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OpenAI has said its artificial intelligence system hacked into another AI company on its own in what the company called an “unprecedented cyber incident.” AI startup Hugging Face last week said that it had detected an intrusion into its data processing systems that it suspected was caused by an AI agent acting autonomously. “AI is accelerating the discovery and exploitation of vulnerabilities,” OpenAI said. “The primary lesson from this incident is that model security and safety must keep pace with rapidly advancing capabilities.” OpenAI said it expected this type of incident to become “more commonplace with the proliferation of increasingly cyber-capable models.”

 

AP News

Financial Times

Washington Post

 

Prediction market Kalshi is seeking U.S. regulatory approval to offer futures in gold, silver and platinum with no expiration date - so-called “perpetual futures” with built-in leverage that allow customers to amplify the risk they are taking with each trade. Bloomberg notes that the never-expiring contracts have become a source of tension between the Chicago-based exchange CME and its top regulator. The CME sued the Commodity Futures Trading Commission in June after the agency allowed Kalshi to launch crypto-linked perps.

 

Bloomberg

Financial Times

Donald Trump has nominated Adam Candeub, general counsel at the Federal Communications Commission and a longtime critic of the technology sector, to head the Department of Justice’s antitrust division. Candeub’s nomination would require Senate confirmation, which could take several months.

 

Bloomberg

Financial Times

A Wall Street Journal investigation alleges that Frank Bisignano, now head of the IRS and the Social Security Administration (SSA), directed staff to access internal emails and other sensitive employee information while serving as co-chief operating officer at JPMorgan Chase more than a decade ago. The report cites former colleagues who claim Bisignano used his authority over the bank's security functions to monitor rival executives and employee activity without an apparent business justification, allegations his attorney has categorically denied. According to the report, JPMorgan later tightened controls over access to employee communications following an internal review, although the bank has not publicly confirmed the allegations or any findings of misconduct. Bisignano's attorney said he never authorized surveillance of colleagues, never improperly accessed confidential documents, and voluntarily left JPMorgan to become chief executive of First Data. The allegations have resurfaced as Bisignano oversees two federal agencies responsible for safeguarding sensitive taxpayer and Social Security data. 

 

Wall Street Journal

Vision-wear company Lensabl has filed a legal malpractice lawsuit against Ashurst Perkins Coie, seeking $50m in damages over claims that the law ​firm failed to conduct due diligence on a deal to sell ‌a large stake in the business. Lensabl said it wasted its time and ​money because Ashurst Perkins Coie failed to take steps to verify whether Robert Byrnes and his companies had ​funds to consummate a deal to acquire a 49% interest in the ​company for $29m, resulting in a "distressed asset sale" to Visibly, an ​eye care-oriented healthcare technology company, in 2024.

 

Law

Reuters

The London Stock Exchange (LSE) plans to launch a night-time trading venue in the first half of next year. The new exchange will operate separately from the LSE’s main market, and will initially offer access to ​exchange-traded products such as funds tracking the U.K. or ​U.S. stock market. LSE 24 will give "global investors greater flexibility ⁠to respond to market events, access liquidity across time ​zones and manage risk", the company said. The ​new exchange will operate from 5 p.m. to 7:50 a.m. London time, with a 30-minute pause between 6:30 p.m. and 7 p.m. to ​apply end-of-day processes. The main market will continue to operate ​its standard hours of 8 a.m. to 4:30 p.m.

 

Yahoo Finance

Financial Times

London South East

Reuters

Insurance companies are increasingly investing in alternative forms of structured debt as regulators finalize tougher capital requirements for collateralized loan obligations (CLOs), highlighting the challenge of keeping pace with rapidly evolving financial products. New rules approved by the National Association of Insurance Commissioners (NAIC) apply to roughly $314bn of CLO holdings, but industry participants have already shifted capital toward other structured securities that carry similar risks while remaining outside the scope of the new framework. The trend underscores growing concerns that insurers, particularly those backed by private equity firms, are exploiting gaps in state insurance regulations to maintain higher-yielding investments with lower capital requirements. Regulators say they are monitoring the broader structured credit market and could begin developing rules for other asset classes later this year, as they seek to strengthen policyholder protections amid the continued growth of complex investment products.

 

Wall Street Journal

Amazon, Meta, Google, and other data center operators have secured millions of dollars in local property tax abatements in Ohio, with Amazon Web Services avoiding $5.4m in property taxes on two Hilliard facilities in 2024, while Meta's Prometheus campus and Google's Lancaster data center also received significant tax relief. The incentives, which can last up to 30 years, are intended to attract investment and jobs, but are facing growing scrutiny over their impact on funding for schools and other local services. Supporters argue the tax agreements help Ohio compete for large-scale technology investments and often include payments to municipalities and school districts to offset lost revenue. However, critics say the incentives are overly generous, particularly as many projects also qualify for state sales tax exemptions, prompting calls from some lawmakers to limit future property tax breaks for data centers while preserving local control over economic development decisions.

 

The Columbus Dispatch

The Conference Board's U.S. Leading Economic Index (LEI) fell 0.2% to 99.1 in June, reversing part of the gains recorded in April and May, as weaker consumer expectations and a decline in building permits weighed on the outlook. Despite the monthly decline, the LEI fell just 0.3% during the first half of 2026, an improvement from the 1.1% contraction recorded in the second half of 2025. Positive contributions from the yield spread and other financial indicators helped offset some of the weakness. The Conference Board said the index's six- and 12-month growth rates remained negative but stable, with slowing consumer spending continuing to pressure the outlook. However, strong business investment in artificial intelligence is expected to support economic activity as inflation continues to improve.

 

Wall Street Journal

An EY-Parthenon analysis estimates that the United States would need to invest $13.7tn over the next 25 years to eliminate its reliance on China in highly exposed sectors, accounting for more than half of the $23.6tn required across the U.S., the Eurozone, and the U.K. The report comes as the Trump administration continues efforts to reduce dependence on China through tariffs and other trade measures, despite the U.S. remaining heavily reliant on Chinese imports, including smartphones, telecommunications equipment, and toys. The analysis concludes that a complete decoupling from China is unlikely because of the country's manufacturing scale, lower production costs, and entrenched supply chains, warning that such a shift could raise U.S. inflation by 1% to 2%. While the report suggests the U.S. can strengthen domestic manufacturing, workforce skills, and supply chain resilience, it argues that policymakers will need to balance economic security with the benefits of global trade rather than pursue full economic separation.

 

Fortune

Escalating disruption to oil supplies through the Strait of Hormuz is expected to increase costs across the fast fashion industry, as synthetic fibers such as polyester, nylon and spandex are heavily dependent on petroleum. Petrochemical supply chain disruption has already pushed up polyester prices and reduced synthetic fiber production in China, raising concerns over higher input costs for low-cost apparel retailers. Brands with greater use of recycled materials, including Inditex and H&M, may be better positioned than competitors that rely more heavily on virgin synthetic fibers. Rising transport costs and tighter supplies of natural fibers such as cotton are also expected to pressure margins, with industry executives suggesting the financial impact on clothing retailers could become more pronounced over the next two years. 

 

Economic Times

Research from the Wharton School at the University of Pennsylvania suggests that leaders with narcissistic traits are more resistant to remote work. The study examined CEO behaviour, public comments, and personality surveys, finding that narcissism correlates with a desire for power and control, which in-person work facilitates. Sylvia Fuller, a sociology professor, noted that leaders may have personal motivations for wanting employees back in the office. While some argue for collaboration, the study suggests that the push for in-office work is often self-centred, rather than productivity-driven.

 

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