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One of the most acclaimed and successful American filmmakers in history has left California for New York. 

Steven Spielberg and his wife, Kate Capshaw, officially became New York residents on Jan. 1, according to a report by the Los Angeles Times. The couple relocated to the San Remo co-op on Central Park West in Manhattan, which has previously housed celebrities including Bono, Mick Jagger, Warren Beatty and Tiger Woods.

On the same day that Spielberg reportedly established residency, his production company Amblin Entertainment opened an office in New York City, marking a notable transition away from Hollywood.

Spielberg has owned homes on both the East and West coasts since at least the mid-1990s.

TOP DEMS SANDERS AND REICH RAMP UP BILLIONAIRE TAX PUSH, SAY WEALTHY HAVE ‘ADDICTION’ TO GREED

Speculation around the timing of the move can be linked to a proposed one-time 5% wealth tax on California residents worth $1 billion or more. While it has not yet qualified for the November ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would take effect in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.

Steven Spielberg arrives on the red carpet for the Oscars Nominees Luncheon at The Beverly Hilton on Tuesday, Feb. 10, 2026. (Getty Images)

If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal.

However, Spielberg’s representative said the move has no connection to the potential tax.

“Steven’s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw’s desire to be closer to their New York-based children and grandchildren,” spokesperson Terry Press told the Los Angeles Times.

Press also declined to comment on Spielberg’s position regarding the wealth tax initiative.

If the measure passes, determining who qualifies as a California resident could be complex. The state’s Franchise Tax Board considers multiple factors when evaluating residency, including voter registration, time spent in California, driver’s license issuance, vehicle registration, the location of a spouse and children, and social ties such as religious institutions or country clubs.

It is not publicly known how Spielberg’s relocation would affect any potential exposure should the measure pass, but with a Forbes-estimated net worth of $7.1 billion, he could be expected to pay the Golden State approximately $355 million.

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Spielberg, who was born in Ohio, lived in several states before moving to California and attending California State University, Long Beach, where he later left to take a contract with Universal Studios.

His most impactful films include titles like “Schindler’s List,” “Jaws,” “Jurassic Park,” the “Indiana Jones” franchise, “Saving Private Ryan” and “Catch Me If You Can,” among others.

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Britain recorded its largest monthly budget surplus on record in January as rising tax receipts and a sharp fall in debt interest costs boosted the public finances.

Figures from the Office for National Statistics show government revenues exceeded spending by £30.4bn in January, the highest surplus since monthly records began in 1993 and well above City forecasts of £23.8bn.

January is typically a strong month for receipts because of self-assessment tax payments, but this year’s figure far surpassed the £14.5bn surplus recorded in January 2025.

The improvement was driven partly by a steep drop in debt interest payments, which fell to £1.5bn from £9.1bn in December. Lower borrowing costs have eased pressure on the Treasury’s balance sheet after last year’s market volatility.

Total government revenues rose nearly 14 per cent year-on-year to £133.3bn. Income tax receipts increased by £12bn, while national insurance contributions rose by £2.9bn following higher payroll levies introduced last spring.

Grant Fitzner, chief economist at the ONS, said January had delivered the strongest surplus since records began, with revenue gains offsetting higher spending on public services and benefits.

Across the first ten months of the financial year, borrowing totalled £112.1bn — 11.5 per cent lower than the same period a year earlier and below the £120.4bn forecast by the Office for Budget Responsibility at the November budget.

The improved position strengthens the Treasury’s hand ahead of the spring statement on 3 March, although analysts caution that fiscal headroom remains fragile.

Dennis Tatarkov, senior economist at KPMG UK, said weaker-than-expected growth in late 2025 may have eroded part of the government’s £22bn fiscal buffer, though falling interest rates have provided some offset.

The chancellor, Rachel Reeves, is not expected to announce fresh tax rises or spending cuts at the spring statement. Government U-turns on business rates for pubs and inheritance tax changes have narrowed some of the available headroom.

James Murray, chief secretary to the Treasury, said the government was ensuring taxpayers’ money was spent wisely and that borrowing this year was on track to be the lowest since before the pandemic.

While January’s surplus reflects seasonal factors, the combination of robust tax receipts and easing debt costs provides a temporary lift to the public finances at a critical point in the fiscal year.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Dimon famously didn’t sell any of his stock in the bank for most of the 20 years he’s been in charge of JPMorgan. But that changed at the end of 2023, when Dimon announced that he was selling 1 million shares in the bank, worth around $180 million. He also sold around $233 million of stock last February, too.

He still owns about 6.2 million shares in the bank, worth around $1.9 billion. The shares are held by family trusts, as well as by himself directly and his wife.

Depop has been sold to eBay for $1.2bn, marking a 25 per cent discount to the price paid five years ago by Etsy.

Etsy acquired the London-founded second-hand fashion platform for $1.6bn in 2021 at the height of pandemic-era ecommerce growth. The resale comes as Etsy refocuses on its core handmade and vintage marketplace.

Founded in 2011 by English-Italian entrepreneur Simon Beckerman, Depop built a strong following among younger consumers seeking sustainable and affordable fashion. The platform counted roughly seven million active buyers at the end of last year, nearly 90 per cent of whom were under 34.

For eBay, the deal represents an attempt to deepen its appeal with Gen Z shoppers and strengthen its position in the fast-growing resale segment. Fashion accounts for more than $10bn of eBay’s annual gross merchandise volumes, with second-hand clothing a key driver of growth.

Jamie Iannone, chief executive of eBay, said Depop would benefit from the group’s scale and operational capabilities. “We are confident that as part of eBay, Depop will be well positioned for long-term growth,” he said.

However, analysts suggest the acquisition is partly defensive. Aliyah Siddika of GlobalData described the transaction as “as much about defence as growth”, noting Depop faces intense competition from rivals such as Vinted.

Etsy shares rose nearly 10 per cent after the announcement, reflecting investor support for the decision to exit a business that has delivered lower profitability than its core operations. Major shareholders in Etsy include BlackRock, Goldman Sachs and activist investor Elliott.

Depop is expected to retain its brand and operate with a degree of autonomy under eBay’s ownership, subject to regulatory approval. The all-cash transaction is scheduled to close in the second quarter of 2026.

Peter Semple, Depop’s chief executive, said the deal marked a new chapter. “This transaction is a testament to the growth we have delivered and the strength of our brand and community,” he said.

The sale underscores the shifting valuations within ecommerce, as pandemic-era premiums give way to a more measured approach to growth and profitability.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

The Federal Reserve’s preferred inflation gauge remained elevated in December as price pressures continued to pose a challenge for consumers.

The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index rose 0.4% in December on a monthly basis and is up 2.9% from a year ago. Those figures were both slightly hotter than the estimate of LSEG economists, who predicted 0.3% and 2.8%, respectively.

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.4% on a monthly basis and rose 3% year over year. Both figures were hotter than the expectations of economists polled by LSEG, who estimated the gauges would rise 0.3% and 2.9%, respectively.

Federal Reserve policymakers are focusing on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation.

Headline PCE has trended up to 2.9% after readings of 2.8% in November and 2.7% in October. Core PCE readings were 2.8% or 2.9% dating back to May before it reached 3% in December.

This is a developing story about the December PCE inflation report. Please check back for updates.