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Insurance companies have lost their bid to hold Southern California Edison (SCE) liable for the 2025 Eaton wildfire without a trial. Superior Court Judge Laura Seigle tentatively denied a request to hold SCE, ​a unit of Edison International, ‌automatically liable for billions of dollars in property losses from the Los Angeles-area fire. If the judge makes her tentative ruling final, Edison will get a chance to argue to a jury at a trial that the unusual circumstances around the ignition of the fire do not qualify for inverse condemnation. “We are pleased with the tentative ruling,” said SCE spokesperson Kathleen Dunleavy.

 

Bloomberg

General Motors has reached a deal with Procura Auto Parts, a company which specializes in sourcing rare or critical parts, to safeguard the automaker from supply shocks. Procura, which will buy parts inventory from key suppliers and front the cash, will receive funding through a bank syndicate led by JPMorgan Chase and Banco Santander. “Our industry has experienced significant supply chain disruptions in the past for various reasons, and it’s safe to assume they will happen in the future,” GM said. “This program will help ensure that we are prepared for multiple scenarios.” 

 

Bloomberg

CNBC

Wall Street Journal

OpenAI is expanding its Daybreak cybersecurity initiative, introducing two access tiers: Daybreak Blue and Daybreak Red. The expansion aims to equip participants with the necessary tools to defend against evolving cyber threats. “As the threat landscape evolves, we're putting frontier intelligence in the hands of trusted defenders before attackers can deploy offensive AI at scale,” OpenAI said. Daybreak Blue offers access to advanced general-purpose models, while Daybreak Red provides specialized cybersecurity models for security testing and vulnerability research. Additionally, OpenAI is launching the GPT-5.6-Cyber model for Daybreak Red users, designed to enhance capabilities in cybersecurity tasks. OpenAI added: “We're committed to working alongside governments, safety institutes, and civil society to ensure that the frontier capabilities of models like Astra . . . are deployed responsibly.”

 

CNBC

Beijing has launched a cybersecurity review of products ‌sold in China by U.S. company Palo Alto Networks. The Cyberspace Administration of China (CAC) said the review was needed “to ensure the safe and stable operation of critical information infrastructure, prevent cybersecurity risks and vulnerabilities, and safeguard national security.” Reuters notes that Beijing has increased ⁠scrutiny of foreign technology suppliers while promoting domestic alternatives, saying imported products used in sensitive ​networks could expose data or critical infrastructure to overseas risks.

 

Bloomberg

Reuters

South China Morning Post

The Register

Suspected China-linked hackers used publicly available AI tools to compromise government websites in Taiwan in a first-of-a-kind breach.  The tools simultaneously deployed up to eight autonomous agents, mapping 21 government systems.

 

Financial Times

Bloomberg reports that Google DeepMind's AGI Safety and Alignment Team, which seeks to mitigate the risks of advanced AI, is encouraging job candidates for its open roles to complete a special form alongside their application to eliminate the risk it may be automatically screened out by the company's internal AI systems, according to an internal document. "We have an applications system with a non-trivial probability your CV will be screened out incorrectly or take too long to reach us," the document reads. "Filling out this form makes sure that a real human on the team will get to see your application." A Google DeepMind spokesperson denied that the company's systems filter out applicants incorrectly.

 

Bloomberg

The SEC is making it easier for data center owners to sell asset-backed securities by not requiring certain disclosures and investor protections. The regulator's ​clarification was in response to ⁠a letter from law ​firm Latham & Watkins. "We agree that the ​fixed-income or other securities issued in data center securitizations of the ​type described in your letter are not asset-backed securities," the ‌U.S. ⁠markets regulator said. Bloomberg notes that the change is expected to have practical consequences as firms have been applying the rules as a precaution. Lenders have strained to accommodate a flood of debt to pay for a historic buildout of data centers and digital infrastructure.

 

Bloomberg

Reuters

The Canadian Public Accountability Board (CPAB) has publicly censured EY Canada after an investigation found professionals shared answers on mandatory learning-course assessments for at least three years. The settlement includes an undisclosed monetary assessment to cover compliance monitoring, as well as remedial measures involving an external consultant, policy reviews, ongoing monitoring, and a cultural assessment led by EY Canada’s chief ethics officer. According to CPAB, answer sharing occurred from at least 2017 through the second half of 2020, although incidents were also recorded between 2014 and 2016. Employees exchanged answers through email and Microsoft Teams, and the practice involved professionals at multiple levels, including two partners. The regulator found that answer sharing was viewed by some employees as commonplace and occurred openly, including collaboration on assessments in classrooms.

 

Canadian Accountant

The Federal Communications Commission (FCC) has voted 2-1 to eliminate the rule preventing a single company from owning television stations reaching more than 39% of U.S. TV households, potentially paving the way for greater consolidation among broadcasters. The FCC will instead assess proposed station acquisitions individually, arguing that the ownership limit has become outdated as traditional broadcasters compete with largely unrestricted streaming services, podcasts, and other digital platforms. FCC Chairman Brendan Carr said removing the cap would strengthen local broadcasters’ negotiating power with national networks. The repeal could face legal and political challenges over the FCC’s authority. Congress established the 39% limit in 2004, and Senate Commerce Committee Chairman Ted Cruz (R-TX) has also questioned whether the agency can modify it without congressional action.

 

CNN

NBC News

Frontier Airlines is facing two class action lawsuits filed on July 15 in the United States District Court for the District of Colorado, following data breaches on May 12 and June 3. The lawsuits allege that the airline inadequately protected customer and employee data, allowing hackers from the group Scattered Lapsus$ Hunters to access sensitive information, including Social Security numbers and addresses. One lawsuit claims: “Instead of providing a reasonable level of security that would have prevented the hacking incident, [Frontier] instead calculated to increase its own profits.” The lawsuits seek financial compensation and three years of credit monitoring for victims.

 

NJ.com

Flight-tracking company FlightAware is suing prediction markets giant Kalshi. FlightAware accuses Kalshi of using its data and name to run "gambling ​markets on flight cancellations" without permission. This alleged unauthorized use of data and ​name meant customers assumed FlightAware was involved in the scheme, lawyers for the flight-tracking service wrote in the complaint filed in the U.S. District Court for ​the Southern District of New York.

 

Crypto News

Reuters

The Block

Mercedes AMG faces a class action lawsuit from two drivers who allege that the AMG logo on the automakers' car seats causes burns. The plaintiffs claim the logo's design flaw leads to contact burns on the upper back, neck, or shoulder. They are seeking compensation for medical expenses and emotional distress, as well as costs for removing the logo from affected vehicles.

 

AP News

Washington Post

U.S. consumer credit grew at a 3.3% seasonally adjusted annual rate in June, according to the Federal Reserve, reversing a 0.3% decline in May, as revolving credit, including credit card balances, increased at a 6% rate. Revolving balances reached $1.351tn, about $1bn below their October 2024 record, while total consumer credit outstanding rose to $5.167tn. The cost of carrying credit card debt also increased, with the average interest rate on accounts assessed interest rising to 22.15% in the second quarter, from 21.52%. Meanwhile, PYMNTS Intelligence data suggests financially strained households are increasingly using credit to manage cash flow rather than fund discretionary purchases. Among paycheck-to-paycheck consumers struggling to pay bills, 53% said they had reduced spending on dining, entertainment, travel, and other nonessential items over the past year. Within a financially strained group earning money from side work, 43% could not cover a $1,200 emergency within a week, 68% had no more than one month of savings, and 45% had no savings

 

PYMNTS

Imperial Brands is preparing ​to cut thousands of jobs in key markets, including ‌the United States and Europe, to reduce costs. The first phase of layoffs will affect staff ​working in human resources, finance and procurement and supply chain ⁠at the company's unit ITG Brands, which covers the U.S., ​the Dominican Republic and Puerto Rico. The second ​phase will target the unit's legal, marketing, and insights and intelligence teams. “Over time, the changes we are making will have an impact across our global market footprint. We will fully consult with those people affected before making any wider announcements,” a spokesperson for the U.K. company said without giving any specific numbers. “We recognize the impact on those colleagues and are committed to supporting them throughout.” 

 

Bloomberg

GameStop is considering withdrawing its $56bn takeover bid for eBay and instead proposing a partnership or joint venture that would allow eBay to use its roughly 1,600 U.S. retail locations, potentially helping both businesses expand in higher-margin categories including trading cards and collectibles. GameStop, which has increased its eBay holding from 5% to 9.75% and is now its second-largest shareholder, would seek board representation under any partnership. The potential change of approach follows a sharp decline in GameStop’s shares since its $125-per-share offer was made in May, while the company has $8.4bn in cash against a market value of $8.6bn; no final decision has been made, and other options remain under consideration.

 

Bloomberg

Reuters

Armin Papperger, the head of German defense contractor Rheinmetall, says he refuses  to be intimidated amid alleged threats to his safety. He is under police protection due to alleged Russian murder plots: Rheinmetall supplies large quantities of weapons to Ukraine and is also establishing factories there. In comments to Deutsche Presse-Agentur, Papperger said "chickening out" is not an option. "These jobs must be done, and anyone that can't take the pressure doesn't belong in this job," he said. Germany's domestic intelligence services recently called on employees of defense contractors to be particularly vigilant in the face of the espionage and sabotage threat posed by Russian state agencies.

 

Daily Sabah