Trump administration policies dominate the economic and political landscape, as FCC approvals for major media mergers like Skydance and Paramount face scrutiny, while the administration’s actions also include a lawsuit against New York over immigration, a sparring relationship with the Federal Reserve over renovations and independence, and new tariffs impacting industries like auto manufacturing, alongside concerns about Nvidia chips being smuggled to China despite export controls.

• FCC Approves Skydance’s Merger With Paramount — The New York Times Business -
• FCC Approves Paramount’s $8 Billion Merger With Skydance — Wall Street Journal -
• ‘South Park’ and Other Paramount Shows Skewer Trump After Settlement — The New York Times Business -

• Trump administration sues New York over immigration enforcement — Financial Times -
• Why Is the Fed Renovation So Expensive? Staff Cite Tariffs and Inflation. — The New York Times Business -
• Trump risks market revolt if he threatens Fed independence, Pimco says — Financial Times -
• Opinion | The UAW Gets a Protectionist Lesson — Wall Street Journal -
• Trump and Powell spar as US president visits Federal Reserve — Financial Times -
• FirstFT: Nvidia chips worth $1bn smuggled to China despite Trump export controls — Financial Times -
• Trump administration allows Chevron to restart Venezuela operations — Financial Times -
• Europe Nears U.S. Trade Deal, but Stands Ready to Retaliate — The New York Times Business -
• South Korea Jockeys for a Deal With Trump at Least as Good as Japan’s — The New York Times Business -
• The Fed Renovations Fueling Trump’s Anger at Jerome Powell — The New York Times Business -
• Summer vibe shift arrives for Wall Street’s deal community — Financial Times -
• Luxury Titan Bernard Arnault Is Pushing World Leaders to Avert a Trade War — Wall Street Journal -
• Union Pacific and Norfolk Southern in talks to create $200bn transcontinental US railway — Financial Times -
• Tesla shares fall as Trump says he wants Musk to ‘thrive’ — Financial Times -
• What Trump should tackle next to boost growth — Financial Times -
• Trump slams ‘woke’ AI models — Financial Times -
• Elon Musk Sees ‘Rough’ Times Ahead for Tesla — The New York Times Business -
• EU to keep trade retaliation in reserve even as deal with US nears — Financial Times -
• Blackstone hails ‘restoration of confidence’ after US trade deals and tax cuts — Financial Times -
• Nvidia AI chips worth $1bn smuggled to China after Trump export controls — Financial Times -
• European stocks gain on hopes of US-EU tariff deal — Financial Times -
• How Fox News is covering the Trump vs Murdoch blockbuster — Financial Times -
• FirstFT: Tesla warns of more pain from Trump policies as profits slide — Financial Times -
• US and EU close in on 15% tariff deal — Financial Times -
• Asian automakers’ profits tumble after ‘unprecedented’ effects of US tariffs — Financial Times -
• Trump tariff troubles, canned version — Financial Times -
• Japan strikes a deal — Financial Times -
• How Trump’s Japan Deal Could Give Japanese Cars a Leg Up in the U.S. — The New York Times Business -
• The risk to poor countries’ exports from the whims of the rich — Financial Times -
• Trump to visit Fed after attacking $2.5bn building renovation — Financial Times -
• Columbia agrees $221mn settlement with Trump administration — Financial Times -
• Trump blocks AI groups with ‘ideological bias’ from government work — Financial Times -
• Trump’s A.I. Challenge: Focus on Weapon Concerns or Woke-ism? — The New York Times Business -
• Judge rejects Trump administration’s request to unseal Epstein documents — Financial Times -

The business world sees significant shifts as Intel announces major layoffs and project cancellations in a bid for rebound, Puma warns of a full-year loss due to falling sales and US tariffs, and Union Pacific enters talks to acquire Norfolk Southern in a potential railway megamerger; additionally, CBS News names a new executive producer for '60 Minutes', Elon Musk directs Tesla investors to focus on robots amidst plummeting EV revenue, and UnitedHealth faces federal probes over its Medicare billing practices.

• Intel to Lay Off 15% of Workers, Cancel Billions in Projects in Bid for Rebound — Wall Street Journal -
• Puma warns of full-year loss as sales fall and US tariffs bite — Financial Times -
• Intel abandons European manufacturing sites as part of turnaround plan — Financial Times -

• CBS News Names Tanya Simon Executive Producer for ’60 Minutes’ — The New York Times Business -
• Union Pacific in Talks to Acquire Norfolk Southern — The New York Times Business -
• Elon Musk Tells Tesla Investors to Focus on a Future Filled With Robots — Wall Street Journal -
• Trade Questions, Slow Leasing Hold Back Warehouse Dealmaking — Wall Street Journal -
• Google’s AI fight is moving to new ground — Financial Times -
• Why ‘Returnless Returns’ Can Pay Off for Companies — Wall Street Journal -
• A Hot Protein Bar Company Has Added a Wild New Product: Frozen Cod Fillets — Wall Street Journal -
• McDonald’s to Test ‘Dirty Sodas’ and Flavored Cold Brews to Cash In on Drinks Craze — Wall Street Journal -
• Opendoor and Krispy Kreme Are Part of a New Generation of Meme Stocks — The New York Times Business -
• Sabadell warns BBVA it would face years of ‘zero synergies’ after a takeover — Financial Times -
• Goldman to forgo second round of job cuts as outlook improves — Financial Times -
• The kids’ economy is a teenage dream — Financial Times -
• Private equity recycles assets — Financial Times -

The UK grapples with domestic challenges as Starmer makes last-ditch appeals to avert a doctors' strike and households prioritize saving more than at any point since 2008, while Whitehall infighting hinders growth initiatives and civil engineering skills shortages worsen; also, Starmer and Modi seal a UK-India trade deal, though British carmakers are underwhelmed, and the country faces debates on water industry transparency and rising shoplifting levels.

• Starmer makes last-ditch appeal to try to avert doctors’ strike in England — Financial Times -
• UK households prioritise saving more than at any point since 2008 crash, survey finds — Financial Times -
• British carmakers left underwhelmed by UK-India trade deal — Financial Times -

• Whitehall infighting hinders search for growth — Financial Times -
• Corbyn sets up ‘Your Party’ to attract leftwing voters from Labour — Financial Times -
• UK civil engineering skills shortage worsens — Financial Times -
• Britain should come clean about its water industry — Financial Times -
• Shoplifting in England and Wales at highest levels since records began — Financial Times -
• Starmer, Farage and the fight to own fairness — Financial Times -
• Starmer and Modi seal UK-India trade deal — Financial Times -
• UK business activity slows as companies hit with rising costs — Financial Times -
• Lloyds Bank chief warns Reeves against higher taxes on City of London — Financial Times -
• Powering UK’s AI growth plan risks burning political capital — Financial Times -
• Sympathy wanes for resident doctors preparing to go on strike — Financial Times -

Global diplomacy and regional conflicts are prominent, with Macron announcing France will recognize a Palestinian state and Saudi Arabia pledging billions in investments in Syria amidst its alarming fragility, while Zelenskyy signals a retreat from a power grab in Ukraine after mass protests; EU and China pursue climate cooperation despite ongoing trade tensions, and Thai fighter jets strike Cambodia as border clashes erupt.

• Starmer urged to match Macron’s plan to recognise Palestinian state — Financial Times -
• Macron says France will recognise Palestinian state in September — Financial Times -
• Steve Witkoff pulls US team out of Gaza ceasefire talks — Financial Times -

• Zelenskyy signals retreat from power grab after mass protests in Ukraine — Financial Times -
• Canadian Company Claims to Find Large Oil Reserves in Poland — The New York Times Business -
• EU and China say ‘green is the colour of co-operation’ in climate leadership pledge — Financial Times -
• The alarming fragility of post-Assad Syria — Financial Times -
• Saudi Arabia Pledges to Invest More Than $6 Billion in Syria — The New York Times Business -
• New German military service targets 40,000 teenagers a year — Financial Times -
• China and E.U. Reach Narrow Agreements on Climate and Rare Earths — The New York Times Business -
• Saudi Arabia pledges to invest billions of dollars in Syria — Financial Times -
• The broken dreams and tightening authoritarian grip of Putin’s Russia — Financial Times -
• Von der Leyen tells Xi EU-China ties are at ‘inflection point’ — Financial Times -
• Thai fighter jets strike Cambodia as border clashes erupt — Financial Times -
• How a Chinese Border Town Keeps Russia’s Economy Afloat — The New York Times Business -
• Brussels warns Beijing its running out of patience on improving relations — Financial Times -
• Germany’s spending gamble | FT Film — Financial Times -
• The polarising power of Andriy Yermak — Financial Times -
• Germany’s spending gamble | FT Film — Financial Times -
• The West’s Insatiable Demand for Missiles Is Boosting U.S. Weapons Makers — Wall Street Journal -

Central banks are in focus, as the ECB pauses its rate-cutting campaign, holding rates steady amid trade disputes, and Turkey cuts its main policy rate as political turmoil eases; broader economic discussions include fuel energy competition to cut high prices, governors rebuking managers of the largest U.S. electric grid, and Roche boss discussing options to cut US drug prices.

• Opinion | Fuel Energy Competition to Cut High Prices — Wall Street Journal -
• E.C.B. Pauses Rate-Cutting Campaign, as Trade Disputes Cloud Outlook — The New York Times Business -
• ECB holds rates steady at 2% — Financial Times -

• Turkey cuts rates as turmoil over arrest of opposition leader eases — Financial Times -
• Inflation and interest rates tracker: see how your country compares — Financial Times -
• Governors Rebuke Managers of Largest U.S. Electric Grid — The New York Times Business -
• Roche boss says ‘very easy’ to cut US drug prices by 50% — Financial Times -
• Fixed-income and currency boom boosts BNP Paribas — Financial Times -

Notable legal and societal issues include Jeffrey Epstein's birthday book containing letters from high-profile figures, an American sentenced for helping North Koreans get jobs at U.S. firms, and Glass Lewis suing Texas over new ESG and DEI limits on proxy advisers; additionally, UnitedHealth confirms civil and criminal Justice Department probes, South Africa sells a mansion seized from the infamous Gupta brothers, and Southwest Airlines faces a lawsuit over a passenger ejected due to race, while BCG decides not to publish an internal probe into Gaza modeling work.

• Jeffrey Epstein’s Birthday Book Included Letters From Bill Clinton, Leon Black — Wall Street Journal -
• American Sentenced to 8½ Years in Prison for Helping North Koreans Get Jobs at Nike, Other U.S. Firms — Wall Street Journal -
• Glass Lewis sues Texas over new ESG and DEI limits on proxy advisers — Financial Times -

• UnitedHealth Confirms Civil and Criminal Justice Department Probes — Wall Street Journal -
• South Africa sells staff mansion seized from infamous Gupta brothers — Financial Times -
• UnitedHealth Will Cooperate With Federal Probe of Its Medicare Billing Practices — The New York Times Business -
• BCG will not publish internal probe into Gaza modelling work — Financial Times -
• Southwest Passenger Says She Was Ejected From Flight Based on Her Race — The New York Times Business -
• Southern California Edison Creates Fund for LA-Area Eaton Fire Victims — The New York Times Business -

A range of commentary and cultural notes are included, from the death of wrestling superstar Hulk Hogan and an opinion on the Democrats' 'autopsy' flop, to a detailed guide to the best tacos in Los Angeles; other pieces reflect on how economics teaching has become 'Aeroflot of ideas' and delve into the implications of our shrinking and ageing world.

• Hulk Hogan, Wrestling Superstar, Is Dead at 71 — The New York Times Business -
• Opinion | Democrats’ ‘Autopsy’ Flop — Wall Street Journal -
• An extremely detailed guide to the best tacos in Los Angeles — Financial Times -

• Economics teaching has become the Aeroflot of ideas — Financial Times -
• Our shrinking and ageing world — Financial Times -