Crypto News: US targets Chrome

Top Justice Department antitrust officials have decided to ask a federal judge to force Google to sell off its Chrome browser, in what would be a historic crackdown on one of the biggest tech companies in the world. The department is to ask the judge, who ruled in August that Google illegally monopolized the search market, to require measures from Google-parent Alphabet related to artificial intelligence and its Android smartphone operating system. Antitrust officials, along with states that have joined the case, also plan to recommend Wednesday that the court impose data licensing requirements. And in case you're wondering, this move by the outgoing Biden administration might survive Donald Trump. The case was filed under the first Trump administration and continued under President Joe Biden. It arguably marks the most aggressive effort to rein in a tech company since Washington unsuccessfully sought to break up Microsoft two decades ago. —Natasha Solo-Lyons

Trump has made some big promises to both the ultrawealthy and the working class, and as is often the case, may find a hard time delivering on both. As a candidate, he promised something for everyone. Among the moves he pledged—all of which are up to Congress, not him—were to extend the 2017 tax cuts that largely benefitted corporations and the rich (price tag: $4.6 trillion); remove taxes on tipped wages for service workers ($250 billion); increase the child tax credit from $2,000 to $5,000 ($3 trillion); and eliminate taxes on Social Security benefits ($1.8 trillion). But Republicans can't possibly deliver all of this, or even most of it, despite having full control of Washington. Here's why.

Two Democratic congressmen from New York City said their party needs to move away from "identity politics" and focus on helping working-class people achieve financial success. US Representatives Dan Goldman and Ritchie Torres made their comments Monday at a breakfast discussion hosted by the Citizens Budget Commission, a nonpartisan fiscal watchdog. The meeting comes two weeks after Trump won every swing state in the presidential election and gained ground in traditionally blue states and cities, including New York.

Dan Goldman Photographer: Tierney L. Cross/Bloomberg

A significant number of young adults get their news from social media "news influencers" that generally don't have traditional journalism training or news experience, according to new data from Pew Research Center. Nearly 40% of young adults under 30 rely on these news influencers to stay updated on current events and politics, Pew found. The vast majority of those influencers—77%—aren't affiliated with a news organization or have never worked in the news industry.

Some of Wall Street's biggest banks are teaming up with BlackRock's Aladdin technology system to provide real-time pricing data for trading US corporate bonds– still one of the most opaque areas in financial markets. It's another step toward transparency in a market where hyper-competitive banks have historically hoarded pricing information. The banks will contribute data to Aladdin via BondCliQ Inc., which describes itself as "creator and operator of the first and only consolidated quote system for US corporate bonds."

US consumers had a tougher time accessing credit this year, with applications for auto loans and mortgage refinancing being turned down at the highest rates in more than a decade. Despite largely stable demand, applications for various forms of credit were increasingly rejected in 2024, according to a survey released Monday by the Federal Reserve Bank of New York. Meanwhile, confidence among US homebuilders advanced to a seven-month high in November on a jump in sales expectations.

Novo Nordisk is launching its top-selling Wegovy obesity drug in China at a fraction of the US price, a key step in unlocking a big, fast-growing market for its blockbuster franchise. Initial prescriptions for the drug are expected to be issued in Shanghai this week. While many patients in the US and Europe rely on insurance providers for at least a portion of the drug's costs, Chinese buyers will largely have to pay out of pocket. Novo is exploring ways to make the drug more affordable, including commercial insurance.

Photographer: Carsten Snejbjerg/Bloomberg

Almost one year into office now, Javier Milei is, to the shock of Argentine pundits, having a moment. Not only does the right-wing disruptor have an ally and fellow traveler in Trump—a crucial development for a leader whose country desperately needs foreign aid—but on the economic front, he's been racking up victories. Inflation is tumbling from a peak of almost 300%; a long-running budget deficit has turned into a surplus; government bonds, once seen as almost certain to sink back into default, are rallying; and the long-moribund economy is finally starting to rebound. However, poverty in his country just soared past 50%.

Javier Milei Photographer: Dado Galdieri/Bloomberg

Nvidia Is Helping Google Design Quantum Computing Processors

Airlines

Spirit Airlines Encourages Customers to Keep Flying Through Bankruptcy

Transportation

Trump Team Is Seeking to Ease US Rules for Self-Driving Cars

Bloomberg Opinion

Musk Is Short-Circuiting the EV Revolution He Sparked

Bloomberg Opinion

Crypto's Coming Back. Here's How to Avert Disaster

New York City

New York's Transit Agency Approves $9 Congestion Toll

Technology

Why Tech Billionaires Love the Author of Jurassic Park

Ransom Everglades is one of Miami's most sought-after schools. The elite private academy in upscale Coconut Grove caters to kids of the city's richest families, both old-money and the wave of recent arrivals known as Wall Street South. It boasts an Olympic-sized pool, sailing program and football field on the shore of Biscayne Bay. But as the cost of living in Miami surges, pushed higher by a recent influx of executives and billionaires touting the city as a new capital of finance, it faces a question that's common to many schools across the US: how to keep teachers from being priced out.

Photographer: Jeffrey Greenberg/Universal Images Group/Getty Images

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