Author: Editor

The world’s 10 richest people lost nearly $70 billion on Friday as fresh fears of a global trade war rattled markets.The value of their stock holdings tumbled after President Donald Trump said the US would impose an additional 100% tariff on imports from China from November 1, and restrict its access to “any and all critical software,” after China tightened export controls on rare earth elements and other key materials for advanced tech manufacturing.Tesla stock slid 5% on Friday, shrinking CEO Elon Musk’s wealth by about $16 billion, the Bloomberg Billionaires Index shows. Amazon founder Jeff Bezos and Meta CEO…

Bloomberg via Getty Images Guidance is now available from the Internal Revenue Service for deposit penalty relief for the first three quarters of 2026 to remittance transfer providers.Notice 2025-55 provides relief in connection with the new excise tax imposed on certain remittance transfers under the One Big Beautiful tax bill. Acknowledging “challenges implementing the new law,” the notice provides limited penalty relief for remittance transfer providers who fail to deposit the correct amount of remittance transfer tax as required during the first three quarters of 2026. These providers may avoid deposit penalties if they:Additionally, under the guidance, remittance transfer providers may use the…

Welcome back! Sora has at least one big fan: Mark Cuban. He gave users on the app permission to use his likeness. He spoke to BI about why he did it, and why it’s good for business.In today’s big story, earnings season is upon us, with big banks up first. But can earnings reports fill the gap left from the lack of data due to the government shutdown?What’s on deckMarkets: Our rising stars share advice for how to get your foot in the door on Wall Street.Tech: Everyone in AI seems to be teaming up. Is that a bad thing?Business:…

When you’re stuck living in 400 square feet, every purchase feels like it matters 400 times more.By now, I’ve spent over seven years of my adult life living in either a tiny house or a camper van, two lifestyles that demand ruthless space efficiency.There’s no walk-in closet to hide impulse buys, no attic to store forgotten hobbies, and no junk drawer to absorb life’s overflow. Every object in my space has to justify its presence.Tiny living didn’t just change how I organized my home; it reshaped how I shop, what I value, and even how I measure convenience and comfort.In…

Jamie Dimon said the US has become too dependent on foreign suppliers for the materials and technologies that underpin its economy and national security.”It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing — all of which are essential for our national security,” the JPMorgan Chase CEO said Monday.Dimon’s warning came as the bank unveiled a decadelong, $1.5 trillion Security and Resiliency Initiative aimed at strengthening industries crucial to US competitiveness — from critical minerals and advanced manufacturing to energy, defense, and frontier technologies like…

If you think your burger, burrito, or cold brew already costs too much, brace yourself — restaurant groups say they would have to raise prices by 30% just to stay profitable amid rising costs.In a new survey from the restaurant management software company Toast, nearly half of restaurant operators said they plan to increase menu prices if inflation, tariffs, and labor costs continue to climb.The National Restaurant Association estimates that to maintain a modest 5% profit margin, the average restaurant would need to raise prices by 30.3% — a move many owners fear would scare customers away.That’s bad news for…

JPMorgan Chase on Monday said it is launching a decade-long plan to help finance and take direct stakes in companies it considers crucial to U.S. interests.The bank said in a statement it would invest up to $10 billion into companies in four areas: defense and aerospace, “frontier” technologies including artificial intelligence and quantum computing, energy technology including batteries, and supply chain and advanced manufacturing.The money is part of a broader effort, dubbed the Security and Resiliency Initiative, in which JPMorgan said it will finance or facilitate $1.5 trillion in funding for companies it identifies as crucial. It said the total…

Mark Cuban said on Sunday that employees, not just CEOs, should receive a proportional cut of their companies’ success in the form of stock options.Cuban was responding to several posts on X that criticized the growing wealth of top business executives compared to the average worker. He said the real issue wasn’t the ever-increasing net worth of billionaires but how companies reward employees.In his X post, Cuban wrote that billionaire wealth levels are soaring “because the stock market has gone straight up.””You know who is funding the increase, particularly lately? Retail investors. 401ks,” Cuban said.”The better question is why are…

This as-told-to essay is based on a conversation with Varun Agarwal, a founding employee at OffDeal, an AI investment bank. The following has been edited for length and clarity. Business Insider has verified his employment and academic history.For a college graduate looking to work in finance, it’s typically a no-brainer to pursue a career in investment banking.What a career as an investment banker prepares you for is very enticing. You get great pay while working closely with executives from large public companies. You get to brush up on your soft skills while picking up technical skills like financial modeling.The biggest…

President Donald Trump said he was making good on threats to fire thousands of federal workers amid a government shutdown now in its 10th day, as his administration made job cuts across departments including Health and Human Services, Homeland Security, Treasury and Commerce. “It’ll be a lot, and we’ll announce the numbers over the next couple of days, but it’ll be a lot of people,” Trump told reporters Friday in the Oval Office.The administration plans to slash at least 4,100 workers from the government during the shutdown, according to newly filed court documents. Trump said that many of the affected employees…