• Burnham keynote speech as it happened: plan unveiled for devolution of power — Financial Times - 17:31
• Burnham’s radical localism alone won’t fix the UK economy — Financial Times - 17:17
• Supreme Court protects the Federal Reserve, but what about everybody else? — Financial Times - 17:07
• Opinion | Washington Needs a Look in the Mirror, Not the Camera — Wall Street Journal - 17:03
• Construction-Products Supplier Carlisle Made Unsolicited Offers for Rival — Wall Street Journal - 17:02
• France Passes New Law to Fine Shein, Temu and Ultrafast Fashion — Wall Street Journal - 16:57
• AI Data Centers Have Been Great for the Steel Industry. Now, a Power Crisis Looms. — Wall Street Journal - 16:34
• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal - 16:31
• In San Francisco’s A.I. Era, Even $180,000 Tech Salaries Are No Longer Enough — The New York Times Business - 16:27
• Supreme Court blocks Trump from sacking Fed governor Cook — Financial Times - 16:27

The US says it has agreed a deal with Iran to halt strikes and resume talks amid heightened risk from U.S.-Iran strikes causing ships to pull back in the Strait of Hormuz, which sees oil prices rise as a deal to suspend Gulf attacks is discussed, while **Lebanon’s deal with Israel sparks backlash and Gazans turn to clay and rubble to build new homes**.

• US says it has agreed deal with Iran to halt strikes and resume talks — Financial Times -
• Ships Pull Back Amid Heightened Risk From U.S.-Iran Strikes — The New York Times Business -
• Lebanon’s deal with Israel sparks backlash — Financial Times -

• Oil Prices Rise as U.S. and Iran Discuss Deal to Suspend Gulf Attacks — The New York Times Business -
• China Emerges as a Relative Winner From Strait of Hormuz Crisis — The New York Times Business -
• UK poised to act over Iran sanction breaches — Financial Times -
• Gazans turn to clay and rubble to build new homes — Financial Times -
• In Strait of Hormuz, Renewed Strikes Threaten to Set Back Shipping Recovery — The New York Times Business -

The integration of AI into Madison Avenue and **AI fueling a record $200bn M&A boom in the US power sector underscore AI's transformative economic impact, alongside Samsung and SK Hynix's plans for a $520 billion chipmaking expansion and Rocket Lab's acquisition of satellite operator Iridium to challenge SpaceX, all contributing to a new AI-based world order and prompting Airbus to secure a $3.42 billion loan for tech sovereignty**.

• Madison Avenue Is Going All In on AI — Wall Street Journal -
• Rocket Lab Buys Satellite Operator Iridium in Bid to Challenge SpaceX — Wall Street Journal -
• AI money is going to swamp the midterms this year — Financial Times -

• Airbus to Get $3.42 Billion Loan From European Investment Bank in Tech Sovereignty Push — Wall Street Journal -
• FirstFT: AI fuels record number of power sector deals — Financial Times -
• Samsung, SK Hynix to Spend $520 Billion on Chip Plants in South Korea — Wall Street Journal -
• A.I. ‘Employees’ Might Disrupt Work in Unexpected Ways — The New York Times Business -
• Samsung and SK Hynix plan $600bn chipmaking expansion — Financial Times -
• The new AI-based world order — Financial Times -
• The leap of faith behind SpaceX’s mega bond deal — Financial Times -
• AI fuels record $200bn M&A boom in US power sector — Financial Times -
• AI wakes up the sleepy US power sector — Financial Times -

Comcast's decision to spin off NBCUniversal and Sky marks a significant industry restructuring, as BAT plans to reduce its workforce by nearly a fifth, while **Martin Marietta strikes a $13.5 billion deal for a limestone supplier and Verizon and BT combine their overseas operations, reflecting dynamic mergers, acquisitions, and workforce adjustments** in a competitive business landscape.

• Comcast to Spin Off NBCUniversal, Ending a Long Union of Cable and Media — The New York Times Business -
• Comcast Plans Company Split as Competition Escalates — Wall Street Journal -
• BAT to Reduce Workforce by Nearly a Fifth — Wall Street Journal -

• Could Comcast and NBCUniversal Do Deals After They Break Up? — The New York Times Business -
• Digi to Launch IPO for Spanish Unit — Wall Street Journal -
• CVC Capital Partners to Buy Ingredients Business Irca From Advent — Wall Street Journal -
• Martin Marietta Strikes $13.5 Billion Deal for Limestone Supplier — Wall Street Journal -
• Verizon, Britain’s BT to Combine Overseas Operations — Wall Street Journal -
• Comcast to spin off NBCUniversal and Sky — Financial Times -
• Prosus Targets $5 Billion Buyback, More Acquisitions to Drive Growth — Wall Street Journal -

Andy Burnham's vow to 'rewire' the British state and plans for 'Number 10 North' highlight a push for devolution and addressing living costs, while the UK statistics agency faces criticism for errors and the City of London police confronts an existential crisis, all amidst debates over Britain's overwhelming case for meaningful devolution and the potential return of David Miliband to politics.

• Burnham vows to ‘rewire’ British state — Financial Times -
• Burnham’s big challenges on devolution — Financial Times -
• Five things we learnt from Andy Burnham’s speech — Financial Times -

• Burnham plans ‘Number 10 North’ in bid to reboot Britain — Financial Times -
• Britain’s case for meaningful devolution is overwhelming — Financial Times -
• The ONS: an Outrage of National Significance — Financial Times -
• Westminster braced for another act in Miliband brothers saga — Financial Times -
• The existential crisis facing the City of London police — Financial Times -
• Tech: the UK’s big growth hope — Financial Times -

Morgan Stanley's warning of a rising risk of a deleveraging event and Warsh's Fed communication adding volatility to rates markets signal financial unease, as freight shipping costs surge to beat new Trump tariffs, China says it can withstand a trade freeze ahead of EU talks, and Europe risks starting winter with gas stocks at a 15-year low, while Hungary's new PM reveals Orban hid half of the budget deficit and Indonesia sees protests as currency weakens.

• ‘The risk of a deleveraging event is rising’ — Financial Times -
• Supreme Court blocks Trump from sacking Fed governor Lisa Cook — Financial Times -
• Orbán hid half of Hungary’s budget deficit, new PM says — Financial Times -

• How Warsh Has Begun to Change the Fed — The New York Times Business -
• How China wriggled free when Trump closed a tariff loophole — Financial Times -
• China says it can withstand trade freeze ahead of EU talks — Financial Times -
• China targets more Japanese companies with export controls — Financial Times -
• AInflation is real but tiny — Financial Times -
• European producers press Brussels to shut Russian aluminium loophole — Financial Times -
• Warsh’s Fed communication is adding volatility to rates markets — Financial Times -
• Indonesians sour on Prabowo as currency weakens — Financial Times -
• Europe risks starting winter with gas stocks at 15-year low — Financial Times -
• Freight shipping costs surge as companies race to beat new Trump tariffs — Financial Times -
• India within ‘striking distance’ of 8% growth, says top Modi aide — Financial Times -
• Japan IPOs fall to 15-year low with no rapid rebound in sight — Financial Times -

The passing of Les Mills, founder of a global fitness chain, highlights a legacy in health, while bed-and-breakfasts challenge Airbnb with unique offerings, cheap, small pickups show signs of a comeback in the automotive market, and **Bridgepoint makes a $1.4bn bet on US property, reflecting diverse business developments and market shifts including WeWork's CEO on rebuilding a wayward brand and the historic ties between US industry and defense**.

• In the U.S., the Ties Between Industry and Defense Go Back to the Country’s Founding — Wall Street Journal -
• Les Mills, Olympian Who Founded Fitness Chain, Dies at 91 — The New York Times Business -
• He Dared to Buy Senior Housing at Its Lows. Now He Runs a $160 Billion Empire. — Wall Street Journal -

• Automakers Built Ever-Larger Trucks. Can Cheap, Small Pickups Make a Comeback? — Wall Street Journal -
• Bed-and-Breakfasts Vs. Airbnb — The New York Times Business -
• UK’s Bridgepoint buys real estate unit in $1.4bn bet on US property — Financial Times -
• ‘You saw it get out of hand’: WeWork’s CEO on rebuilding a wayward brand — Financial Times -
• The Cutthroat Battle to Become America’s Rare-Earth Champion — Wall Street Journal -
• The Baby Formula Probe Produced a Pile of Evidence. Then the DOJ Dropped the Case. — Wall Street Journal -