The Trump administration's unprecedented criminal investigation into Fed Chair Jay Powell has intensified, leading to criticism from former Fed chiefs and causing market fluctuations in stocks, bonds, and gold, while also pushing for credit card interest rate caps.

• Stocks, Bonds and the Dollar Fluctuate on Threat to Fed Chair Powell — The New York Times Business -
• Fed Changes Course and Takes On Trump’s Political Fight — The New York Times Business -
• Former Fed chiefs attack justice department probe into Jay Powell — Financial Times -

• Donald Trump’s foolhardy assault on the Federal Reserve — Financial Times -
• Trump hits banks where it hurts: their credit card divisions — Financial Times -
• Gold hits record high and dollar weakens on Fed independence worries — Financial Times -
• What is behind the criminal investigation into Jay Powell? — Financial Times -
• US prosecutors launch criminal investigation into Fed’s Powell — Financial Times -
• The next Fed chair is . . . Donald Trump — Financial Times -
• Shares in US credit card issuers slide after Trump calls for 10% rate cap — Financial Times -
• The Potential Fallout From a Legal Attack on Powell — The New York Times Business -
• The gloves are off in Trump’s fight against the Fed — Financial Times -
• FirstFT: US prosecutors open probe into Fed chair — Financial Times -
• Criminalising the Fed — Financial Times -
• US opens criminal investigation into Fed chair — Financial Times -

Significant global developments include the Trump administration nearing a trade deal with Taiwan and considering military options in Iran, alongside Europe and China addressing EV tariff disputes, and Pentagon investments in strategic US mineral supplies to counter Chinese dominance.

• Trump Administration Nears Trade Deal With Taiwan — The New York Times Business -
• Opinion | Iran Cracks Down. Where Are the Western Protests? — Wall Street Journal -
• Europe and China Take Step to Resolve Dispute on Electric Vehicles — The New York Times Business -

• Pentagon invests $150mn in US gallium company to secure strategic supplies — Financial Times -
• How Iran’s economic pain sparked explosion of unrest — Financial Times -
• What will China do now? — Financial Times -
• Volkswagen Car Deliveries Edge Lower on Challenges in China and Tariffs — Wall Street Journal -
• Trump says US ‘looking’ at military operations in Iran — Financial Times -
• EU has tepid zeal for geoeconomic challenges to Trump — Financial Times -
• The Speed-Obsessed Texas Wildcatter in Pole Position for Venezuela’s Energy Riches — Wall Street Journal -
• China Has Been Gorging on Black-Market Oil. That’s Now Getting Harder. — Wall Street Journal -
• ‘I don’t want to live in an American empire’: Greenlanders bristle at US threats — Financial Times -
• Wind chiefs warn of global ‘spillover’ from Trump’s green crackdown — Financial Times -
• Trump’s new ‘great game’: mining, mapping and mercantilism — Financial Times -
• Trump vows to cut off Cuba’s oil supply from Venezuela — Financial Times -
• Trump ‘Inclined’ to Keep Exxon Out of Venezuela — Wall Street Journal -
• Trump threatens to block Exxon from Venezuela — Financial Times -

The tech landscape sees **Alphabet reaching a $4 trillion valuation driven by AI hopes and Paramount engaging in a proxy fight for Warner Bros. Discovery, while X faces a UK investigation over Grok's AI-generated images and China probes Meta's AI acquisition**.

• Paramount Plans Proxy Fight to Push Hostile Warner Bid — Wall Street Journal -
• Alphabet hits $4tn valuation on AI hopes — Financial Times -
• Paramount Threatens Board Fight Over Warner Bros. Discovery — The New York Times Business -

• Elon Musk’s X Under UK Investigation Over Grok’s Sexualized A.I. Images — The New York Times Business -
• Dina Powell McCormick appointed president and vice-chair at Meta — Financial Times -
• Nvidia and Microsoft back AI breakthrough for gene therapies — Financial Times -
• Paramount threatens proxy fight in battle for Warner Bros Discovery — Financial Times -
• China’s ‘Are You Dead?’ app checks in on growing cohort of people living alone — Financial Times -
• China Is Investigating Meta’s Acquisition of the AI Start-Ip Manus — The New York Times Business -

Key UK domestic news covers debates over watering down jury trial reforms, a new law to outlaw non-consensual intimate images following the Grok outcry, warnings about the armed forces' readiness for full-scale conflict, and a former Conservative chancellor defecting to Reform UK.

• Senior UK government figures look at watering down jury trial reforms — Financial Times -
• UK to outlaw non-consensual intimate images after Grok outcry — Financial Times -
• UK armed forces not ready for ‘full-scale’ conflict, says military chief — Financial Times -

• Nadhim Zahawi defects to Reform UK — Financial Times -
• Ex-Moderna executive to lead UK health data service — Financial Times -
• UK to compensate tortured Guantánamo detainee — Financial Times -
• Labour’s electoral strategy debates are a distraction from governing — Financial Times -
• UK competition watchdog cleared every merger in 2025 after government pressure — Financial Times -
• Share of London homes sold at a loss higher than anywhere else in England and Wales — Financial Times -
• Police chief says London is ‘extraordinarily safe’ as murder rate hits historic low — Financial Times -

Diverse corporate developments include Allegiant's acquisition of Sun Country Airlines, an **Italian steel plant's €7bn damages claim against ArcelorMittal, Airbus hitting its plane delivery targets, and Lululemon and Abercrombie & Fitch reporting strong holiday sales**.

• Italian steel plant demands €7bn in damages from ArcelorMittal — Financial Times -
• Allegiant to Buy Sun Country Airlines in $1.5 Billion Deal — The New York Times Business -
• Supreme Court Grapples With Louisiana Coastal Lawsuits Against Oil Companies — The New York Times Business -

• Health Care Roundup: Market Talk — Wall Street Journal -
• Airbus Hits Revised Plane Delivery Target — Wall Street Journal -
• Abercrombie & Fitch Narrows Quarterly Guidance — Wall Street Journal -
• Investing in America Forum — Financial Times -
• Mercedes-Benz Car Sales Fell 9% in 2025 Amid Challenging Market — Wall Street Journal -
• Shake Shack’s Quarterly Sales Hurt by Inclement Weather — Wall Street Journal -
• The secretive powerbroker with a tight grip on corporate Spain — Financial Times -
• European Gas Price Rises on Cold Temperatures, Low Storage — Wall Street Journal -
• Lululemon Sees Quarterly Profit at High End After Strong Holiday Sales — Wall Street Journal -
• Thermo Fisher Chief Operating Officer Michel Lagarde Leaving Company — Wall Street Journal -
• BE Semiconductor Industries Gets Order Boost From Data Centers — Wall Street Journal -
• Heineken CEO Dolf Van Den Brink to Step Down — Wall Street Journal -
• Asset Management: Bumper payday for hedge fund titan — Financial Times -
• Why Italy is turning its insurance giant into a pawn of power politics — Financial Times -
• India needs to import more capital and export fewer workers — Financial Times -
• The reinvention of America’s shopping malls — Financial Times -
• Tiny satellites take Glasgow to the stars — Financial Times -
• Wall Street heads for best investment banking year since pandemic — Financial Times -
• Strategy diehards keep faith in company that ‘the market doesn’t understand’ — Financial Times -
• Portuguese food is stepping into the spotlight in London — Financial Times -
• How Gen Z Investors Went from Meme Stocks to Index Funds — The New York Times Business -

In healthcare, the passing of David Mitchell, a key figure in the fight on drug prices, highlights ongoing concerns, alongside a Senate report detailing UnitedHealth's aggressive Medicare payment tactics, and mounting scientific concerns over bird flu viruses globally.

• David Mitchell, Who Led Fight on Drug Prices, Dies at 75 — The New York Times Business -
• UnitedHealth Used Aggressive Tactics to Boost Medicare Payments, Senate Report Finds — Wall Street Journal -
• Bird Flu Viruses Raise Mounting Concerns Among Scientists — The New York Times Business -

Across the globe, Cyprus faces a government corruption scandal, Ugandan opposition leader Bobi Wine warns against a stolen election, a former Polish justice minister is granted asylum in Hungary, and Japan's PM considers a snap general election.

• Cypriot government engulfed by corruption scandal — Financial Times -
• Bobi Wine: Ugandans must not allow another stolen election — Financial Times -
• Bill Pulte: Agent of Chaos — Financial Times -

• Europe needs to think the unthinkable on Nato — Financial Times -
• Former Polish justice minister granted asylum in Hungary — Financial Times -
• The mega-rich are flocking to Washington DC — Financial Times -
• EU loans-for-arms payments to start in March, bloc defence chief says — Financial Times -
• Japan’s PM Takaichi weighs calling snap general election — Financial Times -
• Young Africans turning on liberation parties, says opposition leader — Financial Times -
• Defence jobs boom as Germany’s arms companies go on hiring spree — Financial Times -
• Merz under pressure to ease ‘firewall’ against Germany’s far-right — Financial Times -