
US Dollar Set to Fall, Morgan Stanley Says
Good morning. Morgan Stanley sees the US dollar weakening another 9% in the year ahead. Ukrainian drones hit as far as Siberia. And read our travel expert's top tips for Japan. Listen to the day's top stories.
The dollar may fall a further 9% by this time next year as the US economy slows and the Federal Reserve cuts rates, Morgan Stanley said. European currencies will be among the biggest beneficiaries.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CBS News
17 minutes ago
- CBS News
All-electric aircraft makes historic landing at JFK Airport
JFK Airport has its first ever all-electric aircraft landing JFK Airport has its first ever all-electric aircraft landing JFK Airport has its first ever all-electric aircraft landing History was made Tuesday at John F. Kennedy International Airport as an all-electric aircraft made a successful runway landing for the first time. The aircraft made a 45-minute journey from Suffolk County to Queens in a first-of-its-kind passenger-carrying demonstration flight. "So quiet, so efficient, so green" Beta Technologies, a Vermont-based start-up, is now the first United States company to land an all-electric aircraft at an airport in the New York-New Jersey region. The company's founder and CEO, Kyle Clark, piloted the Alia CX300 himself, landing successfully – and quietly. He says the historic flight showcases the future of urban air mobility amid a longstanding push for electric aviation. "That flight we just took from East Hampton to here was like $8 in electricity," he said. Clark says the company's all-electric aircraft have undergone years of rigorous safety testing. "It's super meaningful to bring an aircraft of new technology through six years of development and testing to the point that we can actually put passengers in it," Clark said. Joining him on Tuesday's flight were four passengers, including Andrew Kimball, CEO of NYC Economic Development Corporation. "So quiet, so efficient, so green. Really will transform the industry," Kimball said. "It was terrific. It was quiet," another passenger said. Beta Technologies aims to fly commercial passengers by 2026 Clark says the goal for such electric aircraft is to ease congestion, reduce emissions and increase accessibility for all. He hopes to be flying commercial passengers by 2026, although at this time, it's unclear exactly how much a commercial flight would cost. "Next year, we will achieve [Federal Aviation Administration] certification, we expect. It's gonna be a lot of hard work, more testing, so 18, 20 months from now, you can probably be flying one of these airplanes around New York," Clark said. "The airports have a big job to do in terms of establishing charging stations, developing areas where they can safely land and take off," said Port Authority of New York and New Jersey Executive Director Rick Cotton. In October 2024, the FAA finalized comprehensive training and pilot certification rules for flying such electric aircraft, calling it "the final piece in the puzzle for safely introducing these aircraft in the near term."


CBS News
18 minutes ago
- CBS News
Small business owners struggle to stay open during revamp of Frisco's historic downtown before the World Cup
Plans to spruce up Frisco's historic downtown before next year's World Cup have business owners demanding help from the city to stay open. Frisco's downtown, called the Rail District, will be revitalized with major street and sidewalk improvements. The goal is to make the downtown area very walkable, with wider sidewalks, landscaping and lighting. But small business owners who are established here fear the lengthy impact of construction will drive them out of business before they ever see it finished. Rod Smith is the most vocal of those who said his barber shop, called Brooklyn Cutz, has been suffocated by construction. "We are vibrant—rated number one the last four years in the DFW metroplex," said Smith. "I have a plethora of clients from all walks of life." That was before major renovations on Main Street began, which continue to this day. He said there was a recent two-week period in which customers had no access through his front door and had to park in a temporary lot behind the downtown area. Luka Doncic, Rod Smith Rod Smith The Main Street construction project started in July 2024 and since then, Smith said he had to part ways with six employees because of the negative impact it's had on his business. Smith thought his barbershop in downtown Frisco would be there for many years. But the shop owner, whose list of star athlete clients includes Luka Doncic, said he will have to shut down soon and move. "If the city would come and give us a subsidized lease for a few months, let us catch our breath, that would be good," Smith said. "But they haven't offered nothing." Frisco's Director of Engineering Services, Jason Brodigan, said the city knows businesses are suffering and has created a temporary parking lot for customers behind downtown, as well as creating signs directing people to stores. "It's been difficult on several businesses, but all we're asking for is cooperation," said Brodigan. "Let us know what your problems are. We'll do our best to help you as far as what construction we can manage." This project is scheduled to be completed in January before the World Cup comes to North Texas. Nearby Toyota Stadium is expected to host practices and Frisco hotels will host teams and fans.


New York Times
22 minutes ago
- New York Times
Fed Removes Shackle Imposed on Wells Fargo After Series of Scandals
In early 2018, the Federal Reserve hit Wells Fargo with an unprecedented penalty for a yearslong record of misconduct: an asset cap that prevented the bank from growing. On Tuesday, the Fed lifted that restriction. Wells Fargo has improved its internal governance and risk management enough to be released from its fetters, the regulator said. The end of the asset cap reflects the bank's 'focused management leadership, strong board oversight and strict supervision,' said Michael S. Barr, a Fed governor who recently ended his service as the board's vice chair for supervision. He said the three improvements 'will need to continue for the firm to have a sustainable approach.' Wells Fargo, based in San Francisco, hailed the end of a sanction that has shadowed the bank for more than seven years. Charles W. Scharf, the bank's chief executive, called it 'a pivotal milestone' in the company's transformation. 'We are a different and far stronger company today because of the work we've done,' he said. Wells Fargo said it would grant nearly all of its 215,000 full-time workers an award valued at $2,000. For most, the prize will come in the form of a restricted stock grant, which the company described as a way to give its workers 'an opportunity to own a part of Wells Fargo and hopefully benefit from our future success.' Mr. Scharf took on the top job at Wells Fargo in 2019, after the bank's series of scandals toppled two chief executives. In 2016, federal regulators and local officials in California revealed that the bank's employees had for years created bank accounts for unwitting customers, without their consent, to meet aggressive sales goals. That discovery was followed by others, including mistakes that led to improper home foreclosures and auto repossessions. The bank paid billions of dollars in fines and billions more in refunds to customers it had harmed. One former top executive — Carrie L. Tolstedt, who served for years as Wells Fargo's head of retail banking — faced criminal charges from the Justice Department. Through a plea deal, she avoided a prison sentence. The asset cap prevented Wells Fargo from keeping up with rivals. Over the course of the sanction, its ranking among the largest U.S. banks fell from third to fourth, with assets of around $1.9 billion. The bank will now be able to expand its lending, increase its deposits and potentially acquire other financial providers. Its stock price rose about 3.7 percent in after-hours trading after the Fed announcement. Wells Fargo was the first bank to face such a stiff penalty from federal bank regulators, but it's no longer the only one. Last year, the Office of the Comptroller of the Currency imposed an asset cap on TD Bank for violating anti-money-laundering laws. 'No one thought it would last this long,' Ian Katz, an analyst at Capital Alpha Partners, said of the Wells Fargo asset cap. Its removal 'signals both the bank's progress and the Fed's increasingly bank-friendly mood.'