Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• U.S. Government Buys Stake in Intel – President Trump announced the U.S. will take a 10% equity stake in Intel, converting Chips Act grants into ownership. Analysts expect this move could be replicated with other struggling tech firms. White House advisor Kevin Hassett later confirmed this is part of a broader plan to form a sovereign wealth fund, signaling more deals ahead.

• Immigration & Policy – Kilmar Abrego Garcia, a 30-year-old Salvadoran, was arrested at an ICE office in Baltimore and is now set for deportation, according to Secretary Kristi Noem. The case sparked public attention at the field office.

• Trump vs. Fed Governor Lisa Cook – President Trump announced he would remove Fed Governor Lisa Cook, citing allegations of falsified documents. Cook argues he has no authority to fire her and will not resign. She plans to sue, setting up a constitutional legal battle. Trump says he’s prepared for a fight, while the Fed has signaled it will follow court rulings.

  • Fed Governor Lisa Cook sued President Trump after he moved to fire her over alleged mortgage fraud. Legal experts say the case could set precedent on the independence of the Federal Reserve.

• Banks Warn on Crypto Risk – Major U.S. banks, led by Citigroup, warn that a new law allowing crypto exchanges to pay interest on stablecoins could trigger a $6.6T outflow from banks, similar to the 1980s deposit flight. Banking groups are lobbying regulators to step in.

• Exxon & Russia Backchannel Talks – ExxonMobil secretly held talks with Rosneft about resuming operations in Russia, potentially marking a dramatic shift after its 2022 exit following the Ukraine invasion.

• Tariff Turmoil – President Trump imposed a sweeping 50% tariff on Indian goods, straining U.S.–India ties after Delhi’s Russian oil purchases. Meanwhile, the EU plans to drop U.S. industrial tariffs to meet Trump’s demands, and Mexico will raise tariffs on Chinese imports in line with Washington’s push against Beijing.

• Public Health Shake-Up – The FDA ended broad COVID-19 vaccine authorizations, restricting access mainly to high-risk groups. Shortly after, the White House fired CDC Director Susan Monarez, sparking resignations from four other top health officials in a massive leadership shake-up.

• Tariffs Reshape Trade Flows – U.S. tariffs are forcing shifts in global supply chains: Rio Tinto, one of the world’s biggest aluminum producers, is now buying in the U.S. market. The U.S. trade deficit surged 22% in July as companies rushed imports ahead of tariff hikes.

• India’s Growth Surprises – India’s economy grew 7.8% in Q2 FY26, outpacing forecasts. Strong corporate earnings and lower inflation helped, though new U.S. tariffs could weigh on future growth.

• Core Inflation Climbs – U.S. core inflation rose to 2.9% in July, the highest since February, while consumer spending and incomes also increased, keeping pressure on the Fed.

• Thailand Political Crisis – Thailand’s constitutional court ousted Prime Minister Paetongtarn Shinawatra for ethics violations, sparking deeper political turmoil and uncertainty about leadership stability.

• US Embraces Crypto – The U.S. government began publishing GDP data on public blockchains (Bitcoin, Ethereum, Solana, etc.), signaling stronger federal support for crypto transparency.

Public Markets

•  Apple’s Big Reinvention – Tim Cook unveiled plans for a three-year roadmap to reinvent the iPhone, starting with the iPhone X refresh this fall. The initiative aims to deliver a “once-in-a-generation” overhaul.

  • Apple Sets Launch Event – Apple announced a September 9th launch event, expected to unveil the iPhone 17. This follows news of a three-year plan to reinvent the iPhone lineup.

• Eli Lilly Weight-Loss Pill Advances – Lilly’s pill orforglipron helped patients lose nearly 10% of body weight in a pivotal trial, bringing it closer to approval. The obesity pill market is projected to hit $95B by 2030.

• Musk Sues Apple & OpenAI – Elon Musk filed a lawsuit accusing Apple and OpenAI of unfair practices that restrict competition in AI across iPhones. He claims the companies are colluding to box out rivals like his AI firm, xAI.

• UnitedHealth Under Expanded DOJ Probe – The Justice Department widened its criminal investigation into UnitedHealth, now scrutinizing its prescription management unit Optum Rx and physician payments. The company says it has “full confidence” in its practices.

• Google Restructuring – Google cut 35% of managers overseeing small teams over the past year, with Sundar Pichai stressing efficiency as the company scales. Several divisions offered voluntary exit packages.

• Nvidia Earnings Beat – Nvidia topped Wall Street estimates with 56% growth in data center revenue, cementing its role at the core of the AI boom.

Real Estate & Private Equity

• Activist Investors Target NYT – Fivespan Partners, founded by ex-ValueAct managers, disclosed a stake in The New York Times. They aim to push AI adoption to grow subscriptions, marking another activist campaign at the media company.

• Hooters Revival Plan – After filing for bankruptcy, Hooters’ new buyers are pitching a comeback strategy: doubling down on its signature mix of short shorts and butter-heavy food, aiming to make the brand “delightfully tacky” again.

• Cracker Barrel Backs Down – Cracker Barrel scrapped its new logo after social media backlash and a stock slump, reverting to its traditional branding.

M&A, IPO’s, Bankruptcies

• Stark Raises $62M for Military Drones – German defense startup Stark, backed by Sequoia Capital and Peter Thiel, raised $62M to develop weaponized drone systems. The company is now valued at $500M, positioning itself as a key player amid heightened geopolitical tensions.

• Keurig Dr Pepper Eyes $18B Coffee Deal – Keurig Dr Pepper is nearing an $18 billion takeover of Europe’s JDE Peet’s NV. The potential deal would restructure its beverage and coffee operations, effectively undoing a 2018 merger.

•  Pinault Family Considers Puma Sale – The French billionaire family is weighing options for Puma SE after the sports brand lost nearly half its market value in the past year. A sale is on the table as advisers sound out buyers.

• AT&T Buys EchoStar Spectrum – AT&T will acquire $23B worth of spectrum licenses from EchoStar, boosting its 5G coverage while helping EchoStar avoid bankruptcy. The deal is expected to close by mid-2026 pending approval.

• Reliance Jio IPO – Mukesh Ambani’s Reliance Jio is planning a 2026 listing that could be India’s largest IPO. The telco has 500M+ users and announced AI-focused partnerships with Meta and Google.

• Pepsi Expands in Energy Drinks – PepsiCo increased its stake in Celsius Holdings with a $585M deal, strengthening its position in the fast-growing energy drink market.

• Spirit Airlines Files Again – Spirit filed for Chapter 11 bankruptcy for the second time in a year, struggling with high costs and weak fares despite a March restructuring.