Trump sues JPMorgan for $5 billion, alleges the bank closed his accounts for political reasons

NEW YORK (AP) — President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon for $5 billion. He alleges the bank closed his accounts for political reasons after he left office in January 2021. The lawsuit, filed in Miami-Dade County court, claims JPMorgan abruptly closed multiple accounts in February 2021, giving 60 days' notice without explanation. Trump says this cut him off from millions and disrupted his businesses. JPMorgan, in a statement, expressed regret over the lawsuit but denied political motives. A spokesperson said the suit lacks merit, emphasizing accounts are closed for legal or regulatory risks, not political reasons.

Saks' bankruptcy filing creates uncertainty for iconic stores, suppliers and shoppers

NEW YORK (AP) — An appeal for bankruptcy protection filing of the operator of Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus has left the luxury department stores’ suppliers with unpaid bills and caused a rift with Amazon, one of Saks Global’s minority investors. Saks Global said last week it had secured roughly $1.75 billion to help finance the company through legal proceedings and toward hoped-for profitability. The company said it would honor all customer loyalty programs compensate vendors and continue to pay employees while seeking approval for its plan to satisfy its outstanding liabilities, which ranges from $1 billion to $10 billion, according to court documents.

EU Commission indicates it's ready to implement Mercosur trade deal despite parliament vote to delay

FRANKFURT, Germany (AP) — The European Union is ready to implement a free trade agreement with the Mercosur group of South American countries on a provisional basis. This comes despite the EU parliament's vote to delay ratification for legal review. European Commission President Ursula von der Leyen said the EU could act once at least one Mercosur country ratifies. The deal aims to eliminate over 90% of tariffs on goods like Argentine beef and German cars, creating a massive free trade zone. France is seeking stronger protections for farmers, but Germany supports provisional application. The deal is widely supported in South America.

TikTok finalizes a deal to form a new American entity

TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the U.S. that has been in discussion for years. The social video platform company signed agreements with major investors including Oracle, Silver Lake and MGX to form the joint venture. The company said in a statement that the new version will operate under “defined safeguards” with an emphasis on data protections and software assurances for U.S. users. The establishment of a U.S. unit ends years of uncertainty about the fate of the popular video-sharing platform in the United States.

Paramount extends its deadline for its Warner Bros. tender offer, again

NEW YORK (AP) — Skydance-owned Paramount is again extending the tender offer window in its $77.9 billion hostile takeover bid for Warner Bros. Discovery, while doubling down on a coming proxy fight. Warner stockholders now have until February 20 to sell shares for $30 each. This marks the second extension since Paramount challenged Warner’s merger with Netflix and went hostile last month. As of late Wednesday, over 168.5 million Warner shares were tendered, still far below the 50% needed for control. Paramount has also promised a proxy fight — and filed preliminary materials to solicit proxies in opposition to the Netflix merger on Thursday.

Asian shares, US futures gain as Japan keeps its key interest rate unchanged

Asian shares and U.S. futures are higher after U.S. stocks rose, regaining more of their losses for the week. The Bank of Japan kept its key interest rate unchanged, as expected. Oil prices and the prices of gold and silver also rose. On Thursday, the S&P 500 climbed 0.5% extending its rally after President Donald Trump called off tariffs on European countries that he said opposed his calls for U.S. control of Greenland. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite gained 0.9%. Details are still sparse about a deal on Greenland that Trump said he reached with the head of NATO, leaving investors wary of what's to come.

2028 Olympics could bring big wins for Los Angeles labor unions

LOS ANGELES (AP) — Labor unions in Los Angeles are gearing up for the 2028 Summer Olympics by planning strategically timed strikes to win better wages and benefits. The unions are inspired by successful strikes during the Paris Games. Unions like Unite Here Local 11 are setting things in motion for over 100 contracts to expire just before the Olympics. The timing is intended to maximize their bargaining power. A coalition of advocacy groups is also pushing for affordable housing and protections for immigrant workers. Los Angeles recently approved a $30 minimum wage for hotel workers by 2028, despite pushback from business groups concerned about the impact on tourism.

Toll in Iran's protest crackdown reaches at least 5,002 dead as Trump says US 'armada' approaching

DUBAI, United Arab Emirates (AP) — Activists report that Iran's crackdown on nationwide protests has killed at least 5,002 people. Many more are feared dead. But information is scarce in part because Iran has imposed the most comprehensive internet blackout in its history. The U.S.-based Human Rights Activists News Agency provided the latest death toll Friday and noted more than 26,800 people have been detained. Iran's government says 3,117 have died. But it has a history of giving lower tolls for political reasons. The Associated Press has been unable to verify these numbers because of the two-week internet shutdown. The U.S. has moved an aircraft carrier group closer to the Middle East. And U.S. President Donald Trump is warning of potential action against Iran.

Workplace rights agency scraps anti-harassment guidance, citing Trump's orders

WASHINGTON (AP) — The U.S. Equal Employment Opportunity Commission has voted to rescind its guidance on workplace harassment. It marks another significant shift in civil rights enforcement under President Donald Trump's second administration. The Republican majority cited Trump’s executive order issued last year — in which he decreed there are two immutable sexes — as one of the reasons for revoking the guidance, which includes language on how to protect transgender workers. Democratic commissioner Kalpana Kotagal opposed the decision, arguing it makes workers more vulnerable. Critics, including former officials and workers' groups, have also voiced strong opposition. They argue the move deprives employers of a clear blueprint for maintaining a harassment-free workplace.

Consumer spending pushes US economy up 4.4% in third quarter, fastest in two years

WASHINGTON (AP) — Powered by strong consumer spending, the U.S. economy grew at the fastest pace in two years from July through September, the government said Thursday in a slight upgrade rom its first estimate. The Commerce Department reported that America’s gross domestic product — the nation’s output of goods and services — rose at a 4.4% annual pace in the third quarter, up from 3.8% in the April-June quarter and from the 4.3% growth the department initially estimated. The economy hasn’t grown faster since third-quarter 2023. Consumer spending, which accounts for 70% of U.S. GDP, grew at a healthy 3.5% pace.