Author: Jack Mulligan

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…

Massive Investment Targets U.S. Electric Grid and Hydropower Google will invest $25 billion over the next two years in data center and artificial intelligence infrastructure across states served by the nation’s largest electric grid, the company announced Tuesday. The tech giant is also committing $3 billion to modernize two hydroelectric power plants in Pennsylvania, a move aimed at securing clean energy for its expanding AI operations. The investments will take place within the PJM Interconnection, which spans 13 states in the mid-Atlantic, Midwest, and South, including the highly concentrated data center region of northern Virginia. PJM has been under increasing…

June CPI Hits 2.7% Amid Growing Price Pressures Consumer prices increased by 0.3% in June, bringing the annual inflation rate to 2.7%, the highest level since February, according to data from the Bureau of Labor Statistics. The core inflation rate, which excludes food and energy, rose 0.2% on the month, pushing the year-over-year figure to 2.9%. These numbers align with economists’ expectations, but remain above the Federal Reserve’s 2% target. The uptick in inflation arrives as President Donald Trump’s tariff policies start to affect the broader economy. Though the direct impact of tariffs on prices is difficult to isolate, categories…

Deal Secures IP, Talent and Brand After Leadership Exodus Artificial intelligence startup Cognition has acquired Windsurf, the AI coding company that recently lost its CEO and top talent to Google. The acquisition includes Windsurf’s intellectual property, brand, product, trademark and remaining workforce. While terms were not disclosed, the move marks another escalation in the ongoing talent war gripping the AI sector. The acquisition comes just days after Windsurf co-founder and CEO Varun Mohan joined Google, following the collapse of a reported $3 billion acquisition deal with OpenAI earlier this year. Google confirmed it would pay $2.4 billion in licensing and…