Meta cuts 8,000 jobs to fund AI spending

Australia's IFM Infrastructure, which manages $200bn in pension assets, is hunting European defense investments as NATO's rearmament drive creates infrastructure opportunities beyond traditional weapons manufacturing. The fund sees value in dual-use facilities, secure communications networks, and logistics hubs that serve both civilian and military purposes, betting that Europe's 2 percent GDP defense spending commitments will require decades of capital deployment. IFM's advantage lies in patient capital and expertise in regulated infrastructure assets, positioning it to capture long-term contracts with government backing. Defense infrastructure offers inflation-protected returns and geopolitical insulation that traditional infrastructure cannot match in the current security environment.

Royal Bank of Canada hired two senior industrials bankers from Goldman Sachs and JPMorgan, signaling Canadian banks are serious about competing for cross-border M&A advisory fees as dealmaking rebounds. Raj Gandhi and Sarah Choi bring relationships with North American manufacturing and infrastructure clients, sectors where RBC sees opportunity to steal market share from bulge bracket rivals. The hires reflect a broader Canadian bank strategy: use relationship banking strength and competitive fee structures to win mandates from mid-market industrials companies that Wall Street majors often overlook. RBC's industrials advisory revenue jumped 34 percent last year, making talent acquisition a priority for 2025 expansion.

Ken Griffin accused New York policymakers of using his $230m penthouse to pitch tax increases he would pay for, escalating the billionaire's war against state and local revenue grabs targeting financial services. The Citadel founder called out specific officials for hosting fundraisers in his Billionaire's Row property while simultaneously advocating policies that would drive high earners to Florida and Texas. Griffin already moved Citadel's headquarters from Chicago to Miami partly over tax policy, costing Illinois an estimated $200m in annual revenue. New York's proposed millionaire's tax faces similar pushback from finance leaders who control mobile capital and jobs.

Republican leadership contacted Cantor Fitzgerald CEO Howard Lutnick to reverse a major crypto political action committee's decision to relocate operations from Washington to Texas, revealing party concerns about losing financial firepower ahead of midterm elections. The crypto PAC manages $180m in political donations and was planning the move to escape DC regulatory pressure, but GOP strategists worry about coordination challenges and reduced influence over key House races. Lutnick's dual role as Cantor CEO and crypto industry advocate gives him unusual sway over political funding flows that both parties are learning to navigate. The reversal keeps crypto money concentrated in traditional political channels rather than distributed across state-level operations.

The truce between Israel and Lebanon will extend another three weeks, Trump announced, buying more time for permanent border arrangements that neither side seems ready to finalize.

A special forces soldier faces charges for allegedly winning $400,000 on Polymarket by betting on Venezuelan president Maduro's removal, raising questions about military personnel accessing classified intelligence for trading profits.