Francisco Velasquez

American Airlines plans to restore seatback entertainment screens across its US domestic fleet, reversing a strategy that removed most displays in favor of passengers’ personal devices. The airline says the upgrade, alongside additional premium seating, is intended to improve the travel experience and increase revenue. The move responds to passenger complaints and growing competition from Delta, United and JetBlue, while lighter, cheaper and more energy-efficient technology has made built-in screens easier to justify. Installation is expected to be completed by the early 2030s.

US consumer prices rose 3.4% in the year to July, down slightly from 3.5% in June. Monthly inflation increased 0.1%, driven largely by housing costs, while food-price growth slowed and energy prices fell during the month, despite gasoline remaining substantially more expensive than a year earlier. Core inflation rose 0.2%, with medical care and airline fares increasing while car insurance declined. The data, combined with recent labor-market weakness, has reduced expectations of an imminent rate increase and gives the Federal Reserve more flexibility to keep rates steady in September. Economists described inflation as gradually decelerating rather than reaccelerating, although rent and grocery costs remain significant concerns for households.

MySpace owners Tim and Chris Vanderhook have indicated plans to relaunch the platform, although no date or product details have been announced. Former users and creators are drawn to its earlier emphasis on personal expression, customisation, music and non-algorithmic feeds. Marketing experts say a revival would need a simpler design, a clear niche rooted in 2000s culture and music, and greater user control rather than direct competition with Meta, TikTok or X. The platform could also attract younger users interested in early-2000s aesthetics, but its success will depend on recreating its emotional sense of personal connection without repeating the complexity that contributed to its decline.

MySpace's owners have hinted at relaunching the platform, prompting nostalgia among former users who remember its highly personal pages, music culture and non-algorithmic experience. Fans say they would welcome a return if it preserves that sense of authenticity, while marketing experts argue that success would require simpler design, a calmer user experience and a distinct focus on music and 2000s culture rather than copying Meta, TikTok or other mainstream platforms. The proposed revival could attract both former users and younger audiences interested in early-2000s aesthetics, but no launch date or product details have been announced.

The Trump administration has refunded about $100bn in “Liberation Day” tariffs to businesses, representing roughly 60% of the revenue collected under the policy. Nearly $29bn in claims remains under review and another $1.6bn is awaiting importers’ banking details. The repayments follow a Supreme Court ruling that broad tariffs imposed under the 1977 International Emergency Economic Powers Act were unlawful. Amazon has received around $600m and says it will pass some savings to customers while using the rest to support lower prices. Further refunds are expected as customs officials process outstanding claims, while the administration has replaced the invalidated tariffs with new levies on trading partners.

Paramount Skydance chief executive David Ellison has publicly defended the company’s proposed $110bn takeover of Warner Bros. Discovery, arguing that the combined business would control less than 20% of U.S. television viewing and face powerful competitors including Netflix, Amazon and Apple. He rejected concerns about excessive market power and newsroom interference, promising that CBS and CNN would remain non-partisan. Ellison also pledged annual investment of more than $30bn in content, including 30 films and 170 television series. The deal has been approved by the U.S. Department of Justice and international regulators, but lawsuits led by 12 state attorneys general and the Writers Guild of America have paused the transaction, with the trial delayed until March 2027.

Cracker Barrel CEO Julie Masino is stepping down after a year marked by backlash over the restaurant chain's attempt to simplify its logo and modernize its stores. Former Bloomin' Brands chief David Deno will succeed her, with Masino remaining through October to support the transition. The rebrand drew criticism from loyal customers and Donald Trump, who urged the company to restore its original logo, while the chain also faces falling sales, reduced customer traffic, rising costs and competition from Denny's and IHOP. Masino is expected to receive about $4.6 million in departure compensation, and Cracker Barrel's shares have fallen roughly 20% over the past year.

The United States is imposing 10% or 12.5% tariffs on goods from about 60 major trading partners, covering 99.4% of US imports, because of alleged failures to ban and enforce prohibitions on products made with forced labour. Countries that commit to adopting and enforcing such bans will face the lower rate. The measure, directed by President Donald Trump and implemented under Section 301 of the Trade Act, follows the Supreme Court's rejection of many earlier global tariffs and the expiry of a temporary 10% levy. Economists warn the duties could raise consumer prices, while affected governments and business groups are expected to pursue legal challenges or retaliation. A separate US investigation into manufacturing overcapacity in 16 countries could lead to further tariffs.

A US federal judge issued a 14‑day restraining order halting the proposed $110bn merger between Paramount Skydance and Warner Bros Discovery after 12 states filed suit arguing it would harm competition and raise prices. Judge Araceli Martínez‑Olguín ruled the states raised serious antitrust concerns and that allowing the merger to proceed could be difficult to reverse. Paramount and Warner Bros argued the merger would improve streaming efficiency. The injunction prevents the companies from advancing the deal while the case proceeds, with further hearings set for August.

A US federal judge issued a 14‑day restraining order halting the proposed $110bn merger of Paramount Skydance and Warner Bros Discovery after 12 states sued, arguing the deal would suppress competition and raise consumer prices. The judge found the states raised serious antitrust concerns and ruled that preserving market competition outweighed delays to the merger. Both companies must remain separate while the case proceeds, with further hearings scheduled for August.

Moonshot AI introduced its 2.8‑trillion‑parameter Kimi K3 model, claiming performance comparable to OpenAI and Anthropic while preparing to release it as the first open‑source model in its class. The launch signals rapid Chinese progress in generative AI despite US export controls and recent restrictions placed on Anthropic’s systems. Backed by Alibaba and Tencent, the model demonstrated competitive results in independent evaluations, influencing market dynamics as rival firms’ shares declined sharply.

Trump Media & Technology Group is launching a paid high‑speed data feed called Truth API to deliver influential Truth Social posts to financial firms beginning 1 August. Aimed at traders seeking rapid access to market‑moving statements, the service will provide posts in milliseconds and operate continuously. The company, currently loss‑making, expects the feed to generate steady profit and plans to block unauthorised data scraping. Donald Trump, the platform’s most followed user and a major shareholder, stands to benefit financially from the new revenue stream, underscoring the intersection of his business interests and presidential role.

A White House teleprompter operator, Gabriel Perez, is under investigation for allegedly using insider knowledge of President Donald Trump’s speeches to place profitable prediction market bets on Kalshi. The platform detected unusual wager patterns, froze the account with over $90,000 in potential profits, and alerted the Commodity Futures Trading Commission. Perez has been placed on unpaid leave and will no longer work at the White House. Regulators have not confirmed an active probe, and federal prosecutors reportedly declined to open a criminal case.

Warren Buffett called Bill Gates’ past interactions with Jeffrey Epstein “distasteful” while noting he has also made mistakes in choosing associates. Berkshire Hathaway ended two decades of donations to the Gates Foundation and redirected remaining shares to family-linked foundations. Buffett said the shift followed reading Gates’ congressional testimony about Epstein but did not alter their long-standing friendship. Gates reiterated regret for meeting Epstein and emphasized that the foundation remains well-funded despite the donation change.

A coalition of US states led by California filed a lawsuit to block the proposed $110bn merger between Paramount and Warner Bros, arguing it would reduce competition, raise prices, and concentrate control of the film and cable markets. California Attorney General Rob Bonta warned the merger would harm consumers and accused Paramount leadership of attempting to pressure regulators. The suit focuses on impacts to theatrical releases, blockbuster production, and cable networks, claiming fewer competitors would weaken bargaining power for theaters and distributors. Supporters of the merger argue that industry pressures from streaming and declining cable viewership make consolidation necessary for survival. Paramount called the lawsuit flawed and said delaying the deal would hurt entertainment workers, while Warner Bros has not yet commented.

Aldi is accelerating its $9bn US expansion with a push into dense urban markets like Manhattan, aiming to attract middle- and higher‑income shoppers shifting to lower‑cost options amid persistent inflation. The German discounter’s small‑format, private‑label‑driven model keeps prices low but faces challenges in high‑rent cities and complex logistics that limit its ability to rival Walmart’s massive scale. While analysts say Aldi will not overtake the dominant retailer, its efficiency and appeal to budget‑conscious consumers continue to drive growth, offering tangible savings to shoppers despite the structural limitations of urban expansion.

Aldi is accelerating its US expansion with a $9bn plan to open 800 new stores, including a strategically placed Manhattan location offering steeply discounted private-label goods. The chain is attracting middle- and higher-income shoppers seeking relief from persistent inflation, aided by its streamlined model and low prices. Analysts note that while Aldi can grow significantly, it remains unlikely to challenge Walmart’s dominance due to high urban real estate costs, logistical hurdles, and Walmart’s massive investments in technology and supply chain operations. Shopper reactions range from enthusiasm over savings to hesitation about limited product variety, reflecting Aldi’s ongoing effort to broaden its appeal in dense urban markets.

Fans who purchased World Cup 2026 tickets through StubHub faced widespread last‑minute cancellations linked to speculative ticketing, leaving many unable to enter stadiums despite spending thousands on travel. StubHub and Fifa blamed each other for failed ticket transfers, while consumers and experts argued the resale platform was primarily responsible. Affected buyers have begun filing legal actions, and complaints suggest the scale of cancellations may reach thousands as the tournament progresses.

Fans who purchased World Cup 2026 tickets through StubHub reported last‑minute cancellations that left them unable to enter stadiums despite spending thousands on travel and accommodation. Buyers allege speculative ticket selling led to widespread failures in ticket delivery, prompting a proposed class‑action lawsuit. StubHub attributes the issue to technical problems with FIFA’s ticketing system, while FIFA rejects any responsibility, insisting its official platform functions reliably. The dispute has resulted in significant financial losses and disappointment for affected supporters.

Fans across North America are facing widespread last-minute ticket cancellations for 2026 World Cup matches purchased through StubHub, leaving many stranded despite spending thousands on travel. The cancellations stem from speculative ticketing practices and rising prices, prompting lawsuits and extensive consumer complaints. StubHub and Fifa trade blame over technical issues, while watchdogs argue the platforms are responsible. Refunds fail to cover significant travel losses, and experts warn that the crisis may worsen as the tournament progresses.

Fans attending the 2026 World Cup have faced widespread last‑minute ticket cancellations on secondary marketplaces, leaving many stranded after spending thousands on travel. Customers who purchased tickets through StubHub reported abrupt cancellations linked to speculative ticketing, where sellers list tickets they do not yet own. Some affected buyers have filed a proposed class‑action lawsuit against StubHub, while industry experts accuse the company of failing to prevent the practice. StubHub blames technical issues involving FIFA’s ticketing app, but FIFA rejects the claim, asserting its system is working reliably. With hundreds of complaints and rising ticket prices, watchdogs warn the crisis may worsen as the tournament progresses, leaving more fans unable to enter stadiums despite significant financial losses.

The United States declined to approve a long-term renewal of the US‑Mexico‑Canada Agreement, preventing its automatic 16‑year extension and initiating a ten‑year countdown toward possible termination in 2036. The decision increases uncertainty for North American trade and reflects Washington’s concerns over automotive rules of origin, dairy access and preventing third‑party exploitation of the pact. Business groups sought stability through renewal, while US steel industry associations supported annual reviews as a means to push for revisions.