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Saudi Aramco's industrial firefighting teams extinguished a fire that broke out early Sunday at the company's refinery facility in Jizan, Saudi Arabia. No injuries were reported, and authorities are completing necessary procedures to address the incident. The facility is located on the Red Sea near the Yemen border.

• The fire occurred at Saudi Aramco's refinery facility in Jizan, a strategic location on the Red Sea near the Yemen border
• No casualties were reported from the incident, according to the Saudi energy ministry
• Saudi authorities are conducting follow-up procedures to fully address the incident

Verizon experienced a significant mobile service outage on Saturday afternoon affecting thousands of U.S. customers, with voice services disrupted in major metropolitan areas. The wireless carrier confirmed it was addressing the issue and advised affected customers to restart their devices, though no cause for the outage was disclosed.

• Outages began around 3:30 p.m. ET with over 13,000 complaints reported at peak, primarily impacting customers in New York, Los Angeles, and Boston
• The disruption also affected hundreds of AT&T and T-Mobile customers whose calls could not connect to Verizon users
• Verizon did not provide a reason for the voice service outage and only stated the company was 'making progress' on resolving the issue

Berkshire Hathaway reported a 16% increase in second-quarter operating profit to $12.98 billion, driven by stronger manufacturing, service, and retail operations. Net income more than doubled to $25.67 billion, boosted by gains in equity holdings like Apple and Alphabet. The company also resumed stock buybacks after nearly two years, repurchasing $4.5 billion of shares.

• Operating profit rose 16% year-over-year to $12.98 billion from $11.16 billion
• Net income more than doubled to $25.67 billion from $12.37 billion, driven by double-digit gains in major stock investments
• Berkshire repurchased $4.5 billion of its own stock in Q2, resuming buybacks that began in March after a nearly two-year hiatus

The UAE condemned Iran for launching a missile attack on an ADNOC oil tanker in the Strait of Hormuz on Saturday, calling it an 'act of piracy'. The attack is part of ongoing disruptions to shipping in the strategic waterway, through which about a fifth of the world's oil and LNG passes, since a U.S.-Israeli conflict began on February 28.

• ADNOC reported 15 of its vessels have been attacked by missiles and drones while transiting the strait since the conflict started, resulting in one crew member death and 20 injuries
• The UAE accused Iran's Revolutionary Guards of violating U.N. freedom of navigation resolutions and using the waterway as a tool of economic pressure
• The ongoing attacks have repeatedly disrupted shipping through the strait, raising freight rates and creating significant security concerns for global energy supplies

A federal judge approved over $2.5 billion in settlements between New Jersey and chemical manufacturers DuPont, Chemours, Corteva, and 3M to resolve PFAS 'forever chemicals' pollution claims. The DuPont-related defendants will pay $875 million over 25 years and establish a $1.2 billion remediation fund, while 3M will pay up to $450 million. The judge called the settlement an 'impressive windfall' for the state given litigation risks.

• DuPont, Chemours, and Corteva must pay $875 million over 25 years, clean up four former industrial sites, create a $1.2 billion remediation fund, and establish a $475 million reserve to ensure cleanup completion even if companies go bankrupt
• 3M will pay $400-450 million over 25 years to settle drinking water contamination claims and stated it exited all PFAS manufacturing last year
• PFAS 'forever chemicals' are linked to serious health effects including higher cholesterol, low birth weight, reduced vaccine antibody response, and kidney and testicular cancer; the companies still face other PFAS litigation including a lawsuit filed by New York's attorney general

Burger King has reclaimed the number two position among U.S. burger chains by systemwide sales, overtaking Wendy's six years after losing the spot. The shift reflects Burger King's successful turnaround over the past five quarters while Wendy's has struggled with six consecutive quarters of declining same-store sales. McDonald's maintains a commanding lead as the nation's largest burger chain.

• Burger King reported 8.5% U.S. same-store sales growth in its latest quarter, driven by a turnaround strategy focused on food quality, marketing investment, and restaurant remodeling since late 2022
• Wendy's domestic same-store sales fell 7% in its most recent quarter, pressured by leadership turnover (three CEOs since 2024), eroded quality differentiation, and weakened value proposition
• McDonald's holds approximately 48% of the U.S. burger chain market, maintaining the number one position by a wide margin over both competitors

OpenAI has paused development of its upcoming AI model, Astra, after preliminary evaluations indicated it may possess 'critical' cybersecurity capabilities, including the potential to autonomously identify and exploit zero-day vulnerabilities. The company has triggered safety protocols and moved development to isolated testing environments with restricted access. This development highlights growing concerns about AI systems' ability to perform sophisticated cyberattacks without human intervention.

• Astra reached the 'critical' threshold, meaning it may be capable of autonomously exploiting severe software vulnerabilities and executing complex cyberattacks against highly secure targets without human intervention
• OpenAI has scaled up security controls, paused internal activities not meeting strengthened requirements, and moved Astra development to isolated testing environments with restricted network access
• The announcement follows recent disclosures from OpenAI, Anthropic, and Meta that their models exhibited unexpected capabilities during cybersecurity testing, demonstrating how advancing AI is straining developers' containment abilities

Airbnb's stock surged 15% after the company reported second-quarter earnings that beat expectations and raised full-year guidance. CEO Brian Chesky credited AI as the 'number one explanation' for the company's strongest growth in years, announcing plans to significantly increase AI spending due to measurable returns on investment.

• Airbnb is cutting product development time by 60% and shipping 80% more features year-over-year while keeping headcount flat, with AI helping attract bookings, assist hosts, and reduce customer service costs
• 45% of guests using Airbnb's AI agent for customer service never need to speak with a human representative, demonstrating significant cost savings
• The company hired Ahmad Al-Dahle, Meta's former head of generative AI, as CTO in January and now uses over a dozen AI models internally, with Chesky stating inference costs 'pale in comparison' to revenue gains

Billionaire Mike Ashley's Frasers Group is reportedly the leading bidder to acquire British luxury department store chain Harvey Nichols, with a deal expected to complete early next week. The transaction would end 35 years of ownership by Hong Kong businessman Sir Dickson Poon and represents the latest in Ashley's series of high-street retail acquisitions.

• Ashley expects Harvey Nichols to sell for less than £40 million and has described the luxury chain as being in a 'death spiral', calling a turnaround a 'huge challenge'
• Rival bidder Next could potentially submit a higher offer, while private equity firm Modella Capital was also previously interested in acquiring the chain
• The deal would add Harvey Nichols to Frasers Group's growing portfolio of British high-street retail acquisitions

Grail announced that the U.S. FDA will convene an advisory panel meeting in September to review its Galleri multi-cancer screening test as part of the premarket approval process. The blood-based test aims to detect signals from more than 50 types of cancer from a single sample. The review follows disappointing earlier trial results, and the FDA is not obligated to follow the panel's recommendation.

• The FDA will use its most stringent review process (premarket approval) for Grail's multi-cancer screening test
• Galleri is designed to detect signals of more than 50 different cancer types from a single blood sample
• The advisory meeting comes after the company reported disappointing clinical trial results

Doximity's stock surged over 100% in premarket trading after CEO Jeffrey Tangney revealed their AI search product generates 10 times more revenue than it costs to operate. The digital medical platform also beat Q1 estimates and raised full-year revenue guidance, though analysts believe the AI profitability upside is not yet reflected in forecasts. The surge was amplified by a short squeeze, as approximately 17% of the stock was held in short positions.

• Doximity reported Q1 revenue of $156.6 million and adjusted EBITDA of $74.8 million, both above consensus, and raised full-year revenue guidance by $6 million to $671-681 million
• CEO stated AI search brings in 10x revenue versus costs, with expectations that AI costs will decrease over time as models become more efficient
• Analysts note the AI search profit potential is likely not included in current guidance, and the stock rally triggered a short squeeze affecting the 17% short interest position

The U.S. economy unexpectedly shed 23,000 jobs in July, marking a significant miss against economist expectations. This contrasts sharply with forecasts that had predicted a gain of 83,000 jobs for the month. The surprise job losses raise concerns about the strength of the labor market and broader economic conditions.

• Nonfarm payrolls declined by 23,000 in July, falling 106,000 short of the Dow Jones consensus estimate of 83,000 jobs added
• The unemployment rate was expected to hold steady at 4.2% according to consensus forecasts
• This marks an unexpected reversal in job creation, potentially signaling weakness in the labor market

China is rapidly closing the AI performance gap with U.S. frontier labs, with models like Moonshot's Kimi K3 matching or surpassing some capabilities of OpenAI and Anthropic systems. Chinese AI models are gaining global adoption, particularly in developing countries, due to their competitive performance and lower costs. However, U.S. export controls limiting access to advanced chips and America's advantages in compute power, capital, and talent mean the U.S. retains a significant edge in the AI race.

• Chinese AI models are increasingly competitive despite compute constraints, with Moonshot's Kimi K3 matching top U.S. models in some benchmarks and Chinese systems becoming the 'default for developing countries'
• U.S. export controls have severely limited Chinese firms' access to advanced chips, forcing Moonshot to pause new subscriptions due to capacity limits after Kimi K3 demand surged
• The U.S. maintains overwhelming advantages in compute capacity, private capital funding (enabling record fundraising for OpenAI and Anthropic), and talent acquisition, though China leads in open models and robotics

President Donald Trump is hosting mining company CEOs at the State Department to advance efforts to secure domestic and allied supplies of critical minerals needed for defense manufacturing. The initiative aims to replenish weapons stockpiles depleted during the five-month Iran war and reduce U.S. dependence on Chinese supply chains. The administration is seeking billions in investment and developing a domestic mining workforce as part of its national security strategy.

• Major mining companies including Rio Tinto, BHP Group, and Freeport-McMoRan will attend, with the administration planning to announce deals and memorandums of understanding
• Critical minerals like rare earths, tungsten, germanium and scandium are essential for precision-guided missiles, fighter aircraft, and advanced weapons systems that have been depleted during the Iran conflict
• Trump has launched a $12 billion strategic minerals stockpile and is addressing workforce shortages by promoting mining careers through partnerships with U.S. mining schools to compete with China's dominance in mineral production

Airbus delivered 67 planes in July, bringing its 2025 total to 418 aircraft, requiring an average of 90 monthly deliveries through year-end to reach its target of around 870 jets. The company booked 204 orders in July, pushing its annual order count to 1,024 gross orders. Airbus also confirmed previously announced orders from Chinese carriers and formalized 100 A320neo orders from SMBC Aviation at Farnborough.

• Airbus must deliver approximately 90 jets monthly for the remainder of 2025 to meet its target of 'around 870' deliveries, which CEO Guillaume Faury indicated could extend to 890 units
• July orders included confirmation of deals from Chinese carriers and 100 A320neo-family aircraft from Irish lessor SMBC Aviation, while AirAsia X cancelled 15 A330neos as part of a deal for 150 A220s
• The company has accumulated 1,090 net orders year-to-date after adjustments, following a subdued showing at the Farnborough Airshow

Monte dei Paschi di Siena, Italy's third-largest bank, reported second-quarter profit of €610 million, beating analyst estimates of €543 million by 12%. The bank is evaluating strategic alternatives to resist a €36 billion takeover bid from rival Intesa Sanpaolo, leveraging its strong capital position with a core capital ratio of 16.3%.

• Q2 net profit of €610 million exceeded consensus by €67 million and rose 20% quarter-on-quarter
• MPS became a takeover target in June for Intesa Sanpaolo's planned €36 billion ($41.5 billion) cash-and-stock offer
• The bank maintains 'strategic flexibility' with a core capital ratio of 16.3%, nearly seven percentage points above regulatory requirements

China's exports grew 23% year-over-year in July 2026, exceeding analyst expectations of 22.2%, driven by global demand for high-tech components. Import growth slowed to 27.5%, slightly below forecasts, while export growth decelerated from June's 27% surge.

• July export growth of 23% topped analyst estimates but slowed from June's 27% pace, which was the fastest rate in recent periods
• Imports rose 27.5% year-over-year, marginally missing the 27.9% forecast and representing the quickest import growth in five years
• High-tech component demand from global markets helped absorb China's export output despite the month-over-month deceleration

Brazilian state-run oil company Petrobras reported a 96.8% year-over-year increase in second-quarter net profit, reaching 52.4 billion reais ($10.25 billion). The results exceeded analyst expectations of 44.7 billion reais, demonstrating strong financial performance for the April-June period.

• Net profit nearly doubled to 52.4 billion reais ($10.25 billion) in Q2, up 96.8% from the same quarter last year
• Results beat analyst consensus by approximately 17%, surpassing the LSEG poll estimate of 44.7 billion reais
• The strong performance by Brazil's state-controlled oil giant signals robust operational results during the April-June quarter

Atlassian exceeded Wall Street's fourth-quarter revenue expectations, reporting $1.77 billion versus the $1.66 billion estimate, driven by strong demand for its cloud-based collaboration tools like Jira and Rovo. The company's growth reflects increased enterprise adoption of AI-enabled automation and machine learning capabilities in workplace software.

• Q4 revenue reached $1.77 billion, beating analyst estimates of $1.66 billion for the quarter ended June 30
• First-quarter revenue forecast of $1.71-$1.72 billion exceeds analyst expectations of $1.66 billion, though full-year growth outlook was reduced to 13% from previous 24% projection
• The company laid off 10% of its workforce (approximately 1,600 employees) in March as part of a strategic shift toward AI development and enterprise sales

Microchip Technology forecast second-quarter revenue and profit above Wall Street estimates, driven by strengthening demand for its chips used in AI data centers, industrial, automotive, and aerospace sectors. The company is benefiting from cyclical recovery in key end-markets and surging AI-related demand, along with robust aerospace and defense spending fueled by geopolitical tensions.

• Second-quarter revenue forecast of $1.59 billion to $1.62 billion exceeds analyst estimates of $1.55 billion
• First-quarter revenue reached $1.49 billion with adjusted profit of $0.76 per share, both topping analyst expectations
• Industry peer Onsemi similarly forecast strong third-quarter revenue, indicating broader sector strength in power management chips for AI data centers