Mitch McConnell's Retirement Triggers Kentucky Senate Race Scramble

Senator Mitch McConnell (R-Ky.) announced he will not seek reelection in 2026, ending a nearly four-decade tenure in the Senate. His decision has sparked intense competition among Kentucky Republicans eager to fill the seat. Former state Attorney General Daniel Cameron swiftly launched his campaign, while Rep. Andy Barr is considering a bid. However, key political figures such as Kentucky Governor Andy Beshear (D) and Rep. James Comer (R) have ruled themselves out. Meanwhile, national Democrats see an opportunity to contest Barr’s House seat if he vacates it for a Senate run, though Kentucky remains a Republican stronghold.

Sources: Axios

Trump’s Plan to Redistribute Spending Cuts to Taxpayers

A proposal to use savings from Elon Musk’s government spending cuts to issue checks to taxpayers has gained traction, receiving enthusiastic support from former President Donald Trump. The idea, first floated on social media by investor James Fishback, suggests that if Musk’s Department of Government Efficiency (DOGE) achieves $2 trillion in cuts, about $400 billion could be distributed to taxpaying households—potentially providing $5,000 per household. However, budget experts doubt that such massive savings are achievable, given that government waste-cutting efforts have historically yielded minimal results. Economists also warn that another round of government checks could fuel inflation, although Trump’s team argues that redirecting existing spending would not have the same effect as past stimulus payments. Meanwhile, critics question DOGE’s claims of eliminating waste and fraud, with some calling the entire proposal unrealistic.

Sources: Associated Press

U.S.-Ukraine Negotiate Over Minerals and Resources

The Ukrainian government is negotiating a revised agreement with the U.S. after rejecting an initial Trump administration proposal that would have given the U.S. 50% of Ukraine’s revenue from key resources, including minerals, oil, gas, and ports. Ukrainian President Volodymyr Zelenskyy strongly opposed the deal, arguing that he could not “sell the country off” and demanded security guarantees before discussing financial terms. The proposal, introduced abruptly during U.S. Treasury Secretary Scott Bessent’s visit to Kyiv, has drawn criticism for being exploitative. While negotiations continue, the dispute underscores tensions between Ukraine and the U.S. under Trump, particularly as Ukraine remains locked in a war with Russia.

Sources: ABC News

Alibaba Soars, Amazon’s Revenue Beats Walmart’s

Alibaba posted a staggering 239% year-over-year increase in net profit for the final quarter of 2024, driven by its booming cloud business and rapid AI expansion. The company’s strong performance sent its stock soaring, contributing to a 3.4% jump in Hong Kong’s Hang Seng Index. Meanwhile, Amazon surpassed Walmart in quarterly revenue for the first time, signaling the growing dominance of tech-driven retail. However, despite Amazon’s breakthrough, Walmart is still expected to remain the world’s largest annual revenue generator. Market reactions were mixed, with U.S. stocks retreating from record highs while Asia-Pacific markets surged.

Sources: CNBC

Rivian Reports First-Ever Gross Profit as Losses Narrow in 2024

Rivian (RIVN) posted a gross profit of $170 million in the fourth quarter of 2024, marking a key milestone for the EV startup. The company attributed its improved financials to cost reductions, increased revenue per vehicle, and operational efficiencies. Rivian reported revenue of $1.73 billion for Q4, surpassing analyst expectations of $1.38 billion. While the company still recorded an adjusted EBITDA loss of $2.68 billion for the year, it was an improvement over the $3.78 billion loss in 2023. Looking ahead, Rivian projects a smaller loss in 2025 and expects to deliver between 46,000 and 51,000 vehicles. However, Q1 deliveries are anticipated to be lower due to seasonal factors and disruptions from California wildfires. The company also strengthened its partnership with Volkswagen, securing additional investment. Despite a 3% after-hours stock jump, shares later pared gains.

Sources: Yahoo Finance