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The California Supreme Court has ruled 6-1 in favor of Gilead Sciences in a case which addresses whether ‌manufacturers of drugs that are considered safe must try developing drugs that could be safer. California's ​highest court ordered the dismissal of negligence claims against the Foster City, California-based company by an estimated 24,000 patients using TDF, an HIV drug it produced, over its decision more than 20 ​years ago to stop developing tenofovir alafenamide fumarate, ⁠or TAF, which was similar to TDF but had fewer side effects. "What today’s decision declines to do is ​recognize, for the first time anywhere, sweeping liability for injuries caused by a concededly nondefective ⁠drug because the manufacturer allegedly failed to make a different drug available sooner," Justice Joshua Groban wrote for the majority. "Imposing ​such liability would create substantial burdens and would risk adverse consequences for pharmaceutical innovation, public health, and patient safety."

 

Reuters

Anthropic and OpenAI’s flagship AI models engaged in “sustained, potentially harmful activity directed at real people and organizations” during the U.K. AI Security Institute's routine cyber evaluation. The U.K. government’s frontier-AI safety and security research body said Anthropic's Mythos and OpenAI's Sol models engaged in a level of "autonomy and deception" it had not seen before. The "most serious case" involved Mythos 5, which created fake profiles of real people to try to insert malicious code into the open-source software development platform GitHub, where users store, share and collaborate on projects. "This is the first time we have seen risks around autonomy and deception manifest this clearly, without specific prompting, in the real world," the institute said.

 

Sky News

Financial Times

BBC News

U.S. Senator Ron Wyden has called for federal regulators to investigate major banks regarding their management of the late sex offender Jeffrey Epstein's accounts, citing potential violations of anti-money laundering laws. In a report released on Tuesday, Wyden alleged that Bank of America, Deutsche Bank, and JPMorgan Chase failed to report suspicious transactions linked to Epstein in a timely manner. The report said that Bank of America did not properly screen $170m in payments to Epstein, while Deutsche Bank delayed reporting over $250m in suspicious wire transfers. JPMorgan was accused of delaying the reporting of over $1bn in transactions. A spokesperson for JPMorgan said: "We acted appropriately on what we knew, when we knew it, as the law requires." Wyden's investigation included a review of suspicious activity reports and testimonies from various financial institutions. Epstein, who died in 2019, had connections with multiple banks during his lifetime.

 

U.S. News

A senior supervisor at the U.S. Consumer Financial Protection Bureau (CFPB) warned staff they could face "the most unpleasant" consequences if they made inflammatory or overly aggressive remarks during examinations of financial firms, according to an internal email obtained by Reuters. The message, sent by Chief Examiner Fatima Batie in May as the agency resumed inspections after a lengthy pause, has prompted criticism from former officials, who argue it could discourage rigorous oversight and embolden the companies the CFPB regulates. The email reflects the Trump administration's broader effort to scale back financial regulation. Former acting CFPB Director Russell Vought has said the agency has recalibrated its supervisory approach to minimize burdens on businesses, while agency leadership has reduced the number of examinations by around 50% and shifted focus away from areas such as student loans and medical debt. Similar changes have been introduced by other federal banking regulators, which have encouraged financial institutions to report concerns about examiner conduct. 

 

Reuters

Swiss pharmaceutical group Sandoz has announced two settlements totalling $478.5m to resolve a long-standing dispute over generic drug pricing in the U.S. The company will pay $400m to a consortium of 43 states over seven years, starting in 2027, without admitting wrongdoing. An additional $28.5m will be paid to indirect resellers. "The only remaining antitrust claims against the company in the U.S. generic antitrust litigation are those brought by individual plaintiffs who opted out of class settlements," Sandoz said. The Zurich Cantonal Bank observed that the settlement "brings clarity" to a protracted legal dispute; the litigation has been disclosed as a risk factor in every annual report since 2016. "With this settlement, Sandoz . . . reduces potential risks for the future," ZKB analysts noted.

 

France 24

Texas law firm Jackson Walker has agreed to pay $15m to settle a civil case from the Justice Department over ex-bankruptcy practice partner Elizabeth Freeman's undisclosed romantic relationship with the nation’s former top bankruptcy judge, David R. Jones, who oversaw the firm's cases. Houston-based Jackson Walker said it would also pay for independent review of its bankruptcy disclosure requirements and ethical obligations, and change some of its ​conflict screening procedures. In its settlement with the Office of the U.S. Trustee, the civil watchdog that oversees the nation’s bankruptcy courts, Jackson Walker said it "acknowledges, while not admitting fault, that it could have approached this ​matter differently."

 

Financial Times

Reuters

Wall Street Journal

The National Labor Relations Board has ruled that Whole Foods did not breach labor law by prohibiting employees from wearing Black Lives Matter (BLM) clothing and accessories, finding the apparel was not directly connected to workers' own terms or conditions of employment. The ruling also upheld the legality of Whole Foods' former dress code, overturning an earlier administrative judge's decision that the policy was overly broad.

 

Los Angeles Times

Reuters

A federal judge in California has said lawsuits challenging Paramount Skydance's acquisition of Warner Bros. Discovery will ​go to trial in March 2027. U.S. District Judge Araceli Martínez-Olguín said the antitrust trial will begin March 2 with an expectation that it will run for 12 court days. The Wall Street Journal reports that the ruling could prove costly for Paramount. Its agreement with Warner includes a “ticking fee” with payments to Warner shareholders of roughly $650m a quarter, beginning this October, until the transaction closes.

 

New York Times

Reuters

Wall Street Journal

McDonald's has reported second-quarter revenue of $7.1bn, slightly below analysts' expectations, while net income rose 5% to $2.36bn, and adjusted earnings per share of $3.38 beat forecasts. U.S. comparable sales increased 0.8%, meeting expectations but reflecting slower domestic growth as lower customer traffic was offset by higher average spending and sales of premium menu items. The company said recent marketing campaigns, value promotions, and operational complexity failed to meet expectations, prompting plans to simplify operations and improve service. As part of that effort, McDonald's has appointed Skye Anderson as president of its U.S. business, replacing Joe Erlinger, with chief executive Chris Kempczinski saying that Ms. Anderson will focus on strengthening value offerings, marketing, and execution as the company looks to accelerate growth.

 

Chicago Tribune

Los Angeles Times

Reuters

Wall Street Journal

Whirlpool's decision to scale back its international operations and concentrate on the Americas has left the appliance manufacturer increasingly exposed to the prolonged weakness in the U.S. housing market, with lower home sales weighing on demand for big-ticket household appliances. The company reported a 7% decline in second-quarter net sales and an adjusted loss of $0.21 per share, although chief executive Marc Bitzer said the results suggest its recovery strategy is beginning to gain traction through new products, pricing initiatives and cost reductions. The company has reshaped its business in recent years by exiting or reducing operations in China and Europe, while taking on additional debt to acquire InSinkErator for $3bn in 2022. Whirlpool is now relying on product innovation, higher pricing, operational efficiencies and U.S. tariffs on imported appliances to improve profitability, while investors remain cautious over the pace of any recovery.

 

Wall Street Journal

The Commerce Department reported on Tuesday that U.S. factory orders unexpectedly fell 0.3% in June, following a revised 1.1% decline in May, missing expectations for a modest rebound. The weakness was driven by sharp declines in orders for defense aircraft and mining, oil, and gas field machinery, although overall manufacturing activity continued to benefit from robust business investment in artificial intelligence infrastructure and front-loaded purchases aimed at mitigating supply chain disruptions and higher costs linked to the Middle East conflict. Underlying business investment remained resilient, with orders for non-defense capital goods excluding aircraft - a key measure of equipment spending plans - rising 1.2%, while shipments of those goods increased 2.0%. Demand for computers and electronic products climbed 3.2% from the previous month and 13.9% year over year, underscoring continued strength in AI-related spending, while orders also increased for electrical equipment, motor vehicles, commercial aircraft, and primary metals.

 

Reuters

The U.S. trade deficit narrowed 5.6% to $73.3bn in June as imports fell 1.8% to $388bn and exports declined 0.9% to $314.7bn, reflecting a slowdown after unusually strong trade activity in May. Imports from Mexico, Vietnam, and South Korea reached record levels, while services imports and exports both hit all-time highs. The data underscores continued volatility in global trade as businesses adjust to tariffs, shifting supply chains, and geopolitical disruptions, with the Trump administration continuing to pursue tariffs aimed at reducing the U.S. trade deficit despite ongoing legal and economic challenges.

 

Bloomberg

New York Times

Falling water levels in the Rhine have pushed freight rates higher as barges reduce cargo loads to navigate shallow waters. The river’s water levels have dropped to their lowest in almost 150 years amid a protracted period of hot, dry weather. The cost of shipping diesel from Rotterdam to Karlsruhe has climbed to the highest since Bloomberg began compiling the data in 2009. Falling water levels are also causing a shortage for cooling at Hungary’s Paks nuclear power station, which has been forced to fully shut down for the first time in its 44-year history.

 

Bloomberg

Recruiters and hiring managers say parental involvement in the careers of young adults is becoming increasingly common, with some parents contacting employers, applying for jobs on behalf of their children, attending interviews, or even participating in workplace discussions. Human resources professionals say the trend has become far more widespread in recent years, particularly among Gen Z workers, raising concerns that excessive parental involvement signals a lack of independence and self-reliance. While some parents argue they are simply helping their children navigate a difficult job market or providing networking support, employers say direct intervention rarely improves hiring prospects and can instead create a negative impression. A survey by résumé service Zety found that 20% of Gen Z respondents had a parent attend a job interview with them, while HR professionals reported receiving calls from parents about applications, performance reviews, benefits, and even absences. Many employers said they now encourage parents to step back and instead coach their children to communicate directly with managers and recruiters.

 

Wall Street Journal