Category: 3. Business

WASHINGTON — Commodity Futures Trading Commission Chairman Michael S. Selig today announced Amir Zaidi will serve as the CFTC’s Chief of Staff.

“Amir brings to this role deep experience both at the Commission and in the financial services world, and has a proven track record of successfully embracing innovation in our markets,” Chairman Selig said. “I’m grateful for his willingness to return as chief of staff and for his continued dedication and service to both the CFTC and our stakeholders. Amir was instrumental in the historic launch of CFTC-regulated bitcoin futures contracts during President Trump’s first term. With Congress poised to send digital asset market structure legislation to the President’s desk, he will bring tremendous experience and expertise to the CFTC as it develops fit-for-purpose regulations for our rapidly evolving commodity markets.” 

“I am excited to return to the CFTC and thank Chairman Selig for appointing me to this important role,” Zaidi said. “Under Chairman Selig’s leadership, I look forward to providing a steady hand at the Commission during this important time. I am committed to ensuring that the Chairman’s pro-innovation agenda is successfully implemented during this period of rapid transformation in the derivatives markets.”

Zaidi returns to the CFTC after having previously served in several roles at the agency from 2010 to 2019, including as director of the Division of Market Oversight, where he oversaw the certification and deployment of the bitcoin futures contact – the first federally-regulated crypto product. While at the CFTC, he also held senior roles in the offices of former Chairman Chris Giancarlo and Commissioner Scott O’Malia. Prior to returning to the CFTC, Zaidi was global head of compliance for a large broker-dealer and introducing broker. Prior to 2010, Zaidi served in various financial, legal, and regulatory roles in New York and Washington. He has decades of experience in the financial services industry.

Zaidi received his J.D., cum laude, from the University of Maryland School of Law and B.S. in Business Administration, summa cum laude, from Boston University School of Management. 

Leading global law firm Baker McKenzie announced today that the New York office represented BBVA, BTG Pactual, Citigroup, J.P. Morgan and Morgan Stanley, as global coordinators, and Barclays, BofA Securities, Goldman Sachs and Santander, as joint bookrunners, in connection with their exercise in full of the over-allotment option to purchase an additional 5,500,000 Real Estate Trust Certificates, also known as CBFIs (Certificados Bursátiles Fiduciarios Inmobiliarios) of Fibra Next.

The exercise of the over-allotment option was a testament to the success of the follow-on equity offering and resulted in additional proceeds to Fibra Next of approximately USD30 million. After giving effect to the full exercise of the over-allotment option, the combined value of Fibra Next’s IPO and follow-on offering is approximately USD900 million.

The CBFIs were offered publicly in Mexico on the Mexican Stock Exchange and were made internationally pursuant to Rule 144A and Regulation S.

Fibra Next was created as a result of a split off by Fibra Uno, the largest real estate company in Latin America, of its logistics operations, forming the largest warehouse and logistics company in Mexico. The proceeds received by Fibra Next from the follow-on offering and over-allotment exercise will be used primarily for the acquisition of an industrial real estate portfolio to be contributed to Next Properties.

Baker McKenzie also represented Fibra Next in connection with its approximately USD450 million initial public offering earlier this year and its USD370 million follow-on offering.

Transactional Practice Group Partners Mike Fitzgerald, Arturo Carrillo, Joy Gallup, Pedro Reyes and Steven Sandretto led the Baker McKenzie team, which also included associates Alejandra Cuadra and Diego Aznar, as well as Tax Senior Counsel Thomas May and Partner Kia Waxman.

Other law firms participating in this transaction included Holland & Knight (as Fibra Next’s US and Mexican counsel) and Mijares (as initial purchasers’ and dealer managers’ Mexican counsel).

With more than 2,500 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm’s NY office has participated in more Mexican corporate equity offerings in 2025 (by number of deals and amount raised) than any US law firm.

WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week with layoffs remaining low despite a weakening labor market.

U.S. applications for jobless claims for the week ending Dec. 27 fell by 16,000 to 199,000 from the previous week’s 215,000, the Labor Department reported Wednesday. Analysts surveyed by the data firm FactSet forecast 208,000 new applications.

READ MORE: U.S. unemployment claims dropped again last week, remaining at a historically healthy level

Unemployment benefit filings are often distorted during holiday-shortened weeks. The shorter week can cause some who have lost jobs to delay filing claims.

The weekly report was released a day early due to the New Year’s Day holiday.

Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market.

Earlier this month, the government reported that the U.S. gained a decent 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks by the Trump administration. That helped to push the unemployment rate up to 4.6% last month, the highest since 2021.

The October job losses were caused by a 162,000 drop in federal workers, many of whom resigned at the end of fiscal year 2025 on Sept. 30 under pressure from billionaire Elon Musk’s purge of U.S. government payrolls.

Labor Department revisions also knocked 33,000 jobs off August and September payrolls.

Recent government data has revealed a labor market in which hiring has clearly lost momentum, hobbled by uncertainty over President Donald Trump’s tariffs and the lingering effects of the high interest rates the Fed engineered in 2022 and 2023 to rein in an outburst of pandemic-induced inflation. Since March, job creation has fallen to an average 35,000 a month, compared to 71,000 in the year ended in March.

Earlier this month, the Federal Reserve trimmed its benchmark lending rate by a quarter-point, its third straight cut.

Fed Chair Jerome Powell said the committee reduced borrowing costs out of concern that the job market is even weaker than it appears. Powell said that recent job figures could be revised lower by as much as 60,000, which would mean employers have actually been shedding an average of about 25,000 jobs a month since the spring.

Companies that have recently announced job cuts include UPS, General Motors, Amazon and Verizon.

The Labor Department’s report Wednesday also showed that the four-week average of claims, which evens out some of the week-to-week volatility, rose by 1,750 to 218,7500.

The total number of Americans filing for jobless benefits for the previous week ending Dec. 20 fell by 47,000 to 1.87 million, the government said.

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A team from Cardiff, Wales, is experimenting with the feasibility of building semiconductors in space, and its most recent success is another step forward towards its goal. According to the BBC, Space Forge’s microwave-sized furnace has been switched on in space and has reached 1,000°C (1,832°F) — one of the most important parts of the manufacturing process that the company needs to validate in space.

“This is so important because it’s one of the core ingredients that we need for our in-space manufacturing process,” Payload Operations Lead Veronica Vera told the BBC. “So being able to demonstrate this is amazing.” Semiconductor manufacturing is a costly and labor-intensive endeavor on Earth, and while putting it in orbit might seem far more complicated, making chips in space offers some theoretical advantages. For example, microgravity conditions would help the atoms in semiconductors line up perfectly, while the lack of an atmosphere would also reduce the chance of contaminants affecting the wafer.

These two things would help reduce imperfections in the final wafer output, resulting in a much more efficient fab. “The work that we’re doing now is allowing us to create semiconductors up to 4,000 times purer in space than we can currently make here today,” Space Forge CEO Josh Western told the publication. “This sort of semiconductor would go on to be in the 5G tower in which you get your mobile phone signal, it’s going to be in the car charger you plug an EV into, it’s going to be in the latest planes.”

Space Forge launched its first satellite in June 2025, hitching a ride on the SpaceX Transporter-14 rideshare mission. However, it still took the company several months before it finally succeeded in turning on its furnace, showing how complicated this project can get. Nevertheless, this advancement is quite promising, with Space Forge planning to build a bigger space factory with the capacity to output 10,000 chips. Aside from that, it also needs to work on a way to bring the finished products back to the surface. Other companies are also experimenting with orbital fabs, with U.S. startup Besxar planning to send “Fabships” into space on Falcon 9 booster rockets.

Putting semiconductor manufacturing in space could help reduce the massive amounts of power and water that these processes require from our resources while also outputting more wafers with fewer impurities. However, we also have to consider the huge environmental impact of launching multiple rockets per day just to deliver the raw materials and pick up the finished products from orbit.

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By Joy Wiltermuth

Despite year-end drops for gold and silver, both are still on pace for their biggest yearly percentage gains since 1979

Gold, silver and copper are the big winners of 2025, even with year-end turbulence. What a key chart level may signal about the road ahead.

Year-end turbulence was only modestly slowing the surge in silver, gold and copper in 2025, with the metals providing important ballast to portfolios as President Donald Trump’s tariffs rattled markets and a spending frenzy around artificial intelligence entered a new debt-funded chapter.

For the year, gold (GC00) was up nearly 65% and silver (SI00) was about 145% higher as of Wednesday, putting both on pace for their biggest annual percentage gains since 1979, according to Dow Jones Market Data based on the most-active metals contracts.

Copper’s (HG00) roughly 40% jump this year, while slightly more modest, would still mark its largest yearly increase since 2009 and amount to more than double the S&P 500 index’s SPX 17% gain so far this year.

The clamor around metals has stirred debate about potential bubbles forming in gold and silver that could end badly for investors, especially those arriving late to the party. Yet on the last trading day of 2025, all three metals were perched above their 50-day moving averages, a key technical level that can be a bullish signal for an asset’s price.

“Big picture, it means there’s a lot more buyers than sellers,” Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute, said of the uptrend. “That has to do with the dollar weakness in the early part of 2025, plus, you could argue, a lot of uncertainty around how countries will manage their fiscal health going forward.”

The ICE U.S. dollar index DXY, a measure of the buck against a basket of rival currencies, booked its worst first half of the year since 1973, when Richard Nixon was president. It since has recouped some of its 2025 losses but was still 9.4% lower on the year through Wednesday, according to FactSet.

A turbo rally in silver

Unlike gold and silver, copper isn’t considered one of the world’s precious metals. Yet like silver, it was added to the U.S. Interior Department’s list of critical minerals this year, given its role in wiring, power generation and electrical transmissions, all which are essential to the AI buildout.

Read: Why it’s time for investors to start treating copper like a precious metal

Recent bullishness helped silver gain more than 55% in the past three months alone, while copper shot up nearly 17%, gold rose 12.5% and the S&P 500 added 0.2% over the same span, according to FactSet data.

From a technical perspective, the most recent leg of the metals rally has pushed gold and silver above their 50-day moving averages for a relatively long 93 trading days through Wednesday, while copper was above that threshold for 25 trading days, according to Dow Jones Market Data based on most-active futures contracts.

That has happened only four other times for gold since 1993 and five other times for silver since 1982, according to Dow Jones Market Data. Shorter stretches of at least 25 days for copper have been fairly common in recent years.

While the past doesn’t predict the future, similarly long trading stretches above the 50-day moving average have tended to skew bullish for stocks and gold in the weeks and months that follow, while silver has been mixed and copper has seen most of its gains after the three-month mark.

This table shows gold, silver, copper and stocks after previous stretches when the metals traded above their 50-day moving averages.

Importantly, gold showed its resilience this year after equities sold off in April following Trump’s “liberation day” tariff announcement, which shocked investors and triggered an ugly reaction in the bond market.

“Fixed income sort of helped, but crypto (BTCUSD) also fell by the wayside, while gold held up,” Samana at Wells Fargo said. “Given the nature of the beast, you look at your last best hedge when markets sell off, and I think it’s fair to say that’s gold.”

Skepticism around inflation and whether it can be tamed next year, especially with tax breaks and the data-center boom likely to reaccelerate the economy, would likely work in favor of metals in 2026, Samana said.

Spending on AI infrastructure is also not expected to let up in the years ahead. The U.S. already has nearly 3,750 data centers, according to the Data Center Map, an industry research tool launched in 2007.

For every new data center, metals have a role in the process. “There’s copper for wiring and silver in a lot of chips,” Samana said. And at least globally, demands for power from data centers will mean harnessing alternative-energy sources, where silver has been playing a major role.

Mike DeStefano and Brian Benner contributed.

Opinion: China launches its silver weapon on Jan. 1. Here’s what that means for prices.

-Joy Wiltermuth

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The City of Boston Planning Department this year made its first substantial changes to the development review process in decades, continued comprehensive zoning reform of the City, and made progress on revitalizing Downtown Boston. Staff also made progress in creating more housing, including through the Office to Residential Conversion Program, the Neighborhood Housing initiative, and approval of projects by the BPDA Board.

Staff advanced 60 new development proposals and 27 notices of project change amounting to 5.8 million net square feet worth approximately $4.8 billion of investment in our City. This includes 3,773 net residential units, of which 1,278 or 29 percent will be income-restricted. The projects approved this year are estimated to generate 5,987 net construction jobs and 3,776 net permanent jobs. Development projects newly approved in 2025 will generate approximately $9.8 million in Linkage fees to support affordable housing, and approximately $1.9 million in Linkage fees to support job training programs. 

Continuing to elevate planning and zoning, staff also rezoned Roslindale Square with Squares + Streets zoning districts to expand areas in Roslindale that allow and welcome more housing opportunity and small business activity. This updated zoning has already resulted in approval of an all-affordable senior housing development with ground floor retail in Roslindale Square, with an additional four projects currently under review.

The Planning Department also continued to advance specific public goals this year on over 750,000 square feet (17+ acres) of underutilized, public land across Boston. These public sites will produce a variety of public benefits and include space for affordable and mixed-income housing, marine industrial and blue tech uses, a community-based non-profit, public libraries, gardens and public outdoor space, and a fire station. Notable new project sites in 2025 included Pier 5, Parcel M, and Welcome Home, Boston Phase 3. Major project milestones included the conveyance of land for the new Chinatown Boston Public Library branch and affordable housing project at Parcel R1, and the Alma Wright Zen Garden at Parcels S-20 and S-21. Upgrades to Pier 10 in the Raymond L. Flynn Marine Park enabled a new commuter water shuttle stop in partnership with the Massachusetts Convention Center Authority and the Seaport Transportation Management Association (TMA), which opened this summer. These redevelopment efforts further the recommendations made in the City’s 2022 land audit to maximize the potential for underutilized sites across Boston to meet goals of producing affordable housing and other community needs.

The Coastal Resilience Delivery Team also released a draft plan for resiliency measures at Long Wharf this fall. This project will recommend solutions to current and near-term flooding, guidelines to retrofit and protect individual structures on Long Wharf, and a set of alternative designs that will contribute to planning and delivering a comprehensive coastal flood protection system through Downtown and the North End.

The sections below provide more detail on major accomplishments and progress of the Planning Department to help make Boston a home for everyone, and tackle Boston’s greatest challenges today: resilience, affordability, and equity.

Planning takes steps to create a more vibrant, residential Downtown through rezoning and office conversions

Following almost two years of zoning-focused engagement with the community, in addition to a multi-year planning process, the Zoning Commission adopted new comprehensive zoning for Downtown Boston in October for the first time in more than 30 years. The zoning meaningfully prioritizes the ability to build new housing and mixed-use development across Downtown in response to the ongoing housing shortage, enabling increased density at the core of Boston’s transit network where it can be best supported. Residential uses are now legal throughout the new zoning districts, whereas large hotel, lab, and office uses will require further zoning approval. The zoning also eliminated outdated and prohibitive land-use restrictions to encourage new and diverse businesses like coffee houses, bakeries, fitness studios, and entertainment uses to thrive, fill empty storefronts, and help drive foot traffic and activity Downtown. 

Building off of the success of the City’s Office to Residential Conversion Program, the new zoning supports historic preservation by eliminating barriers to convert or adapt existing buildings, and also provides extensive design guidelines to ensure sensitivity and preservation of historic areas. 

The City of Boston also extended the application period for the Office to Residential Conversion Program through the end of 2026, due to its success since its last extension in the summer of 2024. The program, which formally launched in October of 2023, has received 22 applications to convert 1.2 million square feet of office space across 27 buildings into 1,517 new homes, including 284 income-restricted units, far exceeding initial city goals. Five projects totaling 306 units are currently under construction, and one of the first buildings to apply for the program at 281 Franklin Street has already been fully tenanted with 15 units. The goal of this program is to support owners and developers of older commercial office buildings in converting them to housing, and to help stabilize the office market downtown while also increasing the housing stock in Downtown Boston. The program is also designed to respond to post-pandemic economic shifts that will prioritize expanding housing options Downtown, creating an 18-hour, mixed-use neighborhood.

Planning makes first substantial changes to development review process in 30 years 

In August, the Zoning Commission approved amendments to Article 80 of the zoning code recommended by the Planning Department to improve the predictability and consistency of the development review process, and lay the groundwork for future reforms as part of the Article 80 Modernization Action Plan. The amendments: change the thresholds and procedures for Boston Civic Design Commission (BCDC) review; make it easier to renovate existing buildings, including rehabilitation for sustainability upgrades and conversions; modernize communication methods with the public; and improve coordination between city departments. Overall, these amendments made the development review process more efficient for housing projects, internal renovations, and sustainability upgrades.

In addition, staff are currently piloting new engagement tools within the review process including: an early engagement toolkit for developers, new training and forms to support increased transparency and clarify expectations for Advisory Group members, signage on the site of a proposed project to better inform the public about new development in their community, and improvements to public meetings to make them more clear and concise. Beginning in July, all new projects began the modernized review process.

All of these improvements will fully go into effect in 2026. Together with the zoning changes, continued operational improvements will lead the city toward a development review process that is easier to use, consistent with existing practice, and set up for future reform.

City releases Anti-Displacement Action Plan

The City of Boston adopted its first ever Anti-Displacement Action Plan, A Place to Thrive, this summer, which lays out a two-year plan for City departments to help stabilize residents, small businesses, and cultural organizations that may face direct or economic displacement, helping to ensure all Bostonians can thrive and flourish here. The City’s anti-displacement efforts are grounded in four main tenets: protect, preserve, produce, and prosper. The City is working to stabilize households by protecting people – particularly lower-income and vulnerable renters and homeowners – from displacement; preserving existing housing; producing new housing for people at all income levels; and promoting prosperity through homeownership.

As part of the Plan, the Planning Department will pilot the first ever Direct Displacement Disclosure. Developers will be asked to notify any current tenants on site of their proposed project 30 days before filing the project with the City, and to notify the City of any possible direct displacement of residential, commercial or cultural tenants that may occur as a result of their project. Displacement impacts will be reviewed and, in certain cases based on the unique circumstances of each project, the City may request displacement mitigation measures as part of the project’s overall mitigation strategy. This will be piloted for the next year as part of the modernized Article 80 development review process. Staff will evaluate the impact of this new policy, share results, and refine as needed.

Roslindale Square rezoned with Squares + Streets zoning districts

The Zoning Commission approved new Squares + Streets zoning districts in Roslindale Square in May on the recommendation of the Planning Department. This followed a year-long community process. The new Squares + Streets zoning districts are aimed at creating a more mixed-use neighborhood center and connecting streets that support walkability, small businesses, outdoor gathering spaces, and new housing growth. The new zoning districts support creating more transit-oriented housing in the plan area. In addition, new zoning will make it easier to: build more housing in the area, make modifications to existing housing that will help preserve the existing supply and build generational wealth, create a backdrop for community development by allowing new cultural anchors in the plan area, and allow new growth and opportunities for small businesses. 

This is the second area of the city where Squares + Streets zoning districts are now implemented. The first location to be mapped with Squares + Streets zoning was Mattapan Square, following the completion of PLAN: Mattapan. 

The Zoning Commission also adopted two new Squares + Streets Districts this year that add a new commercial typology and a mixed-use typology with reduced height, in response to a zoning petition by Hyde Park residents submitted during the Squares + Streets planning process for Cleary Square. Now that these districts have been added to the zoning code, the Cleary Square draft plan and zoning map will be released in January 2026. This plan will include a range of strategies and recommendations aimed at fostering economic vitality, enhancing public spaces, and supporting the unique character of the Square. 

Planning for key corridors is an early phase of citywide zoning reform, focusing on high-impact, near-term, and targeted recommendations that can be implemented through zoning changes and capital investments. As Boston’s population continues to grow, these corridors play a critical role in connecting neighborhoods and ensuring every Bostonian has access to affordable, sustainable, and equitable places to live, work, and play. Additional corridor locations will be announced on a rolling basis.

Net Zero Carbon Zoning goes into effect

The City this year adopted Net Zero Carbon Zoning to create decarbonization requirements for new development projects that advance the City’s goal of being carbon-neutral by 2050. Implemented in July, these updates continue Boston’s leadership in the transition to a more sustainable, low-carbon future for both building materials and energy aligned with the City’s Building Emissions Reduction Disclosure Ordinance (BERDO). Under NZC, projects subject to Article 80 review will minimize energy use, carbon emissions and use renewable electricity to annually achieve net zero carbon emissions. Three projects, all with income-restricted housing, have already been approved under this new zoning this year, and five others are under review. These projects demonstrate the Mayor’s and City’s leadership in moving us closer to our carbon neutral 2050 goals, and proving we can build next generation buildings today.

Enabling Accessory Dwelling Units (ADUs) and home renovations

As of September, there were 51 ADUs permitted in Boston in 2025, compared with 34 through all of 2024. Building off the momentum from the ADU Guidebook released last November, the Planning Department this year began meeting with residents in West Roxbury, Hyde Park, and Roslindale about the Neighborhood Housing initiative. This zoning will expand the types of housing allowed to be built in Boston citywide, including ADUs, thereby helping the city more effectively respond to the housing shortage. In addition, this new zoning will legalize and simplify the upkeep and renovation of homes. A first draft of new zoning districts in these neighborhoods will be released in early 2026.

Planning in Allston-Brighton

The Planning Department hosted an Ideas Reception this summer for the Allston-Brighton Community Plan, and staff anticipate releasing a draft plan and zoning in 2026. The plan is based on the Allston-Brighton Needs Assessment that identified needs such as more accessible and affordable housing, and convenient public open space, among other things. 

In parallel, the Beacon Park Yard Regional Framework Plan is guiding the long-term redevelopment of this former rail yard into a new mixed-use district, with a focus on housing, job creation, open space, and improved connections to surrounding neighborhoods. The Harvard Enterprise Research Campus (ERC) Plan complements this effort by establishing a framework for a major research- and innovation-focused campus, supporting economic development while advancing transportation improvements, sustainability goals, and public realm investments that benefit the broader Allston-Brighton area. Both of these plans will be released in early 2026.

Boston Design Vision produces ‘Color Flows on Winter Street’ activation downtown

The Planning Department launched ‘Color Flows on Winter Street’ in the fall of 2025, a multi-week public art and public space activation program with fun, interactive events in Downtown Crossing. Winter Street was transformed by colorful art installations, food trucks, and cultural programming, as part of the City’s broader effort to reimagine how Boston’s streets and pedestrian zones can be safer, more engaging, and enjoyable for all. ‘Color Flows’ was one of the first implementation projects coming out of the Boston Design Vision. The activation tested new approaches to transforming public spaces as hubs of community, culture, and economic investment. During the time ‘Color Flows’ was running, 80 percent of the area businesses surveyed reported an increase in foot traffic, and 60 percent reported an increase in sales. In addition, 90 percent of people surveyed during the activation reported feeling safer in Downtown Crossing. Staff are now exploring which neighborhood streets might be good candidates for this type of programming in 2026.

Community Benefits

The Planning Department this year presented more than $433,000 in community benefit grant funds disbursed to 42 local non-profits from projects located Downtown, in South Boston and in Dorchester. The organizations awarded serve the community in a variety of ways including community development, youth programming, and arts and culture.

 

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About the Planning Department

The City of Boston’s Planning Department shapes growth that serves Boston’s residents and centers their needs. Our mission is to address our City’s greatest challenges: resilience, affordability, and equity, and to take real estate actions and prioritize planning, development, and urban design solutions that further these priorities. We seek to build trust with communities through transparent processes that embrace predictable growth and shape a more inclusive city for all. Learn more at bostonplans.org, and follow us on Twitter and Instagram @BostonPlans.

A council has said that it has been given a refund by a company that supplied thousands of faulty household recycling bags.

Residents in the North Somerset Council area were issued with red bags for their plastic and metal waste in March, following a successful trial in November 2024 that aimed to boost recycling.

But there were complaints from residents as many of the bags were found to have faded in the sun and were “falling apart at the seams”.

Councillor Annemieke Waite said the unnamed company had admitted responsibility for the issues. She added that the authority had reached a “very good agreement” with the supplier and the cost of the faulty bags would be refunded.