Hello, welcome to today’s “Financial Express”. I have an announcement to make in advance due to some adjustments in my personal work schedule. This week is the last week of the program “Financial Express”, and after two episodes, the program will temporarily stop updating. If there are future opportunities or a more experienced team takes over, the program will continue to meet with you!
Today’s focus: Three major billionaires stand on the same stage for Trump’s inauguration, promising to open a golden age! The California wildfires hit the wealthiest, with no insurance companies covering the mansions! Trump made a fortune of $25 billion overnight by issuing coins! Traveling to Europe will require advance authorization, as new travel regulations for European Union countries will take effect!
Let’s start today’s program. The most important news this week undoubtedly comes from the newly inaugurated US President Trump.
In fact, as Trump’s inauguration countdown began last week, global financial markets started to celebrate.
The Dow Jones Industrial Average and the S&P 500 Index achieved their largest weekly gains since November; the STOXX 600 Index in Europe rose for four consecutive weeks to hit a new record in five months; the UK’s FTSE 100 Index reached a historic high, and even the Hang Seng Index in Hong Kong recorded its best performance in nearly six months. The Shanghai and Shenzhen Index also saw a 3% increase last week.
Moreover, due to Trump’s support for cryptocurrencies, Bitcoin surged by 14%, surpassing the peak of $105,000 per coin. This global asset frenzy is driven by factors such as cooling US inflation, dovish statements from Federal Reserve officials regarding interest rate cuts, and hints of future rate cuts from the European Central Bank, among other positive factors.
It is evident that the market maintains a positive attitude towards Trump’s new policies. Of course, Trump’s “first day executive orders” after taking office will be the core variable in the financial markets this week.
According to reports, Trump stated that he had about 100 executive orders ready to sign on his first day in office. These orders involve tariffs, border issues, immigration, and other areas that may have significant impacts on the market. While the specific policies are not yet known, some key policies have been outlined by the media.
In terms of economic policy, the executive orders Trump will sign on his first day mainly include: first, a new tariff policy. Imposing a 25% import tariff on Mexico and Canada, and establishing a dedicated “Foreign Income Office” or “Customs Bureau” for tariff collection.
At the same time, an additional 10% tariff will be imposed on top of the existing high tariffs on Chinese goods, with higher tariffs for certain products.
In terms of energy policy, Trump’s press secretary Karoline Leavitt stated last month that the new government will immediately accelerate drilling and fracking permits nationwide after taking office, hoping to reduce the cost of living for the people as soon as possible.
In the automotive industry, Trump pledged to promote comprehensive American manufacturing in the automotive industry, including using American energy, procuring American products, and hiring American workers. Trump emphasized that these jobs will start on his first day in office.
In terms of foreign policy, the most notable point should be how he plans to quickly end the Russia-Ukraine war. The ceasefire agreement, also known as the Ha-Ha agreement, has already begun implementation, achieving the results Trump desired ahead of schedule.
Additionally, there will be corresponding policies in immigration, border security, ending birthright citizenship, judicial order, and domestic security. It seems that Trump, the unconventional president, will not just create a stir this time, but will set off a wildfire! Let’s wait and see.
On January 18, President Trump announced the launch of his personal cryptocurrency, “Trump-meme Coin”, with the Trump family holding about 80% of the market value of this cryptocurrency.
The meme coin became popular immediately. According to price data from CoinGecko, the trading price of the meme coin opened at $0.182 and surged more than 15,000% within 12 hours, reaching about $30 by Sunday afternoon, with a market value soaring to $32 billion.
According to the official website of the cryptocurrency, the initial supply of “Trump-meme Coin” is 200 million tokens, and an additional 10 billion tokens are expected to be issued over the next three years in gradually increasing amounts. This means that, based on the current $32 billion market value after 12 hours of the coin’s launch, the Trump Group has already earned $256 billion.
Data from the Appfigures platform shows that after the launch of “Trump-meme Coin”, the cryptocurrency trading platform Moonshot instantly rose to the top of the free finance app downloads ranking on the Apple App Store in North America.
With the release of the Trump coin, concerns have been raised by many about directly issuing virtual currency by the Trump family and holding an 80% stake in the company structure, which could raise moral concerns.
Analysts believe that Trump’s family’s move further blurs the line between government roles and commercial interests. People are worried that during his second term, he may be bolder in breaking traditional moral boundaries, and the high volatility of the cryptocurrency market has also raised concerns about investment losses.
The Executive Director of the non-profit organization Campaign Legal Center, Adav Noti, believes that Trump’s move is to “profit from the presidency.” He said: Creating a financial tool to transfer funds from people to the president’s family—this is unprecedented.
Former Coinbase executive Nick Tomaino expressed in a post: Trump owns 80% of the stake, launched it before the inauguration ceremony, this is predatory behavior, and many people may be harmed as a result. So, how will Trump’s move affect the future in terms of pros and cons? We will have to wait and see.
The newly elected President Trump officially took office on Monday, January 20, and the White House underwent a tight move for the outgoing President Biden, welcoming the new owner, the Trump family.
According to the Associated Press, the White House’s transition of power, as the outgoing President Biden leaves and the incoming President Trump and his family move in, is meticulously planned down to the minute.
For those looking after the president’s private life, the entire moving process is full of challenges as they have approximately five hours on inauguration day to move out the outgoing president and settle in the incoming president.
As the outgoing and incoming presidents leave the White House together in a luxury car to attend the inauguration ceremony at the Capitol, the clock for the White House staff to move sets off.
According to Matthew Costello, the Chief Educator at the White House Historical Association, as soon as they leave, the White House staff springs into action. The entire team tirelessly counts, handles, and transports all personal belongings of both first families.
After the inauguration, speech, lunch, and traditional parade, the new president moves into the White House to find the family’s clothes, furniture, and personal items in place, with the kitchen full of his favorite foods.
As the inauguration ceremony approaches, the moving trucks for both first families, stationed near the White House, will receive clearance to enter the White House after thorough security checks. The staff will work in groups – one group will pack up Biden’s remaining belongings, another will load the boxes onto designated trucks. Another group will move Trump’s family items into the White House, and yet another will unpack and place them where the president and the first lady designate.
In the gaps between moving the belongings of both families, the White House will undergo deep cleaning. Windows will be washed, carpets deeply vacuumed or replaced, all bedrooms will receive new mattresses and bedsheets, bathrooms will have new towels, and more.
The entire moving process usually begins planning after the November election, with White House personnel contacting the elected president’s team to coordinate the move. Certainly, this move will be smoother and more comfortable than the previous one. Over the next four years, they will work tirelessly to make America stronger! Bless them!
In recent years, extreme weather seems to be more frequent, leading to many insurance companies increasing home premiums. A recent study found that between 2023 and 2024, in 35 out of 50 US states, home insurance costs increased to varying degrees, with premiums in some states even rising by as much as 15%.
On January 7, a historic second-largest wildfire in Southern California broke out in Los Angeles, leaving thousands of families devastated overnight.
The first to be hit by the fire was Pacific Palisades, one of the most expensive upscale communities in the US, with significant losses. According to real estate data company ATTOM data, the median price of nearly 9,000 luxury homes in the community is as high as $3.1 million.
However, due to the high wildfire risk in the area, many insurance companies have been canceling home insurance policies since last year. This includes California’s largest insurance company State Farm and the second-largest insurer Farmers Insurance. State Farm alone canceled approximately 1,600 policies, forcing the uninsured homeowners to turn to the “California Fair Plan,” a plan managed by the California government. The premiums under this plan are much higher than traditional home insurance premiums but provide far less coverage than what traditional insurers offer.
Bankrate data shows that the average premium under the “California Fair Plan” is about $3,200, more than twice the cost of regular home insurance, but with a coverage limit of only $3 million for each residence, much lower than the value of many mansions destroyed in Pacific Palisades.
Peggy Holt is a homeowner in Pacific Palisades whose apartment was destroyed by the wildfire.
Los Angeles wildfire victim Peggy Holt: “The entire apartment building has been insured by Farmers Insurance for years, but they later canceled the policy.”
A study by a personal finance company found that by the end of 2024, out of the 12 largest insurance companies, 7 suspended home insurance in California or imposed strict restrictions on home insurance.
Los Angeles wildfire victim Peggy Holt: “California should pass laws that prevent these companies from dropping customers so easily.”
However, can insurance companies be blamed for their “heartless” actions? By the end of 2023, to keep lower premiums, California’s regulatory agency has been enforcing mandatory price controls on home insurance companies. However, in areas like Pacific Palisades, the home insurance premiums are significantly mismatched with the disaster risk. Since 1980, Pacific Palisades has experienced 6 major wildfires, with 95% of homes facing significant wildfire risks. Faced with such significant loss risks, insurance companies cannot raise premiums, so they have to reject coverage to ensure they won’t go bankrupt due to inability to pay claims.
FEMA official Deanne Criswell: “We see the number of severe weather events increasing, not only in quantity but also in severity.”
However, due to the increasingly frequent extreme weather nationwide, the problem of insurance companies canceling policies is not limited to California. Many insurance companies are trying to increase home insurance premiums, affecting nearly all states in the US. An independent asset survey shows that between 2023 and 2024, the average home insurance premiums in 35 states in the US have increased, with some increasing by as much as 15%.
Bankrate insurance analyst Shannon Martin: “Now with a large number of homes being destroyed, people need a lot of building materials and labor to rebuild, which could deplete resources across the country.”
Whether facing sudden extreme weather or insurance companies pulling out coverage or raising premiums, homeowners are always the most helpless. Experts constantly urge lawmakers to protect consumers, but businesses also need protection. The struggle to regulate the insurance market in the face of frequent natural disasters will be ongoing for Americans.
The Truck Driver Union of the US and Canada’s large warehouse chain supermarket Costco has announced that its truck drivers have voted to strike starting from February 1 if a new agreement isn’t reached between the company and the union by the expiration date of January 31.
The truck driver union represents 18,000 employees of Costco across the US, accounting for 8% of Costco employees. The union stated that 85% of the members approved this action. The truck driver union claims Costco has rejected the union’s wage and benefits demands regarding salary and paid leave. If by January 31, the union fails to reach a new agreement with the management, a strike will be held. It is expected that the strike will impact 56 Costco chain stores in five states in the US.
Starting this year, US and Canadian citizens wanting to travel to Europe or the UK must obtain advance authorization. So what changes should travelers be aware of when planning to travel to these countries? Let’s break it down for you.
Starting January 8 this year, if US or Canadian citizens want to travel to the UK, Wales, Scotland, or Northern Ireland for short trips not exceeding 6 months, they must obtain an electronic travel authorization. This authorization is applicable to travelers for short trips and includes teenagers under 18.
Travelers to the UK must provide detailed personal information such as passport details, travel dates, and mode of transportation before their trip. The application process takes about 20 minutes. In addition to the form filling, travelers will also need to pay a £10, approximately $12.25, application fee. The approval process for the electronic authorization takes about 3 days, but individual cases may take longer. Travelers who do not obtain electronic authorization in advance may risk being denied entry.
For travel to the UK, the electronic authorization is valid for two years.
Starting in May this year, the “European Travel Information and Authorization System” (ETIAS) will also go live. The electronic authorization system has been postponed for four years three times but is expected to be enforced this year. At that time, US citizens wanting to travel to the 27 Schengen Area countries in Europe, as well as Bulgaria, Cyprus, and Romania, among other EU countries, must submit authorization applications online before traveling. They are required to provide detailed personal information, including biometric data, and pay a €7 application fee.
For travel to Go to Europe, the electronic authorization is valid for three years.
Expedia travel expert Melanie Fish: “This is the document you need to apply for on the UK government’s website.”
When budgeting for traveling to Europe, it’s important to factor in these changes. With time passing, more and more countries will require payment of such fees. These seemingly small fees can add up over time.
That’s it for today’s program, thank you very much for watching. “Financial Express”, see you next time.