Firm News | January 9, 2026
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Our corporate team includes partners Robert Giannattasio and Christopher Lang.
US Treasury Secretary Scott Bessent said his risky US gamble on Argentina’s currency has paid off.
Bessent said American financial support had been repaid and the US no longer held any Argentine pesos in its exchange stabilisation fund.
The US had purchased the then-plunging currency last year in an effort to stave off further turmoil and boost the party of President Javier Milei, a key ally of President Donald Trump, in the run-up to national midterm elections.
The move sparked criticism from Democrats, who accused Bessent of risking taxpayer money on a country with a long history of financial turmoil.
In the end, Bessent said the manoeuvre had been a success.
“Stabilising a strong American ally – and making tens of millions in profit for Americans – is an America First homerun deal,” he wrote in an announcement on social media.
When the US moved to intervene in September, people were dumping the peso, mindful of the shocks they had experienced after previous elections and rattled by signs that Milei’s party might experience an upset in the mid-terms.
Bessent promised to do “what was needed” to stave off further drops in September. He announced a month later that the US had purchased pesos and agreed to extend a swap line to Argentina, allowing the country to exchange pesos for dollars.
The move helped to halt the falls in the currency, which saw further gains after Milei’s party clinched a landslide victory in the mid-term elections, though it has drifted lower more recently.
Argentina’s central bank said it settled the swap line in December. It ultimately traded just $2.5bn in pesos for dollars of a possible $20bn, according to a government report on deal.
The report said the US had also separately provided $872m in support involving reserves held at the IMF.
The Treasury Department did not immediately respond to a request for comment on that transaction.
“Getting your money back is a straight forward definition of a success,” said Brad Setser, senior fellow at the Council on Foreign Relations, even if he said tens of millions in profit was “small change” given the sums involved.
But he said big challenges continue to face the Argentine economy, given how much it spent last year from its reserves to prop up the currency.
“It’s been a short term success – Bessent got his money back,” he said. “I do remain worried that the Argentines are relying too heavily on the expectation that Secretary Bessent will ride to the rescue … and therefore aren’t showing enough urgency in their plans to rebuild their own reserves.”
This Financial Institution Letter and the attached Supplemental Instructions for the December 31, 2025, report date should be shared with the individual(s) responsible for preparing the Call Report at your institution.
There are no new data items that take effect this quarter in the FFIEC 031, FFIEC 041 or FFIEC 051 Call Report forms. The instructions have been updated to specify the length of time that loan modifications to borrowers experiencing financial difficulty should be reported in the Call Report (see FIL-30-2025, dated July 11, 2025). Institutions should refer to the attached Supplemental Instructions for December 2025 for additional guidance on certain reporting issues, including recently issued accounting standards updates. The Call Report forms for December 31, 2025, are available for printing and downloading from the FFIEC’s Reporting Forms webpage for each version of the Call Report. These forms can also be accessed from the FDIC’s Bank Financial Reports webpage.
Except for certain institutions with foreign offices, your completed Call Report must be submitted electronically to the Central Data Repository (CDR) no later than 30 days after the current quarter’s report date. An institution with more than one foreign office, other than a “shell” branch or an International Banking Facility, is permitted an additional five calendar days to electronically submit its Call Report data. See the chart below for current and upcoming Call Report submission deadlines.
|
Report Date |
Due Date |
Due date for certain institutions with foreign offices (see above) |
|---|---|---|
| December 31, 2025 | Friday, January 30, 2026 | Wednesday, February 4, 2026 |
| March 31, 2026 | Thursday, April 30, 2026 | Tuesday, May 5, 2026 |
| June 30, 2026 | Thursday, July 30, 2026 | Tuesday, August 4, 2026 |
| September 30, 2026 | Friday, October 30, 2026 | Wednesday, November 4, 2026 |
Multifactor authentication (MFA) has now been fully implemented in the CDR application, and all users who have not yet registered for MFA must complete the registration process to access the system and submit Call Reports. Users who do not register for MFA will be unable to submit their December 31, 2025, Call Reports. If you need assistance with the MFA registration process, please contact the CDR Helpdesk at cdr.help@cdr.ffiec.gov.
Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-insured financial institutions.
Released on January 9, 2026
Statistics Canada recently released their annual labour force numbers which demonstrate that Saskatchewan’s labour market experienced another strong year with continued low unemployment and consistent job growth.
In 2025, Saskatchewan’s economy created 15,200 jobs. The province also had the lowest annual unemployment rate among provinces at 5.2 per cent, well below the national average of 6.8 per cent. Saskatchewan was the only province to record a decline in unemployment rate compared to 2024.
“In 2025, Saskatchewan continued to experience strong job growth and low unemployment rates, this is the direct result of the strength of industry and employers, and the increasing opportunities available in Saskatchewan,” Immigration and Career Training Minister Eric Schmalz said. “Our government is committed to ensuring this growth continues into 2026 and that Saskatchewan remains the best province in Canada to live, work, and raise a family.”
In 2025 Saskatchewan saw all time historical highs with:
Saskatchewan had the highest employment rate at 63.9 per cent and the second highest labour force participation amongst provinces at 67.4 per cent. Saskatchewan’s two biggest cities also saw growth this year. Compared to 2024, Saskatoon’s employment was up 4,000, an increase of 2.0 per cent, and Regina’s employment was up 6,500, an increase of 4.5 per cent.
Industries that saw the largest job gains from 2024 were health care and social assistance up 9,000, construction which increased by 5,000, and agriculture increased by 1,600.
The province continues to see economic growth in other areas. In 2025 Saskatchewan ranked first amongst provinces for growth in urban housing starts (January to November) and second in the value of building permits and new motor vehicle sales (January to October).
This economic growth is backed by the Government of Saskatchewan’s Building the Workforce for a Growing Economy: The Saskatchewan Labour Market Strategy, a roadmap to build the workforce needed to support Saskatchewan’s strong and growing economy, and Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy, a plan to increase investment in the province and to further advancing Saskatchewan’s Growth plan goal of $16 billion in private capital investment annually.
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For more information, contact:
Kettering University and the Michigan Economic Development Corp. (MEDC) have named 19 Kettering students to represent the University’s latest class of Michigander Scholars. The innovative Michigander Scholars program offers scholarships of $5,000 and up to $10,000 to qualifying scholars who complete a Co-op (or internship) and/or accept a full-time position as a computer, electrical, or process engineer, or as a software developer (or a similar job title) with a participating company.
Employers such as Ford, GM, BorgWarner, Bosch, Hemlock Semiconductor, Magna, Mahle, Nissan, Our Next Energy Inc., and ZF are investing in this growing talent pipeline to ensure a steady flow of skilled professionals ready to contribute to next-generation mobility, energy, and manufacturing sectors.
The Michigander Scholars program strengthens Michigan’s innovation ecosystem by connecting high-achieving students in tech and engineering with the state’s leading employers. Through career mentorship, industry engagement, and paid experiential learning, including Kettering University’s signature Co-op program, the initiative fosters early and ongoing relationships between students and companies that shape Michigan’s future economy.
The first of its kind in the United States, this program represents an unprecedented public-private partnership with some of Michigan’s leading advanced manufacturing employers and universities. This MEDC initiative is a vital talent retention strategy that fills in-demand jobs in the semiconductor and electric vehicle industries, which are essential to Michigan’s economic growth.
This class of Michigander Scholars includes:
FORD MOTOR COMPANY
GENERAL MOTORS
HEMLOCK SEMICONDUCTOR
MAGNA
MAHLE
MOBIS
* Student was awarded a $10,000 full-time scholarship and will complete a Co-op (or internship) and/or accept a full-time position as a computer, electrical, or process engineer, or as a software developer (or a similar job title) with a participating company.
NRC IRAP is launching Defence Industry Assist to provide advice and funding to high-potential, innovative SMEs, to advance made-in-Canada defence and dual-use technologies.
January 9, 2026 – Ottawa, Ont. – National Research Council of Canada
Today, the Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, announced the Government of Canada is investing $244.2 million in the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) starting in 2025-2026, to launch its Defence Industry Assist initiative (DI Assist).
The Defence Industry Assist program will provide funding and advice to high-potential, innovative Canadian SMEs to advance made-in-Canada defence and dual-use technologies. This investment will support the innovative and collaborative capacity of the Canadian defence industry and address the needs of the Canadian Armed Forces.
By working with industry to reduce barriers to market entry through targeted investments, connecting SMEs to procurement pathways, and strengthening supply chain collaborations, DI Assist will position innovative Canadian businesses to reinforce Canada’s defence priorities and compete globally.
Research and development activities supported through DI Assist will grow our economy, create high-quality Canadian jobs, and will contribute to Canada’s efforts to meet its 2% NATO defence spending target.
The Airbus A350-900 entered commercial service with Emirates in January 2025. And now, 12 months on, an additional five routes have been announced on the equipment. It’ll fly from Dubai to Cape Town, Copenhagen, Phuket, Rome Fiumicino, and Taipei. It comes as the Gulf giant removes the A380 from Copenhagen, while Etihad Airways adds a brand-new unusual European route.
According to ch-aviation.com, Emirates’ commercial fleet consists of 272 aircraft. Some 260 of these are passenger-configured, while 12 are freighters (including one frame that’s undergoing conversion). Its passenger subfleet consists of 118 Boeing 777-300ERs, 116 A380s, 16 A350-900s, and ten 777-200LRs.
They are as shown above and summarized below. Some caution is needed. None of the routes are new to Emirates’ network, but all are new to seeing the A350. However, there are three significant developments.
First, the type means Copenhagen will have a twice-daily frequency for the first time. It’ll help compete with Etihad, whose Copenhagen frequency recently rose to daily, with the route to see the 787-9 rather than the A321LR during the summer. Second, Emirates will fly three times daily to Cape Town for the first time in seven years. Third, the ever-popular tourist resort gateway of Phuket will have three daily flights for the first time.
Phuket’s development is particularly notable. Emirates’ expansion comes as Etihad’s frequency jumped to more or less three daily in late 2024 and increased to four daily departures in late 2025. The A321LR, which currently serves Phuket daily, will operate half of Etihad’s flights from April.
|
The A350 From Dubai To… |
A350’s First Flight Is On… |
Frequency |
Emirates’ Total Flights* |
% A350 |
|---|---|---|---|---|
|
Cape Town |
July 1 (replacing the 777-200LR) |
Daily |
Three daily |
33% (alongside the 777-300ER) |
|
Copenhagen |
June 1 (new frequency) |
Daily |
Two daily |
50% (alongside the 777-300ER) |
|
Phuket |
July 1 (new frequency) |
Daily |
Three daily |
33% (alongside the 777-300ER) |
|
Rome |
March 29 (replacing the 777-200LR/300ER) |
Daily |
Three daily |
33% (alongside the A380, 777-300ER) |
|
Taipei |
May 1 (replacing the 777-200LR) |
Daily |
Daily |
100% |
|
* Regardless of equipment |
The Gulf carrier currently has 16 A350-900s. Each frame is in a three-class layout, with business, premium economy, and economy seats. They’re in two configurations: 298 seats—which is the airline’s lowest-capacity equipment—and 312 seats. When combined, the Airbus twinjet will be deployed to 25 airports from 
Dubai. This is what’s known as of January 9, and it will, of course, change.
Seven additional airports are due to see it in 2026. There are the five places mentioned above, along with two more. On January 11, the type will take off for Montreal, with the daily service replacing the 777-200LR. The 298-seater will be deployed, providing a much-improved offering compared to what is currently used.
On February 8, the A350 will be deployed to London Gatwick. When other equipment is included, the type’s arrival means Emirates will have a total of four daily flights to the UK’s second-busiest airport and 12 to 13 to London. The additional service to Gatwick will arrive at 8:50 pm (9:30 pm during the summer) and leave at the highly unusual time of 11:55 pm. It’ll be the airline’s latest departure from Europe to Dubai.
Emirates Ends Airbus A380 Flights To This Major European Airport
The final superjumbo service to this European capital is set for May 31, but why?
The A350 has replaced or will replace the 777-200LR on multiple routes. That is not surprising. After all, they have similar total capacities, while the 200LRs are pretty old (they average nearly 18 years) and will be replaced. While its A350s are significantly more expensive ownership-wise, they burn far less fuel. And they benefit from having premium economy cabins—especially important on long-haul routes—and the airline’s latest products.
Is it a coincidence that Emirates has just revealed that the 200LR will replace the 777-300ER to Seattle? The long route’s seat load factor is not impressive, with the downgauge cutting 8% of the available seats, which should help with loads and yields. The equipment switch means Seattle loses premium economy—something the A350 has. I’d not be surprised to see the Airbus twinjet flying to Seattle.
Published on January 09, 2026
BRENTWOOD, Tenn. – At 7 p.m. on Thursday, Feb. 26, the Brentwood Historic Commission will present the 15th Annual “Battle of the Minds” Sarah Bayrd American History Bowl, hosted by WSMV Meteorologist Dan Thomas, at Brentwood City Hall.
This popular event, fashioned after the game show Jeopardy, was developed to instill local high school students with a greater awareness and love of history. This year’s competitors include teams from Brentwood High School, Franklin High School, Nolensville High School, Page High School, Ravenwood High School, and Summit High School.
During the competition, Chuck Sherrill, former Tennessee State Librarian, will ask the teams several history-related questions. Students will buzz in quickly to provide the correct answer. Last year, Ravenwood students answered the most questions correctly, earning the team $800 and the coveted History Bowl Trophy.
The community is invited to City Hall that evening to watch the event. The History Bowl will also be broadcast on the Brentwood Historic Commission and City of Brentwood’s Facebook pages. A rebroadcast will be available in the days following the event on Brentwood TV, which airs on BTV, Comcast Cable Channel 19.
In the event of snow or severe weather, the event will be rescheduled for March 5.
For more information, contact the city at info@brentwoodtn.gov.
“Nonetheless, as concentration has risen, so has the idiosyncratic risk embedded in the S&P 500 and investor dependence on the continued strength of the largest US companies,” Snider adds.
Are US stocks in a bubble?
“The US equity market’s current combination of elevated valuations, extreme concentration, and strong recent returns rhymes with a handful of overextended equity markets during the last century,” according to Goldman Sachs Research. But even though some of the most notable financial market booms over the past 100 years were followed by steep declines in equities, some features of those episodes are missing today.
For example, speculative trading activity rose sharply in 2025 but remains well below the highs of 2000 or 2021. Broad-based equity flows have recently been subdued.
In contrast with the booms of 2000 and 2021, IPO activity in 2025 was modest, although Goldman Sachs Research expects volumes to increase in 2026. Leverage on corporate balance sheets is rising but remains low relative to history.
What are the biggest risks to the US stock market in 2026?
The biggest risks to an equity market rally are weaker than expected economic growth or a hawkish shift by the Fed. “Neither appears likely in the near future,” Snider notes.
Goldman Sachs Research forecasts US GDP to grow 2.7% this year, and our economists expect the Fed to make two rate cuts of 25 basis points each (as of January 6).
Historically, the S&P 500 P/E multiple has risen by an average of 5%-10% during 12-month periods of stable or accelerating US economic growth; has risen by a similar 5%-10% magnitude during periods of non-recessionary rate cuts; and has increased by roughly 10%-15% when both conditions occurred simultaneously, according to Goldman Sachs Research.
What does AI spending mean for US stocks?
Also among the key risks to stock market returns are the trajectory of AI capex, returns on that investment spending, and the impact of AI adoption. The largest public hyperscale tech companies had roughly $400 billion of capital expenditures in 2025, nearly 70% more than 2024.
Goldman Sachs Research expects AI investment to continue to increase this year. But as capex is on track to reach 75% of cash flows—similar to tech company expenditures in the late 1990s—spending growth going forward will increasingly rely on debt funding.
“History shows a mixed track record regarding the eventual success of first movers in periods of major technological innovation,” Snider writes. “While odds are good that some of today’s largest companies achieve that success, the magnitudes of current spending and market caps alongside increasing competition within the group suggest a diminishing probability that all of today’s market leaders generate enough long-term profits to sufficiently reward today’s investors.”