Author: Jack Mulligan

Trump Finalizes Dual Agreements as August Tariff Deadline Nears President Donald Trump has reached separate trade agreements with the Philippines and Indonesia, marking a significant move ahead of the looming August 1 deadline for higher tariffs. Both deals impose 19% tariffs on imports from the two nations, while exempting US exports from reciprocal duties. The announcement followed a White House meeting between Trump and Philippine President Ferdinand Marcos Jr., where discussions centered around tariff reductions and strategic cooperation. Though no formal signing was confirmed, the administration emphasized the agreements’ substance, rather than optics. This deal with Manila is the fifth…

Business sentiment improves but remains cautious The latest survey from the Bank of Canada reveals that while Canadian business owners are less pessimistic about a recession than earlier this year, overall confidence remains subdued. Just 28% of companies are still planning for a downturn — a slight improvement from 32% in March — but ongoing trade tensions, particularly tariffs imposed by the U.S., continue to cloud the outlook. Consumers are also holding back. Many households are delaying large purchases and increasing savings amid uncertainty about future prices and borrowing costs. As a result, businesses report difficulty predicting demand and are…

Prime Minister Ishiba vows to stay despite coalition loss The Japanese yen climbed sharply on Monday after Prime Minister Shigeru Ishiba pledged to remain in office, despite his coalition losing its majority in Sunday’s upper house elections. While the outcome was widely expected and already priced in by markets, the result nonetheless introduced fresh political uncertainty. With Japanese markets closed for a national holiday, the yen served as the primary gauge of investor reaction. The currency rose 1% to 147.315 per dollar, edging away from last week’s low of 149.19. It also gained 0.4% against both the euro and sterling.…

Q2 inflation climbs to 2.7%, but misses forecast expectations New Zealand’s annual consumer inflation accelerated to 2.7% in the second quarter, the highest in a year, according to Statistics New Zealand. The increase, however, was slightly below the 2.8% forecast by economists. The data prompted markets to raise the odds of an interest rate cut next month as signs of economic weakness persist. The quarter-on-quarter consumer price index rose 0.5%, slowing from a 0.9% increase in the first quarter. Economists surveyed by Reuters had expected a 0.6% rise. The rise in annual inflation was driven by higher local government taxes…

$53B Acquisition Grants Access to Guyana Oil Reserves Chevron has finalized its $53 billion all-stock acquisition of Hess, securing access to one of the most valuable oil discoveries in decades. The International Chamber of Commerce ruled in Chevron’s favor, effectively ending a prolonged dispute with ExxonMobil over Hess’ 30% stake in the Stabroek oil block off Guyana’s coast. The offshore block, estimated to contain over 11 billion barrels of recoverable oil, has transformed Guyana into the world’s second-fastest-growing economy. Chevron’s acquisition now grants it a strategic position alongside Exxon (45%) and China’s CNOOC (25%) in the venture. End of a…

Over 140 Affected by Illness on Mexico Voyage More than 140 passengers and crew members aboard Royal Caribbean’s Navigator of the Seas experienced a gastrointestinal illness outbreak during the ship’s July 4 to 11 voyage, according to the Centers for Disease Control and Prevention (CDC). The cruise, which sailed from Los Angeles to various stops in Mexico including Cabo San Lucas, reported numerous cases of vomiting, diarrhea and abdominal cramps. Out of 3,914 passengers, 134 reported illness, along with seven of the 1,266 crew members, the CDC’s Vessel Sanitation Program confirmed. This program monitors outbreaks on cruise ships and requires…

Solid Results Undermined by Unchanged 2025 Forecast Abbott Laboratories saw its shares fall by 8.1% in Thursday’s afternoon session after the healthcare device and product giant reported second-quarter earnings that slightly beat expectations but failed to raise its full-year guidance. Investors appeared disappointed that the company maintained its adjusted EPS forecast for 2025 between $5.10 and $5.20 despite delivering a solid quarter. For Q2, Abbott posted adjusted earnings of $1.26 per share on revenue of $11.14 billion, surpassing analysts’ estimates of $1.25 EPS and $11.07 billion in revenue. The Medical Devices segment was the standout performer, reporting 13.4% growth, particularly…

Quarterly Miss Spurs Stock Drop Amid Medicaid Concerns Shares of Elevance fell over 11% on Thursday after the health insurer missed Wall Street earnings estimates and sharply reduced its annual profit forecast. The company cited rising medical costs in both Medicaid and Affordable Care Act (ACA) plans as key pressures, joining other major insurers in sounding the alarm over elevated healthcare spending in government-backed programs. Elevance now expects full-year adjusted earnings of about $30 per share, down from its previous guidance of $34.15 to $34.85. The miss and forecast revision reflect continued headwinds as the company navigates unpredictable reimbursement structures…

Strategic Shift Away from Hydrogen Technology Stellantis has officially terminated its hydrogen fuel cell development initiative, citing a combination of insufficient refueling infrastructure, high investment requirements, and weak consumer incentives. The company had previously planned to begin serial production of its hydrogen-powered Pro One vans this summer, but the program will now be discontinued. The medium-sized vans were set to be manufactured in Hordain, France, and the large vans in Gliwice, Poland. These plans have now been canceled as the automaker reevaluates its strategy in response to economic and regulatory pressures. The decision reflects Stellantis’ reassessment of hydrogen’s commercial viability…

Violence in Suwayda Sparks Regional Tension The southern Syrian city of Suwayda has become the epicenter of renewed sectarian violence, with dozens of casualties reported after armed confrontations erupted between Druze militias and Bedouin tribes. The Syrian military intervened to regain control, intensifying the conflict and drawing in external actors. This intervention prompted Israeli airstrikes on Syrian government forces advancing toward Suwayda, further escalating the situation. The airstrikes targeted critical infrastructure and signaled a broader military engagement in response to the internal Syrian conflict. The fighting has reignited fears among the Druze minority of marginalization and violence. Their demands for…