Latest Developments

North America
CNBC Finance

Trump’s Freedom 250 draws corporate sponsors with business before his administration

WASHINGTON — On the National Mall this week, Freedom 250 signs pointed visitors toward temporary state pavilions, a Ferris wheel and mobile, transitory history exhibits. Sponsor names appeared beside Trump-aligned programming. Some states were represented by official delegations. Others had opted out, leaving replacement displays or stripped-down booths in their place. As the country prepares to mark its semiquincentennial, or 250th birthday, the splashiest celebrations in Washington are being shaped by corporate money. A CNBC analysis found 14 companies backing both America250, the nonprofit supporting the congressionally created U.S. Semiquincentennial Commission, and Freedom 250, the Trump-backed public-private partnership behind some of the administration's most visible anniversary events. Of those companies, only John Deere responded to a CNBC request for comment, but it did not address specific questions about its sponsorship of both organizations. John Deere said it was eager to celebrate the people whose work helped "build power, feed and sustain" the U.S. Several of those companies have major business before the federal government, including defense contracts, technology contracts, regulatory interests, merger considerations, tax issues and other policy matters shaped by the Trump administration. CNBC did not find any evidence of a connection between the Freedom 250 sponsorships and the companies' dealings with the administration. But it's another example of the complex intersection of corporate America and politics under a president who's been increasingly close with companies. Watchdogs and ethics experts have said the structure gives companies with business before the administration a new way to seek access to President Donald Trump, with much of the money hidden from public view. "The concern is not that companies are sponsoring a national celebration. The concern is that this celebration appears to offer access to the president while some of those companies have business before his administration," said Bruce Freed, the president and co-founder of the Center for Political Accountability that advises companies on political spending. Democrats on the House Natural Resources Committee released a report this week criticizing the president and Freedom 250, accusing it of diverting funds and misleading sponsors. Freedom 250 fundraising materials, first reported by The New York Times, described tiered sponsorship: Donors giving at least $500,000 were offered VIP access, invitations and preferred seating at events, according to the New York Times. A $1 million contribution came with an invitation to a private "thank you" reception hosted by Trump and a photo opportunity, the Times reported, and donors giving $2.5 million or more were offered speaking roles at a July 4 event in Washington. For $10 million or more, companies got VIP access to all Freedom 250 events, logo rights, a tailored press release, a July 4 speaking role and a private Trump-hosted reception with a photo opportunity, according to the Times report.

Trump’s Freedom 250 draws corporate sponsors with business before his administration
Europe
BBC Business

Vapes to have less enticing names and flavours to protect children

Image source, Getty ImagesByMichelle RobertsDigital health editorPublished10 July 2026, 03:15 BSTUpdated 2 hours agoVapes with colourful packaging, or with names or flavours inspired by sweets and cocktails, could be banned as part of plans to stop them being marketed to children. The government is launching a 12-week consultation, external about its plans "to make vaping less attractive for children and young people". Health Secretary James Murray said it was clear too many were being lured into experimenting. Under the new proposals, packs would need to be plain with strict limits on branding and only simple flavour descriptions like "apple" or "cola" used. Other restrictions would move vapes out of sight in shops, similar to how cigarettes and tobacco are currently sold. There is no legitimate reason for nicotine products to come in neon packaging, feature cartoon images, or use flavours and branding designed to catch a child's eye, say health experts. Murray said: "The evidence is clear: there are too many young people experimenting with vapes, attracted by the array of flavours, bright colours and marketing displays. "Vapes are less harmful than cigarettes and can play an important role in helping adult smokers to quit, but they should never be designed or marketed in ways that tempt children. "These proposals are about striking the right balance and I urge everyone to have their say." The 100 day consultation follows the recent passing of the Tobacco and Vapes Act, which sets out proposals to create the UK's first smoke-free generation, protecting children from nicotine addiction, while ensuring adult smokers can still access vaping products to help them quit. Children aged 17 or younger now face a lifelong ban on buying cigarettes, since it will be illegal for shops to sell tobacco to anyone born after 1 January 2009. And it gives the power to ban vaping in cars carrying children, in playgrounds and outside schools and at hospitals, expanding smoke-free laws. It follows a ban on single-use vapes and comes ahead of future bans on the sale of vapes from vending machines and a planned end to the advertising and sponsorship of vapes.

Vapes to have less enticing names and flavours to protect children
North America
CNBC Economy

Christine Lagarde leaves door open to early ECB exit, as she mulls French politics

The European Central Bank's Christine Lagarde has declined to rule out an early end to her term as president, as she mulls a foray into French politics. Lagarde, whose term as ECB President ends in October 2027, told French newspaper Les Echos an early departure is "possible" ahead of the country's presidential elections that year. "I think a European voice must be heard in the French presidential debate," Lagarde said. "If this debate were to present a perspective that diminishes France's place within Europe, I think it would be necessary to explain why this would be a painful path for our country and our citizens." Asked whether she would consider personal involvement in the French Presidential campaign, to support a candidate or run herself, Lagarde said: "I'm going to ask myself some questions." Leader of the far-right National Rally party Jordan Bardella is currently the frontrunner in polls to replace President Emmanuel Macron, who entered office in 2017 and is not running for re-election. The first round of voting will take place in April, with a runoff to follow between the top two candidates if none wins 50%. Macron faced the National Rally, then called Front National, at the runoff stages in both 2017 and 2022. Bardella has pledged a realignment of France's place in the European Union, promising to put the European Commission and the EU "back at the service of nations and no longer the other way around". The euro sold off in February in the wake of a Financial Times report that Lagarde was considering making an early exit from the ECB. The ECB said at the time that no such decision had been made. The ECB declined to comment on Lagarde's latest remarks when approached by CNBC. Lagarde told Les Echos that she is committed to her role at the bank in the short term: "My term ends in October 2027. And I believe my mission is to maintain price stability. As we are once again in a period of turbulence, I believe the captain of the ECB ship must remain on board." Even if she remained at the ECB until the end of her term, Lagarde could still involve herself in the Presidential debate.

Christine Lagarde leaves door open to early ECB exit, as she mulls French politics
North America
Yahoo Finance

CRM Stock Has Bounced From This Price Before. Now What?

After a punishing slide, Salesforce stock has landed on a price floor that has launched major rallies before, forcing investors to decide if history is a guide or a trap. Salesforce (CRM), the application software giant, has seen its stock slide to trade around $165 a share, a level about 54% below its two-year high. The trailing twelve-month return of -37.9% stands in stark contrast to the S&P 500’s gain. But this particular price level carries historical weight. The stock now sits inside a support zone between $157 and $174, a neighborhood where buyers have mounted a defense five separate times before. History says buyers show up here. The question every investor must now answer is: Will they this time? The five previous times Salesforce’s stock fell to this level, the subsequent rallies were significant. In April 2020, buyers who stepped in saw a peak gain of 90.6%. More recently, a defense of this zone in February 2023 preceded a rally that eventually peaked with a 128.6% gain. Even the shorter-term bounces have been sharp, including a 26.4% gain over just 19 days in May 2026. Across all five episodes, the average peak gain after holding this level was 56.1%. A floor holds or breaks based on the health of the business arriving at it. On paper, Salesforce looks solid. Revenue over the last twelve months grew 11.0%, outpacing the S&P 500 median, and its operating margin is a healthy 21.9%. The company’s push into AI is showing explosive adoption, with management reporting it processed 28.6 trillion tokens in the last quarter, up 152% from the previous quarter. Its Agentforce product now has an ARR greater than $1 billion. Some wonder if the market is ignoring the real growth story in Salesforce stock. This AI momentum is the core of the bull case. Yet, this is where the honest catch comes in. While the AI story is strong, there are signs of drag elsewhere. The investor debate centers on whether this new growth can offset softness in other areas. As one analyst noted on the company’s latest earnings call, “bookings trends are lagging a little bit,” with specific weakness in its Tableau and Commerce cloud offerings. This is the business reason buyers might hesitate: the new AI engine is firing, but parts of the established business are sputtering, making the path to overall growth acceleration less certain. For investors who see potential in the broader software industry but are wary of single-stock risk, a software ETF like IGV offers a diversified alternative. A support level is a historical pattern, not a physical law. The floor will hold only if investors believe the company’s future growth can justify the price. For Salesforce, the entire debate hinges on one specific promise from management. The company has stated it expects to “drive organic revenue reacceleration in the second half of FY 27.” That is the test. If the AI-driven businesses can pull the entire company’s growth rate higher as promised, this floor will likely be defended again. If that reacceleration fails to materialize, history may not be enough to stop the slide. If pullbacks to defensible levels are your kind of setup, our Buy the Dip screen ranks the dips where the underlying business still holds up. Buying at defended levels works often enough to be tempting and fails often enough to hurt, and no chart can tell you in advance which visit to the floor is the last one. The Trefis High Quality (HQ) Portfolio removes that guess: about 30 quality names held on the strength of their fundamentals rather than their chart levels, rebalanced with discipline. It has a track record of outpacing a benchmark that combines all major indices – the S&P 500, S&P Mid-cap, and Russell 2000. Keep an eye on the setups; let the system carry the conviction.

CRM Stock Has Bounced From This Price Before. Now What?
North America
Yahoo Finance

Is Google Cloud Officially Driving the Train?

Let’s be honest. When a stock you own doubles, you feel like a genius. When it’s a behemoth like Alphabet (GOOGL), and it returns +105% in a year, you might wonder if you’ve misread the chart. You haven’t. Over the past 12 months, while the S&P 500 gained a respectable 21%, Alphabet left it in the dust. It also trounced its mega-cap peers; Microsoft (MSFT) stock returned -21.9%, and Meta Platforms (META) returned -16.2% over the same period. So what on earth happened? The answer isn’t the one you’d expect. It’s a story about the division that for years looked like an expensive, third-place hobby. Yes, the core Search business is humming. Its revenue grew 19% in the latest quarter, and the company says user queries are at an all-time high. That’s a fantastic result for a business of its scale. But that’s not the headline. The real story, the one that re-rated the entire company, is what happened in the cloud. For the first time ever, management confirmed that its “enterprise AI solutions have become our primary growth driver for cloud.” The side project just took the wheel. The numbers are startling. Google Cloud revenue accelerated, growing 63% to exceed $20 billion in a single quarter. Even more surprising was the profitability. A year ago, the segment’s operating margin was 17.8%. This year, it hit 32.9%. What made the growth so remarkable was its profitability, powered by a nearly 800% year-over-year surge in revenue from products built on its advanced artificial intelligence models. The market has spent a decade wondering if Alphabet could build a second meaningful business. It turns out, it just did. This might be the single most important figure. Google Cloud’s backlog of contracted future revenue nearly doubled from the prior quarter to $462 billion. Think about that. This isn’t wishful thinking; it’s a mountain of committed sales from customers locking in capacity and AI services. It signals that the rapid demand isn’t a fluke. It’s a durable trend that the market can now see and value, stretching out for years. We’ve looked before at what it would take to get the stock moving, and this appears to be it. But this torrent of demand creates its own high-class problem. Management admits they are “compute constrained in the near term,” and that cloud revenue would have been even higher if they could have met all the demand. To catch up, they plan for 2027 capital expenditures to “significantly increase” over 2026’s already large $180 billion to $190 billion budget. Alphabet proved it can build a world-class second engine; now, can it actually afford the fuel? Knowing why a stock ran is one thing; knowing whether the run has legs is another. The most durable moves are the ones a rising forecast is actually backing, rather than a good week of sentiment. Our Guidance Momentum screen tracks the S&P 500 names where a raised outlook meets real price momentum, so you can judge which runs are built to last. If you would rather own the whole theme than ride this one winner, a communication services ETF like XLC holds the entire group. Catching the reason behind a run is a good skill; relying on catching the next one is a risky plan. Durable returns come from owning quality with discipline and letting the winners do the work over time, rather than betting the outcome on a single name and a single catalyst. That is exactly how the Trefis High Quality (HQ) Portfolio is run. It weighs the full picture of quality across thousands of names, holds the 30 strongest, and sizes and rebalances them with rules. It has a track record of outpacing a benchmark that combines the three major indices – the S&P 500, S&P Mid-cap, and Russell 2000.

Is Google Cloud Officially Driving the Train?
Europe
BBC Business

We've saved £6,000 on holidays by swapping homes with strangers

Would you swap homes with a stranger in exchange for a cheaper holiday? Or would the idea of someone sleeping in your bed and using your kitchen while you were away put you off? Henry Vanderpump, 42, his wife Elliw, 39, and their two young children have had two home exchange holidays in the past two years and have another planned this summer. In each case, they have stayed in another family's home, while that family stays in theirs, a five-bedroom house in Tarporley, rural Cheshire. Neither side pays anything for their accommodation, although they do pay an annual membership fee to Home Link, the listings site they use to book the trips. So far, the Vanderpumps have stayed in similarly sized properties in Hamburg and Copenhagen, and Henry says they have saved around £2,500 on accommodation per trip, plus a further £700 on transport, as they also swapped cars. "We used to have one holiday a summer, now we have two [because of the savings we make from home exchanges]. And the kids love the idea of living in someone else's house while that person is living in theirs." Home exchanges have been around since at least the 1950s, but an increasing number of people seem to be embracing them because of the rising cost of living, or simply to experience a new type of travel, commentators say. Henry says the best thing about swapping homes isn't the savings but getting to visit places off the tourist trail and have a "really authentic experience". When the family visited Hamburg in 2024, they stayed in a suburb and lived "like a German family" for a week, exploring lakes on the edge of the city recommended by their hosts. Last year, they stayed in "a very Scandinavian house" in suburban Copenhagen, which was "all on one level and had no clutter". "They also left us several electric bikes to use," Henry says. "We cycled to the beach, swam in the Baltic and tried restaurants they recommended." Some people are not comfortable with the idea of strangers staying in their home, and for those who are, there's a lot of preparation and tidying to do before their guests arrive.

We've saved £6,000 on holidays by swapping homes with strangers
Asia
The Hindu BusinessLine

Centre designed Modified UDAN scheme after decade of feedback: Civil Aviation Minister

The Centre designed the Modified UDAN scheme after incorporating feedback received over the past decade, moving beyond a mere extension of the existing programme to create a broader framework aimed at accelerating regional aviation growth, said Civil Aviation Minister Kinjarapu Ram Mohan Naidu. Speaking at an UDAN workshop here on Thursday (July 16, 2026), the Minister said the new scheme seeks to unlock the next phase of regional aviation growth on the back of the strong foundation laid over the past decade through the expansion of airport infrastructure as well as improved connectivity. Accordingly, Naidu said the Centre has earmarked nearly ₹29,000 crore over the next 10 years under the Modified UDAN scheme, which was launched by Prime Minister Narendra Modi on July 4 from Jodhpur. Under the new framework, the eligibility threshold for an airport to be classified as underserved has been relaxed from fewer than seven weekly flights to 14 or fewer weekly flights. For priority regions, including the Northeast and hilly States, the threshold has been increased to 21 weekly flights, enabling a larger number of routes to qualify for viability gap funding (VGF) support. The Centre has also extended VGF support for airlines from three years to five years under a tapered funding structure. In the new framework, airlines will receive 100 per cent support during the first two years, followed by 75 per cent in the third year, 50 per cent in the fourth year and 25 per cent in the fifth year to improve the long-term sustainability of regional routes. Besides, the Minister said the government plans to develop 100 airports over the next decade and is working with states under a challenge-mode approach to accelerate airport infrastructure development. He added that all States and Union Territories participated in consultations on the revised scheme. Furthermore, the expanded programme envisages the development of 100 airports and 200 heliports while promoting indigenous manufacturing through the procurement of two Hindustan-228 Dornier aircraft for Alliance Air and two helicopters for Pawan Hans. According to Naidu, the initiative will strengthen the domestic maintenance, repair and overhaul (MRO) ecosystem while supporting the government’s Make in India and Atmanirbhar Bharat initiatives. In addition, the Minister said the Centre will, for the first time, provide operational and maintenance support to airports in tier-2 and tier-3 cities that are unable to attain financial viability because of low passenger traffic.

Centre designed Modified UDAN scheme after decade of feedback: Civil Aviation Minister
Asia
The Hindu BusinessLine

Wipro reports mixed Q1: Guidance improves, margins contract

Wipro reported a mixed performance for the June quarter, with revenue growth exceeding expectations and guidance coming in slightly ahead of Street estimates, even as operating margins slipped to a 15-quarter low and net profit declined sequentially. The IT giant’s revenue grew 10.6 per cent year-on-year (y-o-y) and 1 per cent sequentially to ₹24,479 crore. Net profit stood at ₹3,352 crore, down 4.7 per cent quarter-on-quarter, but marginally up 0.6 per cent from a year earlier. Meanwhile, operating margin contracted 130 basis points (bps) sequentially and 120 bps y-o-y to 16 per cent. For the September quarter, the company guided for constant currency (cc) revenue growth in the range of -1.5 per cent to +0.5 per cent. Total bookings stood at $3.37 billion, down 2.4 per cent sequentially in cc, while large-deal bookings rose 12.9 per cent sequentially to $1.63 billion, indicating continued momentum in big-ticket contracts despite softer overall booking trends. Meanwhile, Srini Pallia, CEO and Managing Director, said, “The macro environment remains resilient, but uncertainty continues to shape decision-making. Technology investment has not slowed, but has become more focused. Clients continue to invest in AI, Data, Cloud, Cybersecurity, Modernisation and productivity-led transformation. Spending, today, is measured with more rigour and longer decision cycles.” He added that despite selective client spending, Wipro’s pipeline remains healthy. The company continues to see strong engagement across its markets and industries. Addressing the impact on margins, Aparna Iyer, Chief Financial Officer, said, “What has happened is the two-month incremental increase of wage hike, which will take a few quarters for us to recoup. It becomes a little more challenging in the background of our weaker revenue environment, but we have both traditional levers and AI coming in.” She highlighted that Wipro would leverage productivity gains across its fixed-price engagements to optimise project delivery while implementing cost-reduction measures, which it described as a key lever for improving performance. Geographically, the Americas remained a weak spot, with revenue declining both sequentially and annually. However, the company continued to see strong momentum in the Technology & Communications vertical, alongside healthy deal activity in the Consumer segment. It also expects demand in the BFSI vertical to strengthen in the second quarter. The APMEA region posted growth on both a sequential and annual basis, driven by continued momentum in the BFSI and Consumer sectors. In Europe, revenue increased y-o-y, supported by robust demand in BFSI and Technology & Communications. While the Energy, Manufacturing & Resources vertical remained subdued, the company said it has a healthy deal pipeline across key markets, including the UK and the Nordic region. “The real story for Wipro is that margins are under pressure and the management can’t spin that away. Wage hikes have kicked in. AI investments are ramping up. And clients are demanding more for less. That combination is squeezing profitability across the board, not just at Wipro. TCS and Infosys are dealing with some version of the same problem. This is the tax the sector is paying to stay relevant in an AI-led world,” said Tushar Badjate, Director of Badjate Stock & Shares.

Wipro reports mixed Q1: Guidance improves, margins contract
North America
Yahoo Finance

Nasdaq, S&P 500, Dow Futures Rise After Fourth Of July Break As Investors Await Fed Minutes: SLS, ONDS, HOOD, MARA, HUT In Focus

U.S. stock futures climbed higher in the overnight session late Sunday, extending the previous week’s rally as investors await the Federal Reserve’s June minutes due on Wednesday. Nasdaq 100 futures jumped 1.33%, S&P 500 futures climbed 0.53%, while Dow futures were up 0.15% at 8:11 PM EDT. The iShares 20+ Year Treasury Bond ETF (TLT) was trading down 0.09% amid ‘bearish’ sentiment. The benchmark indexes closed mixed on Thursday last week. U.S. stock and bond markets were closed on Friday, July 3, in observance of Independence Day. The Dow Jones Industrial Average jumped to record highs, adding nearly 600 points to close up 1.14%. The S&P 500 was flat at the end of the trading session, white the Nasdaq lost more than 200 points to close down 0.8%. However, all three indexes closed in the green for the week, climbing about 2% each. U.S. stock markets are poised to start off the week strong, extending last week’s rally as markets gear up for the second-quarter (Q2) earnings season. PepsiCo. (PEP) quarterly results are expected on Thursday, while Delta Air Lines (DAL) will follow suit on Friday. The broader Q2 earnings season will begin full throttle next week as major U.S. banks start reporting from July 14. However, the highlight of the week will be the minutes from the Federal Reserve’s June meeting, set to be released on Wednesday. This was Kevin Warsh’s first meeting as Fed Chair. The central bank held the key interest rates steady at 3.5% to 3.75%. Meanwhile, a softer-than-expected jobs report and Warsh’s unwillingness to provide cues about the central bank's policy path going forward at the ECB Forum in Sintra, Portugal, have lowered market expectations for a July rate hike. According to data from the CME FedWatch tool, the possibility of the Fed holding rates steady is at 78.1%, while odds of a rate hike are at 21.9%. U.S. payrolls released last week rose by 57,000 in June, missing Wall Street expectations. Meanwhile, Warsh did not provide any clear signals about the central bank’s policy decisions in the meeting later this month, although he highlighted “high” inflation and added that policymakers will have a "good debate" when they meet in four weeks. "I think it's going to be interesting to see how the discussion went around the table, how incrementally hawkish are they leaning," said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments, reportedly told Reuters.

Nasdaq, S&P 500, Dow Futures Rise After Fourth Of July Break As Investors Await Fed Minutes: SLS, ONDS, HOOD, MARA, HUT In Focus