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Warren Buffett called Bill Gates' association with Jeffrey Epstein 'distasteful' but said people make mistakes, defending his decision to redirect his annual charitable donations away from the Gates Foundation. The 95-year-old Berkshire Hathaway chairman is now directing all donations to four family-linked foundations run by his three children. Despite the change, Buffett said he and Gates remain in contact and recently spent several hours together in Omaha.

• Since 2006, Buffett has donated over $47 billion worth of Berkshire stock to the Gates Foundation, making it the largest recipient of his annual donations until this year's overhaul
• Buffett's 2024 donations are going entirely to four family foundations: the Susan Thompson Buffett Foundation (9 million Class B shares) and three foundations led by his children (1 million Class B shares each)
• Buffett stated he extensively reviewed information about Gates' relationship with Epstein before changing his giving strategy, but noted he found 'nothing in there that was beyond what I could picture myself doing'

Google is defending a 2024 lower court ruling that overturned a €1.49 billion ($1.7 billion) EU antitrust fine at Europe's top court. The original 2019 fine alleged Google used restrictive clauses in AdSense contracts from 2006-2016 to block rivals from placing search ads on publisher websites. The case is part of nearly €9.5 billion in EU antitrust penalties against Google over two decades.

• Google argues the European Commission ignored evidence showing rivals had substantial opportunities to compete, and that the General Court's reasoning was clear and complete
• The Commission contends the lower court imposed unprecedented burdens on regulators and effectively treats exclusive clauses as lawful by default
• A non-binding court opinion is expected November 12, 2026, with a final ruling in following months; the lower court's annulment marked a rare setback for EU regulators

Johnson & Johnson exceeded Wall Street's second-quarter expectations with sales of $25.31 billion, driven by strong performance in its pharmaceutical division, particularly immunology drug Tremfya and cancer treatment Darzalex. The company raised its full-year sales and profit outlook despite headwinds from its Abiomed heart pump business, which saw a 2% decline following a UK study questioning Impella pump safety.

• Tremfya sales surged 72.5% to $2 billion, significantly beating estimates of $1.74 billion, as J&J works to offset revenue losses from patent-expired Stelara
• Abiomed heart pump sales fell 2% year-over-year after a UK study raised safety concerns, down from 14% growth in the first quarter
• J&J raised its full-year sales forecast to $101.1 billion (from $100.8 billion) and increased its adjusted earnings outlook

BlackRock reported record assets under management of $15.34 trillion in Q2, up from $12.53 trillion a year earlier, driven by strong market gains and $192 billion in net client inflows. The world's largest asset manager beat Wall Street profit estimates as equity markets rallied 15% and investors poured money into its ETF and private markets platforms.

• Net client inflows totaled $192 billion in the quarter, led by $92 billion into fixed-income products and $71.6 billion into equity products, reflecting strong demand for the firm's iShares ETF platform
• BlackRock is aggressively expanding into private markets after spending $28 billion on acquisitions including HPS Investment Partners and Global Infrastructure Partners, targeting $400 billion in gross private markets fundraising from 2025 to 2030
• The company's private credit fund HLEND faced elevated redemption pressures with investors seeking to withdraw 13.3% of assets, though BlackRock maintained its 5% quarterly redemption cap amid broader concerns about lending standards in the sector

President Trump is urging defense executives to accelerate weapons production and expand manufacturing capacity as ongoing conflicts in Ukraine and the Middle East deplete U.S. stockpiles and expose supply chain bottlenecks. The push is part of a broader administration strategy to revive U.S. industrial capacity, with the Pentagon serving as a catalyst for domestic manufacturing investment.

• Trump participated in a two-day Defense and Innovation Summit at the U.S. Army War College, where he announced Pennsylvania-based defense investments and emphasized faster production timelines
• The Pentagon has secured roughly $20 billion in private investment tied to expanding production of Patriot missiles and other high-demand weapons through long-term procurement contracts
• Joint Chiefs Chairman General Dan Caine urged defense companies to 'go faster' and 'think bolder' as prolonged conflicts consume large quantities of missiles, interceptors, and munitions

The French competition regulator will review a €20.35 billion ($23.24 billion) joint bid by Orange, Iliad, and Bouygues to acquire telecoms operator SFR. The European Commission will not assess the deal, potentially easing the regulatory approval process for the three French companies.

• The deal values SFR at €20.35 billion and involves three major French telecom companies combining forces
• European Commission will not review the transaction, leaving jurisdiction to French national authorities
• The French-only regulatory review could provide an easier path to approval compared to EU-level scrutiny

The Ebola outbreak in the Democratic Republic of Congo has rapidly escalated to 1,926 confirmed cases and 702 deaths as of mid-July 2026, making it the third-largest and fastest-growing Ebola outbreak on record. Médecins Sans Frontières (MSF) is urging urgent expansion of containment measures, warning that response efforts are failing to keep pace with the epidemic's spread, particularly in rural areas with limited medical access.

• Cases tripled in less than five weeks, with the outbreak caused by the Bundibugyo strain of Ebola spreading through population movements and treatment delays
• MSF operates seven treatment centres and over 15 isolation units in Congo but warns that surveillance, testing, and burial services remain severely under-resourced
• The U.S. has imposed travel restrictions on commercial flights from affected areas, while the WHO confirms the outbreak remains active with communities outside urban centers facing inadequate support

Swedish private equity firm EQT AB has submitted a sweetened takeover proposal for Australian financial services provider Perpetual, valuing the company at A$2.50 billion ($1.75 billion). This revised bid comes after Perpetual rejected EQT's earlier offer earlier this month.

• The improved offer values Perpetual at A$2.50 billion (approximately $1.75 billion USD)
• Perpetual had rejected EQT's previous takeover proposal earlier in July
• The proposal remains non-binding at this stage

Japan's parliament has passed a law amendment reclassifying cryptocurrencies from payment services to 'financial assets,' subjecting them to stricter regulations including insider trading rules and enhanced penalties for unregistered trading. The change is expected to take effect within a year as Japan's cryptocurrency market continues to expand.

• Cryptocurrencies will move from the 'Payment Services Act' to financial asset classification, triggering stricter regulatory oversight including insider trading prohibitions
• Unregistered cryptocurrency trading will face stricter penalties under the new legal framework
• The regulatory change is expected to be implemented within one year, affecting Japan's growing cryptocurrency exchange user base

Frankfurt prosecutors executed a search warrant at a Deutsche Bank branch on Tuesday but provided no details about the investigation. Deutsche Bank declined to comment on the matter. The limited information leaves the nature and scope of the investigation unclear.

• Prosecutors disclosed no information about the reason for the search or what they were investigating
• Deutsche Bank refused to provide any comment or statement regarding the search warrant execution
• The lack of details raises questions about potential compliance or regulatory issues at Germany's largest bank

Stripe and private equity firm Advent International have jointly offered to acquire PayPal Holdings for $60.50 per share, valuing the deal at over $53 billion. The offer, backed by $50 billion in committed bank financing, represents a 28% premium to PayPal's closing price and was submitted earlier in July following an initial April approach. Under the proposal, Stripe and Advent would equally own PayPal without breaking up the company.

• The acquisition offer of $60.50 per share represents approximately a 28% premium to PayPal's recent closing price
• Stripe and Advent have secured around $50 billion in committed financing from banks to support the transaction
• The bidders are seeking to reach an agreement by the end of the month, though PayPal has not yet responded to the proposal submitted after an initial approach in early April

Lucid stock plunged over 40% on Tuesday after a report claimed the EV maker was considering bankruptcy or going private, which the company denied as 'completely false.' The company faces challenges from slower EV adoption and changing Trump administration policies, having recently laid off 18% of its U.S. workforce.

• Trading was halted multiple times for volatility after EV site reported Lucid had hired AlixPartners to review bankruptcy or going-private options
• Lucid stated it has sufficient liquidity through next year and no special board committee was formed to explore these scenarios
• The company is backed by Saudi Arabia's Public Investment Fund and recently cut 18% of U.S. staff while facing pressure from eliminated $7,500 federal EV tax incentives

Zipline, a drone delivery startup, has hired former executives from Tesla, Uber Eats, and Waymo to scale its U.S. operations as the company reaches major growth milestones. The company now completes one drone delivery every 20 seconds and has surpassed 2.5 million total commercial deliveries, with 70% of daily volume occurring in the U.S. Zipline expects its U.S. business to grow 15 times in 2026 alone as it expands beyond Dallas into new metro areas.

• Key hires include Sendil Palani (17-year Tesla finance veteran) as CFO, Kevin Vosen (former Waymo chief legal officer) as CLO, and Allen Penn (ex-Uber Eats VP) as head of commercialization
• Zipline delivered 1 million packages in the last 12 months alone and operates a South San Francisco factory capable of producing 24,000 drones annually
• The company is expanding to Austin, Houston, and Cleveland, partnering with Cleveland Clinic for healthcare home delivery, and expects to enter 'many tens of metros' across the U.S. by 2027

CVS Health's Caremark has settled with the FTC, agreeing to curb rebate practices and count consumer purchases from TrumpRx.gov toward insurance deductibles. The settlement, similar to Cigna's earlier agreement, aims to reduce drug costs and is expected to generate billions in savings. TrumpRx is a White House-launched discount drug website that previously operated outside insurance coverage.

• CVS must allow clients to opt out of rebate payment models, addressing criticism that these after-market discounts contribute to high drug costs
• The settlement requires CVS to count TrumpRx purchases toward health plan deductibles once regulations are in place, expanding the program's value for consumers
• TrumpRx.gov was launched in February 2026, offering discounted generic and branded drugs with focus on weight-loss medications from Eli Lilly and Novo Nordisk

A U.S. federal judge dismissed a proposed class action lawsuit against Apple that sought up to $32.8 billion in damages for allegedly failing to prevent child sexual abuse material on iCloud. The judge ruled that Section 230 of the Communications Decency Act shields Apple from liability for user-generated content, and dismissed the case with prejudice, preventing plaintiffs from refiling.

• The lawsuit, filed in 2024 on behalf of a class of 2,680 people, claimed Apple knowingly failed to use available technology to identify and report child abuse material on iCloud
• Judge Noël Wise ruled that federal law does not require Apple to proactively utilize or develop technology to identify such content, stating 'Lawmakers can fix this problem' but the court cannot
• Apple abandoned its 2021 NeuralHash detection program by 2022 and implemented end-to-end encryption on iCloud, making it nearly impossible for law enforcement or Apple to identify abusive material; the company faces a similar lawsuit from West Virginia's attorney general

ARC Resources shareholders approved Shell's $16.4 billion acquisition of the Canadian natural gas producer, with 99.54% of votes cast in favor at a special meeting. The deal, one of 2024's largest energy sector transactions, still requires approval from the Court of King's Bench of Alberta with a hearing scheduled for the following day.

• Nearly unanimous shareholder approval with 99.54% of votes supporting the transaction
• Shell is acquiring ARC Resources to expand its natural gas portfolio in North America
• Transaction expected to close in second half of 2026, with ARC's assets becoming part of Shell's integrated gas division

BMW faces mounting challenges in China, with sales declining for two consecutive years and headed for a third-year drop despite heavy discounting. The German automaker's upcoming Neue Klasse EVs risk being outdated before launch in the world's fastest-moving car market. Fixing China operations will be a top priority for BMW's new CEO Milan Nedeljkovic after three profit warnings in under three years.

• BMW sales have fallen in China for two straight years and are on track for a third consecutive year of decline, even with aggressive discounts that now appear permanent due to competitive pricing from Chinese rivals
• The company's new Neue Klasse EV platform is expected to be outdated upon arrival in China, undermining BMW's former reputation as 'The Ultimate Driving Machine' with a technological edge
• BMW's China struggles mirror broader German automaker woes in the market, with Volkswagen, Mercedes-Benz, and Audi all experiencing sales drops of at least 30% in Q2, while VW fell to third place behind BYD

Warren Buffett is accelerating his charitable giving with a goal to donate all of his Berkshire Hathaway wealth, worth over $140 billion, by 2034. The 95-year-old billionaire donated $6 billion to four family foundations this year, while cutting off future donations to the Bill & Melinda Gates Foundation. This marks a significant shift in Buffett's philanthropic strategy, implying annual gifts of at least $17 billion going forward.

• Buffett's new donation pace of approximately $17 billion annually more than doubles last year's $7 billion in stock donations, with the goal of disposing of all Berkshire shares by age 104
• The Gates Foundation, which received nearly $48 billion from Buffett over two decades, has been excluded from future donations amid concerns over its ties to Jeffrey Epstein and following Bill and Melinda Gates' divorce
• Four family foundations received $6 billion this year: the Susan Thompson Buffett Foundation got $5 billion (9 million Class B shares), while foundations run by his three children each received $333 million (1 million shares each)

Boeing delivered 314 aircraft in the first half of 2026, a 12% increase year-over-year and its strongest first-half performance since 2018. The U.S. planemaker delivered 64 jets in June alone as it ramps up production of its 737 MAX model, though it still trails European rival Airbus, which delivered 351 aircraft in the same period.

• Boeing is increasing 737 MAX production from 42 to 47 jets per month, with deliveries expected to rise further in the second half of 2026
• The company booked 113 net new orders in June (121 orders minus 8 cancellations) and has received 408 total orders through June after cancellations and conversions
• The 737 MAX has now surpassed the previous-generation 737 NG as Boeing's best-selling model with 7,206 total orders versus 7,159 for the NG

ZTE Corp's unit and two other Chinese firms have received U.S. approval to purchase advanced AI chips from Nvidia and AMD, including Nvidia's powerful H200 chip used for AI model training. The approvals expand the known set of licensed Chinese companies beyond major internet groups like Alibaba and Tencent, though deliveries remain subject to scrutiny from both Washington and Beijing amid ongoing U.S.-China tech tensions.

• ZTE Kangxun Telecom and Maginfra received clearance for Nvidia H200 chips, while Kingsoft subsidiary Zhuhai Hengqin was approved for AMD chips rivaling the H200
• Chinese cloud firms have recently indicated to partners they may soon obtain H200 chips, suggesting progress in import reviews by Chinese authorities
• Washington has tightened AI chip export restrictions since 2022 citing military concerns, but the Trump administration has allowed H200 sales to preserve U.S. tech dominance and Nvidia's market access