Business
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JPMorgan sexual harassment lawsuit dismissed ahead of federal refiling
A New York state judge dismissed a lawsuit brought by former JPMorgan Chase banker Chirayu Rana, who alleged his supervisor coerced him into non-consensual sexual acts. While the case against the bank and Lorna Hajdini ended in state court, Rana’s legal team plans to pursue new claims in federal court.
US Set to Restore Hong Kong Special Trade Status
Beijing claims the United States will allow the executive order revoking Hong Kong's preferential trade status to expire, marking a reversal of a 2020 policy. The move follows recent bilateral trade talks and could reinstate favorable export controls for the financial hub, signaling a shift in Washington’s approach to the territory.
Brussels plans to overhaul banking rules to challenge US dominance
European regulators are preparing a series of measures to dismantle the national barriers that prevent cross-border mergers, aiming to help EU banks achieve the scale necessary to compete with their American counterparts. The proposals, slated for 2027, seek to unlock hundreds of billions in dormant capital assets.
Truist Profit Climbs as Dealmaking Rebound Fuels Investment Banking
A 72% surge in investment banking and trading income propelled Truist Financial to a robust second quarter, as the Charlotte-based lender capitalized on a broader industry revival in dealmaking and heightened market volatility that kept client activity levels elevated through the end of June.
Fifth Third Bank profits climb as interest income surges
Higher interest income and a sharp uptick in capital markets activity pushed Fifth Third Bancorp to a quarterly profit of $986 million, a significant jump from the $608 million recorded during the same period last year, as the regional lender navigated a volatile economic landscape.
Japan’s JERA eyes US stock market listing to fuel global growth
Japan’s largest power generator, JERA, has launched a feasibility study for a potential listing on a US exchange. The move marks a strategic shift for the utility, currently owned by Tokyo Electric Power and Chubu Electric Power, as it seeks to attract global capital for its aggressive international expansion plans.
Seven & i Targets Polish Expansion in Bid to Refortify Retail Empire
Seven & i Holdings shares climbed 3% in Tokyo following reports the Japanese retail giant is negotiating a multi-billion dollar stake in Polish convenience chain Zabka Group. The move signals an aggressive pivot toward Eastern Europe, marking the latest attempt by CEO Stephen Dacus to reshape the company’s global footprint.
Truth Social to sell high-speed data access to Wall Street traders
Trump Media & Technology Group is launching a paid data feed that provides institutional investors and algorithmic trading firms with near-instant access to posts from Donald Trump and other influential accounts. The product, dubbed Truth API, arrives August 1 as a direct move to capitalize on the platform's market-moving potential.
PayPal Board Rebuffs $53 Billion Stripe-Advent Takeover Bid
A $53 billion takeover bid from Stripe and private equity firm Advent International has hit a wall, as the PayPal board views the offer as significantly undervaluing the company. Beyond the price tag, directors are citing major regulatory hurdles and financing concerns that complicate the potential acquisition of the payments giant.
Saudi developer seeks private capital for Aramco World Cup stadium
Facing a widening budget deficit and the high costs of its Vision 2030 overhaul, Saudi Arabia is turning to private investors to fund the Aramco Stadium. ROSHN Group has engaged JPMorgan to secure equity for the 2034 World Cup venue, signaling a shift in how the kingdom finances its massive sports infrastructure.
Citadel Securities Bets $400 Million on Crypto.com
Market maker Citadel Securities has injected $400 million into Crypto.com, valuing the exchange at $20 billion. This marks the firm's first institutional fundraising round, signaling a strategic alignment between traditional market-making powerhouses and the evolving infrastructure of digital asset trading.
Monte dei Paschi Rejects Intesa Takeover Bid as Undervalued
A 12.5% premium is insufficient to secure Monte dei Paschi di Siena, the Italian lender declared Thursday. After reviewing the unsolicited €30.6 billion takeover bid from Intesa Sanpaolo, the board concluded the offer fails to align with standard market benchmarks for the country’s banking sector.
Uber bets $14.8 billion on Delivery Hero to dominate global food delivery
Valued at $14.8 billion, Uber’s acquisition of German firm Delivery Hero marks a decisive shift in the global food delivery landscape. By merging these two giants, the company aims to establish the largest delivery network outside of China, effectively countering the rising pressure of market competition and shrinking post-pandemic order volumes.
Criminal syndicates exploit regulatory gaps to launder billions in crypto
Criminal networks are increasingly weaponizing virtual assets to move illicit proceeds, exploiting persistent regulatory blind spots. A new report from the Financial Action Task Force warns that crypto-enabled crime has reached unprecedented levels of complexity, with syndicates now developing custom stablecoins specifically designed to evade seizure by global law enforcement.
Zabka Shares Surge on Potential Seven & i Investment
Shares of Polish retailer Zabka Group hit an all-time high following reports that Japanese giant Seven & i Holdings is finalizing a deal to acquire a significant stake. The potential investment, estimated at several billion dollars, signals a major shift in the European convenience store landscape.
State Street Profit Surges 56% on Asset Management Fees
A 56% jump in quarterly profit has propelled State Street’s shares upward, as the custodian bank reaps the rewards of a massive expansion in client assets. With total fee revenue climbing to $3.19 billion, the firm’s performance significantly outpaced market expectations during the three months ending June 30.
Kremlin dismisses economic strain as central bank signals downturn
A 4.5-point slump in Russia's Business Climate Indicator has triggered alarm among analysts, yet the Kremlin maintains that current economic pressures remain manageable. Dmitry Peskov dismissed concerns of a critical downturn on Thursday, asserting that the government retains full control over the nation's macroeconomic stability despite mounting corporate pessimism.
Germany Sharpens Tax Law to Target Billion-Euro Fraud Gap
Fifteen-year prison terms and an aggressive surge in customs staffing define a new 26-point legislative push in Berlin. By reclassifying tax evasion as a felony and deploying artificial intelligence to track illicit financial flows, the government aims to recover billions while ending traditional loopholes for offenders.
Chip Stocks Face Reality Check as Markets Navigate Inflation Fears
A 77% profit surge at TSMC has failed to ignite a broader rally in semiconductor stocks, as investors grapple with the cooling IPO fever of SpaceX and persistent uncertainty surrounding U.S. inflation data and geopolitical tensions in the Middle East.
Wall Street Banks Surge as Dealmaking and Trading Rebound
Wall Street’s largest financial institutions are emerging from the second quarter with unexpected strength, as a resurgence in corporate dealmaking and volatile markets created a rare windfall. Six major U.S. banks beat analyst profit expectations by wide margins, signaling that the long-awaited investment banking recovery has finally arrived.
PwC Fined $4.4 Million Over Babcock Audit Failures
Britain’s Financial Reporting Council has issued a £3.3 million penalty against PwC and a former lead partner following a series of audit failures at defense contractor Babcock International. The regulator found that auditors neglected to exercise professional skepticism while reviewing financial statements across two consecutive fiscal years.
Australia Tightens Grip on Big Four After String of Scandals
A series of governance failures at KPMG, PwC, and EY has prompted the Australian government to move against the Big Four accounting firms. Officials are now empowering the Australian Securities and Investments Commission to enforce stricter oversight, with the potential for structural breakups on the table to curb systemic misconduct.
Uber Targets Global Expansion With $14.8 Billion Delivery Hero Bid
Uber has initiated a $14.8 billion takeover bid for Berlin-based Delivery Hero, seeking to cement its dominance in food delivery across Europe, the Middle East, Asia, and Latin America. The cash offer of €41.50 per share marks a 34% premium over the company’s recent three-month average stock price.
European Profits Surge as AI Growth Gap With US Persists
European blue-chip companies are bracing for their most robust earnings season in over three years, with second-quarter profits projected to climb 15.3%. Yet, beneath the headline growth lies a persistent vulnerability: a structural deficit in AI-driven innovation that leaves the region trailing the high-octane performance of the United States.
China’s Consumer Debt Crisis Stalls Beijing’s Spending Drive
One in ten Chinese adults fell behind on debt payments in 2025, as record-breaking loan defaults collide with government efforts to stimulate the economy. While Beijing pushes for credit-fueled consumption, banks are tightening standards to shield themselves from a swelling 2.22 trillion yuan pile of non-performing retail loans.
Jamie Dimon Warns Anthropic’s Mythos AI Poses Security Risks
Comparing advanced artificial intelligence to ballistic missiles, JPMorgan Chase CEO Jamie Dimon declared on Wednesday that the security risks surrounding Anthropic’s Mythos model remain a genuine concern. His comments at a Pennsylvania summit highlighted the fragile balance between leveraging high-end software for cybersecurity and preventing its potential misuse by bad actors.
Russell Vought defends CFPB overhaul amid fierce Democrat pushback
Outgoing interim consumer finance watchdog Russell Vought faced a hostile House Financial Services Committee hearing on Wednesday, defending his efforts to dismantle the Consumer Financial Protection Bureau despite accusations from Democrats that he has systematically undermined the agency’s mission to protect consumers from predatory lending.
Wall Street Prime Brokerage Engines Hit Record Revenue Peaks
Wall Street’s largest banks are reaping massive windfalls from their prime brokerage divisions, as hedge funds lean heavily on institutional financing to capitalize on market volatility. The surge, fueled by aggressive growth in Asia and heightened AI-related investment, has pushed financing revenues to historic highs across the sector.
Uber Targets Delivery Hero in €12.5 Billion Takeover Bid
With a proposed valuation of €12.5 billion, Uber is closing in on an agreement to acquire Delivery Hero, a move poised to reshape the global food-delivery landscape. The deal, which could be announced as early as Thursday, would grant Uber control over extensive networks across Europe, Asia, and the Middle East.
IMF strategy chief warns of systemic fragility in a fragmenting world
The post-war global order is fracturing, replaced by a volatile landscape of rapid technological shifts and recurring geopolitical crises. Christian Mumssen, the IMF’s director of strategy, argues that in this era of acute uncertainty, nations must prioritize fiscal credibility and ironclad price stability to withstand the inevitable shocks ahead.