Finance
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SpaceX confirms plans to take company public in new securities filing
The offering is expected to be the largest ever for a public offering debut. Saudi Aramco’s debut currently holds the record at $29 billion.
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Trump signs executive order to stop banks from extending credit to illegal aliens, cites security
Order cites a "recent analysis" of Chinese money laundering networks that identified how foreign passport holders have used U.S.-based accounts to facilitate the laundering of over $312 billion for criminal organizations.
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Treasury Department sanctions 12 people and entities accused of helping Iran with its oil operations
The sanctions are part of the Trump administration's Economic Fury operation, which is part of its maximum pressure campaign against Iran.
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Trump administration strikes $250 billion trade deal with Taiwan in midst of tech battle with China
The deal directs Taiwanese semiconductor and technology companies to directly invest at least $250 billion in building and expanding advanced semiconductor, energy, and artificial intelligence production and innovation capacity in the United States.
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Saks files for bankruptcy after multibillion-dollar acquisition
"The path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future," Geoffroy van Raemdonck said
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Dow Jones closes at record high with nearly 600-point gain after US makes moves on Venezuela
The Dow Jones rose 595 points, or 1.2% to $48,977, while stocks in American oil companies like Chevron, which is the last remaining U.S. oil major in Venezuela, also closed at a high. Chevron gained 5% Monday.
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Treasury sanctions Iran, Venezuela over combat drones, weapons trade
The department said Iran's unmanned aerial vehicle trade threatens U.S. personnel in the Middle East, and its trade with Venezuela poses security concerns in the Western Hemisphere.
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Treasury Department to end federal tax benefits for illegal migrants: Bessent
Bessent said refunded portions of some income tax benefits will no longer go to illegal migrants, including the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit and the Saver’s Match Credit.
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Treasury Sec Bessent says there's a 'good chance' Trump will announce new Fed chair by Christmas
Trump has long criticized current Federal Reserve Chairman Jerome Powell for not slashing interest rates, despite having nominated him for the post in his first term. Powell's term ends in May, and he has so far rejected calls to resign early.
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Former Treasury Secretary Larry Summers announces step back from public life over Epstein ties
The House Oversight Committee released a trove of emails and documents last week between Epstein and several prominent politicians and former government employees, including Summers, who served under former President Bill Clinton.
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Stock market drops sharply a day after government shutdown ends; Dow sinks nearly 800 points
The tech-heavy Nasdaq Composite netted the most losses with a 2.5% slump, while the S&P 500 sank 1.8% as of publishing. The Dow closed with an 809 point loss, or 1.7%.
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US officially stops penny production
The US minted pennies for over 230 years
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Trump admin warns that military service members may not be paid if shutdown continues next month
The White House was able to pull enough money from a mix of defense and legislative funds in order to pay troops this week, and was also able to compensate service members on Oct. 15. But the next payday is Nov. 15.