Latest Developments

Europe
The Guardian

Apple dethrones Nvidia to regain title of world’s most valuable company

The Apple Store signage is seen at Grand Central Station in New York City earlier this year. Photograph: Michael M Santiago/Getty ImagesView image in fullscreenThe Apple Store signage is seen at Grand Central Station in New York City earlier this year. Photograph: Michael M Santiago/Getty ImagesAppleApple dethrones Nvidia to regain title of world’s most valuable companyShift in pecking order illustrates that investors are reassessing outlook for artificial intelligence Apple overtook Nvidia on Friday to become the world’s most valuable company, reshuffling the top ranks of tech heavyweights as investors reassess the outlook for artificial intelligence. Apple was last valued at $4.88tn as ⁠its shares held steady, while Nvidia ⁠was roughly at $4.86tn, ​after a 3.5% decline. Nvidia became the first company in the world to surpass a $5tn market valuation in October, a landmark that propelled it into a rarefied territory that ​was far beyond the reach of its rivals. Being superseded by Apple does not necessarily signal a lasting change in the companies’ relative standing. The chipmaker remains a major beneficiary of AI-related spending, and its graphics processors are powering much of the generative AI frenzy. The shift in the pecking order illustrates that investors are broadening their focus beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which had been at the helm for nearly a ⁠year. Apple is reclaiming the top spot for the first time since April last year. “Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,” said Toni Meadows, head of ⁠investment at BRI Wealth Management. Last month, the company rolled out a long-delayed overhaul of Siri, betting the upgraded assistant would help close the gap with big tech rivals and new-age startups in the crucial AI race. For a company that ‌was often seen trailing in the AI ‌race, the milestone reflects Apple’s efforts to establish itself more firmly among the sector’s leading players, and could shape how CEO Tim Cook’s final months at ‌the helm are viewed. Cook is preparing to cede his role to hardware veteran John Ternus in September. Nvidia could reclaim the top spot if sentiment shifts. Apple is in a delicate position, having raised prices to offset rising costs – a strategy that could hurt demand. “I don’t see any meaningful distinction. Nvidia likely to be a significant ⁠participant in whatever happens going forward,” said Benjamin Hall, vice-president, alpha research at Segal Marco Advisors. However, the AI ​enthusiasm has spread to other corners of the semiconductor ​industry. The bigger winners this year have been memory ​chipmakers such as Micron, which crossed $1tn in market value in May as investors embraced the significance of memory chips in ​AI infrastructure.

Apple dethrones Nvidia to regain title of world’s most valuable company
North America
CNBC Finance

Anthropic moves closer to mega-IPO as bankers line up investor meetings

Anthropic is lining up meetings with investors ahead of a potential initial public offering later this year, a person with knowledge of the plans told CNBC. Bankers leading the offering are scheduling meetings between prospective investors and executives of the artificial intelligence firm behind the popular Claude models, said the person, who declined to be identified speaking about the process. The meetings suggest Anthropic's IPO preparations are advancing, as bankers begin sounding out investor demand before a formal roadshow and eventual share sale. Anthropic confidentially filed its IPO prospectus with the Securities and Exchange Commission last month, but hasn't disclosed when it plans to debut. The giant AI startup could hit the public markets as soon as October, though the timing could change, according to Bloomberg, which first reported the investor meetings. An Anthropic spokesperson declined to comment. An Anthropic listing would build on momentum from June's massive SpaceX IPO and further open the public markets to companies at the center of the AI boom. It follows years in which the industry's biggest names remained private while raising hundreds of billions of dollars from investors. Anthropic appears poised to beat rival OpenAI to the public markets, which could be an advantage for the startup if AI enthusiasm later wanes. OpenAI also confidentially filed for an IPO with the SEC in June, but it has not disclosed any additional details. Anthropic was founded in 2021 by a group of executives and researchers who defected from OpenAI over concerns about the company's direction. Anthropic has found early success selling to enterprises, in large part due to its popular coding assistant, Claude Code. The company closed a $65 billion funding round at a $965 billion valuation in May, pushing it above OpenAI's $852 billion valuation for the first time. Goldman Sachs, Morgan Stanley and JPMorgan Chase, the three biggest Wall Street banks by revenue, are involved in the IPO planning. The AI spending boom has fueled a resurgence in profit for Wall Street firms as they seek to satisfy investors clamoring for ways to fund the buildout and invest in or hedge aspects of the theme. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Anthropic moves closer to mega-IPO as bankers line up investor meetings
North America
CNBC Finance

Here's why the housing market is hurting so much this summer

Two different reads on the housing market released Thursday point to the same problem, one that appears to be getting worse. Housing is just too expensive — to own and to build. Pending home sales in June, a measure of signed contracts on existing homes, fell 5.4% from May, according to the National Association of Realtors. Sales were down 0.3% from June 2025 and were well below analysts' expectations. This read is based on people out shopping for homes in June and making the decision to sign a deal, so it is the most timely measure on the state of the market. "The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers," NAR Chief Economist Lawrence Yun said in a release. Mortgage rates in June bounced around a narrow but higher range, with the average rate on the popular 30-year fixed mortgage starting the month at 6.6% and ending at the exact same rate, according to Mortgage News Daily. It had been as low as 5.99% at the end of February, the day before the Iran war started. Mortgage demand from homebuyers has been weakening in the past month. Last week, applications for a mortgage to buy a home were 2% lower than they were the same week the year before, even though mortgage rates were slightly higher last year. Meanwhile, sentiment among the nation's single-family builders fell in July, according to another report released Thursday from the National Association of Home Builders. It dropped to 34, down from an upwardly revised reading of 36 in June. Sentiment has stayed below 40 for 15 consecutive months, the longest such stretch since 2012. Anything below 50 is considered negative sentiment. "Affordability remains the home building industry's primary challenge, as elevated mortgage rates, costly land, rising material prices, and persistent skilled labor shortages continue to affect the market," Robert Dietz, NAHB's chief economist, said in a release. CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. A rising share of builders, 37%, cut prices in July, up from 35% in June and 32% in May. The use of sales incentives was 63% in July, up slightly from 62% in June and marking the 16th consecutive month that share has reached 60% or higher, according to the NAHB. Dietz said the newly enacted housing legislation from Congress, which attempts to cut red tape and help localities speed up permitting for housing, "is a positive step that will help expand housing supply and lower overall housing costs, although more policy change is needed at the state and local level." Prices for existing homes continue to rise, with the median hitting a new record in June, according to the NAR. While there are local pockets of weakness, low supply of housing in general is keeping upward pressure on prices.

Here's why the housing market is hurting so much this summer
Europe
BBC Business

US inflation rate eases to 3.5% as gasoline prices fall

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished14 July 2026, 13:36 BSTUpdated 11 minutes agoInflation in the US eased last month as the cost of energy and filling up at the pumps fell, official figures show. Prices rose 3.5% in the year to June, according to the Bureau of Labor Statistics (BLS), down from 4.2% recorded in May. Gasoline prices decreased 9.7% last month, but are still much more expensive than a year ago. On Tuesday, the national average had risen to $3.86 a gallon from $3.79 a week ago, according to motorist advocacy group AAA. While the rate of inflation has fallen more than expected, the easing of price rises could be short-lived due to the renewed conflict in the Middle East sending global oil prices up again. The price of a barrel of Brent crude, which is the global benchmark for oil, hit $87 on Tuesday, an increase of almost $10 in the space of 24 hours. The spike in the price of the commodity came after the fresh military strikes on Iran by the US this week, with President Donald Trump declaring a new naval blockade in the Strait of Hormuz and a 20% charge on all cargo being shipped through the key waterway used for global trade. The escalation has already led analysts to predict that inflation will rise in the coming months and that interest rate cuts are unlikely anytime soon. "Gasoline prices are already back above June levels, meaning the next inflation report will heat up again," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Ahead of his first address to the US Congress later, newly appointed Federal Reserve chairman Kevin Warsh said his committee had "no tolerance to persistently elevated inflation". "We share a resolute commitment to restoring price stability," he said in prepared comments. The Fed held US interest rates between 3.5% and 3.75% at Warsh's first meeting in June and some analysts suggest rates could be raised in the coming months. President Trump pushed Warsh's predecessor, Jerome Powell, to cut interest rates, and has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

US inflation rate eases to 3.5% as gasoline prices fall
Europe
The Guardian

How do you actually shop local in New York City?

‘Shopping local, shopping independent, is a way to ensure a future for our culture, our communities.’ Illustration: Olivia Heller/The GuardianView image in fullscreen‘Shopping local, shopping independent, is a way to ensure a future for our culture, our communities.’ Illustration: Olivia Heller/The GuardianNew YorkHow do you actually shop local in New York City?Shopping local ensures a future for cultures and communities, says Caroline Weaver, creator of the Locavore Guide digital directory When I signed the lease for my new apartment in Brooklyn, the relief of having survived the brutal New York City real estate market was short-lived when my next task became clear: I needed to furnish the place. My first instinct was to check everything off my list by shopping online. But the thought of waiting for deliveries and unboxing an endless mountain of packages seemed exhausting. And, I was moving to New York, where the streets are lined with a seemingly infinite number of stores. The task was daunting. I knew where to shop for shoes or buy a nice candle for someone’s birthday, but I didn’t know where to find a set of drinking glasses, or Tupperware, or even an air conditioner without starting online at Target or Home Depot. So I enlisted the help of Caroline Weaver, a shop owner in Manhattan who has spent the last decade convincing people like me that shopping locally isn’t hard – and it can actually be extremely fulfilling. Weaver has been operating local stores in the city since 2014 – her first, CW Pencil Enterprise, sold writing utensils and stationery. Weaver created the Locavore Guide in 2023, a digital directory that helps New Yorkers shop locally, meet their neighbors and explore the city. And through her online video series, Caroline Finds It, she takes on challenges to find everything from nylon kites and hourglass timers at local stores. The Locavore Variety Store, which she opened in 2024, is also stocked with products from independent sellers manufactured in and around New York. This article includes content provided by Instagram. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. To view this content, click 'Allow and continue'. Weaver started the Locavore Guide because, in running her own small businesses, she found that her customers wanted to shop local but didn’t know where to start. TikTok also had a tendency to regurgitate the same 20 or so recommendations, she added, and she wanted to give New Yorkers a wider, unbiased range of stores they could frequent. “A lot of people treat shops … as something nice to walk past, somewhere you go when you have to buy a gift,” Weaver said. “But really, those shops can’t exist if we’re not patronizing them and supporting them as neighbors and New Yorkers.” On a perfectly temperate afternoon in early June, Weaver took me around downtown Manhattan to help me find a few essentials: dinnerware, cutlery, a kitchen prep table and an air conditioning unit that I ideally would not have to lug back myself. We first met up on the Upper East Side’s S Feldman Housewares, a store that’s been in operation since 1929. The store has everything needed to service one of New York City’s most posh neighborhoods (they sold chandelier cleaner and silver polish), but they also have everyday items like food storage containers, cleaning supplies and drinking glasses. They even had a replacement bird-shaped whistle for a tea kettle Weaver had been looking for. View image in fullscreenThe CW Pencil Enterprise store in New York. Photograph: Bloomberg/Getty ImagesSome of the prices were slightly higher than what I saw online, but Weaver said that “it all evens out”, as other products are less expensive in person. She also pointed out that unlike Amazon, local stores don’t constantly adjust prices according to algorithms.

How do you actually shop local in New York City?
Europe
BBC Business

Five headaches Andy Burnham will have to deal with as PM

ByBen ChuPolicy and Analysis correspondent, BBC VerifyPublished17 July 2026When Andy Burnham enters No 10 Downing Street, he will inherit some formidable and complex problems that successive prime ministers and governments have attempted to address - mostly without success. BBC Verify has looked at five big policy challenges Burnham will face and the approaches he might take to address them. The cost of sickness and disability benefits for people of working age has grown rapidly since the Covid pandemic and now stands at around £58bn a year, external. The biggest driver of the increase is the number of people claiming Personal Independence Payments (Pip) - a working age benefit designed to support people with disabilities that increase their living costs. The number of people claiming Pip is forecast to rise from four million today, to five million by 2030, external. The share of people who are younger and claiming Pip for mental health problems or neurodevelopmental disorders such as ADHD is also rising fast. The previous Conservative government attempted to reform the working age disability welfare system but the cost continued to rise during their time in office, external. Last year, Sir Keir Starmer's government tried to reduce the Pip bill by £5bn a year by 2030 by tightening eligibility - but had to do a U-turn after a revolt by Labour MPs. A recent interim report by the disability minister, Sir Stephen Timms, external, co-produced with disability groups, accepts that Pip is "not fit for purpose". The final Timms report is expected to propose reforms to the system later this year, which Burnham could adopt. There has been speculation, external this could involve offering young people with mental health problems therapy or other support rather than cash. But there remains the risk of backlash from disability groups and potentially Labour MPs if the reforms are considered unfair.

Five headaches Andy Burnham will have to deal with as PM
Europe
The Guardian

Inflation cools to 3.5% in June in relief brought by brief US-Iran peace deal

Gas prices displayed at a gas station on 7 July 2026 in Pasadena, California. Photograph: Mario Tama/Getty ImagesView image in fullscreenGas prices displayed at a gas station on 7 July 2026 in Pasadena, California. Photograph: Mario Tama/Getty ImagesInflationInflation cools to 3.5% in June in relief brought by brief US-Iran dealRecent strikes have sent oil prices climbing again, with average gas price per gallon up by 70 cents on last year Inflation cooled to an annual rate of 3.5% in June as the brief US-Iran ceasefire, which has since ended, brought energy prices down, according to new data from the Bureau of Labor Statistics. The consumer price index (CPI), which measures a basket of goods and services, has been elevated since the start of the war, largely because of higher energy prices. After mostly staying under 3% since mid-2024, CPI reached a three-year high of 4.2% in May – up from 2.4% in February. Month-over-month, CPI fell 0.8% in June, the largest one-month decrease since April 2020. Declines in the energy index were the largest contributor to the overall decline in CPI, offsetting increases in other indexes such as food, utilities and shelter. Gasoline prices dropped 9.7% from May to June and fuel oil, which includes diesel and kerosene, was down 9.2% for the month. Apparel also ticked down 0.6%. Stripping out volatile energy and food prices, core inflation – which the Federal Reserve watches closely to measure underlying inflation – decreased slightly to 2.6% on a yearly basis and remained flat from the previous month. Though the US-Iran peace agreement brought some relief to energy prices, recent strikes between the two countries have sent oil prices climbing again. Donald Trump said on Monday that the strait of Hormuz, where a fifth of the world’s oil and gas typically passes through, will remain open “with or without Iran” and claimed that the US will reinstate its blockade of Iranian ports. In turn, Brent crude, the global benchmark for oil, hit $80 on Monday just after it reached a recent low of $67 earlier in July. Prices at the pump have also gone up: the national average price for a regular gallon of gas increased to $3.87 a gallon last week, 70 cents more per gallon than a year ago. Higher energy prices have trickled into higher prices in other industries, including travel. Delta said in its quarterly earnings last week that it expected high airfares to last and has passed on 60% of its extra fuel costs to consumers. Though Trump said last month that he was not concerned about the elevated figure, surveys have shown that many Americans disapprove of his handling of the war. A recent Harris-Guardian poll found that a majority of Americans believe the economy is getting worse now compared with February, and 95% believe the country is in an affordability crisis. Despite the heightened inflation over the past few months, the American job market has remained relatively steady. The average number of jobs added to the economy from April through June was 111,000, indicating a relatively strong labor market amid economic uncertainty. The US Federal Reserve will weigh both rising prices and the labor market in their upcoming board meeting scheduled for 28 and 29 July. Last month, the central bank unanimously voted to maintain rates and emphasized its goal to deliver price stability. Inflation remains well above the central bank’s stated goal of 2%. Kevin Warsh, the new Fed chair, is scheduled to testify in Congress before the House financial services committee later Tuesday morning. Though he’s unlikely to share any insight on the central bank’s next rate-setting move, he is expected to answer questions on the state of the economy and the five taskforces he created last month. In a transcript of his opening markets shared ahead of his testimony, he said the members of the central bank’s committee have “no tolerance for persistently elevated inflation” and have a duty to take a “fresh look at current practices to make sure we are serving our objectives”.

Inflation cools to 3.5% in June in relief brought by brief US-Iran peace deal
Asia-Pacific
The Straits Times

Lottery winnings and scam losses are shared between divorcing spouses

Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – The phrase “for better or for worse” in marriage vows does have a practical meaning even when couples break up because the law often holds them liable to share fortunes and misfortunes that come their way. For instance, insurance payouts can be shared in a divorce if the policies are taken out to benefit the family, and not a particular spouse. In 2012, the Court of Appeal made a landmark ruling involving the payout of the home protection insurance scheme that most HDB flat owners would have because such policies would pay up their outstanding loans should they die or suffer disability. In that case, the husband became blind and the insurance scheme paid over $170,000 to fully discharge the outstanding mortgage loan of the matrimonial home. When the couple split up later, the court had to decide whether the scheme’s payout was solely for the benefit of the husband. If so, he would be entitled to deduct $170,000 from the sales proceeds of the flat first before the balance could be shared. But the court ruled that he was not solely entitled to the payout because the policy was specifically targeted at protecting the family home, and not him. The court then found that the purpose of the policy was not aimed at addressing the husband’s general financial concerns due to his disability, but the prospect of him and his dependants losing their home should the family have problems paying the mortgage. So the whole fully paid-up flat would be deemed as a matrimonial asset and the husband did not get to carve out his share first from the insurance payout. The situation would be different for medical insurance policies, as such payouts are meant to provide financial assistance to the insured, who may need long-term care. The High Court dealt with at least two such cases recently, involving two women who had critical illness policies. One of them received a payout of over $435,000 when she was diagnosed with breast cancer, while the other received more than $450,000 plus a monthly payment of $1,200 for life after she was hit by two rounds of strokes.

Lottery winnings and scam losses are shared between divorcing spouses
Asia-Pacific
The Straits Times

SpaceX to launch giant starship rocket in first flight since IPO

The launch marks the second flight of the latest iteration of the rocket, dubbed Version 3, or V3. SpaceX will attempt a major test flight of its massive Starship rocket on July 16, a milestone for a vehicle that is a critical part of Elon Musk’s plans for the space, satellite and artificial intelligence conglomerate. The launch, targeted for 5.45pm local time (6.45am on July 17 Singapore time) from SpaceX’s Starbase facility in South Texas, marks the second flight of the latest iteration of the rocket, dubbed Version 3, or V3. The rocket will be carrying to space upgraded Starlink satellites that are intended to burn up later in the atmosphere as part of the test mission. The rocket is central to Musk’s ambitions to put data centres in space, expand the Starlink communications network and send humans to the moon and Mars. But it has faced a rocky development path marred by explosive setbacks, malfunctions and delays. The Starship test is the rocket’s 13th flight and first since SpaceX’s blockbuster initial public offering in June that raised around US$86 billion (S$111 billion). Shares of SpaceX soared shortly after their debut but more recently slumped, closing on July 15 near its IPO price of US$135. Despite the decline, Wall Street analysts still remain largely bullish on the stock. Musk’s company has designed Starship to be fully reusable, something no other rocket maker has achieved, with both the Super Heavy booster and the Starship spacecraft intended to return to Earth intact after each launch so they can fly to space again. Musk has predicted that SpaceX could achieve full reusability with the upgraded V3 rocket before the end of the year. SpaceX has spent more than US$15 billion developing Starship. During the most recent test flight in May, Starship successfully deployed mock satellites, although the rocket’s booster spun out of control and one of its engines shut down early. SpaceX has since made hardware and software modifications to correct these issues, according to a post on the company’s website. “We believe that if SpaceX can keep all major engines healthy, execute the planned relight and landing sequence, and bring back stronger heat-shield and control-surface data, Flight 13 would represent a meaningful step beyond Flight 12,” said Raymond James analyst Brian Gesuale in a note on July 13.

SpaceX to launch giant starship rocket in first flight since IPO