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Last Week’s Headlines

Economy & World News

• Israel-Iran Ceasefire Collapses Early
  Trump announced a phased ceasefire between Israel and Iran, calling it the end of “The 12 Day War.” But less than 30 minutes after it began, Israel said Iran violated the agreement by launching missiles, vowing a forceful response. Neither side had publicly confirmed the deal at the time of Trump’s post.

• Supreme Court Backs Third-Country Deportations
  The Supreme Court ruled the Trump administration can resume fast-track deportations of migrants to countries other than their home nation. The move lifts a lower court block and stays in effect as legal appeals continue.

• Trump Officials Prepared for Oil Supply Disruptions
  Ahead of U.S. airstrikes and the ceasefire declaration, Trump’s team evaluated options in case of Middle East oil supply shocks. The risk diminished after the ceasefire announcement, but concerns remain.

• Oklahoma City Thunder Win NBA Title
  The Thunder captured the NBA championship, defeating their Finals opponent on Sunday. Analysts say the young roster may mark the start of the league’s next great dynasty.

• NATO Allies Boost Defense Target to 5% of GDP
  NATO members agreed to increase their defense spending target from 2% to 5% of GDP by 2035, citing a renewed commitment to collective security. Allies must submit annual spending plans to meet the new benchmark.

• US and Mexico Discuss Steel Import Quotas
  Washington and Mexico City are negotiating a new quota system to ease tariffs on steel imports. The talks aim to ease pressure on U.S. manufacturers while maintaining trade discipline.

• Zohra Mamdani Defeats Cuomo in NYC Mayoral Primary
  Progressive candidate Zohra Mamdani scored a surprise victory over Andrew Cuomo in the Democratic primary for New York City mayor. The upset signals a shift in voter energy away from establishment-backed candidates.

• EU and US Aim for Tariff Deal Before July 9
  The EU and US are confident they can reach a trade deal before Washington imposes a sweeping 50% tariff on nearly all EU products. The European Commission and White House are holding closed-door talks to avoid a broader trade war.

• Supreme Court Expands Religious Rights in School Curriculum Case
  In a 6-3 decision, the Supreme Court ruled that parents have a constitutional right to opt out of classroom lessons that conflict with religious beliefs. The case centered on LGBTQ-themed books introduced in Maryland public schools without parental notice.

Public Markets

• Tesla Stock Pops 10% on Robotaxi Launch
  Tesla began testing autonomous robotaxis in Austin, charging users a flat $4.20 fare. Elon Musk said the launch puts Tesla in direct competition with Waymo. Investors responded with a 10% bump in TSLA shares.

• Starbucks Explores China Exit
  Starbucks shares climbed after reports surfaced that it’s considering selling its China business. Preliminary talks have begun with more than a dozen potential buyers, including major private equity firms.

• HSBC’s Office Return Plan Threatens Cost Targets
  HSBC is weighing a partial return-to-office for staff in major cities, but internal projections show it could cost up to $200 million annually—posing a threat to CEO Georges Elhedery’s $1.5 billion cost-cutting initiative.

• Microsoft to Cut Jobs in Xbox Division
  Microsoft plans major layoffs in its Xbox gaming unit as part of a broader reorganization. The cuts are expected next week and may affect thousands of employees.

• Nvidia Becomes World's Most Valuable Company Again
  Nvidia shares hit another record high, reclaiming the title of the world’s most valuable company. Despite concerns over China, investors remain bullish on its AI leadership.

• Bumble Stock Jumps 26% on Layoff Plan
  Bumble shares rallied after announcing plans to cut 30% of its workforce. The move, expected to save $40 million annually, marks a return to cost discipline under founder Whitney Wolfe Herd.

• AeroVironment Surges 20% on Strong Earnings
  Drone maker AeroVironment beat fourth-quarter earnings expectations across the board, sending shares up more than 20%.

• Worldline Drops 23% Amid Fraud Cover-Up Reports
  French payment giant Worldline lost over €300 million in market value after reports accused the company of concealing customer fraud. Trading was halted in Paris following a 23% plunge.

• Novo Nordisk’s Wegovy Shows Heart Benefits
  A study published in NEJM confirms that the weight-loss drug Wegovy also cuts heart failure symptoms. Shares of Novo Nordisk rose on the news as it reinforces the drug’s multi-use potential.

Real Estate & Private Equity

• Solenis and NCH Corporation to Merge
  Platinum Equity portfolio company Solenis will merge with NCH Corporation to enhance its water and hygiene solutions platform. The deal is expected to close by year-end 2025.

• JPMorgan Locked Out of Private Credit Market
  JPMorgan traders are reportedly struggling to access the booming private credit market. Industry insiders say the most attractive deals remain closely held, shutting out even the biggest Wall Street players.

• Apollo’s $18B Fund Closes Early
  Apollo Global Management closed its latest flagship buyout fund at $18 billion, below its original $25 billion target. Despite a tough fundraising environment, the firm remains one of the top players in private equity.

• Carlyle Nears $3B Deal for Healthcare Tech Firm
  The Carlyle Group is in advanced talks to acquire a majority stake in a healthcare software company focused on revenue cycle management. The deal is expected to close by early Q3.

M&A, IPO’s, Bankruptcies

• Legal AI Startup Harvey Raises $300M at $5B Valuation
  Harvey, an AI-powered legal tech firm backed by OpenAI and Anthropic, raised $300 million in a Series E round. Now serving over 330 legal clients across 53 countries, it’s the top-valued company in the legal AI sector.

• BP in Early Talks to Be Acquired by Shell
  BP shares jumped 8% on news it is in early-stage discussions to be acquired by Shell. No formal offer has been made, but markets responded swiftly.

• Shein Files Confidentially for U.S. IPO
  Fast-fashion giant Shein filed confidentially for a U.S. IPO. The company is expected to seek a valuation between $50–60 billion. If approved, it would be one of the largest IPOs of the year.

• Authentic Brands to Acquire Champion
  Authentic Brands is acquiring Champion from HanesBrands in a deal worth up to $1.5 billion, including earnouts. The move boosts Authentic’s sportswear portfolio.

• DoorDash Acquires Symbiosys for $175M
  DoorDash is expanding its advertising and retail media strategy with the $175 million acquisition of Symbiosys. CEO Tony Xu says the deal will help strengthen DoorDash’s position as a full-stack commerce platform.