Trump Defends Record, HSBC Beats Expectations, More
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And I'm Caroline Hepker.
The US President Donald Trump has made a strident defence of his economic record at the State of the Union. In a record 1 hour and 47 minute address, the President said inflation was plummeting and the economy was strong. The President used the speech to draw stark contrasts between his administration and that of his predecessor. As well as overstating the inflation rate that he inherited, Trump repeatedly blamed opponents and the establishment for his political troubles. The U.S. president also attacked the Supreme Court's decision to strike down his global tariffs as half of the justices who ruled against him sat in the audience watching.
Just four days ago, an unfortunate ruling from the United States Supreme Court. It just came down. It came down. Very unfortunate ruling. But the good news is that almost all countries and corporations want to keep the deal because that they already made, right Scott? Knowing that the legal power that I as president have to make a new deal could be far worse for them.
President Trump's failed threat comes after both the EU and India paused their US trade deals following the Supreme Court's decision. Trump also suggested his new tariffs would not require approval from Congress. That's despite the newly enacted 10% and potentially up to 15% global levy having a 150-day limit before congressional approval is required to keep it in place.
President Trump also used his address to claim that Iran is working to reconstitute its nuclear program. The accusation comes after a U.S. military strike in June last year that the president had previously said resulted in the obliteration of Iran's key nuclear sites. The U.S. has now amassed a military force in the Middle East not seen since the 2003 Iraq invasion. As speculation grows that President Trump is preparing for a fresh round of strikes in the coming days. He also issued this confrontational warning to the regime in Tehran. They were warned to make no future attempts to rebuild their weapons program, in particular nuclear weapons. Yet they continue starting it all over. We wiped it out and they want to start all over again.
and are at this moment again pursuing their sinister ambitions.
How does Trump defend his economic record during the State of the Union?
We are in negotiations with them. They want to make a deal, but we haven't heard those secret words. We will never have a nuclear weapon. President Trump, well, Iran has long argued that its nuclear programme is for peaceful purposes. Trump's comments now set the stage for a high-stakes meeting in Geneva on Thursday between representatives from the US and Iranian officials, which is aimed at securing a nuclear deal.
HSBC has reported better than expected earnings for 2025. The lender posted pre-tax profit of $29.9 billion for the year. That's as HSBC's market value topped $270 billion for the first time. CEO Jean-Gilles Hedry says the bank will continue to evolve.
We are transforming with precision, with discipline, and we're doing it at pace. And we expect to be able to conclude a number of the actions we set out to do earlier than initially planned.
HSBC's Jean-Gilles Hedry there speaking to Bloomberg this morning. His radical restructuring has won praise from investors and driven the bank's shares up almost 90% since he took the helm. It means the bonus pool at Europe's largest bank is up 10% to $3.93 billion, the highest in at least a decade.
A growing number of industry voices are displaying caution when it comes to private credit. Money manager Danny Moses, featured in The Big Short, says that the private market's push into retail products is reminiscent of the years before the global financial crisis.
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