Trade crime is soaring, US firms say, as Trump's tariffs incentivize fraud
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AVIATION
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Southwest Airlines sets baggage fees
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A Southwest Airlines traveler checked a bag at Midway International Airport in Chicago.
Erin Hooley/Associated Press
Southwest Airline's longtime free luggage policy on basic economy fares will end on Wednesday when the airline begins charging a $35 fee for one checked bag and $45 for the second, according to a spokesperson for Southwest. Until now, Southwest was the only major US airline that allowed passengers to check two bags at no extra cost, but in March, the airline announced that it would start applying baggage fees to boost revenues and cut costs. The airline reported a net loss of $149 million in the first quarter. Under the new policy, customers flying Business Select or those with high loyalty status will be spared the additional fees; passengers with a Southwest Airlines co-branded credit card will be able to check one standard bag at no additional cost. Checked bag fees will apply to tickets booked on or after May 28 for Basic, Wanna Get Away Plus, and Anytime fares. The baggage fees are in line with other major US airlines, which typically charge between $35 and $45 for a first checked bag. — NEW YORK TIMES
CRYPTO
Trump Media raises money to buy $2.5 billion in bitcoin
President Trump spoke to reporters at Palm Beach International Airport in West Palm Beach, Fla., on Feb. 16.
AL DRAGO/NYT
Trump Media & Technology Group, the parent company of Truth Social, said Tuesday that it would raise $2.5 billion from institutional investors to invest in bitcoin, continuing its transformation from a social media company into a financial services and cryptocurrency play. Trump Media, whose largest shareholder is President Trump, said it would raise $1.5 billion from about 50 institutional investors by selling roughly 58 million shares. The company is planning to raise an additional $1 billion from the sale of bonds that can also be converted into shares at a later date. The announcement came as the president and his family have become more involved in a number of crypto companies. Trump owns a little more than 50 percent of Trump Media's stock, making his roughly $2.7 billion stake one of his most valuable investments. The sale of the new shares will potentially dilute the value of Trump Media's stock, including the 115 million shares that Trump owns. The president's shares are held in a trust managed by his eldest son, Donald Trump Jr., who also is a Trump Media board member. As part of the deal, which could close as soon as Thursday, the shares will be sold at $25.72. Trump Media, which has a market value of just over $5 billion, said with the cash raised from the stock and bond sale it would create one of the largest corporate reserves to invest in bitcoin. The company did not immediately disclose the investors in the deal. Trump Media went public a little more than a year ago, after completing a merger with a cash-rich shell company. But the company has been losing money ever since, and Truth Social has generated just a few million dollars in advertising revenue, even as the social media platform serves as Donald Trump's primary online megaphone for communicating to the public. — NEW YORK TIMES
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ECONOMY
US consumer confidence jumps most in four years on trade truce
Shoppers walked past napkins and paper plates at the Walmart Supercenter store in Teterboro, N.J.
KARSTEN MORAN/NYT
US consumer confidence rebounded sharply in May from a near five-year low as the outlook for the economy and labor market improved amid a truce on tariffs. The Conference Board's gauge of confidence increased by 12.3 points to 98, marking the biggest monthly gain in four years. The figure exceeded all estimates in a Bloomberg survey of economists. A gauge of consumer expectations for the next six months surged by the most since 2011, while a measure of present conditions climbed as well, data released Tuesday showed. The improvement in confidence was broad across age and income groups as well as political affiliations, with the strongest gains among Republicans. The cutoff for the survey was May 19, after the United States and China agreed to temporarily reduce high levies on each other's goods while they negotiate a trade deal. About half the responses were collected after the agreement was reached on May 12, according to a statement. 'The rebound was already visible before the May 12 US-China trade deal but gained momentum afterwards,' Stephanie Guichard, senior economist at The Conference Board, said in the statement. The gauge's improvement may be an indication that worries about tariffs — a key source of anxiety in the previous surveys — abated in recent weeks. However, President Trump has since renewed threats to increase levies on other countries and products. — BLOOMBERG NEWS
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ACQUISITIONS
Salesforce is buying Informatica in deal worth approximately $8 billion
The Salesforce Tower in New York.
Ted Shaffrey/Associated Press
Salesforce is buying AI-powered cloud data management company Informatica in an approximately $8 billion deal. Informatica's shareholders will receive $25 per share, a premium of about 11 percent from Friday's closing price of $22.55. The transaction will give Salesforce access to Informatica's data management capabilities. Informatica was taken private in 2015 by private equity firm Permira and the Canada Pension Plan Investment Board for about $5.3 billion. It went public again in 2021. Both companies' boards have approved the deal, which is expected to close early in Salesforce's fiscal 2027. — ASSOCIATED PRESS
TRANSIT
NY wins order against US funding freeze in congestion fight
Signs advising drivers of congestion pricing tolls are displayed near the exit of the Lincoln Tunnel in New York on Feb. 19.
Seth Wenig/Associated Press
New York won a court order temporarily barring the Trump administration from withholding federal approvals or funds for the state's transportation projects, as the president tries to end Manhattan's congestion pricing program. The administration has threatened to hold back the funds and permissions unless New York stops charging tolls to drive into the borough's tolled zone. US District Judge Lewis Liman on Tuesday granted a request by the Metropolitan Transportation Authority to block such efforts by the federal government through June 9 while he considers whether the United States has the legal right to terminate the toll. Liman's ruling means the program — meant to reduce gridlock and pollution and raise money to modernize the city's transit system — will almost certainly continue as the legal battle proceeds. It helps reduce uncertainty over how the nation's largest public transportation system will pay to modernize a more than 100-year-old network. The judge ordered the two sides to meet to decide how to speed up the process, saying there is a 'public interest in moving the case along.' — BLOOMBERG NEWS
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Hamilton Spectator
15 minutes ago
- Hamilton Spectator
‘Unjustified and unlawful': Canadian officials react to Trump's threat to double steel, aluminum tariffs
The federal minister tasked with Canada-U. S. trade relations said Ottawa has 'taken note' of U.S. President Donald Trump's latest threat to increase tariffs on steel and aluminum to 50 per cent , but stopped short of announcing any formal retaliatory measures, at least for now. Dominic LeBlanc, the federal minister whose portfolio includes Canada-U. S. trade, said in a statement on the social media platform X Saturday that the government will remain 'resolute in defending our workers and our communities.' 'We can give ourselves far more than the United States can take from us,' he wrote. We can give ourselves far more than the United States can take from us. That's why this Monday, the Prime Minister will meet with Premiers in Saskatoon with one goal - build one Canadian economy out of thirteen, and get big, nation-building projects built faster. (2/3) In a speech in Pennsylvania Friday, Trump said that the increased tariff figures would 'even further secure the steel industry in the United States.' 'Nobody's going to get around that,' Trump said. Industry minister Mélanie Joly, who formerly served as foreign minister, said that Canada is 'fighting' the 'unjustified and unlawful tariffs with our own retaliatory actions, strong domestic support packages, and big moves to diversify our trade.' President Donald Trump says he's going to double the tariff rate on steel to 50 per cent, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. (AP Video / May 30, 2025) She added that she plans to meet with steel and aluminum producers and workers over the coming days to 'advance' a plan in response to Trump's pledge. Terry Sheehan, the Liberal MP who represents the steel-dependent riding of Sault Ste. Marie , wrote that the government will 'not back down' in the face of tariffs that 'threaten to further damage the vital relationship between our two countries.' Sault Ste. Marie's mayor, Matthew Shoemaker, said Trump is 'trying to cripple our economy.' Maninder Sidhu, the newly minted minister of international trade, wrote that the government will 'move on terms … strategically, thoughtfully, and without delay.' Sidhu, a Brampton MP first elected in 2019, said that 'trade diversification' is his 'top priority.' 'Canada has what the world needs and we're ready to deliver,' Sidhu wrote. Meanwhile, United Steelworkers, which represents over 220,000 workers in Canada, said that the 50 per cent tariff would 'completely shut us out of the U.S. market' and called on the government to 'move quickly to strengthen domestic demand.' In March, U.S. President Donald Trump put 25 per cent tariffs on steel and aluminum imports to 'This isn't trade policy — it's a direct attack on Canadian industries and workers,' national director Marty Warren said of the president's recent announcement. 'Thousands of Canadian jobs are on the line and communities that rely on steel and aluminum are being put at risk. Canada needs to respond immediately and decisively to defend workers.' The Canadian Steel Producers Association, a trade group, said in a statement that the government must immediately 'fully reinstate retaliatory steel tariffs to match the American tariffs and to implement as quickly as possible new tariffs at our own borders to stop unfairly traded steel from entering Canada.' In March, Trump put 25 per cent tariffs on steel and aluminum imports to the United States. Trump used Section 232 of the Trade Expansion Act of 1962 to impose steel and aluminum duties and said it will help bring manufacturing back to the United States. Canada is the largest steel supplier to the United States, accounting for nearly 25 per cent of all imports in 2023. About a quarter of all steel used in America is imported. Earlier this week, a three-judge panel at the U.S. Court of International Trade ruled Trump does not have the authority to wield tariffs, a pause that was subsequently lifted by a federal appeals court Thursday. A Leger poll from earlier this month found that nearly 70 per cent of Canadians are in favour of the federal government imposing dollar-for-dollar retaliatory tariffs on U.S. goods. The poll also found that Canadians are reducing the number of U.S. products they're buying in stores as a result of the ongoing trade war. With files from The Canadian Press
Yahoo
16 minutes ago
- Yahoo
Watch These U.S. Steel Stock Price Levels as Trump Plans to Double Steel Tariffs
U.S. Steel shares will be in the spotlight to start the week after President Donald Trump on Friday said he plans to double steel and aluminum tariffs to 50%. The stock staged a decisive breakout above a symmetrical triangle last month, with strong follow-through buying driving the relative strength index into overbought territory. A measured move price target, which calculates the distance of the trend in points that preceded the symmetrical triangle and adds that amount to the pattern's breakout area, forecasts an upside target of $59.75. Investors should monitor key support levels on U.S. Steel's chart around $46, $43 and $36.U.S. Steel (X) shares will be in the spotlight to start the week after President Donald Trump on Friday said he plans to double steel and aluminum tariffs to 50%. Addressing a rally at the one of the steel producer's processing plants in Pennsylvania, the president said the move would help protect American steelworkers and 'further secure the steel industry.' Proponents of steel tariffs argue they boost the domestic steel sector and reduce reliance on foreign-made steel, while critics say they raise costs of local manufacturers and reduce innovation within the industry. Friday's announcement came after Trump recently gave the green light to a "partnership" between U.S. Steel and Nippon Steel. A $14.1 billion merger between the two steelmakers was originally blocked by the Biden administration in early January due to national security concerns. U.S. Steel shares have gained 33% over the past two weeks and trade nearly 60% higher since the start of the year as of Friday's close. Below, we break down the technicals on U.S. Steel's chart and identify key price levels that investors will likely be watching. Shortly after the 50-day moving average (MA) crossed above the 200-day MA to form a bullish golden cross on the chart in late March, U.S. Steel shares consolidated within a symmetrical triangle, indicating a pause in the stock's uptrend that began in late December. More recently, the price staged a decisive breakout last month, with strong follow-through buying driving the relative strength index into overbought territory. It's also worth pointing out the rally has occurred on above-average trading volume, signaling conviction behind the jump. Let's apply technical analysis to identify an upside price target amid the potential for further buying and also locate support levels worth monitoring during future retracements. To forecast a price target, investors can use the measured move technique, also know by chart watchers as the measuring principle. When applying the analysis to U.S. Steel's chart, we calculate the distance of the trend in points that preceded the symmetrical triangle and add that amount to the pattern's breakout area. For instance, we add $16 to $43.75, which projects an upside target of $59.75, around 11% above Friday's closing price. The first lower level to monitor sits around $46. Retracements to this key area would likely encounter support near the top of the symmetrical triangle, which also closely aligns with a trough that formed on the chart in February last year. A close below this level could see the shares test support near $43. This location may attract buying interest around the upward sloping 50-day MA and a series of peaks on the chart stretching back to April last year. Finally, a more significant drop in U.S. Steel shares could bring the $36 level into play. Investors may look to accumulate shares in this region near a horizontal line that connects multiple troughs that developed on the chart between December 2023 and March this year. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 minutes ago
- Yahoo
While individual investors own 33% of CapitaLand Investment Limited (SGX:9CI), private companies are its largest shareholders with 54% ownership
CapitaLand Investment's significant private companies ownership suggests that the key decisions are influenced by shareholders from the larger public Bartley Investments Pte. Ltd. owns 54% of the company Institutional ownership in CapitaLand Investment is 13% Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Every investor in CapitaLand Investment Limited (SGX:9CI) should be aware of the most powerful shareholder groups. The group holding the most number of shares in the company, around 54% to be precise, is private companies. In other words, the group stands to gain the most (or lose the most) from their investment into the company. And individual investors on the other hand have a 33% ownership in the company. Let's delve deeper into each type of owner of CapitaLand Investment, beginning with the chart below. See our latest analysis for CapitaLand Investment Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. CapitaLand Investment already has institutions on the share registry. Indeed, they own a respectable stake in the company. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of CapitaLand Investment, (below). Of course, keep in mind that there are other factors to consider, too. Hedge funds don't have many shares in CapitaLand Investment. Looking at our data, we can see that the largest shareholder is Bartley Investments Pte. Ltd. with 54% of shares outstanding. This implies that they have majority interest control of the future of the company. BlackRock, Inc. is the second largest shareholder owning 2.2% of common stock, and The Vanguard Group, Inc. holds about 2.1% of the company stock. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. Our data suggests that insiders own under 1% of CapitaLand Investment Limited in their own names. However, it's possible that insiders might have an indirect interest through a more complex structure. It is a very large company, so it would be surprising to see insiders own a large proportion of the company. Though their holding amounts to less than 1%, we can see that board members collectively own S$20m worth of shares (at current prices). Arguably recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling. With a 33% ownership, the general public, mostly comprising of individual investors, have some degree of sway over CapitaLand Investment. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. We can see that Private Companies own 54%, of the shares on issue. It's hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company. It's always worth thinking about the different groups who own shares in a company. But to understand CapitaLand Investment better, we need to consider many other factors. Take risks for example - CapitaLand Investment has 1 warning sign we think you should be aware of. Ultimately the future is most important. You can access this free report on analyst forecasts for the company. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
