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CoreWeave received a "buy" rating from Bank of America, recognized as a leading provider in the crypto sector. Crypto firms significantly contributed to President Trump's inauguration, with Ripple donating $4.9 million, making it the largest crypto donor, while overall contributions reached a record $239 million. The pro-crypto PAC Fairshake raised over $260 million in 2024, backed by major players like Coinbase and Ripple.
The canton of Lucerne is set to revise its tax policy, introducing a multi-stage tariff for cantonal profit tax that will impact around 15 companies with annual net profits exceeding CHF 50 million. This reform aligns with potential changes in OECD minimum taxation distribution. Additionally, the Luzerner Kantonalbank's owner strategy will be updated, focusing on risk policy and remuneration guidelines, while maintaining the existing strategy from 2021. The consultation period for the tax law revision runs from April 23 to July 23.
U.S. Treasury Secretary Scott Bessent stated that the ongoing tariff standoff with China is unsustainable and anticipates a de-escalation of the situation. While negotiations have not yet begun, he expressed optimism that a deal could be reached. Bessent made these remarks at a closed-door event hosted by JPMorgan Chase in Washington.
Tesla Inc. is facing significant challenges as its vehicle deliveries hit an almost three-year low in the first quarter. This decline began prior to CEO Elon Musk's increased involvement in U.S. politics, where he has supported controversial figures and policies, impacting the company's performance.
Elon Musk is reportedly considering leaving his role at the Department of Government Efficiency (DOGE) due to increasing criticism from the political left. Appointed by Trump, Musk has faced backlash over significant federal job cuts and protests against his leadership, leading to a 53% unfavorability rating. Despite the challenges, he believes his departure will not impact the department's effectiveness.
Elon Musk and Defense Secretary Pete Hegseth are in conflict over military staffing and budget cuts, with Musk aiming to reduce the Defense Department's civilian workforce by up to 200,000. Hegseth, while publicly supporting Musk's cost-cutting initiative, opposes cuts that could undermine critical military functions. Amidst this turmoil, Hegseth faces scrutiny for sharing sensitive military information and has been criticized by Republican lawmakers for his management style and decision-making at the Pentagon.
Elon Musk's DOGE has gained access to sensitive immigration data, including records of millions of immigrants, raising concerns about privacy and potential misuse. This access is part of broader efforts by various federal agencies to enforce stricter immigration policies, which have sparked criticism from legal advocates. Meanwhile, Defense Secretary Pete Hegseth faces mounting pressure amid allegations of sharing sensitive military information, with calls for his resignation growing as Trump continues to support him.
Bitcoin has surged past $90,000 again, with attention on Trump's intensified criticism of Federal Reserve Chair Powell, whom he blames for the slowing US economy. Trump labels Powell as "Mr. Too Late," raising concerns about the Fed's independence. Investors are eyeing the March 2 high of approximately $95,150, but potential resistance at this level could lead to renewed selling pressure, with the $84,000 mark as a downside target.
President Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, calling for immediate interest rate cuts and suggesting Powell's dismissal. While legally complex, such a move could undermine the Fed's credibility and lead to market volatility. As the administration considers future leadership, potential candidates include Governors Christopher Waller and Michelle Bowman, or outsider Kevin Warsh, amid expectations of sustained higher long-term yields due to inflation concerns.
Elon Musk faces a critical moment as Tesla prepares to announce its first-quarter earnings, with analysts warning of significant brand damage linked to his role in the Department of Government Efficiency. Following a 13% drop in vehicle sales and a decline in stock value, the upcoming earnings call is seen as a pivotal opportunity for Musk to restore investor confidence and outline Tesla's future direction. Concerns about the impact of his political involvement on Tesla's desirability and sales persist, as the company struggles against increasing competition in the electric vehicle market.
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crypto firms contribute millions to trump inauguration and pro crypto pacs
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20:04 22.04.2025
Lucerne introduces new tax rules for major companies and bank strategy revisions
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