corporate

Corporate Bond Market Booms After Fed Rate Cut in September

September was a banner month for US investment-grade bond issuance as companies rushed to borrow in a market benefiting from falling interest rates and tight risk premiums.

PitchBook tallied $56.4 billion in new bonds through the first week of September, with the month’s total swelling to over $172 billion. The surge followed the Federal Reserve’s rate cut of 25 basis points at its Sept. 16-17 meeting. Lower borrowing costs make it cheaper for companies to fund acquisitions or shore up corporate coffers. On Sept. 18 alone, at least nine corporate issuers raised nearly $15 billion in bonds.

“That was a busy day,” says Nick Elfner, co-head of research at Boston-based fixed income manager Breckinridge Capital Advisors. The investment-grade bond market has repeatedly demonstrated its ability to meet corporate funding needs, he adds, particularly when conditions are relatively stable and investor demand runs strong.

Take AT&T, for example. The telecom launched a four-part note-offering totaling $5 billion, with proceeds earmarked for general corporate purposes including refinancing maturing debt and funding pending acquisitions. BNP Paribas, Bank of America, Citigroup, JPMorgan, and Mizuho served as arrangers.

The same week, another group of global banks including Deutsche Bank, Goldman Sachs, and HSBC led an $18 billion bond deal for Oracle Corp.

The flurry of deals marks a shift from the previously cautious landscape, where uncertainty around interest rates, inflation, and President Donald Trump’s intermittent tariff announcements had restrained bond issuance and widened credit spreads.

Yet, US issuers are not the only ones capitalizing on cheaper debt. Reuters pulled data from LSEG to show that issuance of “Maple bonds” by foreign borrowers reached $16.32 billion as of Sept. 25, surpassing last year’s $16.28 billion and outpacing all of 2024, which totaled $13 billion. More aggressive Bank of Canada policy, along with low yields and tight risk premiums in both the US and Canada, is creating a favorable environment for companies to invest and expand while investors remain eager to provide capital.

“We think strong corporate bond issuance can continue,” Elfner says. Lower borrowing costs will also allow for corporates to refinance debt and, perhaps, undertake projects that may have been mothballed due to higher financing costs.

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Behind the decision to bench Jimmy Kimmel: Trump FCC threats and charges of corporate cowardice

On a Wednesday podcast, Federal Communications Commission Chairman Brendan Carr said ABC had to act on Jimmy Kimmel’s comments about the killing of right wing activist Charlie Kirk. “We can do it the easy way or the hard way,” the Trump appointee told right-wing commentator Benny Johnson.

The intended audience, the owners of ABC stations across the country, heard the message loud and clear. They chose the easy way.

Within hours of Carr’s comments, Nexstar, which controls 32 ABC affiliates, agreed to drop “Jimmy Kimmel Live!” indefinitely.

Walt Disney Co.-owned ABC quickly followed with its own announcement that it was pulling Kimmel from the network. Sinclair Broadcasting, a TV station company long sympathetic to conservative causes, also shelved the show and went a step further by demanding that Kimmel make a financial contribution to Kirk’s family and his conservative advocacy organization Turning Point USA.

It is not clear if or when Kimmel’s show will return. On Thursday, high-level ABC executives spoke with Kimmel and his team to see whether there was a way to “bring the temperature down,” allowing the show to return, according to a person familiar with the matter who was not authorized to comment.

The situation reflects the power that Carr has over the companies with outlets that still reach the largest audiences in the U.S., even in the age of streaming. Over-the-air TV and radio stations are the only media licensed by the government due to their use of the public airwaves, and Carr, whose commitment to President Trump is unwavering, holds the keys to their future.

Companies that own TV stations are desperate to make acquisition or merger deals so they can compete with the clout of tech companies. Nexstar, for example, needs the FCC’s permission for a proposed $6.2-billion acquisition of rival station operator Tegna, and other companies are expected to swap and acquire outlets as well. All deals have to get approval of the FCC, which is also being lobbied to lift the cap on how much of the U.S. station owners can cover.

That gives Carr tremendous leverage.

The latest trouble for Kimmel started Monday when he seemed to suggest during his monologue that Tyler Robinson, the Utah man accused in the shooting death of Kirk, might have been a pro-Trump Republican. He said MAGA supporters “are desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it.”

Carr, during Johnson’s podcast, called Kimmel’s comments “the sickest conduct possible.” Carr, who has previously styled himself as a free speech absolutist, argues that stations have the right to pull the show if owners believe the content conflicts with community standards.

“Broadcast TV stations have always been required by their licenses to operate in the public interest — that includes serving the needs of their local communities,” he wrote Thursday on X. “And broadcasters have long retained the right to not air national programs that they believe are inconsistent with the public interest, including their local communities’ values. I am glad to see that many broadcasters are responding to their viewers as intended.”

Kimmel’s staff was told not to report to work Thursday but has been given no information about the program’s future. Kimmel has yet to comment.

Top Disney executives, including Chief Executive Bob Iger — who has a close relationship with the host — and Dana Walden, co-chairman of Disney Entertainment, made the decision to bench Kimmel.

Disney executives had been huddling as the crisis mounted throughout Wednesday and Kimmel and his staff had been preparing the show. The comedian planned to address the situation, according to three people close to the situation who were not authorized to speak publicly.

Some Disney execs were belatedly uncomfortable with Kimmel’s monologue, which became a lightning rod for conservatives on social media. Walden spoke with Kimmel on Wednesday, one of the knowledgeable sources said, and she and other executives became concerned that Kimmel’s planned remarks were “pretty emotional” and “did not strike the right tone.”

With only about an hour before the show was set to begin taping, the ABC executives felt they did not have time to work out an appropriate response and decided to suspend the show rather than risk an escalation of the cultural tensions, one of the sources said.

The call to dump Kimmel by Nexstar, whose founder and CEO Perry Sook has praised the administration and said lifting station ownership restrictions was the company’s top priority, put pressure on Disney to act because of the number of affiliate stations it owns.

Losing Kimmel would be a major blow to ABC.

While late-night ratings are in decline and profits on his show have greatly diminished, Kimmel is a recognizable personality who is strongly identified with the network. He has emceed the Emmys and the Oscars, and hosted game shows in addition to “Jimmy Kimmel Live!” He’s also the current host of ABC’s “Who Wants to Be a Millionaire?” After years of ABC being a non-entity in late-night TV, Kimmel put the network in the game when he arrived in 2003 after hosting popular shows on Comedy Central.

Trump and Kimmel have long sparred. Tensions date back to 2017, when Trump first moved into the White House and Kimmel poked fun at the new president from the Oscars stage. The comedian’s position on Trump hardened, and grew more personal, later that year after he and his wife nearly lost their infant son who was born with a rare heart condition.

Kimmel then advocated for the preservation of the Affordable Care Act, which had been a Trump target. The rift widened last year at the Oscars when Trump posted a harsh review of Kimmel on Truth Social in real time, asking whether there had ever been a worse emcee.

Kimmel read the post during the telecast, then looked at the camera and said: “Thank you for watching. I’m surprised you’re still — isn’t it past your jail time?” Since then Trump has called for Kimmel’s cancellation.

Trump has long been comedic fodder for late-night hosts, and now he is exacting his revenge with Carr’s help. He called for the firing of Stephen Colbert ahead of CBS’ decision to cancel his program, “The Late Show,” for financial reasons. That decision came after Colbert blasted parent company Paramount’s decision to pay $16 million to settle a Trump lawsuit — a move he and many others speculated was made to get FCC approval of its merger deal with Skydance Media.

Trump has also gone after NBC’s late-night hosts Jimmy Fallon and Seth Meyers, saying they should be next on the chopping block.

The chilling effect is already evident on ABC. “The View,” the network’s daytime talk program that airs live and regularly skewers Trump, made no mention of the Kimmel controversy on Thursday. The story was covered briefly on the network’s “Good Morning America.”

Prominent writer-producer Damon Lindelof (a creator of ABC’s hit drama “Lost” and HBO’s “The Leftovers”) posted on Instagram that he was “shocked, saddened and infuriated” by Kimmel’s suspension. Lindelof wrote he could not “in good conscience work” for Disney if the company failed to bring Kimmel back.

Disney’s action was quickly condemned by Hollywood unions, progressive groups, free speech organizations and Democratic politicians.

“The right to speak our minds and to disagree with each other — to disturb, even — is at the very heart of what it means to be a free people,” the Writers Guild of America West and East chapters said in a statement. “It is not to be denied. Not by violence, not by the abuse of governmental power, nor by acts of corporate cowardice.”

“If free speech applied only to ideas we like, we needn’t have bothered to write it into the Constitution,” the writers group said. “Shame on those in government who forget this founding truth. As for our employers, our words have made you rich. Silencing us impoverishes the whole world.”

Tino Gagliardi, international president of the American Federation of Musicians, which includes members of Kimmel’s band, added: “This is not complicated. Trump’s FCC identified speech it did not like and threatened ABC with extreme reprisals. This is state censorship.”

Four prominent unions, including Directors Guild of America and SAG-AFTRA, issued a joint statement saying that the removal of Kimmel “under government pressure” has added further uncertainty to the Hollywood workforce, which already has been reeling from a cutback in film and television production.

FCC Commissioner Anna M. Gomez, the lone Democrat on the three-member panel, said the agency “does not have the authority, the ability, or the constitutional right to police content or punish broadcasters for speech the government dislikes.” Gomez also was sharply critical of Disney, calling out what she called as “cowardly corporate capitulation.”

Disney has not commented beyond its initial announcement.

Gomez referenced an incident earlier in the week, when Trump threatened ABC News correspondent Jonathan Karl after the president bristled over a question Karl asked about a crackdown on free speech. Trump said Atty. Gen. Pam Bondi might “go after” the reporter “because you treat me so unfairly.”

“We cannot allow an inexcusable act of political violence to be twisted into a justification for government censorship and control,” Gomez said.

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Deepfake Fraud Threatens CFOs: Protecting Corporate Finance

Multifactor verification and other precautions are becoming essential as AI enables more sophisticated scams.

Video and phone call freezes are typically attributed to poor service or some exterior cause. But if you notice unusual white hairs around the edge of your CFO’s beard just before a freeze, and when the call resumes seconds later, the beard is once again jet black, should you follow his instructions to transfer funds?

Perhaps, but not without further verification. Fraudsters, aided by AI applications, may one day—soon, even—perfect so-called deepfake audio and video calls. But even now, “tells” can indicate something is amiss, and the temporary freeze could actually be AI’s doing.

“I was recently testing a platform that had a feature designed to help hide artifacts, glitches, or synching issues,” recalls Perry Carpenter, chief human risk management strategist at KnowBe4, a security awareness and behavior change platform. “The program would freeze the video on the last good deepfake frame to protect the identity of the person doing the deepfake. It’s clear that some attackers are using adaptive strategies to minimize detection when their deepfakes start to fail.”


“There should never be an immediate need to wire a large amount of money without first verifying [it].” 

Perry Carpenter, Chief Human Management Strategist, KnowBe4


To what extent such attacks are successful or even attempted is unclear since companies typically keep that information under wraps. A significant attack reported last year by CNN and others involved a Hong Kong-based corporate finance executive of UK-based engineering firm Arup, who warily eyed an email requesting a secret, $25 million payment. He sent the money anyway, after a video call with several persons who looked and sounded like colleagues—but were, in fact, deepfakes.

In another incident reported by The Guardian last year, scammers used a publicly available photo of Mark Read, CEO of advertising giant WPP, to establish a fake WhatsApp account. That account in turn was used to set up a Microsoft Teams meeting that used a voice clone of one executive and impersonated Read via a chat window to target a third executive, in an attempt to solicit money and personal details.

A WPP spokesperson confirmed the accuracy of The Guardian’s account but declined to explain how the scam was foiled, noting only, “This isn’t something we are eager to relitigate.”

Self-Correcting Deepfakes

Unlike deepfake video clips, which are extremely difficult to detect, real-time voice and video via social messaging platforms are still prone to errors, says Carpenter. Whereas earlier deepfakes had obvious tells, like facial warping, unnatural blinking, or inconsistent lighting, newer models are starting to self-correct those irregularities in real time.

Consequently, Carpenter doesn’t train clients on the oftenfleeting technical flaws, because that can lead to a false sense of security. “Instead, we need to focus on behavioral cues, context inconsistencies, and other tells such as the use of heightened emotion to try to get a response or reaction,” he says.

Rapid deepfake evolution poses an especially significant risk for corporate finance departments, given their control over the object of the fraudsters’ desire. Distributing a new code word to verify identities, perhaps daily or even per transaction, is one approach, says Stuart Madnick, professor of information technology at MIT Sloan School of Management. There are various ways to do so safely.

When executives in corporate finance who deal with large fund transfers are well acquainted, they can test their voice or video counterparts by asking semi-personal questions. Madnick has asked alleged colleagues what their “brother Ben” thinks about an issue, when no such brother exists.

A clever, but not a permanent solution, Madnick cautions: “The trouble is that the AI will learn about all of your siblings.” Ultimately, all companies should use multifactor authentication (MFA), which bolsters security by requiring verification from multiple sources; most large companies have broadly implemented it. But even then, some critical departments may not consistently use MFA for certain tasks, notes Katie Boswell, US Securing AI leader at KPMG, leaving them susceptible.

“It’s important for corporate leadership to collaborate with their IT and technology teams to make sure that effective cybersecurity solutions, like MFA, are in the hands of those most likely be exposed to deepfake attacks,” she urges.

Perry Carpenter
Perry Carpenter, Chief Human Management Strategist, KnowBe4

Identifying Multifaceted Scams

Even with MFA, devious fraudsters can mine social media and online resources and use AI to conjure authentic looking invoices and other documents, and along with deepfake video and/or audio, create backstories persuasive enough to convince executives to make decisions they later regret. That makes training critical, conditioning executives handling large sums of money to automatically pause when they receive unusual requests and demand additional verification.

“There should almost never be an immediate need to wire a large amount of money without first verifying through a known internal channel,” says Carpenter. An interlocutor who communicates over a private phone or email account is also problematic, especially if they resist moving the conversation to the company’s secure systems. Ploys like adopting a tone of urgency, authority, or high emotion are also red flags, “so it’s critical that people give themselves permission to pause and verify,” he said.

While two or more verifications help, companies must still ensure their verification sources are secure. Madnick recalls a client company losing money when a fraudster passed a phony check. Suspicious, the bank called the company’s corporate finance department to verify the transaction, but the fraudster had already instructed the phone company to reroute calls to a number where it validated the check.

“Companies can set up procedures with their phone company that require them never to reroute calls without further verification with the company,” Madnick says. “Otherwise, it’s at the discretion of the phone company.”

Given corporate finance’s allure for fraudsters, KPMG’s Boswell stresses the importance of keeping abreast of emerging threats. Since CFOs and other top finance leaders must focus on their immediate duties, they can’t be expected to read the latest research on deepfake attacks. But companies can establish policies and procedures that ensure IT, or other experts regularly update them, raising finance’s awareness of the latest types of attacks, both internally and at other companies.

Madnick regularly asks corporate finance executives to raise their hands if they know their departments have faced cyberattacks. Many do not.

Katie Boswell, KPMG
Katie Boswell, US Securing AI leader at KPMG

“The trouble is that cyberattacks on average continue over 200 days before they’re discovered,” he says. “So, they may think they haven’t experienced an attack, but they’re just not aware of it yet.”

Corporate finance can also include deepfake scenarios in its risk assessments, including tabletop exercises incorporated in the company’s security initiatives. And employees should be encouraged to report even unsuccessful attacks, or what they believe may have been attacks, that they might otherwise dismiss, Boswell advises.

“That way, others in the organization are aware that it has potentially been targeted, and what to look out for,” she says.

In addition, while c-suite executives at large companies may have significant public profiles, information available externally about lower-level executives and departments such as accounts payable and accounts receivable should be limited. “Threat actors use that type of information more frequently using AI, to help manipulate targets through social engineering,” Boswell notes. “If they don’t have access to that data, they can’t incorporate it in attacks.”

Such precautions are only becoming more important, as deepfake fraudsters broaden and deepen their reach. While they have been spreading fastest in major economies such as the US and Europe, even countries whose populations use fewer common languages are increasingly exposed.

“Most criminals may not know Turkish, but what’s great about AI systems is that they can speak just about any language,” Madnick cautions. “If I were a criminal, I would target companies in countries that have been targeted less in the past, because they are probably less prepared.”

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How Corporate Treasuries Cut Costs

Corporate treasury teams are increasingly embracing AI to manage volatile foreign exchange (FX) risk—a shift supported by real-world results that demonstrate both cost reduction and strategic gains.

The key takeaway for corporate treasury teams: AI-powered FX hedging isn’t just theoretical; it has delivered real, measurable savings for a major airline.

In a recent pilot, Citigroup and Ant International utilized AI to assist an airline in managing currency risk. “The 30% hedging cost savings Ant International has achieved for the pilot airline customer shows the cost efficiency that can be achieved with AI-enabled FX hedging,” said Kelvin Li, General Manager of Platform Tech at Ant International, in a prepared statement. The pilot also achieved forecasting accuracy above 90%, showing how AI can optimize hedging decisions.

The appeal of AI in treasury lies in moving from reactive to predictive risk management. Rather than relying solely on conventional contracts and manual forecasts, AI-driven models can analyze market signals at speed and scale. This allows treasurers to optimize both timing and cost.

For corporate treasury teams, the pilot demonstrates what’s possible: AI can significantly reduce hedging costs, enhance forecasting accuracy, and aid in optimizing FX strategies. Teams with exposure to cross-border transactions may consider piloting similar tools to manage currency risk better.

Independent research confirms the benefits: surveys show treasury departments improve forecasting accuracy by 20% to 30% when using AI for cash and currency management. Operational costs also decline as automation reduces manual work, and algorithmic hedging can lower spread costs while improving hedge effectiveness.

Challenges persist, particularly in areas of governance and integration. Treasurers must ensure transparency in AI models and maintain oversight of critical decisions.

Regulators are paying closer attention to the accountability of machine-learning tools. Experts emphasize that AI should complement rather than replace human judgment, with the strongest results emerging when digital models and treasury professionals work in tandem. Even with these caveats, momentum is building. With a clear case study from Citi and Ant International demonstrating savings, and mounting evidence from across the industry, AI-powered FX hedging is quickly moving from experimental innovation to a mainstream necessity for global companies.

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‘The Toxic Avenger’ review: A sludgy antihero wants corporate payback

Nostalgia for extreme tackiness is surely one of the funnier outcomes of a cult film’s success. (Does one sigh wistfully at such memories or smile through a grimace?) The gleeful cine-garbage factory Troma is, at 50 years and counting, now a hallowed name in outsider movie circles, with much of its reputation stemming from an ’80s output that seemed appropriate for the Reagan era. That especially goes for its 1984 monster comedy “The Toxic Avenger,” about a head-smashing vigilante forged from green chemical sludge. It was antipollution if you wanted to be charitable, but really, it was anti-everything. Haste plus waste, made for very bad taste.

Now, of course, we all recycle trash in our daily lives. But does it work as a film principle? Troma aficionado Macon Blair, a key on-and-offscreen collaborator of Jeremy Saulnier (“Blue Ruin,” “Hold the Dark”) and a Sundance-winning writer-director in his own right (“I Don’t Feel At Home in This World Anymore”), has taken up the challenge with his own “The Toxic Avenger,” starring Peter Dinklage as this version’s mutant hero, Toxie, and maybe the worst thing one could say about it is that it’s well-made.

Cue the disconnect when, expecting to be offended by garish, cheap filmmaking, one realizes that so much of the Troma style — gratuitous gore, filthy mouths, blunt-force parody — is ubiquitous to any regular genre diet in film or TV. That leaves matters of artistic character and there’s no getting around the fact that Blair has made the conscious decision that his “Toxic Avenger,” though rude, violent and goofy to a fault, wouldn’t look bad. It’s even got appealing stars: Kevin Bacon, Elijah Wood, Taylour Paige. Is nothing sacred?

But when even the biggest-budgeted movies now look terrible, everything’s already upside-down. What Blair has assembled, then, is diverting homage-schlock: a one-joke Halloween costume you’ll never wear again. Only this time, it asserts its environmental consciousness like a middle finger. The story’s Big Pharma outfit, called BTH, is a full-on villainous entity now, run by rapacious CEO Bob Garbinger (Bacon) who’s pumping consumers with harmful lifestyle drugs when he isn’t hiring a dim-witted punk band to kill a journalist (Paige) trying to expose him. (A muckraking mentor, seen only at the beginning, is called Mel Ferd, a shout-out to the original Toxie’s name.)

And yet things are also, in Blair’s setup, anchored in emotional sincerity (gasp). Dinklage’s affectingly drawn Winston Goose is no mere browbeaten BTH janitor — he’s a soft-spoken widower struggling to raise a stepson (Jacob Tremblay). Winston has also been diagnosed with a terminal illness and medical insurance won’t cover it. His Kafkaesque phone call about his employee plan is almost too realistic to find funny.

Trying to rob his employer one night with a mop dipped in toxic muck, Winston is shot and thrown into said slop. Instead of killing him, though, it transforms Winston into a disfigured creature (performer Luisa Guerreiro does the post-mutation suit work) with a removable eye, blood running blue, and — in a Tromatic touch — acid for urine. His gory dispatching of criminals notwithstanding, the mop-wielding Toxie becomes a community hero for calling out BTH as “ruiners.” But it also puts a target on his splotchy, misshapen head, especially when Garbinger senses in his nemesis an exploitable biofuel.

Whether poking at superhero cliches (there’s a choice post-credit scene) or trying to be kill-clever, it’s all in dopey, gruesome fun, although, to reiterate, a “Toxic Avenger” even normies can enjoy doesn’t exactly sound like a true Troma tribute. Which may explain why its trashmonger founder (and original “Toxic” co-creator) Lloyd Kaufman’s cameo, late in the film, is him crankily muttering next to Blair, who looks just as peeved. They probably had a blast filming it.

‘The Toxic Avenger’

Not rated

Running time: 1 hour, 42 minutes

Playing: In wide release Friday, Aug. 29

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Is Trump taking control of Corporate America? | Business and Economy

Donald Trump pledges more deals like Intel stake, worrying business community.

The US has taken a stake in Intel chipmaker as part of a push to secure domestic production and reduce reliance on China. The acquisition is the most significant intervention in private business since the 2008 financial crisis. Supporters call it a smart industrial policy that will protect jobs and national security. But critics warn that this could mark a shift in the relationship between government and private companies, raising concerns about how much control a president should have over business.

Also, Bangladesh warns it can no longer bear the cost of sheltering Rohingya refugees.

Plus, meat prices are at an all-time high.

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MSNBC reveals new name as part of corporate divorce from NBC | Television News

The US television network has been building its own news division separate from NBC News, and will also remove NBC’s peacock symbol from its new logo.

The MSNBC news network has said it will change its name to become My Source News Opinion World, or MS NOW for short, as part of its corporate divorce from NBC.

The TV network, which appeals to liberal audiences with a stable of personalities including Rachel Maddow, Ari Melber and Nicolle Wallace, made the announcement on Monday. It has been building its own separate news division from NBC News and will also remove NBC’s peacock symbol from its logo as part of the change, which will take effect later this year.

The name change was ordered by NBC Universal, which last November spun off cable networks USA, CNBC, MSNBC, E! Entertainment, Oxygen and the Golf Channel into its own company, called Versant. None of the other networks are changing their names.

MSNBC got its name upon its formation in 1996, as a partnership between Microsoft and NBC. Even back then, it was a puzzling moniker to many. But it stuck, even after the NBC partnership with Microsoft that produced it ended.

Versant CEO Mark Lazarus said in the initial days of the spinoff that the name MSNBC would stay, making Monday’s announcement an unexpected about-face.

Name changes always carry an inherent risk, and MSNBC President Rebecca Kutler said that for employees, it is hard to imagine the network under a different name. “This was not a decision that was made quickly or without significant debate,” she said in a memo to staff.

“During this time of transition, NBC Universal decided that our brand requires a new, separate identity,” she said. “This decision now allows us to set our own course and assert our independence as we continue to build our own modern newsgathering organization.”

Kutler said the network’s editorial direction will remain the same. “While our name will be changing, who we are and what we do will not,” she said.

Still, it’s noteworthy that the business channel CNBC is leaving “NBC” in its name. MSNBC argues that CNBC has always maintained a greater separation and, with its business focus, is less likely to cover many of the same topics.

The affiliation between a news division that stresses objectivity and one that doesn’t hide its liberal bent has long caused tension. US President Donald Trump refers to the cable network as “MSDNC,” for Democratic National Committee.

Maddow, in a recent episode of Pivot, noted that MSNBC will no longer have to compete with NBC News programmes for reporting product from out in the field — meaning it will no longer get the “leftovers”.

“In this case, we can apply our own instincts, our own queries, our own priorities, to getting stuff that we need from reporters and correspondents,” Maddow said. “And so it’s gonna be better.”

MSNBC host Joe Scarborough revealed the network’s new logo on his show Monday morning. “It looks very sporty,” he said.

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Corporate HQs Downsize And Decentralize

The traditional corporate headquarters—a single, centralized office—has long symbolized business power.

However, the rise of hybrid work is reshaping how companies view their headquarters, moving from oversized central offices to decentralized, flexible spaces. The shift is global, transforming corporate strategies and urban economies alike.

In the US, tech giants like Google and Meta lead the change, scaling back large campuses and embracing flexible, remote-friendly work models. Salesforce sold its iconic San Francisco headquarters in 2023, shifting its focus to regional hubs. Financial firms in New York, including JPMorgan Chase and Goldman Sachs, are redesigning offices to prioritize collaboration over individual desks.

Across Europe, companies such as Siemens, SAP, and Nestlé are adopting networks of smaller offices or dual headquarters in cities like London and Munich to support regional flexibility Similarly, UK banks have invested in flexible office solutions to meet evolving employee expectations.

In Asia, Samsung is decentralizing its Seoul headquarters, creating innovation hubs closer to employees, while Alibaba is experimenting with remote-first teams. Japanese firms like Toyota and Sony are balancing their traditional office culture with hybrid practices.

This decentralization is reshaping urban real estate markets worldwide. Major finance centers such as New York and London are seeing declining demand for large office spaces, with vacancy rates rising. Meanwhile, secondary cities, including Austin and Singapore, are attracting companies seeking lower costs and a higher quality of life.

Ultimately, the corporate headquarters will become a flexible network shaped by evolving work cultures and technology. Companies are investing heavily in collaboration tools and virtual meeting platforms to maintain productivity across dispersed teams. As this shift continues, businesses and urban planners must adapt, setting the stage for a reimagined future of work and city life.

The new model’s success will hinge on how well firms balance flexibility with connectivity. Embracing digital tools alone isn’t enough; companies must foster a strong culture that keeps remote and in-office employees engaged and aligned. Those companies that navigate this hybrid future effectively will redefine productivity, innovation, and employee satisfaction in the years to come.

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Corporate Loan Markets In US, Europe Rebound After April Plunge

Following a sharp slowdown due to Trump’s tariff announcement, corporate loan activity is picking up, driven by improved pricing and investor appetite, though credit quality concerns still loom.

Speculative-grade corporate loan issuance in the US and Europe plummeted in April but has since recovered somewhat, providing corporate borrowers with a window to refinance or reprice existing debt—although lenders may be wary—and potentially take on new debt to pursue acquisitions or other capital-intensive moves.

The US saw record loan issuance in January and February, at $69.9 billion and $57.7 billion, respectively, according to PitchBook LCD. Following the Trump Administration’s tariff announcements, volume fell to $35 billion and took an even steeper drop to $19.7 billion in April.

Speculative debt issuance in the U.K. and elsewhere in Europe typically pales compared to the US market, but in April it plummeted as well, according to PitchBook, to $300 million from $2.5 billion in the U.K., and to $6.5 billion from $16.1 billion among other European borrowers.

In May and through the first half of June, however, volume across these regions staged a recovery, as demand from lenders increased, providing corporate borrowers with the opportunity to issue debt at more attractive rates.

Marina Lukatsky, global head of research, credit, and US private equity at PitchBook, said that pricing on new-issue loans in the US dropped from SOFR plus 375 bps in April to SOFR plus 365 bps in May, and while the current level is approximately 10 bps wider than in the first quarter, it’s tighter than most of 2024.

“As a result, borrowers approaching the market will find attractive spreads, especially high-quality companies from sectors isolated from tariff turbulence,” Lukatsky said.

Further underscoring the shift in market dynamics toward borrowers, she said, repricing existing debt re-emerged after the recent slump.

“LCD tracked $13 billion of these deals so far in June, more than March through May combined,” Lutatsky said.

The current window to approach the market, however, may not be fully open for all borrowers. Sean Griffin, CEO and executive director at the LSTA, pointed out that most companies seeking to refinance or reprice debt in US dollars have done so already, and loan maturities don’t pick up significantly until 2028. Consequently, lenders will look twice at borrowers approaching the market today.

“If a company has a pending maturity and it hasn’t done anything about it until now, lenders may suspect there’s an issue with the credit, indicating pricing on the wider-end,” Griffin said.

Lutatsky said the loan markets in the U.K. and other European countries saw similar drops and rebounds to the US in terms of loan issuance. They have also seen a jump in loans trading above par—increasing more than 40% by the end of May—that indicates repricing activity is resuming. She noted repricing deals for Ion Marks, Valeo Foods, and Eir Telecom that launched June 16.

“In terms of M&A activity to support volume levels, there does seem to be slightly more optimism in Europe, and there is some loan issuance supporting deals to be syndicated in the next few months,” Lutatsky said, pointing to Advent’s bid for French insurance broker Kereis, and Ardian’s investment in Diot-Siaci, a reinsurance brokerage and consulting group. “Year-over-year loan volume supporting M&A activity, she said, has more than doubled in 2025—$13.3 billion through June 13, compared to $6.1 billion in 2024 over the same time period.”

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Juneteenth celebrations adapt after corporate sponsors pull support

Juneteenth celebrations have been scaled back this year due to funding shortfalls as companies and municipalities across the country reconsider their support for diversity, equity and inclusion initiatives.

Canceled federal grants and businesses moving away from so-called brand activism have hit the bottom line of parades and other events heading into Thursday’s federal holiday, which celebrates the end of slavery in the United States. The shrinking financial support coincides with many companies severing ties with LGBTQ+ celebrations for Pride this year and President Trump’s efforts to squash DEI programs throughout the federal government.

In Denver, for example, more than a dozen companies backed out of supporting the Juneteenth Music Festival, which is one of the city’s biggest celebrations of the holiday, according to Norman Harris, executive director of JMF Corporation, which puts on the event.

“There were quite a few sponsors who pulled back their investments or let us know they couldn’t or wouldn’t be in a position to support this year,” said Harris, who has overseen the event for more than a decade.

The festival, which takes place in the historically Black Five Points neighborhood, has been scaled back to one day instead of two because of the budget shortfall. It has only been able to stay afloat thanks to donations from individuals and foundations.

“Thankfully, there was a wide range of support that came when we made the announcement that the celebration is in jeopardy,” Harris said.

Juneteenth celebrates the day the last enslaved people in Texas were told they were free on June 19, 1865, two years after President Lincoln’s Emancipation Proclamation. The day has been celebrated by Black Americans for generations, including in Harris’ family, but became more widely celebrated after becoming a federal holiday in 2021.

After the 2020 murder of George Floyd, many companies pursued efforts to make their branding more inclusive, but it has slowed down over the last few years after some received blowback from conservatives and because many companies didn’t see it as an important part of their revenue stream, said Dionne Nickerson, a marketing professor at Emory University.

Some companies can no longer afford to support Juneteenth celebrations because they just don’t have the money given the economic uncertainty, according to Sonya Grier, a marketing professor at American University.

“It’s a whole confluence of issues,” Grier said.

Rollback of local support

Many state and local governments hold or help fund celebrations, but some decided not to this year.

The governor’s office in West Virginia stated that the state won’t be hosting any Juneteenth events this year for the first time since 2017 due to a budget deficit. Republican Gov. Patrick Morrisey last month signed a bill to end all diversity programs.

“Due to the continued fiscal challenges facing West Virginia, state government will not be sponsoring any formal activities,” Deputy Press Secretary Drew Galang said in an email.

City Council members in Scottsdale, Ariz., dissolved their DEI office in February, leading to the cancellation of the city’s annual Juneteenth festival.

Event organizers in Colorado Springs, Colo., had to move locations due to fewer sponsors and cuts in city funding, said Jennifer Smith, a planner for the Southern Colorado Juneteenth Festival.

Around five companies sponsored the event this year, compared to dozens in years prior, Smith said.

“They have said their budgets have been cut because of DEI,” and that they can no longer afford it, she said.

Some groups have also mentioned safety concerns. Planners in Bend, Ore., cited “an increasingly volatile political climate” in a statement about why they canceled this year’s celebration.

Slashes in federal funding

Many local organizations have also had their budgets slashed after the National Endowment for the Arts pulled funding for numerous grants in May.

The Cooper Family Foundation throws one of the largest Juneteenth celebrations in San Diego each year. It was one of dozens of groups told by the NEA in May that its $25,000 grant was being rescinded.

The email said the event no longer aligned with the agency’s priorities, said Maliya Jones, who works for the foundation.

The grant money went toward paying for arts and dance performers. The event will still take place this year, but members of the Cooper family will have to divide up covering the costs, said Marla Cooper, who leads the foundation.

“That’s $25,000 we have to figure out how we’re going to pay for,” Cooper said.

“We will always have Juneteenth,” she said. “And we will work it out.”

Lathan writes for the Associated Press.

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As tariffs loom, Walmart says it will cut 1.5K corporate jobs

May 22 (UPI) — Walmart has announced plans to lay off 1,500 corporate employees, part of what it calls a restructuring as it weighs plans to raise prices amid Trump administration tariffs.

“We are reshaping some teams in our Global Tech and Walmart U.S. organizations where we have identified opportunities to remove layers and complexity, speed up decision-making, and help associates innovate rapidly,” a memo to employees obtained by The Hill Wednesday said.

The memo said the retail giant is eliminating some jobs and creating new ones aimed at building on business priorities and growth strategy.

While Walmart said the corporate restructure is not directly related to the looming tariffs, it has said it is weighing the options of price increases and trying to absorb the tariffs when they are imposed, as it has done with past levies.

During a corporate earnings call last week, Walmart CEO Doug McMillion said the giant retailer would not be able to absorb all of the tariffs and said it would likely have to pass some costs on to consumers. Walmart said Wednesday it would be raising some prices.

Economists use Walmart as a gauge to consumer spending and have said that given the large percentage of goods the retailer imports, absorbing all of the tariffs would be difficult.

Earlier this week, President Donald Trump posted Walmart should “eat the tariffs” on social media.

“Walmart should stop trying to blame the tariffs as the reason for raising prices throughout the chain,” Trump wrote. ” Walmart made billions of dollars last year, far more than expected.”

Walmart CFO John David Rainey countered Thursday that the company is facing unprecedented financial pressure due to the tariffs.

“We have not seen prices increase at this magnitude, in the speed which they’re coming at us before, and so it makes for a challenging environment,” he told CNBC.

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