Wall Street’s new cop

Donald Trump’s new administration continues to take shape despite the political maelstrom over his more inflammatory choices, including the very public withdrawal of two appointees and the possibility a third will soon be forced out. Trump has chosen Paul Atkins, a Beltway conservative, cryptocurrency fan and former SEC commissioner to lead the US Securities and Exchange Commission. If confirmed, Atkins is expected to focus on slashing regulations and reducing penalties for securities violators. He’s on record questioning some of the rules put in place after Wall Street nearly collapsed the global financial system back in 2008. As an SEC commissioner during the George W. Bush administration, he made clear his position that the regulator’s role also is to increase competition and efficiency in the markets. Atkins, 66, would be a sharp right turn from current chair Gary Gensler, who plans to leave the agency when Trump takes office. Meanwhile, Trump also named billionaire Jared Issacman (he was on the first commercial spacewalk) to lead NASA and appointed David Warrington as White House counsel, substituting a campaign lawyer from a California law firm for a previously announced pick. —Margaret Sutherlin

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French government collapses. Turmoil deepened as both the far-right National Rally and the leftist Socialists voted to bring down the 3-month-old government led by Prime Minister Michel Barnier. Appointed in September, Barnier was charged with getting the country’s messy finances in order. France has been in political limbo since President Emmanuel Macron called a snap national vote in June after getting trounced in European elections. Voters left the lower house split into three blocs, but with Marine Le Pen’s party as largest in parliament, the extremist firebrand became the country’s most influential powerbroker while Macron’s centrist coalition crumbled. Here’s how it all happened—and why.

UnitedHealth Group executive Brian Thompson was shot dead in New York City early Wednesday morning. Video footage of the killing shows the shooter waiting for Thompson to pass him on the sidewalk before squaring off and firing from behind. The gunman was clad in a hoodie and partial face mask and wore a backpack. His handgun appeared to have a silencer attached to the barrel. The suspect remained at large as authorities were attempting to use GPS technology to track his Citi bike. Thompson was the chief executive of UnitedHealth’s insurance division and a 20-year veteran of the company. He was in town for the company’s investor day, which was subsequently canceled.

GM’s troubled China business is going to cost the automaker big. The American carmaker revealed Wednesday that it would take charges and asset writedowns of more than $5 billion for its investment in a joint venture with Shanghai’s SAIC Motor and to restructure operations in China, including closing factories. In a country that not long ago counted Buick and Chevrolet as two of the most popular foreign brands, GM’s profits and market share have tumbled. So much so that, like other foreign carmakers, the company’s long-term presence in China is now uncertain. Over the past six years, US, Japanese, Korean and European automakers have closed or sold plants and walked away from joint ventures. GM’s moves mark the culmination of years of decline in the market. The company lost $347 million in China through the first nine months of this year after posting a $2 billion annual profit as recently as 2017. Shares on Wednesday fell 30 cents to $53.36. Little more than a week ago, they were at $61.24.

A week before Trump fired off yet another tariff threat against America’s neighbors, Canada’s Justin Trudeau and Mexico’s Claudia Sheinbaum had a chance to confer in person about how to tackle the belligerent US president-elect. Would they join forces against him, or was it going to be a case of every country for itself? The evidence is pointing to the latter. Diplomats and policymakers across the globe are taking notes on how the two countries deal with Trump’s provocations.

Federal Reserve Chair Jerome Powell said Wednesday he expected a professional, good relationship with the incoming administration. Speaking of Trump’s Treasury Secretary nominee, Scott Bessent, Powell said he was “confident that I will have the same kind of relationship with him once he’s confirmed as I’ve had with other Treasury secretaries.” Maybe not. Bessent has backed the highly controversial idea of nominating a “shadow Fed chair” well in advance of the end of Powell’s term in 2026, undermining the Fed leader’s influence with financial markets.

President Joe Biden announced a $600 million infusion into a multi-nation railroad while he was in Africa Wednesday, part of his final foreign trip as president. The investment aims to bolster US influence in the region, offsetting the growing Chinese presence in the strategically important minerals belt. The Lobito Trans-Africa Corridor connects the Central African copper belt to the Angolan coast, reducing shipping times and making it easier to export to the West.

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