1. Israel-Hamas Hostage Exchange Triggers Four-Day Ceasefire
2. US Black Friday Spending Expected to Hit Record
3. US Money Market Funds Top $5.76 Trillion
4. KPMG UK Freezes Employee Pay
5. Berkshire Hathaway Sells Entire Stake in Paytm
6. EU Approves Amazon’s Acquisition of iRobot
7. Hudson Yards Sees Return of Foot Traffic
1. Israel-Hamas Hostage Exchange Triggers Four-Day Ceasefire
Today, with mediation from the US, Qatar, and Egypt, Israel and Hamas began a four-day ceasefire.
Iran-backed Hamas will release 50 of the nearly 240 Israeli hostages. In exchange, Israel will release 150 Palestinian prisoners and allow more humanitarian aid into Gaza.
The 200 individuals involved in the exchange are all women or youths under the age of 19. Qatar confirmed that Hamas would release the first 13 hostages by 4 p.m. local time, and Israel will release 39 prisoners today.
This marks the first constructive ceasefire and negotiation since the war began on October 7.
______
2. US Black Friday Spending Expected to Hit Record
According to Deloitte’s annual Black Friday–Cyber Monday survey, average consumer spending during this year’s holiday sales is expected to reach $567 — up 13% from last year and the highest on record.
84% of shoppers said they won’t exceed their budget, and 40% expect to complete all their holiday shopping during the weekend.
Deloitte’s Stephen Rogers said consumers save all year to spend over the Thanksgiving weekend.
41% of respondents said they already shopped during October sales.
The National Retail Federation estimates 182 million Americans plan to shop over the Thanksgiving weekend.
______
3. US Money Market Funds Top $5.76 Trillion
According to the Investment Company Institute, US money market funds attracted $29.1 billion during the week ending Nov. 21, bringing total assets to a record $5.763 trillion.
This growth is driven by yields above 5% and the expectation that the Federal Reserve is done raising rates. Investors are opting for cash to earn interest.
Deborah Cunningham, CIO of Global Liquidity Markets at Federated Hermes, expects money market fund assets to grow by another $1 trillion next year as more institutional investors join in.
These funds primarily invest in Treasury bills, CDs, and high-quality short-term corporate bonds.
______
4. KPMG UK Freezes Employee Pay
A spokesperson for KPMG UK announced that due to reduced client demand, the firm will freeze wages for over a thousand UK employees and cut bonus payouts.
Only recently promoted staff will receive full bonuses. Others will see smaller bonuses than last year. Graduate employees preparing for CPA exams will be exempt from the pay freeze.
KPMG employs 17,000 people in the UK, including many partners who share in company profits.
With weak macroeconomic conditions, all Big Four accounting firms have felt the impact.
______
5. Berkshire Hathaway Sells Entire Stake in Paytm
Today, Berkshire Hathaway sold its entire 2.5% stake in Indian digital payments firm Paytm for $164 million.
The transaction was managed entirely by JPMorgan’s India division. Shares of Paytm’s parent company One 97 Communications fell as much as 5% on the news.
Paytm, also backed by SoftBank, continues to post losses but expects to turn a profit in 2024.
In September, founder Vijay Sharma bought Ant Group’s stake to consolidate control of the company.
______
6. EU Approves Amazon’s Acquisition of iRobot
Sources say the EU plans to approve Amazon’s acquisition of vacuum robot maker iRobot without conditions. iRobot shares surged 34% to $39.99, giving it a market cap just over $1 billion.
Previously, the UK’s Competition and Markets Authority approved the deal, noting iRobot lacked significant market dominance.
In July, Amazon offered to acquire iRobot at a reduced price after the latter secured new loans. iRobot stock plummeted at the time.
The US Federal Trade Commission is still reviewing the acquisition.
______
7. Hudson Yards Sees Return of Foot Traffic
Four years ago, developers Related and Oxford Properties invested $2 billion to open The Shops at Hudson Yards in Manhattan.
The luxury mall faced early setbacks — including pandemic shutdowns shortly after opening — and the bankruptcy of anchor tenant Neiman Marcus just 16 months after moving in.
This Black Friday, the nearby High Line Park, Vessel, and Edge observation deck brought crowds of tourists and shoppers back to the area.
Luxury brands like Fendi and Dior remain popular, and discount outlets also saw long lines.
Related and Oxford plan to build a $25 billion neighborhood around Hudson Yards.
______
This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.