Fimalac, the French holding company that owns Fitch, has agreed to sell a 20% stake in the credit rating agency to US media group Hearst in a deal worth nearly $600m (€499m).

The $592m value of the stake is based on the $4.4bn enterprise value for Fitch used during the discussions between Fimalac and Hearst.

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The bank’s economists had predicted tariffs could cause inflation and slow economic growth.

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Gold prices are climbing as the threat of a U.S. economic slowdown becomes increasingly real.

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Some fear a decline in the world-leading economic statistics underpinning U.S. markets.

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The hedge-fund founder’s move ends a tumultuous transition at the firm. Also, Brunei’s sovereign-wealth fund now owns almost 20% of the hedge fund.

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The largest U.S. crypto exchange’s revenue fell short of Wall Street expectations.

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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Microsoft joined Nvidia in the $4 trillion market-cap club, while Meta is closing in on the $2 trillion mark.

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Media group Hearst snaps up 20% of Fitch

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