Major US corporations, including Tesla, Google, and Intel, will report earnings this week, alongside Coca-Cola and Verizon. Tesla's report is highly anticipated given recent sales declines and CEO Elon Musk's activities. The housing market's health will be assessed via June's new and existing home sales data. Economic...
Circle's Dante Disparte hails the bipartisan-backed GENIUS Act, praising its clause preventing tech giants from dominating the stablecoin market. The act mandates a standalone entity for non-bank stablecoin issuers, imposing strict regulations including a ban on interest-bearing stablecoins. While critics worry about reduced consumer adoption, Disparte argues this strengthens...
Record-high global insurance losses reached an estimated $84 billion in the first half of 2025, the costliest since 2011, driven primarily by US wildfires and severe storms. US wildfires in January alone accounted for roughly $40 billion, while severe storms caused at least $33 billion in damage. The...
Subnautica 2's development has been thrown into chaos following the firing of Unknown Worlds' founders by Krafton, its parent company. A $250 million bonus payment tied to the game's 2025 release is at the heart of the dispute. The founders claim Krafton intentionally delayed the game's launch to...
Astronomer CEO Andy Byron is under investigation following a viral video showing him embracing the company's head of HR at a Coldplay concert. The incident, captured on the stadium's kiss cam, sparked intense online speculation and betting on Byron's future. Astronomer's board initiated a formal investigation, stating that...
SpaceX's Starbase, the Texas facility developing Starship, reported a significantly higher worker injury rate (4.27 per 100 workers in 2024) than other SpaceX sites and the aerospace industry average. This elevated rate, persisting since 2019, is nearly six times higher than comparable facilities and three times the aerospace average....
NEOM, Saudi Arabia's massive development project, is planning significant staff reductions and relocation of over 1,000 employees to Riyadh to cut costs. This reverses a previous policy of on-site employment. Relocated staff will lose benefits like housing and meals, resulting in lower pay. Potential layoffs are also being...
Chevron completed its acquisition of Hess Corporation, creating a leading integrated oil and gas company with a strong portfolio of assets globally. The merger, approved by the FTC, includes Hess's significant holdings in Guyana and the Bakken shale. Chevron anticipates $1 billion in annual cost synergies by the...
BlackRock's shares fell after China threatened to block CK Hutchison's $22.8 billion Panama Ports deal unless state-owned Cosco becomes an equal partner. BlackRock and MSC, who reached a preliminary agreement in March, are considering including Cosco, but a deal before the July 27 deadline is unlikely. China's concerns...
Major US banks reported unexpectedly strong second-quarter profits, exceeding analysts' forecasts by a significant margin. Profits surged over 20% year-on-year, reaching approximately $39 billion collectively for the six largest banks. This boom is attributed to increased stock and bond trading, corporate acquisitions, and robust loan activity, despite initial market...
