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WASHINGTON, April 24 (Reuters) - U.S. President Donald Trump said his administration would look into banks, singling out Wells Fargo (WFC.N), opens new tab, over ‌payments and debt treatment after the Los Angeles wildfires, marking the latest friction with the banking industry.
The 2025 Palisades Fire in Los Angeles and Eaton Fire in Altadena killed 22 people, destroyed some 12,000 homes and caused over $50 billion in property damage
The 2025 Palisades Fire in Los Angeles and Eaton Fire in Altadena killed 22 people, destroyed some 12,000 homes and caused over $50 billion in property damage.
Wells Fargo, in particular, has been very difficult to deal with," Trump said in a post on Truth Social ​late on Thursday. "The Banks must treat those people, who so horribly lost their Homes in this tragic fire, very fairly and well."
Trump's second term has fueled friction with Wall Street, as allegations of "debanking" and exchanges over ⁠credit card rate caps have strained ties with executives at big banks despite a broader deregulatory push favoring the sector.
It was not clear how Trump ​would look into banks or if his administration would take any potential action. The banks have said they provided forbearance to borrowers affected by the wildfires ​and gave financial assistance to help in the relief efforts.
The president made the post after meeting with Los Angeles Mayor Karen Bass and Los Angeles County Supervisor Kathryn Barger.
In a joint statement posted to Bass' X account on Wednesday, Bass and Barger said they had "a very positive discussion about FEMA and other rebuilding funds, as well as the support of ​the President to continue joining us in pressuring the insurance companies to pay what they owe - and for the big banks to step up to ​ease the financial pressure on L.A. families."
California Governor Gavin Newsom announced in January 2025 that five major lenders - JPMorgan Chase (JPM.N), opens new tab, Wells Fargo, Bank of America (BAC.N), opens new tab, U.S. Bank (USB.N), opens new tab and Citigroup (C.N), opens new tab - would grant 90-day mortgage forbearance to homeowners in Los Angeles and Ventura fire zones. The relief included paused credit reporting and potential for extended aid.
Later, ​it was legally required that a lender ​provide up to 12 months ⁠of mortgage forbearance in the state to borrowers facing financial hardship as a result of the wildfire disaster.
Forbearance allows borrowers to temporarily pause repayments on their loans or pay lower amounts. Borrowers often turn to banks for such aid ​to help ease the cost of rebuilding. However, the strain on the industry's profitability from the unpaid loans can ​also prompt lenders to ⁠retreat from markets prone to natural catastrophes.
Bank of America (BAC.N), opens new tab late last year said it will extend forbearance by up to two additional years, beyond the current 12-month forbearance period, for clients who plan to rebuild their home.
During his second term, the president has repeatedly criticized JPMorgan Chase and Bank of America, accusing them of denying ⁠banking services ​to conservative clients, a practice known as debanking. Both banks have denied any banking decisions ​based on politics
Reporting by Ismail Shakil, Writing by Christian Martinez; Additional reporting by Saeed Azhar; Editing by Chris Sanders, Andrea Ricci, Nia Williams and Daniel Wallis
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Gold price slips for first weekly loss in five as oil surge lifts inflation fears. Rising yields and stronger dollar pressure the gold market outlook.
Spot Gold (XAUUSD) is holding on Friday after buyers stepped in to defend $4644.46 but this isn’t a recovery. It’s a pause. The same forces that pressured gold all week are still in place and the charts aren’t giving bulls much to work with. Keep reading for the levels and what needs to change to shift the bias.
Nearby resistance is the 50-day moving average at $4870.42. After a successful test of it on April 17, the market has produced a series of lower-highs and lower-lows, indicating the presence of sellers and the lack of buying interest.
At 12:32 GMT, XAUUSD is trading $4707.52, up $13.43 or +0.29%.
Our key value area is $4495.33 to $4401.84. This is where I think gold is going. Last week, it gave traders a chance to buy strength and play for a breakout over the 50-day moving average. When this move failed to materialize, bids got pulled and sellers took over.
The market is also trading on the weak side of a long-term pivot at $4744.34. If the selling pressure persists and $4644.46 is taken out then look for the move to possibly extend into the long-term 61.8% level at $4541.88.
Spot Brent Crude Oil jumped roughly 18% this week and held above $105 a barrel. That move is tied directly to the Strait of Hormuz situation and it’s creating a ceiling on Spot Gold (XAUUSD) that most people aren’t talking about clearly enough. Here’s the problem. Higher oil means higher inflation. Higher inflation means the Fed holds rates longer. The Fed holding rates longer keeps the dollar firm and pulls capital toward yield bearing assets. Gold sits in the middle of that chain and gets squeezed from both ends
Over the near-term I believe traders will be offered the opportunity to buy again, but this time in the value zone at $4495.33 to $4401.84. With the trend up according to the 200-day moving average at $4245.95, traders will see value using the 200-day moving average as their lean. Simply put, I’m looking for a clear buy the dip opportunity.
Last week gold had a shot at the 50-day moving average and couldn’t take it out. That’s the tell. When a market gets a clean look at resistance and stalls, bids get pulled and sellers move in. That’s exactly what happened and now gold is on track for its first weekly loss after four straight weeks of gains. The momentum shifted when that breakout failed and it hasn’t come back.
Gold is supposed to be the inflation hedge but that only works when rates are falling or expected to fall. Right now rates are going nowhere and oil above $100 is the reason why. The 10-Year U.S. Treasury yield is climbing and the U.S. Dollar Index is firming. Those two things together are enough to cap any rally in Spot Gold (XAUUSD) regardless of what the geopolitical picture looks like.
Physical demand out of India and China is picking up and premiums in India are tightening on supply constraints. That’s real demand and it doesn’t disappear because Treasury yields are rising. It provides a floor but right now it isn’t strong enough to override the rate and dollar headwinds hitting gold from the other direction.
I’m not interested in buying Spot Gold (XAUUSD) up here. The value zone at $4495.33 to $4401.84 is where I want to see buyers show up. The 200-day moving average at $4245.95 is the long-term anchor and as long as it holds the trend is up and the buy the dip structure is intact. That’s the trade I’m waiting for. A clean pullback into value with the 200-day MA as the lean and a defined exit if it fails.
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Global oil prices fell and rose again on Wednesday after US President Donald Trump said he would extend a ceasefire with Iran until peace talks between the two countries have progressed.
He added that the US will continue to blockade Iran's ports until Tehran presents a "unified proposal".
After opening higher in Asia, the global benchmark wholesale oil price dipped to $97.60 (£72.14) a barrel.
But the price rose again as reports of ships being attacked in the Strait of Hormuz emerged, with the price briefly hitting $100 a barrel before falling back slightly.
Energy markets have been volatile since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target vessels in the key Strait of Hormuz waterway.
The initial two-week ceasefire had been due to expire on Wednesday evening Washington time. Trump did not give a new deadline for the ceasefire extension.
Trump said on Truth Social that the Iranian government has been "seriously fractured" and that the US will hold off from launching new attacks after Pakistan called for more time for Tehran to agree a deal.
Vice President JD Vance, who is leading the US negotiations, had been expected to fly to Islamabad in Pakistan for talks on Tuesday. The White House has now said he will not be going.
Iran has also not decided whether to send a delegation to Pakistan for talks with the US, a foreign ministry spokesperson told the BBC.
Traders remain cautious about what wil happen next in the war, said associate professor Jiajia Yang from Australia's James Cook University.
This is less about barrels [of oil] and more about expectations," Yang said.
The cost of crude has soared since the start of the conflict due to the Strait of Hormuz, through which a fifth of the world's energy usually passes, being effectively closed by Iran.
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Islamabad, Pakistan – Standing on the South Lawn of the White House before boarding his helicopter for Las Vegas on Thursday, United States President Donald Trump offered his most optimistic assessment yet of the war with Iran
“We’re very close to making a deal with Iran,” he told reporters. “They’ve totally agreed to that [no nuclear weapons]. They’ve agreed to almost everything, so maybe if they can get to the table, there’s a difference
He went further, saying Iran had agreed to hand over its stockpile of enriched uranium, material that, if further enriched, can be used to build a nuclear weapon
They’ve agreed to give us back the nuclear dust that’s way underground because of the attack we made with the B-2 bombers,” he said, referring to US strikes in June last year.
deal, he added, could come “over the weekend”. Trump said he would consider travelling to Islamabad himself if an agreement was signed there. “If the deal is signed in Islamabad, I might go. They want me to go
Iran’s Ministry of Foreign Affairs presented a different picture. Spokesperson Esmaeil Baghaei confirmed that messages were being exchanged through Pakistan, but was unequivocal on enrichment
Iran, he said, “based on its needs, must be able to continue enrichment”. No Iranian official has confirmed agreeing to surrender the country’s enriched uranium stockpile. Tehran’s public position, that enrichment is a sovereign right, remains unchanged.
Asif Durrani, a former Pakistani diplomat who served as Islamabad’s ambassador to Tehran from 2016 to 2018, said framing the situation as a gap between the two sides was misleading
“There are no gaps, really. If Trump has read the NPT, he would know that every country has the right to access nuclear technology for peaceful purposes,” he told Al Jazeera. “Iran has said multiple times that it does not want a weapon. What it wants is civil nuclear use, within the framework of both the NPT and the JCPOA
Durrani attributed the shift to changing realities on the ground.
The US was dictated to by Israel. It was Israel that pushed the US into this war,” he said.
“But now Israel has had a shock, and the US has also come to realise that it all comes down to the endurance of your opponent. Iran has demonstrated that endurance, it has shown it can sustain the pain,” the former envoy said.
He added that despite its military power, the US was unwilling to deploy ground troops. “That kind of staying power is not something you find on the US and Israeli side.”
The April 22 deadline now looms over the process.
Speaking in Las Vegas on Thursday evening, Trump said the war was going “swimmingly” and would “end pretty soon”, adding that talks could resume “over the weekend”.
Whether a second round materialises in Islamabad, and what minimum understanding the two sides might accept, remains unclear
Khan said any agreement may hinge on deliberate ambiguity.
“Both sides need a ‘win’ on the nuclear issue, and something they can sell to their respective public,” she said.
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A libertarian think tank argues that treating bitcoin as a capital asset for tax purposes makes everyday payments impractical due to the complex reporting requirements
It’s never been easier to use Bitcoin as money," Nicholas Anthony, a research fellow at the institute's Center for Monetary and Financial Alternatives, wrote in a report. "Yet, at the same time, the tax code puts an incredible burden on law-abiding citizens. Something as simple as buying a cup of coffee every day with Bitcoin can result in over 100 pages of tax filings
That's because the tax system doesn't treat bitcoin as cash at the point of payment. Instead, every transaction is treated as if an asset has been sold just at that moment, triggering capital gains calculations. And the calculations aren't straightforward.
That means figuring out when the bitcoin (or fraction of bitcoin) used in the transaction was originally acquired, how much it cost and the value at the moment it was spent. The difference is then treated as a taxable capital gain or loss.
Then it gets complicated. It's quite possible the BTC was accumulated in several batches rather than a single purchase. So when you paid for the coffee, the coins could have been acquired at different times, each with its own cost basis and purchase price. Those details need to be retrieved, recorded and reported. Every time.
The headache doesn't stop there, because there is always a risk of penalty or audit in case you make a mistake in reporting.
Anthony said the system is broken and Congress can fix it in several ways, including abolishing capital gains tax on bitcoin.
Doing so would take the government’s thumb off the scale and let competition be the true decider of the best money," he said.
Another option is to exempt bitcoin from capital gains specifically when used as a payment method. However, this creates the additional hassle of proving that the coins were spent to purchase goods and services.
A third option involves creating a "de minimis tax," under which capital gains apply only if the transaction exceeds a certain threshold.
He cited the Virtual Currency Tax Fairness Act as a potential fix, noting that it could exempt personal crypto transactions from capital gains taxes as long as the gains do not exceed $200. He argued this threshold is too low, and suggested linking it to average household spending, around $80,000, to better reflect real-world consumption.
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Among them is XRP (XRP), the payments-focused token used by fintech firm Ripple to facilitate cross-border transactions. U.S.-listed spot XRP ETFs drew more than $17 million in inflows on Wednesday, the most since Feb. 2, according to data source SoSoValue. While that is smaller than the flows seen in bitcoin ETFs, it nonetheless points to a revival in demand for XRP after a prolonged period of muted activity marked by little to no uptake.
News flow has been encouraging, too. Ripple has partnered with Kyobo Life Insurance to pilot South Korea's first real-time tokenized government bond settlement system on blockchain
In addition, XRP's derivatives market is flashing bullish signals with open interest (OI) rising alongside positive funding rates and cumulative volume delta. The OI has jumped to 1.89 billion XRP, a level last seen in late March, per Coinglass data.
The other noteworthy development is stablecoin-focused layer-1 blockchain Plasma, which has emerged as the world's seventh-largest blockchain by total value locked (TVL), a measure of the dollar value of assets on the network.
At the time of writing, TVL stood at $2 billion, up 27% over the past week and more than 80% over the past 30 days, according to DeFiLlama. The driver behind the growth is not clear, but could be linked to rising optimism around the CLARITY Act nearing approval in the U.S., as noted by JPMorgan.
The act is a proposed U.S. bill that seeks to clarify how digital assets, including stablecoins, are regulated and which agencies oversee them.
In addition, Plasma is among a select group of networks, alongside Ethereum and Arbitrum, chosen to support Tether's new self-custody wallet, Tether Wallet, announced earlier this week
Lastly, there is
DOGE
$0.09765
, the meme-inspired token. Bollinger Bands, volatility indicators plotted two standard deviations above and below the token's price, are currently at their tightest since February 2024, typically signaling a period of low volatility that is likely to end with significant price swi
As for the market leader, bitcoin, the combination of onchain profit-taking, uneven spot demand, and cautious options suggests continued rangeplay near $75,000. Stay alert
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UK Prime Minister Sir Keir Starmer has said he is "not going to yield" to pressure from the US president to join the conflict in Iran.
It comes after Donald Trump told Sky News that when the US asked the UK for help "they were not there". He also suggested the tariff agreement with the UK "can always be changed".
Sir Keir told the Commons: "I'm not going to change my mind, I'm not going to yield, it is not in our national interest to join this war and we will not do so."
Trump has persistently criticised the prime minister after he refused to join offensive measures in the US-Israel war against Iran when it began in late February.
Responding to a question from Liberal Democrat leader Sir Ed Davey about Trump's latest comments, Sir Keir told Prime Minister's Questions: "My position on Iran has been clear from the start, we're not going to get dragged into this war."
It is not our war, a lot of pressure has been applied to me to take a different course and that pressure included what happened last night."
I'm not going to change my mind, I'm not going to yield, it is not in our national interest to join this war and we will not do so. I know where I stand."
In his interview with Sky News, Trump was asked how he would describe the special relationship between the US and the UK. He said: "It's the relationship where when we asked them for help, they were not there. When we needed them, they were not there.
When we didn't need them, they were not there. And they still aren't there." Asked how he would describe the "special relationship", Trump responded: "With who?"
Pressed further on the relationship, Trump said it had "been better, but it's sad
And we gave them a good trade deal. Better than I had to. Which can always be changed."
In May last year, the UK became the first country to agree a tariff agreement with President Trump after his return to office, cutting some import taxes on cars, aluminium and steel.
The relationship between the two countries' leaders has in recent weeks shown signs of strain over the Middle East. Trump has frequently criticised Sir Keir over the prime minister's repeated refusal to sign off direct military involvement in the conflict, labelling him "no Winston Churchill".
The prime minister's spokesperson said the UK continues to have "a close relationship" with the US despite Trump's latest comments.
The special relationship with the US exists on multiple levels, and we have a close relationship with the USA, which spans trade, diplomacy, national security, culture, and beyond. It's far bigger than any individual issue," the spokesperson added.
Chancellor Rachel Reeves has expressed frustration over the war, calling it a "mistake".
Speaking at an event in Washington DC, she said she was "not convinced this conflict has made the world a safer place".
She also told The Mirror on Tuesday: "This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve
In its latest World Economic Outlook, the IMF cut its estimate for UK growth this year to 0.8%, from the 1.3% prediction made in January before hostilities began
The IMF suggested the UK, as a net importer of energy, remained sensitive to rapid rises in energy prices
Earlier in the interview, Trump said he "liked Starmer" but described the UK government's immigration and energy policies as "insane"
However, he said the state of their relationship would not "at all" overshadow the upcoming royal state visit by King Charles and Queen Camilla
I've known the King for a long time, and he's not involved in that process," Trump said.
Asked what he was most looking forward to ahead of late April's royal visit, he responded: "Just being with him. I've known him for a long time. He's wonderful
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In the world of cryptocurrency, earning profits doesn't always require upfront investment. I discovered several ways to leverage Binance's tools and programs to earn $407 in just one week without spending a single cent. Here's how I did it:

1. Maximizing Binance Promotions and Bonuses

Binance offers various promotions that reward users for specific actions, such as signing up, completing tasks, or referring others. I took full advantage of these opportunities, starting with the welcome bonuses. By completing simple tasks and signing up for bonus programs, I managed to collect rewards without any financial commitment.

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Binance frequently organizes trading competitions where participants can compete for cash prizes. I joined these competitions, carefully selecting low-risk trading strategies to minimize losses while maximizing potential rewards. By strategically trading in the competitions, I accumulated enough profits to significantly boost my earnings.

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One of the best ways to grow your crypto assets without actively trading is through staking. Binance provides the option to stake various cryptocurrencies and earn interest. I staked some of my existing holdings, like stablecoins and altcoins, in Binance Earn. The interest I received from staking helped me build passive income, contributing to the overall $407 I earned.

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By leveraging Binance's promotions, joining trading competitions, staking my assets, and using the referral program, I was able to generate $407 in just one week without spending any money upfront. This shows that with the right strategy and knowledge of the platform's features, it's possible to earn significant returns without an
y initial investment.
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