting investment strategies to current market realities.

8 hours ago

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MAINSTREAM CNBC World Business

Online holiday spending growth set to slow to 5.3% as shoppers seek discounts

U.S. online holiday spending growth is expected to slow to 5.3% this season, reflecting cautious consumer behavior amid economic uncertainties. Factors such as rising tariffs and declining consumer confidence have contributed to a more restrained shopping environment compared to previous years. Retailers are responding by offering more discounts and promotions to attract budget-conscious shoppers. This shift indicates a move away from the rapid growth seen in earlier holiday seasons, signaling a more competitive market landscape. The slowdown in online spending growth highlights broader economic concerns, including inflationary pressures and potential impacts on supply chains. Despite these challenges, overall retail sales continue to show resilience, though at a moderated pace. This trend is significant for businesses and policymakers as it underscores changing consumer priorities and the need for adaptive strategies in the evolving retail sector during the critical holiday period.

8 hours ago

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MAINSTREAM Bloomberg Markets

OPEC+ Differences Re-Emerge Amid Growing Signs of Oil Surplus

OPEC+ members recently agreed to restore a minimal portion of previously halted oil production, aiming to address market concerns. However, divisions within the group have resurfaced amid increasing indications of a global oil surplus. The decision reflects ongoing challenges in balancing supply and demand, as some members push for cautious output increases while others advocate for more aggressive production to maintain market share. This internal discord highlights differing national interests and economic priorities within the alliance. The modest output revival follows data suggesting that global oil inventories are rising, potentially dampening prices. The surplus raises questions about the effectiveness of OPEC+’s coordinated efforts to stabilize the market and support prices. These developments are significant as they influence global energy markets, impacting prices, investment decisions, and economic forecasts. The evolving dynamics within OPEC+ will be closely watched by producers, consumers, and policymakers worldwide.

9 hours ago

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MAINSTREAM CNBC Top News

Fifth Third Bancorp to buy Comerica for $10.9 billion in all-stock deal

Fifth Third Bancorp announced it will acquire Comerica in an all-stock transaction valued at $10.9 billion. The deal combines two major regional banks, aiming to create a larger financial institution with expanded market reach and resources. The merger is expected to enhance the combined company’s competitive position by broadening its geographic footprint and customer base. Both banks serve overlapping and complementary markets, which could lead to operational efficiencies and cost savings. Shareholders of Comerica will receive shares of Fifth Third Bancorp as part of the transaction, which is subject to regulatory approval and customary closing conditions. The deal reflects ongoing consolidation trends in the banking sector as institutions seek scale to better compete with larger national banks. This acquisition is significant for regional banking dynamics, potentially reshaping market competition and service offerings in the Midwest and other areas where both banks operate.

9 hours ago

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