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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
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
Europe
The Guardian

Conservative fight against license renewals for ABC stations heats up

The groups have complained about TV host Jimmy Kimmel, seen here at the Oscars in Los Angeles, California, on 15 March. Photograph: Mike Blake/ReutersView image in fullscreenThe groups have complained about TV host Jimmy Kimmel, seen here at the Oscars in Los Angeles, California, on 15 March. Photograph: Mike Blake/ReutersABCConservative fight against license renewals for ABC stations heats upProminent organizations accuse network of political, racial and sexual bias and supporting Chinese communist party A group of prominent conservative organizations has petitioned the Federal Communications Commission (FCC) to deny license renewal requests from the eight local television stations owned and operated by ABC, accusing the network of political, racial and sexual bias and supporting the Chinese communist party. The petitions come after the commission, led by Trump appointee Brendan Carr, took the nearly unprecedented step of requiring the network, a frequent recipient of attacks from Donald Trump, to apply several years early to maintain its ability to broadcast in markets around the country. While Carr has said the early license renewal process stems from an FCC investigation into ABC’s diversity, equity and inclusion (DEI) efforts, petitioners are free to include a variety of grievances against the network and concerns about whether ABC is operating in the public interest. The petitions – part of an open process that allows anyone to argue that ABC is not fit to hold publicly owned television licenses – came from groups like the Center for American Rights, which has played a significant role during Carr’s tenure atop the FCC agency as an initiator of complaints against major broadcast television networks. In a petition to deny filed last Monday, the group said the stations were not being operated “in the public interest” in part because ABC’s programs “show a consistent and overt partisan bias”, citing the group’s past complaints about late-night host Jimmy Kimmel and the network’s moderation of a 2024 presidential debate, among other concerns. “ABC ignores long-standing Commission precedents and principles protecting the integrity of the news,” the group wrote. “ABC engages in explicit racial and gender discrimination. ABC cozies up to the Communist Chinese Party and airbrushes over religious and ethnic cleansing. ABC fails to respect this Commission’s rules.” The organization lobbied the FCC to deny ABC’s renewal requests and to call the matter for a hearing, “because the Petition and accompanying materials raise sufficient questions [about] whether ABC is operating in the public interest or remains worthy of the public trust”. The Media Research Center, a non-profit conservative media watchdog group, filed a petition to deny the network’s license renewal requests “because of ABC’s continued and sustained abuse of the licenses subject to the current review, its notorious efforts to improperly influence national elections, and its willful engagement in misinformation and the promotion of violence”. The group claimed that ABC-owned and -operated television stations, in markets such as New York City and Los Angeles, “have used public spectrum to suppress news coverage of the most critical stories of our day; to engage in electioneering and relentless political bias; to excuse, minimize, and even justify the epidemic of political violence; and to peddle misinformation and defamation”. The Article III Project, a legal group started by the conservative, Trump-aligned activist Mike Davis, focused its petition to deny on ABC parent company Disney’s employment practices and efforts to hire a more diverse workforce. “The Commission should deny renewal of ABC’s television licenses,” wrote William Chamberlain, senior counsel for the organization. “The record demonstrates consistent and serious violations of federal [Equal Employment Opportunity] law. In the alternative, any renewal must include sweeping terms and conditions sufficient to eliminate all discriminatory practices and ensure future compliance.”

Conservative fight against license renewals for ABC stations heats up
Europe
BBC Business

ITV sells media and entertainment arm to Sky for £1.6bn

Image source, Getty ImagesByFaarea MasudBusiness reporterPublished6 July 2026, 07:53 BSTUpdated 1 hour agoITV is selling its media and entertainment divisions to Sky in a £1.6bn deal that the companies say will create a strong rival to global streaming giants. The sale includes ITV's broadcast channels and its ITVX streaming service, with Sky's chief executive Dana Strong calling it "a defining moment for British media". It is one of the biggest takeovers in British media history, with American-owned Comcast - which owns Sky - having started takeover talks in November last year. ITV's studio arm, which makes popular programmes such as Love Island and I'm a Celebrity... Get Me Out of Here, is not included in the deal. The deal means Sky will get access to millions more viewers, and as well as scale and prominence on a free-to-air platform. Viewers are unlikely to notice any difference initially. The takeover will not lead to ITV's shows being moved behind a paywall for now as ITV is required by law to provide a free-to-air service until at least 2034 under its public service broadcasting licence. In a statement, Sky Group said there would be no immediate change to popular shows. "The UK media market is undergoing a profound and rapid transformation, and as competition for audiences intensifies, scale matters more than ever in order to compete with global streaming giants and YouTube in the UK," Sky said . "Viewers will continue to enjoy the shows they know and love, such as Coronation Street, Emmerdale, Love Island, I'm a Celebrity... Get Me Out of Here!, This Morning, Loose Women, Lorraine and News at Ten – alongside major live sporting events." Former ITV chairman Sir Peter Bazalgette, who owns shares in ITV, said the deal was "essential" for the survival of the broadcasters. "If we don't see consolidation between domestic broadcasters, we won't have any in 20 years time and it's the same for all the European countries because of the competition from the streamers," he told the BBC's Today programme. "It's a good deal for viewers because it sustains, will sustain, ITV's investment – as its obligations are as a public service broadcaster – in international news, national news, regional news and all the programmes that its viewers love", he said.

ITV sells media and entertainment arm to Sky for £1.6bn
Asia
The Hindu BusinessLine

Sensex jumps 521 points, Nifty closes above 24,400 on banking, realty gains

Equity benchmarks ended higher for the fourth straight day on Monday, led by strong buying in blue-chip banking, realty and defence counters amid subdued crude oil prices, easing geopolitical tensions and growing expectations of a less hawkish stance from the USFederal Reserve. Asian and European markets showcased mixed trends. “The calmness in the West Asia region and hopes for a relatively steady corporate earnings season kept investor mood optimistic, although overall sentiment remains cautious,” Ankur Punj, MD & Business Head at Equirus Wealth, said. According to Vinod Nair, Head of Research at Geojit Investments, continued softness in crude prices would support inflation, the current account balance, oil marketing companies’ profitability, and overall macro stability. He noted that financials gained on expectations of healthy private bank earnings, autos benefited from strong volume trends and improving demand outlook, while realty remained supported by resilient housing demand. BSE Sensex rose 521.16 points, or 0.67 per cent, to close at 78,285.07, after hitting an intraday high of 78,398.06. NSE Nifty 50 gained 159.50 points, or 0.66 per cent, to settle at 24,430.35. In the last four trading sessions, both the benchmarks have gained over 2 per cent each. The broader market also participated in the rally, with both the Nifty Midcap 100 and Nifty Smallcap 100 ending in positive territory. On the sectoral front, realty, consumer durables, auto and oil & gas outperformed, while media, PSU banks, IT and cement closed lower. Defence stocks outperformed after the Defence Acquisition Council approved capital acquisition proposals worth ₹52,000 crore. Zen Technologies, Dynamatic Technologies, Paras Defence and Data Patterns outperformed. In the midcap segment, Dixon Technologies, Radico, Hitachi Energy and GE Vernova T&D gained between 3 per cent and 7 per cent. Groww, MCX, Bank of India, Suzlon and Bank of Maharashtra were among the top losers. In the small-cap space, Swan Corp, Manappuram Finance, Welspun Corp and Aegis Logistics advanced, while Zensar Technologies, Ola Electric and Pine Labs weighed on the index. Market breadth remained neutral. A total of 3,462 stocks were traded on the NSE, of which 1,578 advanced, 1,769 declined, and 115 remained unchanged. 146 stocks reached 52-week highs, and 41 hit 52-week lows. In addition, 114 stocks hit the upper circuit and 99 hit the lower circuit. Abhinav Tiwari, Research Analyst at Bonanza, said management commentary, future guidance, crude oil prices, foreign investor flows and global interest rate expectations are likely to drive market direction. He added that until earnings provide greater clarity, stock-specific movements are expected to dominate.

Sensex jumps 521 points, Nifty closes above 24,400 on banking, realty gains
Asia
The Hindu BusinessLine

Engineers from 4 countries & India’s young workforce help launch CG Semi’s OSAT facility in Gujarat

More than 75 engineers packed their bags and relocated to Gujarat from the Philippines, South Korea, the United States and Malaysia to help build CG Semi’s ₹7,500-crore Outsourced Semiconductor Assembly and Test (OSAT) facility at Sanand. On Saturday, Prime Minister Narendra Modi inaugurated the plant, making it only the third semiconductor facility in India to commence commercial production in the past five months. On the shop floor, these engineers now work alongside young women from Chhattisgarh, Jharkhand, Madhya Pradesh, Gujarat, Jammu & Kashmir and Kerala, many of whom had never stepped outside their villages before travelling to Malaysia for specialised semiconductor training. Together, they embody two ends of India’s semiconductor story—global expertise flowing into the country and a first-generation manufacturing workforce being trained to produce chips destined for markets across Japan, the United States and Europe. “Over 75 of our colleagues moved to Gujarat from the Philippines, South Korea, the United States and Malaysia. They came here not merely to build a factory but to help build India’s capability,” said Vellayan Subbiah, chairman of CG Power and Industrial Solutions Ltd, whose subsidiary CG Semi has developed the facility in partnership with Japan’s Renesas Electronics and Thailand’s Stars Microelectronics. For Subbiah, the project’s significance lies as much in capability-building as in manufacturing. “It is deeply symbolic that our first shipment is going to global customer Renesas Electronics, our Japanese partner,” he said. “Our partner Renesas taught us what being truly world class means. Their qualification standards were tough. Very tough. By meeting those standards, we not only earned the trust of our customers but also confidence in what advanced Indian manufacturing is capable of achieving,” he added. The chips packaged at the Sanand plant will find their way into automobiles, scooters and industrial equipment before being exported to Japan, the United States and Europe, Union Electronics and IT Minister Ashwini Vaishnaw said. The minister also highlighted the workforce behind the facility. “Daughters from Chhattisgarh, Jharkhand, Madhya Pradesh, Gujarat, Jammu & Kashmir and Kerala will be working as operators at the plant. Some of them stepped out of their villages for the first time and went to Malaysia for training,” he said. Spread over 75,000 square feet, the newly inaugurated facility has the capacity to package about 300 million semiconductor units annually. Right next to it, a second plant spanning nearly one million square feet is already under construction and is expected to increase capacity to four billion units a year. For PM Modi, the plant is also evidence of a semiconductor ecosystem beginning to take shape. Within months of Micron Technology, Kaynes and now CG Semi commencing commercial production in Sanand, the region is beginning to resemble the manufacturing clusters that transformed countries such as Taiwan, South Korea and China. “Step by step, brick by brick and chip by chip, the Semicon India programme is catching pace,” the Prime Minister said, adding that semiconductor clusters eventually attract suppliers of chemicals, testing laboratories, equipment service companies, chip designers and startups. Modi said the back-to-back commissioning of semiconductor facilities by Micron, Kaynes Semicon and now CG Semi in Sanand marks the emergence of a semiconductor manufacturing cluster in India. Such clusters, he said, create a multiplier effect by attracting suppliers of specialty chemicals, testing laboratories, equipment maintenance companies, chip design firms and startups, gradually building an integrated semiconductor ecosystem rather than standalone manufacturing units. “Today chips are being packaged here; tomorrow specialised companies will come... This is the strength of a cluster,” he said. CG Semi’s facility adds to the rapid build-out of Gujarat’s semiconductor ecosystem under the India Semiconductor Mission. The state has secured six major semiconductor projects involving investments of about ₹1.24 lakh crore. Besides CG Semi, Micron Technology and Kaynes Semicon have already commenced commercial production at their OSAT facilities in Sanand, while Suchi Semicon’s pilot OSAT plant is operational in Surat. Tata Electronics is constructing India’s first commercial semiconductor fabrication (fab) facility at Dholera, and Crystal Matrix has received approval to set up the country’s first commercial mini and micro-LED display fabrication and packaging unit at Dholera SIR. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Engineers from 4 countries & India’s young workforce help launch CG Semi’s OSAT facility in Gujarat
Europe
BBC Business

Three things you can do to stop EU border checks at the airport costing you

ByKevin PeacheyCost of living correspondentPublished4 hours agoIf you're heading to Europe this summer you need to be prepared for queues caused by the EU's new border control system - or it could end up costing you more money. UK travellers have to register fingerprints and a photo when you scan their passport as part of the Entry/Exit System, or EES. The extra time this takes, as well as some technical glitches, have meant long delays at some airports. Some holidaymakers have missed their flights and had to pay for another ticket. Here are three things experts say you must do before you travel to Europe to avoid any additional costs as a result of the new checks. Building in plenty of time to check in and complete the EES registration steps will help you to avoid missing your flight. The UK boss of budget airline Wizz Air told the BBC that British holidaymakers should arrive at European airports three hours before their flight home departs. Other airlines such as Jet2 and Ryanair have suggested the same, depending on the airport. However, Eurostar advises passengers to arrive at the station at the recommended time stated on your ticket, external as it already takes EES steps into account. At the Port of Dover, technology issues have prevented the new system from being used. It is advising passengers to arrive no more than two hours before their ferry departure. It warned arriving too early could cause queues to build up. Top tip: Check arrival time advice with your airline, ferry or rail company in advance and build in your travel from home. Airlines and travel providers will send out messages to let passengers know of current waiting times and any changes so it's important you are signed up to receive them. "Airlines typically notify passengers of significant delays. We also advise passengers to always check directly with their airline before heading to the airport to allow enough time for security checks and reaching their departure gate," the Civil Aviation Authority says. Most airlines have an app you can download in advance to receive alerts and it's also worth checking you're signed up to get texts and that emails don't go into your junk folder.

Three things you can do to stop EU border checks at the airport costing you
Europe
BBC Business

Backlash after China bubble tea firm ordered to pay Louis Vuitton $1.5m

Chinese media reported last week that a court in the eastern Jiangsu province ruled that the Shenzhen-based tea company had copied Louis Vuitton's iconic four-petal flower monogram trademark. The decision has divided the public online in China, with a hashtag linked to the case drawing more than 400 million views and tens of thousands of comments. On Thursday, a court in Suzhou, just east of Shanghai, ordered Molly Tea to stop using of the logo, issue a public apology and to pay damages to Louis Vuitton, according to Chinese state media China Daily. The outlet also said that Molly Tea and its affiliated firms had applied for multiple trademarks that were rejected by the China National Intellectual Property Administration. Only the trademark containing the Chinese characters for "Molly Tea" was successfully registered, China Daily reported. Many Chinese social media users have defended the design of Molly Tea's logo, noting how many designs used in Western luxury brands have been inspired by Chinese artefacts. One commenter on the Weibo platform wrote in Mandarin that he will "drink a cup of Molly Tea daily" to show his support for the company. "Give me a break. They're just taking advantage of the fact that our ancestors didn't file for patents," the commenter wrote. One user on RedNote, another Chinese social media platform, said: "Such basic geometric shapes have been used everywhere throughout history, not just China." A Weibo user said that those who back Molly Tea's design should "study law first", arguing that there is no dispute as Louis Vuitton had already registered the trademark. Another said Louis Vuitton is justified in defending its intellectual property and that other brands do not have the right to imitate it, regardless of their industry.

Backlash after China bubble tea firm ordered to pay Louis Vuitton $1.5m
North America
CNBC Economy

U.S. job creation cools in June with payrolls growth of just 57,000; unemployment rate at 4.2%

The U.S. economy saw job creation cool sharply heading into the summer, the Bureau of Labor Statistics reported Thursday. Nonfarm payrolls for June increased by a seasonally adjusted 57,000 for the month, slower than the downwardly revised 129,000 added in May and worse than the 115,000 Dow Jones consensus forecast. The unemployment rate, however, dropped to 4.2%, slightly ahead of the 4.1% where it was a year ago. The move lower was largely due to a slump in the labor force participation rate, which dropped 0.3 percentage point to 61.5%, the lowest since March 2021. Household employment plummeted during the month, with 507,000 fewer people reported at work. A broader unemployment measure that includes discouraged workers and those holding part-time jobs for economic reasons declined by 0.2 percentage point to 7.9%. Prior months also saw significant downward revisions — the May total, which had been much stronger than economists had anticipated, was cut by 43,000, while April's figure came down 31,000 to 148,000 as the report showed labor market growth significantly slower than previously thought. Average hourly earnings rose 0.3% for the month and 3.5% from a year ago, both in line with the consensus forecasts. Professional and business services contributed the most, with a gain of 36,000. Social assistance added 25,000 and healthcare employment rose by 22,000, a slower-than-normal pace for the industry. Government jobs rose by 8,000. However, leisure and hospitality reported a loss of 61,000 jobs, which the BLS said reflected slower-than-usual seasonal hiring. There had been speculation that the World Cup might provide some boost to the payroll numbers, with Goldman Sachs estimating a gain of 40,000. Stock market futures rose following the report as traders eased expectations for an interest rate increase as soon as September. Treasury yields were negative, with the policy-sensitive 2-year yield down 3.5 basis points to 4.13%. "The slowdown in payroll growth challenges the narrative of renewed labor market strength that has been building in recent months but, importantly, reinforces the view that the Federal Reserve is under little pressure to tighten policy," said Seema Shah, chief global strategist at Principal Asset Management. The report comes with Federal Reserve policymakers expressing mixed feelings about the economy – mostly positive on growth though apprehensive on inflation as earlier fears about weakness in the labor market have eased. However, the weak report Thursday could change the labor market view. In an appearance Wednesday, Fed Chairman Kevin Warsh called the jobs picture "steady" as he continued to emphasize the importance of bringing inflation down to the central bank's 2% target. Inflation has been running north of that goal for the past five years, with the most recent surge in part due to the Iran war and ongoing impacts from tariffs.

U.S. job creation cools in June with payrolls growth of just 57,000; unemployment rate at 4.2%