SCROLL NEWS / DISCOVERY
Search headlines
Find the stories shaping the conversation.
Results for " billion " 3,657 found 🔀 AI-powered Shuffle
Developer of proposed $3B Romulus sports complex charged with fraud
The man behind a proposed multi-billion-dollar development in Romulus has been charged with fraud after allegedly scamming investors out of millions of dollars.
Bank of America Sees Nvidia’s Next $20 Billion Business. Here’s Where NVDA Stock Could Go
Bank of America just flagged a hidden revenue engine inside Nvidia that the market is still ignoring, and the numbers suggest Wall Street has been pricing the wrong business this entire time.
Policy Backgrounder: Geopolitics and the World Cup: Why It Matters for Business
The World Cup is estimated to bring up to $6.4 billion in economic impact for the US, with additional sums for Canada and Mexico.
Pluto flyby mission wakes up after long sleep nearly 6 billion miles from Earth
NASA’s New Horizons spacecraft recently came out of hibernation to continue its journey through an unexplored part of the solar system.
The $20 Billion Question: What Counts As Women's Health?
Just 8.8% of NIH research money goes to women's health. A new $20 billion strategy argues that the women's health gap is a classification problem.
What to Know Ahead of Trump’s Primetime Speech | WSJ Politics Newsletter for July 16
Plus, President Trump weighs expansion of the Iran war, and more than 100 House Democrats vote against $3 billion in military aid to Israel.
TSMC Adds $100 Billion to Its U.S. Spending Plan
The pledge from the Taiwanese chip-making giant brought the total commitment to its fast-growing operations in Arizona to $265 billion.
Trump earned billions last year. Some Pennsylvania swing voters say they don't care
Key voters in Pennsylvania are split on whether President Trump earning a big windfall last year is a big deal or not. Their reaction reveals a level of cynicism about many in the political class.
Yankees news: Bombers close to securing $3B financing deal
Yanks close to securing $3 billion financing deal, new draftees make Yankees’ top 10 list, Chapman finally moves on
ABB to Buy Rotork in $5.5 Billion Deal to Strengthen Electrification Business
Under the agreement, shareholders would receive $6.81 for each Rotork share, a 60% premium to the company’s three-month average share price.
Uber Announces Acquisition Offer for Delivery Hero
Cash consideration of €41.50 per share offered to all Delivery Hero shareholders, representing an Equity Value of $14.8 billion, or $13.7 billion adjusted for Uber’s prior stake purchases The transaction is expected to be accretive to Non-GAAP EPS upon close; high-single-digit percentage accretion by year three Delivery Hero has separately agreed to sell part of its business covering 14 markets to SSW Partners Management Board and Supervisory Board of Delivery Hero unanimously welcome and support the Takeover Offer and intend to recommend Delivery Hero shareholders to tender into the offer, subject to their review of the Offer Document Prosus has irrevocably committed to tender their shares, which would bring Uber’s total economic interest to ~53% Uber Technologies, Inc. (NYSE: UBER) has entered into a business combination agreement with Delivery Hero, extending the world’s largest mobility and delivery platform to a total of 99 markets, with combined pro-forma Gross Bookings of $236
ZeniMax Online Studios leadership to exit as part of Xbox cuts
There are major changes happening atop Maryland-based ZeniMax Online Studios, developer of the Elder Scrolls Online, Game File has learned. Joe Burba, a 14-year veteran of the studio who was appointed to run it last July, is departing, along with ESO executive producer Susan Kath, studio game director Rich Lambert and production director Ala Diaz. Their roles were listed among hundreds of others cut last week from the Maryland offices of ZeniMax, in a WARN letter sent to the state by ZeniMax and obtained today by Game File. Tonight, BUrbam Kath, Lambert and Diaz notified Zenimax Online Studios workers of plans to “transition” to a new leadership team consisting of promoted ZOS veterans. That transition will occur “over the next few months,” they told workers, according to a copy of the notice reviewed by Game File. “We will remain in place during the transition period to help ensure a smooth handoff.” Last week, Microsoft laid off of 1,600 workers across its vast gaming teams in locations around the U.S. and abroad. Just who has been impacted and how hard various studios have been hit has been emerging day by day. Game File reported last week that Microsoft/ZeniMax notified officials in Maryland that 379 gaming jobs were being cut across the state. They tallied cuts in two locations: one for ZeniMax Media Inc. (covering Elder Scrolls/Starfield/Fallout-maker Bethesda Game Studios and central Bethesda game publishing) and one for ZeniMax Online Studios (Elder Scrolls Online). More than 200 jobs were cut at the latter. Last week’s totals did not reveal job titles, nor did Microsoft announce any leadership changes in the ZeniMax group. That has now happened. Earlier today, Game File obtained from Maryland officials a breakdown of the 379 impacted roles, which, extraordinarily, included “studio head.” Microsoft later confirmed to Game File which studio head that referred to: ZeniMax Online Studios’. Microsoft has since has notified studio employees and internally announced new leadership. ZOS will now be run by Josh Henderson, previously head of business operations at the studio, and Nick Giacomini, who was promoted to game director for ESO last August. Game File is a reader-supported publication. To receive new posts and support my journalism, please consider becoming a free or paid subscriber. Subscribe Last week’s news of 200+ cuts at ZeniMax Online Studios generated public sympathy for those workers and questions about the long-term viability of the Elder Scrolls Online. ESO is a massively multiplayer online game that inherently persists on the strength of new content being developed for it. Earlier today, fans and workers in Maryland protested the cuts at the ZeniMax teams in a rally organized by the Communication Workers of America, the union that represents many of the impacted employees. Regarding concerns around the game, a community manager stated on Saturday: “The plan is still to deliver great content, and we will hopefully have an update soon.” In their note to the studio today, the outgoing leaders of ZeniMax Online Studios predicted “growth” for the game: We have tremendous confidence in Josh and Nick, the future of this studio, and the continued growth of ESO. With exciting experiences still ahead for our players as we wrap up work for Update 51 and beyond, we believe that your passion, creativity, and commitment to each other and the community will continue serving as the heartbeat of ESO. The list of jobs cut in the ZeniMax WARN notice in Maryland includes several very senior roles, including: Studio Head Studio Operations Director Studio Game Director Studio Audio Director Studio Art Manager Vice President and Controller VP, Global Sales & Business Development While some of those job descriptions match the exiting ZOS leadership team, Game File couldn’t verify if all were from that studio. The full list of cut roles shared by Maryland officials also covers workers at Bethesda Game Studios and its central publishing office. The following is an excerpt: The list of 379 eliminated ZeniMax jobs in Maryland also includes: four animators three bilingual CS (community service) leads for Chinese, Italian, and Japanese a creative director for the Elder Scrolls Online Player Life Cycle two food service workers seven producers more than 60 senior QA testers. and many others The WARN notice states that almost all of the 379 workers were notified of their layoff on July 6. In fine print, it states: “Approximately 9 employees were notified of the elimination of their position prior to July 6, 2026.” A 2021 mega-merger scaled back Microsoft announced in 2020 that it intended to buy ZeniMax and its network of game studios in 2020, and closed the $7.5 billion deal in March 2021. The purchase, which preceded Microsoft’s acquisition of Activision Blizzard, added several award-winning studios to Microsoft’s portfolio, including Bethesda (Elder Scrolls, Fallout), Arkane (Dishonored), and id Software (Doom). The studios’ output since then included a 2024 Game of the Year contented from MachineGames in the form of Indiana Jones and the Great Circle along with Starfield from Bethesda and the poorly-received Redfall from Arkane Austin. In recent years, a Microsoft repeatedly in cutback mode closed ZeniMax’s Tango Gameworks (which was reconstituted by Krafton) and closed Arkane Austin. The Xbox cuts last week have hit the ZeniMax group hard, with 158 jobs eliminated in Texas, many of them at id, and 379 from the ZeniMax teams in Maryland. Xbox also said last week that it would be entering a consultation process around Arkane Lyon, a process expected to end in a sale, shutdown or other form of divestment. The Lyon team has been working on a game tied to Marvel’s Blade vampire-hunting super-hero.
Over 100 Democrats vote to block billions of dollars in military aid to Israel, reflecting growing schism in party
More than 100 Democrats voted to block billions of dollars in military aid to Israel — an ultimately unsuccessful effort that highlighted the growing division in their party on the issue.
The opioid offensive: Fighting fentanyl | Investors Lab
As the clinical-stage biotech sector tackles this multibillion dollar public health imperative, a mix of established players and venture-backed innovators are making strides:
The States Try to Topple WarnerMount…Thus Begins the Local Antitrust Era
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Well, it looks like it’s time for another strategy column. Can I finally avoid writing about M&A? No, it seems I cannot. Admittedly, I’m a week early with this column, since I usually put it out every other week. But this news couldn’t wait. This will make three “Most Important Stories” in a row with a merger or acquisition as its centerpiece. First, Roku-Fox (an acquisition), then Comcast-NBCUniversal (a divestment!), and now the State AGs and the WGA’s lawsuits against Paramount’s pursuit of Warner Bros. Discovery (antitrust). M&A is usually the “most important” topic any given week, simply because a giant company merging or breaking up (or preventing those outcomes) can have the biggest impact on the streaming board. If you think about these companies as players in a game, changing the number of players is one of the biggest changes you can make. I shouldn’t really complain, either, since this lawsuit is very good news for customers and suppliers (econ speak for talent, workers and indie studios in Hollywood). So let me answer some questions about this potential trial, along with (shudder) making some heavily caveated predictions. I’ll also look at whether Hollywood must consolidate, whether or not the states can win, trouble at X-Box, Netflix’s YouTube binge, and more. Plus, I have five images that visualize this merger and the harm, including three brand new data looks you’ve never seen before. Subscribe Most Important Story of the Week - Can The States and the WGA Stop Hollywood’s Consolidation (Crisis)? If every other newsletter and news outlet is writing about the same story, I try to avoid writing about it as well, but I can’t ignore a story this consequential. The story of the last year was the fate of Warner Bros. Discovery, and this development potentially extends that saga into 2027. As I tried to figure out my angle, I realized, like my last column, I’m again faced with a series of questions. These questions, though, are much more forward-looking. Will the states win? Will the WGA win? If so, what happens to Warner Bros. Discovery? Either way, will this chill the market for future mergers? So you know what that means: predictions. About the future, no less, the hardest thing to predict.1 Just remember: nothing here comes with a guarantee. And the more confident someone is in their predictions, the less you should trust them. This situation is incredibly fluid, nuanced, uncertain and tenuous. So let’s try to explain what may happen. Question: Why File this Lawsuit? I’ll admit, a few months back, I was fairly pessimistic about the fate of this lawsuit. Rumors had started bubbling up that the state Attorneys General (in particular California) wanted to settle with either some minor divestments (usually CNN) or behavioral remedies. And that tracked for me: the states usually settle lawsuits, like the recent John Deere right-to-repair suit. Yet, they plan to fight this. (As they did the LiveNation-Ticketmaster monopolization trial and the Nexstar-Tegna merger.) Honestly, that also makes a ton of sense. Frankly, this move is just good politics for these State AGs. Most are still running for higher and higher office in blue states—some folks have emphasized that only Democratic AGs joined this suit, but given the Ellison/Trump ties, and fears of retribution, that tracks—and a high profile case like this will help them move up the electoral ladder, especially since Paramount and its leadership (the Ellisons, father and heir) have sided with the other side of the political aisle. That makes them unsympathetic to Democratic voters and Hollywood workers in particular. Why did this lawsuit happen? In addition to the very real concerns about industry consolidation, this is why. That said, I don’t think we would have seen this lawsuit for Netflix and Warner Bros., simply because they’re more sympathetic and aligned with Democrats. But those consolidation concerns are real. The “town”—meaning Hollywood and such—really is seeing the damage of mergers on this industry. That’s why the WGA also filed its own lawsuit in defense of workers as well. (Wildcard: What about Europe? Will they try to stop the deal, too? There have been some rumors out of the UK they may try to fight the deal, and UK enforcers just stopped a Getty Images-Shutterstock tie up, so there is precedence. This argument could go either way, though. On one hand, the EU doesn’t need to step in, cause they states are handling it. On the other hand, this could make the EU’s case easier. Just imagine if both sides coordinated. I’ll simply say, “We’ll see!”) Question: Will The State AGs or the WGA Win? Can the state AGs play David to Paramount-Skydance’s Goliath here? That’s really the whole thing, isn’t it? If you know this result, you could make a lot of money. When things are uncertain, it’s tempting to shrug and say, “Eh” meaning it’s a 50/50 proposition. I wouldn’t, though. When in doubt, you should expect that the merging parties succeed. AT&T did successfully buy Warner Bros., after all, and Disney bought Fox without any challenges. Many judges are extremely sympathetic to mergers, and I’d bet the state AGs get a judge who will allow the merger. (Even Obama-appointed judges often allow mergers.) As I understand it, we’ll see two main attacks. First, theatrical films. The AGs are arguing that, when it comes to share of box office and the number of both “wide releases” and blockbuster (or “tentpole”) films, the merging parties will have over 27% market share. Now, the Supreme Court once ruled from on high that any merger that exceeds 30% is presumptively illegal, but that’s guidance, not an ironclad bar. Still, the states will have to argue that this is close to having too much power, and with that power, this will likely further worsen the theater/studio splits in particular. Indeed, as Matthew Stoller pointed out, “just five studios are responsible for 95% of all blockbusters; if this merger goes through, then Paramount and Disney will control 60% of that.” So yes, movie studios will be very concentrated after this merger. Want me to visualize some of that? Well, here’s the share of films that grossed over $200 million at the domestic box office since 2022. (Note: this isn’t all films released in over 3,000 screens, but it is a good look at market power.) First, here are the 43 films by studio: Notice all the blue (Disney), orange (Universal), and purple (Warner Bros)? Yeah, those studios are powerful, and this combines Paramount with one of them. Here’s the look by studio and share of the films that grossed over $200 million: Now, if you look at that and also think, “Huh, should we break up Disney?” I’m with you. I’ve seen some folks poo-poo this idea that this is a real category, but it is! For an upcoming article, I’ve been pulling data on the share of top 100 films at the box office as a share of total box office, and it’s massive. Here’s the chart: (This analysis looks at The-Number’s top 100 films and total domestic box office each year.) To be clear, tentpoles make up 80.7% of the box office each year, so I do think it’s a genuine market. (To be clear, films grossing over $50 million make up 80% of the domestic box office, and films grossing over $100 million make up 64.1%.) I mean, the top 100 films at the box office make up 95% of each year’s grosses. Worse, the combined studios will likely cut output to flex that market power. Everyone can just look at what happened to Disney and Fox to see the precedent. (With fewer films, the remaining theaters have to give more for those few films that remain.) Here’s an image I’ve used a lot, the share of wide-release films from Disney and Fox over time: The AGs will also argue that this consolidation will also impact the cable industry. In this case, the consolidation is actually worse, but that environment is…complicated. Paramount will argue that the cable industry is shrinking. That said, predictions that cable will “go to zero” also don’t look very well supported by the data, as the declines are shrinking, meaning “cable” or “vMVPDs” will likely stabilize at some point. Can the state Attorneys General win on those two main arguments? I honestly don’t know. Again, I’d bet no, since history in general supports that, but it depends on the judge/jury and how they interpret the arguments. Notably, Paramount won’t face accusations about monopoly power in other areas, like streaming, news, sports rights, or vertical integration. I tend to disagree with leaving out sports rights, but I also see the appeal for a simpler case. The states also aren’t really pushing novel theories about labor harm either, which should help. (By the way, Sean McNulty at The Ankler wrote a great run through of potential options, and Capitol Forum also wrote a great paper on theatrical consolidation. Both these pieces predated the lawsuit. Matthew Stoller is also out with his analysis of the pros and cons of the case too.) In some ways, the WGA’s case is even stronger. Quoting Sean McNulty’s summary: “The WGA is citing WARNAMOUNT as crossing a 30% market share in multiple sectors, a number that the Supreme Court has precedent for deeming “presumptively anticompetitive” in a market. According to the WGA numbers, WARNAMOUNT would have represented: - 35% of film writing jobs between 2021 and 2024 - 36% of TV writing projects between 2022 and 2025 - 38% of overall deals between 2021 and 2024” Notably, antitrust enforcers did win recently in the Penguin-Simon & Schuster merger by focusing on labor impact, so don’t count this thinking out. (Wildcard: Will the states try to get a jury trial? Most likely no, they’ll let a judge handle it. If I’m them, though, I’d try to put this in front of a jury. Juries tend to understand monopoly power in a more realistic way than judges faced with legions of economists.) Question: What if They Win? What if They Lose?
Blanche confronts questioning of deal for Trump at confirmation hearing
Blanche insisted the $1.776 billion "Anti-Weaponization Fund" was "not moving forward." But lawmakers raised concerns the Trump administration has yet to commit in writing that the fund is dead.
Healey defends $2B courthouse deal for company connected to political heavyweights
Gov. Maura Healey is defending the nearly $2 billion state contract for a new Springfield courthouse awarded to a company co-owned by Ayanna Pressley’s husband and the current head of the MCCA.
Fertitta clears key regulatory hurdle—but biggest Caesars tests remain
But could a rival billionaire be on the prowl to steal the casino operator deal from Fertitta?
Greenland institute halts new collaborations with the US
The Trump administration has cut billions of dollars in public research funding and fired government scientists.
In a First, Scientists Witness the Seafloor Spread in Real Time, Giving Them a Rare Glimpse at a Mysterious Geologic Process
Across a matter of days in 2024, the seafloor in part of the Indian Ocean dropped by about 13 feet, and roughly 5.7 billion cubic feet of molten rock rose to the crust's surface, according to a new study
House Republicans release $95 billion spending bill with no offsets, which could endanger support
Republicans are racing to get money for the Pentagon and farm aid, but fiscal hawks have been asking to balance the budget request.
House G.O.P. Releases Budget to Unlock $95 Billion for Iran War and SAVE Act
The plan faces a rocky path amid Republican divisions and would pave the way for votes months before the midterm elections to fund a war that polls show is deeply unpopular.
Elevance Health Profits Eclipse $1.4 Billion As Costs Ease Somewhat
Elevance Health reported second quarter net income of $1.45 billion as medical costs fell in some health plans, triggering an improved outlook for the rest of the year.
PayPal stock surges on reports of Stripe and Advent acquisition bid
PayPal shares soar as Stripe and Advent International reportedly propose a $53 billion acquisition, marking a major M&A offer in the payments sector.
China’s Chip Champion to Raise Billions in Race for A.I. Control
CXMT, a linchpin in China’s drive to develop homegrown artificial intelligence technology, is aiming to raise nearly $10 billion in a blockbuster public offering in Shanghai.
Wednesday briefing: Do MPs have the will to stop mega-donors interfering in UK politics?
In today’s newsletter: The representation of the people bill has become a test of whether Britain can curb the surge in billionaire‑backed donations trying to influence how we run the country
Tech Investors and Longevity Influencers Back Neko Health’s Mega Round
The health tech start-up co-founded by Spotify’s Daniel Ek is worth billions more after a new $700 million funding round.
Daniel Ek’s Neko Health Raises $700 Million From Billionaires, Celebs
Neko Health, Daniel Ek’s startup developing body-scanning technology, has raised $700 million from venture capitalists, billionaires and celebrities to open new facilities, including one in New York later this year.
Stripe, Advent offer to buy PayPal for more than $53 billion, sources say
Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings Inc for $60.50 per share, in a deal that would value the payments company at more than $53 billion, two people familiar with the matter said.
Watch Eternal Founder Goyal Bets on Health Tech, Aerospace
India's quick commerce billionaire Deepinder Goyal is planning to launch his first product after stepping back from the empire he led for 18 years. Goyal says Temple, a wearable device worn on the side of the forehead, will retail for about one-thousand U-S dollars. The founder of Eternal Limited, which counts quick delivery apps Zomato and Blinkit under its umbrella, spoke with Bloomberg's Haslinda Amin in an exclusive interview at his private residence in New Delhi.
“Meaningless without the Hope of Jesus”: Willie and Korie Robertson on the Uplifting Entertainment Hub of eKKL
We recently sat down with Stan Jantz to chat about The Chosen, the Come and See foundation, and an ambitious mission to translate the series into 600 languages and share the authentic Jesus with 1 billion people around the globe.
“I Want to Build People Up”: eKKL Entertainment Co-founder Michael Scott Discusses the Genesis of His Company
We recently sat down with Stan Jantz to chat about The Chosen, the Come and See foundation, and an ambitious mission to translate the series into 600 languages and share the authentic Jesus with 1 billion people around the globe.
Big Banks Smash Earnings Records, but ‘Tectonic’ Risks Loom
The largest banks in the United States collectively raked in tens of billions of profits in the second quarter, despite the war in Iran and persistent inflation.
JPMorgan Posts Record Revenue Across Every Business Line
JPMorgan Chase had record revenue for each of its businesses in the quarter, CEO Jamie Dimon said. Highlights include: Fees from investment banking were up 30% from a year earlier. Revenue from markets rose 35%. Revenue in Consumer and Community Banking rose 8% to $20.27 billion, boosted by
Principal Financial Group Inc. Has $1.69 Billion Stake in Live Nation Entertainment, Inc. $LYV
Principal Financial Group Inc. lifted its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,095,305 shares of the company's s
How a Promising Navy Drone Boat Program Got Mired in Politics
Navy acquisition reforms upended a $2.1 billion contract competition. When it was over, several companies with ties to the Trump administration had made the cut.
BP Flags $1 Billion Writedown From Gas and Low Carbon Business
BP Plc said it expects to book impairments of $1 billion related to its gas and low carbon energy business in the second quarter, as the energy giant refocuses on oil and gas.
Health department rescinds freeze on $10 billion for 5 Democratic states
The reversal of the funding pause came after the administration faced repeated setbacks in a suit challenging the decision, which could have jeopardized programs for low-income households.
Billionaire Kumar Birla’ To Buy Shell’s Indian Renewable Business In $1.8 Billion Deal
The acquisition of Shell's renewable energy business in India will more than double the Aditya Birla Group's renewable energy capacity to almost 10 gigawatts.
Health Dept. Rescinds Freeze on $10 Billion for 5 Democratic States
The reversal of the funding pause came after the administration faced repeated setbacks in a suit challenging the decision, which could have jeopardized programs for low-income households.
Oregon, 14 other states sue Trump administration to block school mental health funding cuts
Fifteen states including Oregon and Washington sued the Trump administration to block funding cuts to a $1 billion program that helps school districts hire and train more mental health professionals.
Vistria sells stake in specialty pharmacy company to Warburg Pincus
Revenue at the Pittsburgh, Penn.-based Pantherx Rare had grown to nearly $10 billion from $2 billion since Vistria's investment.
The Quintessential Trump-era Politician
In 2020, I wrote an article about collaboration and collaborators. The title was History Will Judge the Complicit, and it started with the story of two famous East Germans, Markus Wolf and Wolfgang Leonhard, who both landed in East Berlin just after the end of the war. Although they came from very similar backgrounds, the former stuck with the regime, eventually becoming its spy boss; the latter, horrified by the brutal reality of Soviet-style communism, escaped. By way of juxtaposition, I also wrote about Lyndsey Graham and Mitt Romney. These two men also made very different decisions when confronted by Donald Trump’s assault on the ideals that they had both grown up believing: A glance at their biographies would not have led many to predict what happened next. On paper, Graham would have seemed, in 2016, like the man with deeper ties to the military, to the rule of law, and to an old-fashioned idea of American patriotism and American responsibility in the world. Romney, by contrast, with his shifts between the center and the right, with his multiple careers in business and politics, would have seemed less deeply attached to those same old-fashioned patriotic ideals. Most of us register soldiers as loyal patriots, and management consultants as self-interested. We assume people from small towns in South Carolina are more likely to resist political pressure than people who have lived in many places. Intuitively, we think that loyalty to a particular place implies loyalty to a set of values. But in this case the clichés were wrong. It was Graham who made excuses for Trump’s abuse of power. It was Graham—a JAG Corps lawyer—who downplayed the evidence that the president had attempted to manipulate foreign courts and blackmail a foreign leader into launching a phony investigation into a political rival. It was Graham who abandoned his own stated support for bipartisanship and instead pushed for a hyperpartisan Senate Judiciary Committee investigation into former Vice President Joe Biden’s son. It was Graham who played golf with Trump, who made excuses for him on television, who supported the president even as he slowly destroyed the American alliances—with Europeans, with the Kurds—that Graham had defended all his life. By contrast, it was Romney who, in February, became the only Republican senator to break ranks with his colleagues, voting to impeach the president. “Corrupting an election to keep oneself in office,” he said, is “perhaps the most abusive and destructive violation of one’s oath of office that I can imagine.” In the wake of Graham’s unexpected death on Saturday, I wrote about him again. He was, in many ways, the quintessential politician of Trump’s Washington, a man who shifted 180 degrees. Graham had been a fervent American patriot, proud reserve officer and military lawyer; he became one of the most important defenders of a president who believes soldiers are “suckers and losers” and shows no respect for law of any kind. As his politics changed, his language grew coarser and his behavior grew worse: He urged Israel to “level the place” in Gaza, and insulted the Danish prime minister in Munich, prompting a colleague, Senator Elissa Slotkin, to issue an apology. Here’s an excerpt from the article, which you can read in The Atlantic (gift link here) Like his close friend John McCain, Graham believed that America should stand at the center of a broad democratic alliance. The few times I met him were in that context, at the Munich Security Conference or at other European-American gatherings, which he once attended with great regularity. He also took seriously the practice of American democracy at home. In a 2014 conversation with The Atlantic, he described himself as a pragmatic politician who eschewed populist slogans. “I know Washington is broken, but what’s broken about it is everybody yelling and nobody trying to fix it,” he said. “I’m trying.” When Donald Trump first appeared in U.S. politics, Graham recognized him immediately for what he was: the spokesman for an alien ideology, one radically different from the idealistic patriotism that Graham had practiced and preached since childhood. Trump privately mocked the military that Graham loved as nothing but “suckers and losers.” He put falsehoods, cynicism, and personal greed at the center of his politics, while expressing disdain for transparency, accountability, and democracy itself. In 2015, Graham described Trump as a “race-baiting, xenophobic, religious bigot” who should “go to hell.” Also as a “nutjob.” When Trump won, Graham understood, as did so many others, that he would have to make some important choices. For a while, he went silent. In the spring of 2016, I saw him at one of those conferences in Europe. He seemed too depressed to speak. But then, like many other Republicans—and, more important, like many other people who have lived under political occupation or experienced radical regime change—he made the decision to abandon his previous ideals, to bury the patriotism that was once so important to him, and to become, instead, a loud, opportunistic collaborator. As I wrote in 2020, it’s very hard to look in to anyone’s heart and to understand their motivations from the outside. But it does seem that Graham had a deep need to be relevant, to be in the game, to be a player, at any cost. And that, rather than any particular achievement, is what he will be remembered for. Continuing to monitor conflicts of interest, ostentatious emoluments, outright corruption and policy changes that will facilitate outright corruption. (Read my original article, Kleptocracy Inc and check out the SNF Agora Institute chart) June 27 Trump diverted funds from more than 900 projects nationwide—including safety upgrades at national parks—to finance beautification projects around Washington, including $700,000 used to fix a White House walkway. June 28 After a years-long Department of Justice investigation into Abbott Laboratories over its management of a baby formula facility where potentially deadly bacteria turned up enough evidence to criminally charge the firm, top department officials instead opted for a financial penalty—illustrating the department’s move away from strict corporate enforcement under the Trump administration. June 29 Defense Secretary Pete Hegseth stacked the Defense Policy Board—which is charged with providing independent national security recommendations to the Office of the Secretary of Defense—with Trump allies, including tech billionaire Marc Andreessen, who has invested in defense contractors like OpenAI and SpaceX, after purging the panel last year. Trump purchased between $1 million and $5 million worth of stock in Axon—which makes about 90% of US tasers—two weeks before ICE solicited bids for a $220 million taser contract. The White House unveiled limited-edition US passports for America’s 250th birthday, featuring a portrait of Trump overlaid on the Declaration of Independence. June 30 Trump made around $1.2 billion from his various crypto companies last year, including more than $500 million from World Liberty Financial and $600 million from sales of his meme coin. Trump is considering issuing 250 pardons to commemorate America’s 250th birthday. These are expected to be largely doled out through the Office of the Pardon Attorney’s informal network of intermediaries. White-collar defense attorneys say they can typically win pardons for clients for $2 million. Last year, Trump administration officials awarded a no-bid contract worth up to $500 million to Clark Construction for the White House ballroom—negotiations in which the president was directly involved. July 1 The Amazon MGM Studios documentary about Melania Trump earned the First Lady more than $10 million. Trump made hundreds of individual stock purchases worth as much as $12.8 million the day before his announcement pausing “Liberation Day” tariffs for 90 days sent the S&P 500 soaring nearly 10%—one of the largest single-day gains ever. Mar-a-Lago and Trump National Doral saw record surges in revenue during Trump’s first year in office, earning $77.5 million and $121.9 million respectively, compared to average annual revenues of $25 million and $75 million during Trump’s first term. Entities across the Persian Gulf paid more than $300 million to Trump’s businesses last year, including $263 million from the sale of half his stake in World Liberty Financial to a firm backed by Sheikh Tahnoon bin Zayed Al Nahyan, a top UAE royal and brother of the country’s president. Kash Patel failed to properly disclose his stock purchase of a Department of Justice contractor, MicroStrategy, worth up to $250,000 last year, despite laws requiring disclosure within 45 days of the trade. July 2 Trump has been directing administration officials to steer more government contracts—so far worth more than $2.4 billion—to Jeff Bezos’s Blue Origin aerospace firm, after Amazon gave $1 million to Trump’s inaugural fund, donated to the White House ballroom project, and reached a $40 million deal to license a Melania Trump documentary. Alongside the billions he made from cryptocurrency last year, Trump earned millions of dollars from real estate licensing fees, including $21 million from organizations in the UAE and $9.2 million in Saudi Arabia, along with smaller sums from merchandise sales, including $4.7 million from Trump Watches and $35,920 from 45 Guitar, a guitar brand endorsed by the president. House Democrats accused consultants tied to the Trump administration of financial fraud, alleging they gave prospective donors to America250—the bipartisan committee created by Congress to celebrate the nation’s semiquincentennial—the banking and routing numbers for Freedom 250, the White House’s fund for events like the UFC cage fight. Democrats also allege that Freedom 250’s CEO traveled to the World Economic Forum in Davos to solicit donations from foreign government officials and business leaders. The Trump administration’s proposed rollback of gun regulations would lift the prohibition on mailing handguns to individuals, a significant win for GrabAGun—the direct-to-consumer firearm retailer on whose board Donald Trump Jr. sits and in which he holds a 1.1% ownership stake. GrabAGun currently must rely on a middleman to transfer firearms to customers. Trump’s financial disclosure revealed that he made more than 21,000 securities trades during his first year back in office, growing his investment account to at least $858 million across stakes in around 1,600 companies, compared to the 13 total trades Joe Biden made during his entire presidency. July 4 Nearly 1 million people who bought the president’s meme coin—Trump Coin—collectively lost $3.8 billion on the token, while he walked away with $636 million. July 6 Shares of Dell closed up 4.4% after Trump recommended people buy the firm’s computers during a speech announcing the launch of Trump investment accounts for children, boosting the more than $1 million worth of shares the president owns in the company. July 9 Federal Reserve Chair Kevin Warsh named crypto investor and Trump ally Marc Andreessen to a task force aimed at modernizing the Federal Reserve, including rethinking its approach to inflation—a key factor keeping interest rates elevated. Palm Beach International Airport has officially changed its name to Trump International Airport—a move that will require Florida to pay royalties to the president’s family for licensing his name. I was there a few months ago, during a trip to Barcelona. The sculptures were a revelation, I’d never seen so many together before. Each one has its own personality. Enjoy the good weather, if you are lucky enough to have it. History Will Judge the Complicit The Quintessential Politician Autocracy Inc Open Letters, from Anne Applebaum is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
Tariff refunds accelerated sharply in June as the US paid out almost $50 billion to businesses
The US sent out $49.1 billion in tariff refunds in June as the checks to businesses accelerated in the second full month of payouts after the US Supreme Court invalidated President Trump's blanket tariffs.
New York among 12 states challenging Paramount’s takeover of Warner Bros.
The lawsuit argues that the $81 billion mega merger would “extinguish competition” in Hollywood and threaten jobs across the industry.
Paramount Says States' Effort To Block WBD Deal "Will Only Harm Entertainment Workers"
Paramount hit back at an antitrust lawsuit filed Monday by attorneys general of 12 states seeking to block the company's pending $110 billion merger.
Cosmos Health Accelerates Prescription Medicine Strategy with Libytec Partnership to Commercialize DIABIT-IS X in Greece
Cosmos Health will supply DIABIT-IS X (sitagliptin), while Libytec handles distribution and promotion in GreeceFive-year agreement expected to contribute to revenue and cash-flow visibilityAs a prescription medicine, DIABIT-IS X is expected to be accessible to patients through Greece's national health insurance system, broadening its potential reachDIABIT-IS X is a generic alternative to Merck's Januvia®, which with Janumet® generated approximately $4.5 billion in combined global sales in 2022Po
Sugar discovered floating in deep space for the first time
Similarly sweet molecules may have jumpstarted life on Earth over 4 billion years ago.
Federal health watchdog reports $5.56 billion in expected recoveries, cost savings
The U.S. Department of Health and Human Services’ Office of Inspector General said its investigations into alleged fraud, waste, abuse and mismanagement in federal healthcare programs stem from tips submitted through its hotline. During the…
Akzo Nobel Rejects Nippon’s $8.5 Billion Bid For Decorative Paints Business
Akzo Nobel's board rejected the €7.5 billion ($8.5 billion) takeover bid by Nippon Paint Holdings—controlled by the family of late Singaporean billionaire Goh Cheng Liang—for the company’s decorative paints unit as it continues to back the proposed merger with Axalta Coating Systems.
AI Is Breaking the Memory Chip Business Model
Investors who piled into SK Hynix’s $28 billion blockbuster Nasdaq debut on Friday should be aware: The business model on which the world’s leading memory chip makers are thriving is set to shift to one that requires a bit more strategic and financial gambling. So far, SK Hynix Inc. is making all the right moves but it’s unclear how well the field’s leading players will deal with that disruption.
The $20 Billion Business Of Resort Anthropomorphism
Dog butlers, Gucci bowls and pet spas? The real story is how luxury hotels are turning consumer psychology into one of hospitality’s smartest profits
Metaverse Market Surge: Entertainment Industry Set to Quadruple by 2032
The global metaverse in entertainment market is experiencing rapid growth, with its market size expected to soar from over USD 30.6 billion in 2026 to more...
Metaverse Market Surge: Entertainment Industry Set to Quadruple by 2032
The global metaverse in entertainment market is experiencing rapid growth, with its market size expected to soar from over USD 30.6 billion in 2026 to more than USD 121.9 billion by 2032. This expansion is driven by increasing demand for interactive digital experiences and technological investments from gaming, media, and tech sectors. Mixed Reality (MR) devices are predicted to grow the fastest, enhancing digital interactions in gaming, concerts, and sports. North America is a key player, leadi
$11-billion ‘wellness island’ is being built in Abu Dhabi
Fahid Island in Abu Dhabi is a development of homes that promises future residents a coastal neighborhood that will enhance their physical and mental wellbeing.
India's TCS rejigs leadership team, creates new business units
Tata Consultancy Services announced a top-level leadership reshuffle and formed five new business units focused on growth in the U.S. West Coast market and its ServiceNow practice as AI threatens to disrupt the $315 billion Indian IT sector.
Shein Targets Over $40 Billion Valuation After China Nod for IPO
The fast-fashion retailer has received China’s nod for its long-awaited Hong Kong initial public offering, after its efforts to go public in the U.S. and London faced geopolitical and regulatory hurdles.
SK Hynix slumps after US debut euphoria
SK Hynix's US listing became the biggest foreign stock offering in US history, surpassing Alibaba's $25 billion IPO more than a decade ago.
US health watchdog expects $5.56 billion in recoveries and savings
The federal watchdog for the U.S. health department generated $5.56 billion in expected recoveries and projected savings over six months and barred 1,212 individuals and companies from federal programs, it said on Monday, even as its overall enforcement activity fell to the lowest level in two years.
US Health Watchdog Expects $5.56 Billion in Recoveries and Savings
By Ahmed Aboulenein WASHINGTON, July 13 (Reuters) - The federal watchdog for the U.S. health department generated $5.56 billion in expected recoveries and projected savings over six months and barred 1,212 individuals and companies from federal programs, it said on Monday, even as its overall ...
Nippon Paint Offers $8.6 Billion for Akzo Nobel’s Paint Business
Nippon Paint Holdings Co. has made an offer for Akzo Nobel NV’s decorative paints business in the past month.
Sky Agrees £1.6 Billion Acquisition of ITV Media & Entertainment to Strengthen UK Media
Sky Agrees £1.6 Billion Acquisition of ITV Media & Entertainment to Strengthen UK Media
“Moana” capsizes with bumpy $43 million U.S. debut, while “Michael” breaks record with $1 billion at global box office
Disney’s live-action remake of the 2016 blockbuster failed to launch, marking a severe downturn after the success of “Toy Story 5.”
Opinion: The ‘billionaire tax’ dominates this year’s ballot measure politics
The wealth tax is destined to be not only the single most controversial ballot measure this year but probably have the most expensive dueling campaigns.
South Florida businesses report economic boom, as FIFA officials estimate a billion dollar economic impact
Seahawks sold for reported record $9.612 billion to group led by 49ers limited partner Vinod Khosla
Seahawks agree to sell for reported record $9.612 billion to group led by 49ers limited partner Vinod Khosla
‘Outrage’: Community and research allies blast Trump plan to politicize U.S. grants
The Office of Management and Budget has proposed a sprawling overhaul of a rule establishing the framework for federal financial assistance that would set up Trump and future presidents to politicize federal grantmaking, shifting grantmaking power to administration appointees and seizing broad latitude for the executive branch in the financial aid process. Wide-ranging opponents of the Trump administration proposal say it would tee up federal agencies to dismiss community needs and congressional intent on a partisan basis as they decide discretionary federal awards – with billions of dollars at stake.
Biggest superyachts owned by tech billionaires: Jeff Bezos, Sergey Brin
From Jeff Bezos to Mark Zuckerberg, tech billionaires have become some of the superyacht industry's biggest clients. Here's how their boats measure up.
Billionaires warned New York would scare off business. Anthropic and Airbnb just made their biggest bets on the city yet
Not only are they expanding their footprint, they’re also doubling headcount. Anthropic said it plans to have more than 1,000 employees by end of year.
Regional One Health Memphis transforms with expansion amid closure
Regional One's $1 billion healthcare campus expansion is in the works, but the Extended Care Hospital in Midtown is closing.
NASA Volunteers Help Zooniverse Reach 1 Billion Classifications
The Zooniverse, a NASA grantee that runs the world’s largest platform for online people-powered research, has reached an extraordinary milestone: 1 billion
How do political donations work… and why are there growing calls for a cap?
Mega-donors are coming under scrutiny after a crypto billionaire based in Thailand gave a £5m gift to Nigel Farage
Cboe expects SK Hynix options to trade two business days after Nasdaq debut, source says
Derivatives exchange Cboe Global Markets expects to list options on SK Hynix's U.S.-listed shares two business days after the stock's trading debut, a source familiar with the matter told Reuters on Friday. The South Korean chipmaker, which raised $26.5 billion in share sale, is set to make its Wall Street entry later in the day. SK Hynix, which is valued at about $1.03 trillion based on its South Korea-listed shares, did not immediately respond to a Reuters request for comment.
Apollo to Buy $3.4 Billion Stake in Bayer Contraceptives Business
The asset-management firm agreed to buy a minority stake in Bayer’s long-acting reversible contraceptives business.
Xavier Niel to Become Vodafone’s Largest Shareholder With $5.9 Billion Stake Buy
The French businessman plans to buy a 16.2% stake in the U.K. telecoms company from Emirates Telecommunications.
Bayer Secures 3.0 Billion Euros to Improve Capital Structure
Apollo to invest equity capital into an entity holding Bayer’s long-acting reversible contraceptives business Bayer to retain majority stake in and…...
Johnson reveals why City Hall abandoned its $3.2B bid for parking meters
Mayor Brandon Johnson disclosed new details about Chicago's $3.2 billion bid to buy back the parking meter system and why City Hall ultimately walked away ahead of a key City Council vote.
AMC Entertainment (AMC) Among Our Best Penny Stocks According to Billionaires
AMC Entertainment Holdings, Inc. (NYSE:AMC) is one of the Best Penny Stocks to Invest In According to Billionaires. Recently, on June 25, AMC Entertainment Holdings, Inc. (NYSE:AMC) announced the closing of a registered direct stock offering by selling 95,250,000 shares at $2.00 each. The company raised approximately $200 million in gross proceeds. Management noted that […]
Banijay and All3Media Complete $8 Billion Merger, Set London Headquarters
Banijay Entertainment and the Redbird IMI-owned All3Media have completed their $8 billion merger, creating what the two have described as “the world’s largest independent production company.” Despite ...
Billionaire MacKenzie Scott just donated $20 million to support America’s youth mental health, as a fifth of teens struggle with suicidal thoughts
MacKenzie Scott, worth $35.8 billion, just donated a record-breaking gift to the U.S. nonprofit Active Minds to support a “new era of mental health.”
MLS’ Newest Billionaire Owner Thinks Investors Can Do Better Than Buying A Sports Team
Months after spending hundreds of millions of his own cash to buy Sporting Kansas City, wealth advisor Peter Mallouk says he still prefers stocks as an investment.
How Mitch McConnell’s absence complicates the Senate’s business and war funding
The 84-year-old's hospital stay may make it harder for Republicans to break a stalemate over funding, including $87 billion for the Pentagon as the Iran war reignites.
Prologis Pushes for Talks on $16.9 Billion Segro Bid
Prologis said it remained ready to engage with Segro and urged the company’s shareholders to encourage their board to enter into talks.
The $80 Billion Debt Cloud Hanging Over David Ellison’s Warner Deal
The Paramount CEO has promised not to sell off assets or cut content spending.
Fertitta Entertainment outlines financing, regulatory and anti-trust review process for private takeover of Caesars
With a competing bid from billionaire investor Carl Icahn looming and no plans to sell Wynn Resorts stock, Fertitta Entertainment executives outlined to Nevada
Jeff Bezos' Blue Origin is raising $10 billion. Read the memo.
In a memo to employees, Blue Origin CEO Dave Limp said the company is raising the funds at a $130 billion valuation.
Acquisition of Caesars takes a step forward as Fertitta Entertainment execs approved
Two leaders of Tilman Fertitta’s company received unanimous approvals from Nevada regulators on Wednesday, a step forward in acquiring Caesars Entertainment in a nearly $18 billion transactio…
Carbon capture continues to expand globally despite mounting opposition
Carbon capture continues to expand globally despite mounting opposition Global energy and research consulting firm Wood Mackenzie reports that carbon capture, utilization and storage, or CCUS, is expected to expand significantly, with global capacity projected to grow from roughly 91 million metric tons per year today to about 3 billion metric tons annually by 2060, […]
Justin Ishbia’s Shore Capital buys employee benefits firm in healthcare push
Chicago-based Shore Capital has raised more than $2 billion for healthcare investments since 2024.
New Horizons awakens after longest hibernation, resumes science mission 9.5 billion km from Earth
NASA announced on July 7, 2026, that its New Horizons spacecraft has resumed active operations after completing its longest hibernation period to date. The spacecraft emerged from a 321-day…
Jeff Bezos’s Blue Origin Nears a Big Fund-Raising Round
The rocket company founded by Jeff Bezos is set to take on external investors for the first time, at a $130 billion valuation.
News | Blackstone reviews £6 billion UK logistics business sale
Indurent launched in 2024 after merger of Industrials REIT and St Modwen
Seven's first entertainment destination to open in Abha
Seven is investing SAR 50 billion ($13bn) in the development of 21 entertainment destinations
The Billion-Dollar Business Of Belonging
The experience economy is really the business of belonging. Discover why connection, community and everyday experiences are shaping the next decade of consumer behaviour.
Apple to invest $30 billion in US chip manufacturing
Apple announced it is investing more than $30 billion in chip manufacturing in the U.S. that will produce a whopping 15 billion chips as part of its $600 billion long-term investment within America.
Exclusive | Trump-Backed Company Behind Family Crypto Wealth in Talks to Sell Core Business
The potential sale by AI Financial marks an abrupt reversal for a company that has channeled more than half a billion dollars to the Trumps.
Abu Dhabi oil giant snaps up Shell’s South African business in $1billion Africa expansion
ADNOC Distribution will acquire Shell’s South African downstream business for $1 billion, giving the Abu Dhabi energy group control of 580 service stations and expanding its African footprint
Billionaire John Arnold has already donated nearly half his wealth. Now he’s funding a hunt for the health risks of sports betting.
The foundation John Arnold runs with his wife, Laura, is funding 12 university studies on how online sports betting affects users' finances, mental health, and family life.
Sun Valley Helped Destroy the Media Business. Why Do We Still Care About It?
Allen & Co.’s Sun Valley confab of billionaires and CEOs has spawned historic media mergers, but many of those deals were disasters.