Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Japan Trade Weakness – July exports plunged 10.1%, the steepest in four years, led by falling U.S. demand. Analysts warn tariffs may deepen the slowdown.

• UK Inflation Surprise – CPI hit 3.8% YoY in July, above forecasts, with expectations it could peak at 4% in September before easing.

• U.S.–EU Tariff Framework – Washington and Brussels finalized details on tariffs for autos and pharmaceuticals, reshaping their trade pact.

• Canada Steps Back – Ottawa will drop many retaliatory tariffs on U.S. goods to ease tensions and keep trade ties aligned with NAFTA rules.

• Trump vs. Powell – At Jackson Hole, Fed Chair Powell hinted at possible rate cuts, but Trump blasted the Fed as “too late” and threatened to fire Governor Lisa Cook. Markets rallied on the prospect of easing.

• South Korea Bets on U.S. Shipbuilding – Seoul is committing $150B to help revive U.S. shipyards under Trump’s plan, a bold expansion play that carries big risks.

• Trump vs. Fed Governor Cook – Trump escalated by saying he will fire Lisa Cook if she doesn’t resign, signaling his push to reshape the Fed’s leadership.

Public Markets

•  Novo Nordisk – Shares gained after Wegovy won U.S. approval for liver disease treatment. Novo also cut Ozempic’s price to $499/month for cash payers amid affordability pressure.

• Apple’s India Shift – iPhone production for U.S.-bound models is expanding at five Indian plants, reducing reliance on China. Apple is also in talks to use Google Gemini AI for Siri.

• Target CEO Transition – Insider Michael Fiddelke will succeed Brian Cornell as CEO in February. Stock dropped ~9% as investors worry about sales weakness.

• Meta’s Hiring Freeze – After a summer surge, Meta is cooling its AI hiring spree, shifting focus toward cost discipline.

• SpaceX Struggles – Costly Starship explosions are testing investor patience as Elon Musk’s rocket program faces delays and mounting expenses.

• Meta Smart Glasses – At its September Connect conference, Meta will debut Hypernova AR glasses with displays and wristband controls, priced at ~$800.

• Google Cloud Scores Meta – Meta signed a $10B, six-year deal to shift workloads to Google Cloud, a move away from reliance on AWS and Azure.

Real Estate & Private Equity

•  Saudi’s Winter Games Doubts – Saudi Arabia may relocate the 2029 Asian Winter Games due to delays at its Trojena ski resort, with China and Korea in discussions as backup hosts.

• Bill Ackman’s Education Bet – Ackman is launching Alpha School, a private network focused on AI learning while rejecting DEI, with first campuses in New York, Texas, Florida, and California.

• Johnson & Johnson Bets on U.S. Manufacturing – J&J will spend $2B to expand U.S. drug production capacity as tariffs threaten supply chains.

M&A, IPO’s, Bankruptcies

•  Soho House Buyout – Private deal values the members-only club at $2.7B, led by hotel owner MCR at $9/share, an 83% premium over pre-offer prices.

• Shein’s IPO Pivot – Fast-fashion retailer is considering relocating its base from Singapore back to China to smooth approval for a Hong Kong listing.

• SoftBank x Intel – SoftBank investing $2B in Intel at $23/share, doubling down on U.S. chip innovation despite Intel’s challenges.

• OpenAI Secondary Sale – Staff set to sell $6B in stock at a $500B valuation, led by SoftBank, Thrive, and Dragoneer. Employees gain liquidity without an IPO.

• Anthropic Megaround – Rival AI firm in talks to raise up to $10B, one of the largest AI funding rounds ever, fueled by soaring investor demand.