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Last Week’s Headlines

Economy & World News

• Trump Extends China Deadline, No Gold Tariff
  President Trump extended a deadline for higher tariffs on China but clarified gold will not face tariffs, calming markets after last week’s surprise customs ruling sent gold to record highs.

• India Inflation Hits 7-Year Low
  India’s consumer inflation slowed for the ninth straight month to 5.5%, the lowest since 2017, driven by easing food prices. The drop gives the central bank more flexibility as it balances growth with Trump’s tariff pressures.

• Trump Taps Critic to Lead Labor Bureau
  President Trump will nominate E.J. Antoni, a Heritage Foundation economist and longtime critic of how jobs data is reported, to lead the Bureau of Labor Statistics.

• Fed Chair Search Widens
  With Powell’s term set to end, contenders for Fed chair now include vice chairs Michelle Bowman and Philip Jefferson, as well as Dallas Fed President Lorie Logan, alongside frontrunner Scott Bessent.

• Italy to Curb Chinese Stakes in Key Firms
  PM Giorgia Meloni’s government is weighing measures to limit Chinese ownership in strategic Italian companies, aiming to ease tensions with the U.S. while protecting national interests.

• U.S. Inflation Eases to 2.7% in July
  The CPI rose 2.7% year-over-year in July, slightly below expectations. Despite tariff pressures, inflation showed only modest impacts, reinforcing hopes of stability in consumer prices.

• India Inflation Hits Lowest Since 2017
  (From earlier batch) India’s headline inflation slowed to 5.5%, extending a nine-month decline and giving the RBI room for looser policy as it faces U.S. tariff risks.

• Turkey’s Opposition Faces Crackdown
  Jailed Istanbul mayor Ekrem Imamoglu, seen as Erdogan’s strongest rival, signaled he may back another candidate if barred from running. His comments highlight intensifying political repression ahead of elections.

• UK Economy Outperforms Expectations
  The UK grew 0.3% in Q2, better than forecasts of 0.1%. Weak April/May activity rebounded strongly in June, easing recession fears.

• U.S. Wholesale Prices Surge
  Producer prices jumped 0.9% in July, the biggest gain since 2022. Core PPI also rose sharply, denting hopes for a near-term Fed rate cut.

• Singapore’s Paycheck Problem
  60% of Singaporean workers lived paycheck-to-paycheck in 2024, far higher than regional peers. Rising costs in one of the world’s priciest cities are straining household budgets.

• Japan GDP Surprises to Upside
  Japan’s economy grew 0.3% in Q2 (1.2% YoY), beating expectations thanks to strong exports. Net exports alone added 0.3 points to GDP.

• China Growth Slows Sharply
  Retail sales rose just 3.7% YoY in July (vs. 4.6% expected), while industrial output hit its weakest pace since Nov 2024. Investment also cooled, underscoring China’s faltering recovery.

• Bolivia Banks on Dirty Gold
  Bolivia’s central bank has swapped over $3B in murky, untraceable gold for U.S. dollars to shore up reserves — highlighting the country’s precarious finances and fueling an unregulated gold rush.

Public Markets

•  C3.ai Plunges 20% on Weak Sales
  C3.ai stock collapsed after reporting preliminary Q1 revenue of $70–70.4M, down from $87M a year earlier. CEO Tom Siebel called the results “completely unacceptable” as the company restructures its sales operations.

• SoftBank Bets Big on AI
  Masayoshi Son is doubling down on AI, positioning SoftBank at the center of the revolution with major investments in Arm and OpenAI. Son has framed AI as the group’s defining future bet.

• Nvidia & AMD Pay 15% of China Chip Sales to U.S.
  Nvidia and AMD agreed to share 15% of their Chinese chip revenue with the U.S. government in exchange for export licenses. The move follows a freeze earlier this year as Washington tightened controls on advanced chip sales to China.

• Software Stocks Plunge on AI Disruption Fears
  A selloff erased billions in market value as worries mounted that AI could threaten traditional software businesses. Monday.com dropped 30%, SAP fell 7%, and peers like Sage and Dassault also sank.

• Cava Stock Tanks on Weak Sales
  Cava shares plunged 16% after missing revenue estimates and cutting its same-store sales forecast. The Mediterranean chain also announced an investment in restaurant automation startup Hyphen.

• CoreWeave Crashes 20%
  Shares sank after the AI cloud firm posted a wider-than-expected Q2 loss, just as its post-IPO lock-up is set to expire. Analysts flagged weak guidance as a risk to its lofty valuation.

• Kodak Struggles Despite Gen Z Hype
  Even with a film-camera revival driven by Gen Z nostalgia, Kodak reported financial stress in Q2. Debt pressure overshadows its retro-fueled sales lift.

• Peloton Bets on AI Makeover
  Peloton unveiled its biggest product refresh in years — updated bikes, new accessories, and AI features. The push aims to revive sluggish sales and recapture growth momentum

• Apple Plots AI Hardware Comeback
  Apple is working on AI-driven robots, smart home displays, and a lifelike Siri revamp. The move is its boldest push yet to catch up in the AI race.

• Foxconn Profit Soars on AI Servers
  Apple’s main supplier beat forecasts with Q2 profit up 27%. AI server demand is fueling growth, with revenue from that unit expected to surge 170% YoY.

• Buffett Bets on Health Care
  Berkshire Hathaway disclosed a new $1.6B stake in UnitedHealth (5M+ shares), while trimming Apple and Bank of America. UNH stock jumped double digits after the news.

• Lilly Strikes $1.3B Obesity Drug Deal
  Eli Lilly signed a licensing pact with Superluminal Medicines worth up to $1.3B to develop next-gen obesity treatments, doubling down on its blockbuster weight-loss pipeline.

Real Estate & Private Equity

• Citi Scrutinized for $1B Sanctioned Oligarch Dealings
  Citigroup oversaw more than $1B in transactions linked to a Delaware trust where sanctioned Russian oligarch Suleiman Kerimov allegedly concealed a stake. Citi says it complied with U.S. laws but faces renewed regulatory pressure.

• Evergrande to Delist Amid China Property Crisis
  China Evergrande will be delisted from Hong Kong on Aug. 25, marking the symbolic end of the country’s largest developer collapse. Its downfall triggered China’s housing crisis and remains a drag on growth.

• Hong Kong’s Funding Boom Risks U.S. Backlash
  Chinese firms are rushing to raise capital in Hong Kong, turning the city into a global funding hub. The surge could reignite U.S.-China tensions, with Wall Street banks caught in the middle.

• Private Equity’s “Financial Alchemy” Under Fire
  Continuation vehicles (CVs), once a niche tool, are now exploding in use as dealmaking slows. Some firms are even layering CVs of CVs, alarming investors about liquidity risks and transparency.

• Goldman Offers Hedge Fund Access
  Goldman Sachs is offering wealthy clients access to Izzy Englander’s $70B Millennium Management with commitments as low as $1M — a rare opportunity into one of the world’s most exclusive hedge funds.

M&A, IPO’s, Bankruptcies

•  Paramount Buys UFC Rights in $7.7B Deal
  Paramount will acquire exclusive U.S. streaming rights to UFC for $7.7B over seven years starting 2026. The deal, its first big move post-Skydance merger, ends ESPN’s pay-per-view model and makes all UFC fights available on Paramount+.

• Perplexity Offers $34.5B for Chrome
  AI startup Perplexity has offered to buy Google’s Chrome browser for $34.5B, backed by venture investors. The bid follows a DOJ push for Google to divest Chrome after losing an antitrust case.

• Bullish Crypto Exchange Doubles on NYSE Debut
  Crypto platform Bullish surged 140% in its NYSE debut after raising $1.1B in its IPO. Shares opened at $90, far above the $37 offering price, signaling strong institutional demand for digital asset platforms.

• White House Eyes Intel Stake
  The Trump administration may use Chips Act funds to buy into Intel, aiming to stabilize the struggling chipmaker and strengthen domestic semiconductor production.