1. Ontario Cancels Starlink Deal
2. Vanguard Announces Historic Fee Reduction
3. UN to Renovate Two Major NYC Buildings
4. Trump Plans to Establish U.S. Sovereign Wealth Fund
5. Trump Cancels Deportation Protection for 350,000 Venezuelan Migrants
6. Tesla’s California Sales Plunge
7. T.Rowe Price与人寿保险公司合作
1. Ontario Cancels Starlink Deal
On Monday, Ontario Premier Doug Ford announced the cancellation of the province’s contract with Elon Musk’s satellite company, Starlink, stating that he will not do business with individuals who “deliberately damage Canada’s economy.”
Additionally, Ford stated that Ontario will not engage in business with any U.S. company until American tariffs on Canadian goods are lifted. He encouraged other cities and local governments to adopt a similar stance.
Ontario, Canada’s largest province, had a $68.3 million contract with Starlink.
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2. Vanguard Announces Historic Fee Reduction
Asset management giant Vanguard has announced an immediate reduction in fees across 87 mutual funds and ETFs, a historic move that could disrupt the entire investment industry.
Currently, Vanguard’s asset-weighted average expense ratio is just 0.07%, significantly lower than the industry average of 0.44%. The firm manages nearly $10 trillion in assets.
In 2024 alone, Vanguard’s ETF products have attracted a record $305 billion in inflows.
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3. UN to Renovate Two Major NYC Buildings
According to a statement released on Monday, the United Nations (UN) will undertake a $500 million renovation project for two major buildings in Manhattan.
The two buildings, owned by the City of New York, are located on First Avenue, directly across from the UN headquarters. The renovation will modernize the structures, which were originally built in the 1970s and 1980s.
Upon completion, the UN will consolidate its New York office space and sign long-term lease agreements for these buildings.
The project includes upgrades to building lobbies, restrooms, public areas, and indoor bicycle storage.
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4. Trump Plans to Establish U.S. Sovereign Wealth Fund
On Monday, Trump signed a new executive order outlining plans to create a U.S. sovereign wealth fund within the next 12 months.
In an interview, he stated that the U.S. has “enormous potential,” and Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will oversee the initiative.
Lutnick suggested that the new fund could play a role in facilitating the sale of TikTok.
Previously, Trump proposed depositing tariff revenues into a sovereign wealth fund to invest in manufacturing, defense, and healthcare.
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5. Trump Cancels Deportation Protection for 350,000 Venezuelan Migrants
The U.S. Department of Homeland Security (DHS) announced that the Trump administration has rescinded deportation protections for 350,000 Venezuelan migrants, preparing for their removal.
Following this decision, Venezuelan migrants will no longer receive 60 days of temporary protection upon entering the U.S. and will lose their work authorization.
Trump has vowed to carry out the largest deportation operation in U.S. history, deploying thousands of troops to assist in removals and revoking sanctuary protections.
Venezuela is expected to accept the deported migrants, as the presidents of both countries recently held discussions on the matter.
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6. Tesla’s California Sales Plunge
New data from the California New Car Dealers Association shows that Tesla’s vehicle sales declined throughout all four quarters of 2024, with Model 3 sales dropping a staggering 36%.
Despite launching its fifth electric vehicle, the Cybertruck, Tesla continues to face declining sales, partly due to CEO Elon Musk’s increasing involvement in politics, which has negatively impacted the company’s public image.
During the 2024 election campaign, Musk reportedly spent at least $288 million supporting Trump, while Kamala Harris maintains a 20.2-point lead in California polls.
Musk previously clashed with California officials in 2021 and moved Tesla’s headquarters to Texas.
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7. T. Rowe Price Partners With Life Insurance Firm Aspida Holdings
T. Rowe Price Group has entered into an asset management partnership with Aspida Holdings, a life insurance company backed by Ares Management.
Under the agreement, T. Rowe Price and its alternative credit division, Oak Hill Advisors, will manage Aspida’s public and private assets while exploring new financial products.
In recent years, asset managers and life insurers have increasingly collaborated due to the stable cash flows of life insurance firms and their need to diversify investments for higher returns.
T. Rowe Price manages $1.6 trillion in assets and already holds a minority stake in Aspida.
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This report contains information sourced from Financial Times, Bloomberg, The Real Deal, and other financial news media.