Business
Igor Babuschkin, a veteran of OpenAI and xAI, has secured $1.1 billion in fresh capital for his startup, River AI. The funding round, led by General Catalyst and AMP PBC, aims to pivot the enterprise sector away from monolithic, black-box systems toward custom-built models tailored to private corporate data.
Business
Norway’s sovereign wealth fund, a $2 trillion behemoth, could see its entire value vanish in a severe market correction. CEO Nicolai Tangen issued this blunt warning during a political conference in Arendal, characterizing the current global financial climate as an inherently abnormal environment that defies standard economic logic.
Business
Deputy Prime Minister Matteo Salvini is pushing for a three-year fiscal levy on Italy’s ten largest banks to bolster public finances. The League party leader proposed a 5% annual tax, arguing that the banking sector’s robust profitability provides a clear opportunity to generate significant revenue for the national budget.
Business
The U.S. Treasury market faces a volatile stretch as Brent crude prices hover near $90 a barrel, fueling persistent inflation fears. With the 30-year bond yield climbing to 5.28%—the highest level in two decades—investors are bracing for a high-stakes week of debt auctions and critical inflation data.
Business
With J.P. Morgan pushing its 2026 forecast to the 8,000 mark, major brokerages are doubling down on a bullish outlook for the S&P 500. Analysts are betting that the relentless momentum of artificial intelligence and robust corporate earnings will insulate U.S. markets from the volatility of Middle Eastern energy disruptions.
Business
The Danube has hit a historic low of 1,370 cubic meters per second at the Romanian border, forcing state operator Nuclearelectrica to prepare for the shutdown of its last operational nuclear reactor. With one unit already offline since July, the potential loss of the second would cripple 20% of national power.
Business
Fast-fashion giant Shein is preparing to launch a long-awaited initial public offering in Hong Kong as early as August 19, according to three people familiar with the matter. The Singapore-based retailer has spent the current week marketing the share sale to potential investors, signaling a critical move for the e-commerce firm.
Business
Reserve Bank of India Governor Sanjay Malhotra confirmed that BRICS member states are actively exploring the integration of national fast payment systems and central bank digital currencies. This initiative aims to streamline cross-border financial transactions and significantly reduce the associated costs for participating economies as India prepares to host the 2026 summit.
Business
Excessively bright low-beam headlights on more than 20,000 Tesla vehicles have triggered a U.S. safety recall. Federal regulators warned that the intense illumination risks blinding oncoming motorists, significantly increasing the probability of collisions on public roads as the company grapples with a string of technical investigations.
Business
A parliamentary committee convenes Tuesday to evaluate a $20 billion capital hike for UBS, pitting government-mandated safeguards against industry concerns. Lawmakers are currently navigating a legislative middle ground, debating whether to allow the bank to use cheaper debt instruments to meet the heightened requirements intended to insulate taxpayers from future instability.
Business
JPMorgan Chase is cementing its footprint in Asia Pacific, committing to a sustained recruitment drive through 2027. This expansion follows a banner year for the bank’s regional corporate division, which saw revenue climb by more than 20%, fueled by rapid industrial shifts and the ongoing artificial intelligence boom.
Business
Sao Paulo civil police have formally accused two Goldman Sachs representatives of orchestrating a fraud scheme involving a contentious tender offer for cancer treatment group Oncoclinicas. Investigators claim the executives deliberately obscured ownership details to bypass mandatory share purchase rules, directly harming the interests of minority shareholders.
Business
Royal Bank of Canada and BMO Financial Group have reached an agreement to sell their jointly owned payment processor, Moneris Solutions, to the technology investment firm Francisco Partners. The transaction, valued at C$2 billion, marks the exit of Canada’s two largest banks from a business they have controlled for 25 years.
Business
Flowers Foods is actively seeking a buyer for its Tastykake snack business, a move signaling a shift in strategy for the Georgia-based packaged food giant. The company has engaged the Royal Bank of Canada to facilitate the divestiture, which could carry a valuation of approximately $350 million.
Business
Berkshire Hathaway shares climbed to their highest valuation since Warren Buffett stepped down as chief executive in May 2025, buoyed by robust quarterly earnings and a strategic shift toward aggressive capital deployment under successor Greg Abel, who has begun systematically trimming the conglomerate's massive cash reserves.
Business
The U.S. Senate adjourned for a five-week August recess without holding a critical vote on the Clarity Act, leaving the digital asset industry’s landmark regulatory push in legislative limbo. With the chamber deadlocked, Majority Leader John Thune has scheduled a procedural test for September 15, though prospects for passage remain slim.
Business
Beijing has appointed Deutsche Bank as a clearing institution for the renminbi, marking the first time a European lender has gained this mandate. The move provides direct access to China’s onshore financial infrastructure, effectively positioning the German bank as a primary gateway for European firms navigating cross-border trade with the mainland.
Business
Since its February 2025 launch, the A7A5 rouble-backed stablecoin has processed nearly $140 billion in transactions. Pyotr Fradkov, CEO of PSB Bank, identifies the asset as the largest non-dollar stablecoin currently in operation, serving as a primary settlement tool for Russian firms navigating international trade under heavy Western sanctions.
Business
Retail traders shifted to net sellers of SpaceX stock on August 7, offloading $4.5 million in shares. This reversal marks the first instance of net selling since the company’s June debut, breaking a streak of persistent buying that defined the rocket manufacturer’s initial months on the public market.
Business
President Donald Trump has ignited a fresh political firestorm, demanding that Federal Reserve Governor Lisa Cook address mortgage allegations within three weeks or face dismissal. This ultimatum arrives as the central bank navigates a cooling labor market and persistent inflation, casting a long shadow over the Fed’s institutional autonomy.
Business
After more than three decades at Morgan Stanley, Jean-Baptiste Charlet is moving to Citigroup to oversee the bank’s French business. The appointment, announced Monday, places the HEC Paris graduate at the helm of the firm’s strategy in France, tasking him with managing both country operations and banking activities.
Business
Pierin Vincenz, the former CEO of Raiffeisen Bank, returned to a Zurich courtroom on Monday to challenge his 2022 conviction for fraud. The high-profile appeal revisits allegations that Vincenz and his associate, Beat Stocker, orchestrated illicit gains by maneuvering company acquisitions to benefit their own private stakes.
Business
Grace Adama spends her days working at a health NGO in Abuja, yet her salary vanishes within a week of arrival. As President Bola Tinubu’s government enforces drastic fiscal reforms to pull the nation from crisis, millions of Nigerians are finding that survival has become an increasingly unaffordable luxury.
Business
The Israeli fintech firm Plus500 posted a rise in half-year core profit to $187.5 million, marking a 1% increase driven by heightened trading activity. The company’s strategic push into the U.S. market and the introduction of new prediction-based products have bolstered its performance despite recent fluctuations in customer acquisition.
Business
After rigorous scrutiny by the European Central Bank and French regulators, fintech giant Revolut has officially secured a banking license in France. This regulatory milestone marks a strategic shift for the London-based company, which is now preparing to anchor its continental operations through a significant expansion of its local workforce.
Business
A fragile recovery in Germany’s commercial real estate sector has stalled, with prices dipping 1% in the second quarter. The reversal, confirmed by the VDP banking association, highlights the market's acute sensitivity to inflationary pressures and rising interest rates triggered by escalating conflicts across the Middle East and beyond.
Business
Westpac Banking Corp triggered a broad sell-off in Australian financial stocks on Monday, with shares tumbling over 5% following a sharp decline in mortgage applications. The drop pulled the benchmark S&P/ASX 200 index down 0.5% to 9,220.30 points, overshadowing gains in the mining sector as investors anticipate the Reserve Bank of Australia’s upcoming policy decision.
Business
A 20% slide in mortgage applications at Westpac signals a deepening retreat in Australia’s property market. The bank’s latest data confirms that the federal government’s decision to scrap investor tax concessions is hitting the bottom line, forcing a sharp downward revision of growth forecasts for the country’s second-largest lender.
Business
With the Senate heading into its August recess, Majority Leader John Thune has initiated a procedural move to advance the Clarity Act. This legislative push aims to establish the first comprehensive federal rulebook for digital assets, setting the stage for a high-stakes showdown upon the chamber's return in September.
Business
After fourteen consecutive quarters of shedding assets, Warren Buffett’s conglomerate has abruptly shifted strategy. Berkshire Hathaway deployed billions into the stock market between April and June, snapping up a massive $10 billion stake in Alphabet while simultaneously accelerating the pace of its own share buybacks to levels unseen since 2021.
