The United States on Tuesday reinstated a naval blockade of all Iranian ports, intensifying its military campaign against Tehran, while President Donald Trump abandoned a proposed 20% transit fee for ships passing through the Strait of Hormuz just one day after unveiling the idea. The U.S. Central Command (CENTCOM) also announced a fresh wave of strikes aimed at "continuing to degrade Iranian c
Federal Reserve Chair Kevin Warsh on Tuesday reaffirmed his commitment to overhauling the United States central bank's approach to monetary policy, describing inflation as an "unfair burden" on households and businesses and pledging what he called a "regime change" at the Federal Reserve. Warsh, who took office two months ago, said the central bank has already begun implementing broad reforms,
Goldman Sachs booked US$20.34 billion of net revenue in the second quarter, its best quarter since the firm was founded in 1869, and beat Wall Street's earnings estimate by 46%. Diluted earnings per share came in at $20.98, against a consensus of roughly $14.40, and net earnings nearly doubled to $6.63 billion from $3.72 billion a year earlier. Every major business line grew, which is rarer
United States consumer prices rose less than expected in June as a sharp decline in energy costs delivered the biggest monthly drop in headline inflation in more than six years, offering temporary relief from persistent price pressures. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) fell a seasonally adjusted 0.4% in June, bringing the annual inflation rate down to
The world’s largest bank, JP Morgan Chase, has announced the highest quarterly profit ever recorded by a United States bank, driven by booming investment banking activity, record trading revenue and resilient consumer demand. The bank reported net income of US$21.2 billion (A$30.4 billion), or US$7.70 per share, for the three months ended June 30, comfortably exceeding analysts' expectations an
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Shell plc's C$22.9 billion (US$16.4 billion) takeover of ARC Resources Ltd has passed another milestone with the deal receiving the approval of the target company’s shareholders. Shareholders of the Canadian natural gas producer voted overwhelmingly in favour of accepting the offer of C$12.25 in cash and 0.52 Shell ordinary shares for each ARC common share. ARC said in a news release that th
Volkswagen (VW) is reportedly considering eliminating another 50,000 jobs as the German car maker fights against rising costs, intensifying Chinese competition and pressure to overhaul its manufacturing network. VW Chief Executive Oliver Blume told employees in an internal memo that the company was assessing further workforce reductions after already agreeing to cut 50,000 positions, according
California and 11 other American states have gone to court to block Paramount Skydance Corp’s proposed US$110 billion (A$145 billion) acquisition of Warner Bros. Discovery. In a filing with the United States District Court for the Northern District of California, the states claim the merger would concentrate too much power in the United States entertainment industry to the detriment of consumer
Taiwan Semiconductor Manufacturing Co.(NYSE: TSM) posted June revenue of NT$442.68 billion (A$19.85 billion), up 67.9% on the same month last year and 6.2% on May, breaking a seasonal pattern in which June sales have fallen from May in each of the past four years. First-half revenue reached NT$2.4 trillion (US$74.99 billion), a 35.6% rise on the same period in 2025, and the stock added 1% on Mo
Delta Air Lines reported its second-quarter earnings, with higher fares expected to remain in place. An increase in fuel prices earlier in the year led the United States-based airline to bump up the cost of its fares in response, but despite fuel prices dropping again, the fares are not, according to CEO Ed Bastian. Despite these difficulties, the quarterly results were positive overall.
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