Trump orders DOGE cooperation

02/12/25 • 26 min

U.S. President Donald Trump orders government agencies to work with Elon Musk’s Department Of Government Efficiency to make cut-backs. Musk slams critics of the project and says the American electorate has voted for the reforms. We are live in Paris at the AI Action Summit where the U.S. and UK have refused to sign up to an official communiqué as differences over regulation and governance continue. U.S. Vice President J.D. Vance says Europe’s approach to the sector is “excessive”. On Capitol Hill, U.S. Federal Reserve Chairman Jerome Powell touts the strength of the U.S. economy but refuses to comment on President Trump’s trade policies. The UK’s OBR has warned Chancellor Rachel Reeves may have to break her own fiscal rules following a disappointing first draft forecast. And Deutsche Boerse posts a 25 per cent Q4 profit rise but warns of headwinds later this year due to lower interest rates.

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UniCredit’s record-breaking year

UniCredit posts a record-breaking year and its 16th straight quarter of growth, as net profit comes in just shy of 10 billion euros despite more than 1 billion in extraordinary charges. CNBC spoke exclusively to CEO Andrea Orcel on the company’s earnings and Italian banking consolidation. U.S. President Donald Trump signs off a 25% tariff on steel and aluminum imports – and warns of further trade levies in the coming weeks. Gold hits a fresh all-time high, settling its record for the fifth time this year as tariff tensions push investors to the safe haven asset. Meanwhile Sam Altman brushes off an unsolicited $100 billion bid from Elon Musk to buy OpenAi as the billionaires’ bitter rivalry takes a new turn. In Paris, President Emmanuel Macron pledges to roll back European red tape at the AI Action Summit, as the bloc battles to keep up with the U.S. and China.

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Musk urges massive bureaucracy overhaul

Elon Musk has urged the U.S. government to scrap entire agencies to save up to $1tn as part of his DOGE bureaucracy revision. Markets are spooked after a hotter-than-expected U.S. inflation print with the 10-year Treasury yield nudging past 4.6 per cent. We hear from billionaire investor Ray Dalio who says he is concerned over inflated asset prices coupled with the threat of rising rates. President Trump has announced he held a lengthy phone conversation with Russian President Vladimir Putin about beginning negotiations to end the war in Ukraine. Commerzbank posts record Q4 profits which have surged by 6 per cent to €11bn. Siemens beats revenue growth expectations in the first quarter despite a slump in orders at the company’s mobility unit.

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