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Business news, market updates, and economic developments
Brad Karp, chairman of the law firm Paul Weiss, has stepped down. His resignation follows the release of emails showing his contact with Jeffrey Epstein, a convicted sex offender. Karp will still work at the firm but not as chairman.
Key Facts
Brad Karp resigned as chairman of Paul Weiss, a major law firm.
Emails showed Karp had exchanges with Jeffrey Epstein.
Jeffrey Epstein was a convicted sex offender who died in 2019.
The law firm, Paul Weiss, stated it never represented Epstein.
Karp has been with the firm for 40 years and was chairman since 2008.
Karp mentioned that recent news reports about him were a distraction for the firm.
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California celebrated a new development in its high-speed rail project as Governor Gavin Newsom visited a newly completed facility in Kern County. This facility will support the installation of tracks for the rail system, which is the only one under construction in the United States. The project has already generated significant economic activity and job growth in the state.
Key Facts
Governor Gavin Newsom visited Kern County to mark the completion of a new railhead facility.
The facility will help with track installation and electrification of California's high-speed rail system.
The project aims to have a high-speed rail line from San Francisco to Los Angeles/Anaheim.
Over 80 miles of the rail line are completed with several structures ready in the Central Valley.
The rail project has contributed approximately $25 billion in economic output in California.
Since 2006, the project has generated about 122,000 jobs and supported California's economy.
The facility's completion means materials can be staged for the next phase of track construction.
California is in talks with private-sector partners to speed up the project.
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Bloom Energy, a company that makes fuel cells for generating power, has seen a significant increase in its stock price due to the high demand for energy, especially from data centers. These centers, part of the booming AI industry, need quick and reliable electricity, which Bloom Energy provides faster than traditional power sources. The company's fuel cells use natural gas to produce energy and have recently gained attention from big players in both the AI and energy sectors.
Key Facts
Bloom Energy’s stock price increased by more than 400% over the past year.
The company creates fuel cells that emit less pollution and generate power using natural gas.
Major deals have been made with companies like Oracle and others in the AI and energy industries.
Bloom Energy's technology allows for faster on-site power compared to traditional electric grids.
Increased demand from data centers has boosted Bloom Energy’s sales and investor interest.
The company was founded 25 years ago and initially focused on clean-energy solutions.
Bloom has faced past controversies related to corporate governance and financial disclosures.
Analysts have mixed views on the company's long-term prospects, noting competitive and supply risks.
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Pandora plans to shift from using silver to platinum in some jewelry products because the price of silver has significantly increased. The company aims to reduce its use of silver to 25% of its offerings by 2028. Pandora believes platinum offers better durability and that customers are open to this change.
Key Facts
Pandora is a major jewelry retailer.
Silver prices have more than doubled over the past year.
Pandora will lower its use of silver to about 25% in its jewelry.
The company plans to make the switch to platinum by 2028.
Pandora's customer tests show good acceptance of platinum's durability.
Platinum offers better everyday wear compared to silver.
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Mexico has increased tariffs on over 1,400 products from countries without free trade agreements, like India, which is impacting Indian businesses. This follows similar tariffs imposed by the U.S. under President Trump's administration. Indian businesses, including a steel manufacturer heavily reliant on U.S. and Mexican markets, are experiencing reduced sales due to these tariffs.
Key Facts
President Trump imposed a 50% tariff on Indian products, affecting trade.
Mexico also imposed tariffs of 5% to 50% on products from non-free trade countries, including India.
Indian businesses, such as Pankaj Chadha's steel company, report a 50% drop in sales to the U.S. and Mexico.
Mexico claims the tariffs aim to boost local production and protect jobs.
Indian exports to Mexico totaled $5.6 billion in 2024, including vehicles and electronic equipment.
Mexico is trying to align its tariff policies with the U.S. due to trade pact reviews.
The Indian government offers some relief by allowing SEZs to sell products domestically at lower duties.
Chadha says Mexican tariffs disadvantage India compared to competitors with Mexican free trade agreements.
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Amazon has recalled two children's products because they do not meet safety standards. The U.S. Consumer Product Safety Commission (CPSC) warns these items pose a risk because children can access the batteries, which could lead to severe injuries or death if swallowed.
Key Facts
The U.S. Consumer Product Safety Commission issued recalls for two products sold on Amazon due to safety concerns.
These products include Dresbe LED Christmas Headbands and Kitosun Submersible LED Lights.
The recall was announced on February 5, 2026, after products failed to meet federal battery-safety requirements.
The products contain button-cell or coin batteries, which children can easily access.
Swallowing these batteries can cause internal burns or death.
Buyers are advised to stop using the products immediately and contact the companies for refunds.
No injuries have been reported so far.
Amazon states they investigate safety complaints and stop selling recalled products immediately for customer safety.
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The average house price in the UK has risen above £300,000 for the first time, according to Halifax, a major mortgage lender. The increase in house prices is balanced by higher wage growth since 2022, making homes slightly more affordable.
Key Facts
Halifax reported that the average UK house price was £300,077 in January.
The average price rose by 0.7% last month, reversing a 0.5% decrease in December.
House prices are now 1% higher than they were a year ago.
Wage growth has surpassed house price growth since 2022, improving affordability.
Many lenders, including Halifax, are offering mortgage deals that need smaller deposits.
The Bank of England hinted at possible interest rate cuts this year, which could lower mortgage rates.
Nationwide, another lender, reported a different average house price of £270,873 in January.
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Gold prices in Lebanon have been changing quickly, causing confusion among jewelers. Economic instability in Lebanon and globally is linked to these gold price changes, but the exact reasons are unclear.
Key Facts
Gold price recently fluctuated between $4,600 and $5,595 per troy ounce.
Lebanon has faced an economic and banking crisis since 2019.
Many Lebanese buy gold to protect their money from inflation.
President Trump’s actions are seen as contributing to global instability.
Jewellers report a slowdown in business due to unpredictable gold prices.
Analysts do not agree on the reasons for the gold price changes.
JP Morgan analysts predict gold prices could rise by 30% by 2026.
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Coca-Cola is stopping the production of Minute Maid's frozen juice concentrates in North America after 80 years. The decision is due to changes in consumer preferences, with more people wanting healthier drink options. The phase-out will begin in early 2026, and no replacement products have been announced.
Key Facts
Coca-Cola is discontinuing Minute Maid's frozen juice concentrates in North America.
The phase-out will start in the first quarter of 2026.
The decision is due to changing consumer preferences, with a demand for low-calorie and zero-sugar drinks.
Coca-Cola is focusing on healthier beverage options, like zero-sugar drinks and premium dairy products.
Henrique Braun will become Coca-Cola’s CEO in March 2026.
The frozen juice lines were among Minute Maid’s longest-running products.
Consumers expressed sadness about the discontinuation on social media.
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Bitcoin's value dropped by nearly 14% on Friday, continuing a trend of losses from the past week. The cryptocurrency's price has decreased by about one-third since the start of the year. This decline occurs amid challenges such as geopolitical tensions, regulatory uncertainties, and broader financial market sell-offs.
Key Facts
Bitcoin's price fell almost 14% on Friday, reaching around $62,900.
The cryptocurrency has lost about one-third of its value since January.
Bitcoin's price briefly reached $100,000 after President Trump's re-election in 2024.
The price has been declining since October, after peaking at over $127,000.
A Trump-supported bill to regulate digital assets is stalled in the US Senate.
The Trump-related cryptocurrency firm, World Liberty Financial, is under scrutiny for a $500 million investment deal.
Global stock markets, including the S&P 500 and Nasdaq, also saw declines this week.
Prices of commodities like gold and silver have also dropped recently.
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People in England and Wales are struggling to sell retirement flats they inherited from relatives, leaving them with high annual costs. These flats, which are only for older buyers, often stay empty for a long time despite price reductions. Families face high service charges, ground rent, and taxes while trying to sell these properties.
Key Facts
Many retirement flats in England and Wales sit empty, causing financial strain for families.
Flats are hard to sell because they can only be bought by people over a certain age.
One family reduced their flat's price by £200,000 with no offers.
Annual costs for keeping a flat include service charges, ground rent, and council tax.
An expert estimates 10,000 such properties are empty long-term in privately owned blocks.
McCarthy Stone, a leading developer, has many empty flats despite building new ones nearby.
Some families must pay up to £11,279 a year in charges for empty flats.
Other families around England share similar struggles with vacant properties and accumulating fees.
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Canada announced a plan to strengthen its auto industry by encouraging electric vehicle production. This move aims to reduce Canada's dependence on the U.S., following new tariffs imposed by President Trump.
Key Facts
Prime Minister Mark Carney announced the plan to boost the Canadian car industry.
The plan includes financial incentives for carmakers and reintroduces rebates for electric vehicles (EVs).
President Trump imposed a 25% tariff on Canadian cars, impacting auto production.
About 90% of Canadian vehicles are exported to the U.S.
The U.S.-Canada-Mexico (USMCA) free trade agreement is under review but does not currently focus on removing tariffs.
Thousands of Canadian auto workers have lost jobs due to reduced production by major U.S. carmakers in Canada.
Canada also reached new trade agreements with China and South Korea to encourage vehicle manufacturing.
The plan includes reintroducing EV buyer incentives and stronger emissions standards, aiming for EVs to make up 90% of sales by 2040.
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Some young people, like Lily-May Edwards, are choosing to commute long distances for work instead of working remotely. Employers and workers have different opinions on remote work, with debates on productivity and flexibility. Flexibility and the option to work from home remain important to many.
Key Facts
Lily-May Edwards commutes two hours each way from north Wales to Liverpool for her university job.
She prefers working at the office but chooses to work from home two days a week due to the long commute.
A survey found that Gen Z workers are more often in the office compared to older workers.
Some business leaders argue remote work reduces productivity, but there's no strong evidence supporting this.
Flexibility in working arrangements has become more valued since the pandemic.
Hybrid working, a mix of office and home work, is most common among those aged 30 to 49.
Another worker, Daisy Willis, switched to a fully remote job to improve her work-life balance and reduce travel costs.
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PepsiCo announced it would lower prices for its popular snacks, such as Lay’s and Doritos, by up to 15%. This decision comes after customer concerns about high grocery costs. The price drop is intended to make shopping more affordable before the Super Bowl.
Key Facts
PepsiCo plans to reduce snack prices by up to 15%.
This includes well-known brands like Lay’s, Doritos, Cheetos, and Tostitos.
The change aims to address customer worries about rising grocery bills.
PepsiCo has raised prices in recent years due to inflation.
The move coincides with the company's effort to support consumer budgets.
Price reductions are suggested; retailers set final prices.
The U.S. Bureau of Labor Statistics reported a 2.4% rise in grocery prices as of December 2025.
Weight loss drugs are causing some consumers to spend less on food.
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Advertisers are ready for Super Bowl 60, hoping to reach more than 120 million viewers with commercials filled with celebrities and trending themes like AI and weight-loss drugs. The high cost and competitive nature of advertising during the game reflect the event's importance in reaching large audiences. NBC sold its ad space for record prices, with some 30-second spots reaching over $10 million each.
Key Facts
Super Bowl 60 will air on NBC and reach over 120 million viewers.
Advertisers like Fanatics Sportsbook and Grubhub are using celebrities like Kendall Jenner and George Clooney to promote their products.
Ad trends this year include AI technology, health products, and nostalgia with iconic movie themes.
NBC sold out of ad space for the Super Bowl, with 30-second ads averaging $8 million, some surpassing $10 million.
The Super Bowl consistently attracts advertisers because of its enormous audience, making it a key event for brand promotion.
As in the past, many brands choose a lighthearted advertising tone during the Super Bowl.
NBC reports that 40% of advertisers are using packages that include all major sports properties, and 70% of Super Bowl advertisers are also advertising during the Olympics.
Oakley Meta and Wix feature AI prominently in their Super Bowl ads, showcasing new tech products.
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Homeowners are discovering "zombie mortgages," which are unpaid loans they believed were resolved in the past. These debts can unexpectedly threaten their ownership of homes.
Key Facts
"Zombie mortgages" refer to old loans people thought were forgiven but still exist.
These mortgages can create financial problems for the homeowners who do not expect them.
"Zombie mortgages" can lead to the risk of losing one's home.
This issue was reported by economics correspondent Paul Solman and producer Diane Lincoln Estes.
The report is part of a collaboration with Retro Report, a documentary news group.
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Jobs at the Wedgwood ceramics factory in Barlaston are set to be cut due to low customer demand and rising costs. The factory had already paused production for 90 days to address these issues. The company plans to focus on high-end, handmade products while working with unions to support affected workers.
Key Facts
Wedgwood plans to cut jobs at its Barlaston factory.
The factory paused production for 90 days in September due to low demand.
70 employees were put on temporary leave during this pause.
Owner Fiskars Group says the cuts are to match production with demand and costs.
The GMB union wants more support to help the ceramics industry.
High energy prices have been a challenge for the ceramics sector.
Wedgwood will focus on making high-end, handcrafted products.
The company will consult with workers and unions over the job cuts.
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Christie's auction house plans to sell a newly discovered foot sketch by Michelangelo for $1.5 to $2 million. This sketch, related to the famous Sistine Chapel ceiling, was inherited by the current owner from his grandmother and has been in the family since the late 1700s.
Key Facts
Christie's says the foot sketch could sell for between £1.1 and £1.47 million.
The sketch is of the Libyan Sibyl, part of the Sistine Chapel ceiling.
The owner realized its value only after sending a photo to Christie's for an estimate.
The sketch dates back to around 1511-1512.
The owner is based in the US and inherited the sketch from his grandmother.
Infrared reflectography confirmed the sketch matched Michelangelo's style.
The sketch stands as a significant discovery in Christie's Old Master Drawings.
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Companies are increasingly focusing on supporting women in the workplace because it aligns with consumer values and can improve business performance. Women control a significant amount of global consumer spending and influence most purchasing decisions. Various companies are being recognized for their efforts to promote women in leadership and create supportive workplace cultures.
Key Facts
Women worldwide control approximately $31.8 trillion in spending as of 2024.
Women influence 70 to 80 percent of consumer purchasing decisions.
More than 50% of women in the U.S. are employed, yet they hold only 29% of executive positions.
Companies supporting women in leadership tend to perform better.
Newsweek ranked companies for their efforts to support women, based on a survey of over 89,000 female employees.
Over 70 new companies appeared on this ranking in 2026, including well-known brands like Microsoft and Starbucks.
Campbell’s Company has a strong history of women in leadership roles and was recognized for promoting such a culture.
Women controlling the majority of purchases highlight the importance of companies understanding their needs for product innovation and marketing.
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Barron Trump, President Donald Trump's youngest son, has started a new drinks company called Sollos Yerba Mate Inc. The company, which plans to sell yerba mate tea, is registered in both Delaware and Florida and has raised $1 million in capital through private funding.
Key Facts
Barron Trump is involved in a business called Sollos Yerba Mate Inc.
The company focuses on selling yerba mate, a caffeinated herbal tea.
It is registered in Delaware and Florida, both states known for accommodating business ventures.
The business has five directors, including Barron Trump, and involves college students he studied with in high school.
The company raised $1 million in capital via private placement.
Barron Trump’s venture is close to the Trump family’s Florida residence.
The business registration data initially listed the company name as SOULSTICE, INC., which was later changed.
President Trump is not involved in managing this business venture.
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