Treasury tightens public purse on red-flagged municipalities
The Treasury has withheld equitable share grants from 70 municipalities, giving them 120 days to meet fiscal requirements. This action represents an unprecedented intervention in the country's local government system to address previous warnings that were ignored.
Why Stockholm keeps producing AI-era founders
Cross-disciplinary professionals combining deep expertise with execution skills across product, engineering, and design have become increasingly valuable in an AI economy. Stockholm produces these "E-shaped" founders through institutional features that encourage boundary crossing between sectors throughout their careers rather than later on.
Boring stocks are good for the markets
The JSE experienced a late market sell-off while Samsung issued a disappointing outlook. A potential shift from artificial intelligence to consumer stocks may occur in the second half of the year, and a fragile US-Iran ceasefire could impact oil prices.
Wall Street Unleashes Wave of Bullish SpaceX Ratings
SpaceX shares sold for $135 per share during its initial public offering, with Wall Street banks subsequently issuing analyst ratings suggesting an average price target of $236. The roughly 75 percent upside projection comes from sell-side analysts at major banks that participated in the offering.
Microsoft layoffs: Read the email Xbox CEO Asha Sharma sent employees
Microsoft is cutting 1,600 roles in its Xbox division immediately, with an additional 3,200 Xbox positions eliminated by July 2027, representing the most significant restructuring in Xbox history. The company will reduce management layers from 14 to a maximum of five, and reduce vendor spending by 50%.
Microsoft to cut 4,800 jobs in major Xbox and gaming division ‘reset’
Microsoft is cutting 4,800 jobs, representing 2.1% of its global workforce, with 1,600 coming from Xbox and another 1,600 planned later this year. Xbox operates at margins 3-10x lower than comparable businesses and faces a hardware crisis as component costs rise, prompting the division reset.
The outlook is grim for admin assistant jobs, but these workers are using AI to get ahead
Administrative assistant employment numbers are declining while AI tools like ChatGPT and Claude can perform aspects of their work. Some administrative workers like Deanna Danger have adopted AI since 2022, using it for meeting notes so they can participate more actively rather than type.
OPEC+ raises output levels again despite tumbling crude prices
OPEC+ agreed to modestly increase crude production despite falling oil prices. The output raise remains largely symbolic until a U.S.-Iran peace deal holds and the Strait of Hormuz fully reopens to shipping.
Middle East war tests TSS Petroleum’s supply chain resilience
TSS Petroleum Group is adjusting its supply chain operations in response to Middle East tensions affecting fuel and industrial supplies. The company is working to maintain critical deliveries to industries dependent on its fuel and petroleum products.
AI-native startups hire fewer juniors and more elites, Harvard study finds
AI-native startups employ fewer entry-level workers and more senior technical talent than comparable startups, creating flatter organizational structures. A Harvard Business School and INSEAD study analyzed Y Combinator startups from 2020 to 2024 to reach these findings.
Judge grants Alibaba a reprieve from the lobbying ban tied to the Pentagon’s blacklist
A federal judge ordered the Pentagon to temporarily relieve Alibaba from a law that eliminated all its Washington lobbyists while the court examines the law's constitutionality. The case will test the limits of US authority to restrict Chinese companies through the Pentagon's blacklist mechanism.
Tech billionaires pour $120M into killing California’s wealth tax
California's proposed Proposition 40 would impose a one-time 5% tax on residents and trusts exceeding a certain wealth threshold. Tech billionaires have spent over $120 million opposing the measure, compared to $31 million raised by union supporters.
US control of frontier AI hangs over NATO’s Ankara summit
The United States controls access to the world's most advanced AI systems for NATO allies, giving Trump leverage at next week's NATO summit in Ankara on July 7-8. AI security questions are on the alliance's agenda as new models from Anthropic and OpenAI emerge.
Citi boss Jane Fraser says 2 AI races will decide banking’s future
Citigroup's CEO Jane Fraser identified two simultaneous AI races shaping banking's future: one focused on revenue growth through shortened development cycles and improved customer service, and one defensive race. The article was cut off before detailing Citi's specific defensive strategy.
ByteDance and Alibaba kill custom AI companions as China’s new rules bite
Two major Chinese AI apps disabled customized agent features ahead of Beijing's new regulations on humanlike AI interaction services taking effect July 15. ByteDance's Doubao and Alibaba's Qwen removed their personalized agent capabilities to comply with the incoming rules.
South Korea plans a ‘future response fund’ built on its AI chip tax windfall
South Korea plans to establish a "future response fund" financed by tax revenue from its semiconductor boom to invest in AI and advanced manufacturing. Presidential chief of staff Kang Hoon-sik stated the fund would convert extra tax revenue into investment resources for future generations.
Nvidia supplier Hon Hai posts 40% sales jump on AI server demand
Hon Hai reported a 40% quarterly sales increase driven by AI server demand from Nvidia. June revenue reached NT$1.33 trillion, up 21.6% year-on-year, with AI rack shipments expected to sustain momentum this quarter.
Stop asking employees to adopt AI
Employees are already using generative AI three times more than their leaders realize, yet only 1% of companies report AI is fully integrated into work processes. A 52-point trust gap exists between executives and workers, with 61% of executives trusting AI for complex decisions compared to only 9% of workers.
The World Cup added $1 billion in security systems. What happens after the games end?
The U.S. government invested over $1 billion in security systems for the 2026 FIFA World Cup, including surveillance equipment, tactical operations improvements, and drone detection technology across transit hubs and stadiums. Surveillance infrastructure installed for security purposes typically remains in place after major events conclude rather than being dismantled.
3 metrics to help you measure AI’s impact
Organizations are deploying coding assistants, automated documentation, and AI-powered testing across engineering teams to accelerate software development. Leaders should measure AI's business impact through three metrics: customer-visible improvement speed, quality maintenance or improvement, and capacity freed for higher-value work.
‘Obsession’ Is Already Topping Streaming Charts Days After PVOD Release
The indie horror film "Obsession" is topping streaming charts days after its premium video on demand release. The movie stars Inde Navarrette and Michael Johnston and was directed by Curry Barker.
Leaders weigh in on how AI is changing creativity at their businesses
Executives from Nespresso, Luma AI, Philip Morris International, and Publicis Sapient discussed how AI enhances creativity at their companies during a TIME100 Talks panel in Cannes. They emphasized that humans and AI working together create better outcomes, with Nespresso using AI tools in its app to teach consumers about coffee and help them drink intentionally.
The New Anthropic Tool That Could Change How Drugs Are Developed
Anthropic launched Claude Science, an AI platform designed to accelerate drug discovery and identify promising new therapies. The company will use the tool internally to develop treatments for neglected diseases.
The secret AI that could help explain this wild World Cup
Lenovo developed an AI tool called Football AI Pro that provides all 48 World Cup teams access to FIFA's tournament data across 2,000 football-specific metrics and petabytes of tracking information. The system, available on mobile phones and computers, gives every team from tournament veterans to debutants the same data foundation for analysis during matches.
AI puts B Corps’ values to the test
Beneficial State Bank extended a pilot using Stratyfy's AI credit decisioning tool to reduce bias in lending, which increased loan approvals within BIPOC communities by 21 percent at partner BetterFi. The bank must weigh AI's environmental and social costs against potential benefits like correcting systemic lending bias and improving capital access for marginalized groups.
How the two-pot system is reshaping retirement savings behaviour in SA
The two-pot retirement system in South Africa allows workers to withdraw from one of two investment pots before retirement age. Since its rollout, withdrawal patterns have shifted as employees face financial pressures and adjust their savings behavior accordingly.
StubHub sued by World Cup fans over ticket cancellations
StubHub customers who purchased World Cup tickets are suing the company, claiming hundreds or thousands of fans received tickets that did not exist, were revoked, or were erased due to FIFA's poor digital infrastructure. The lawsuit seeks monetary damages, a ban on StubHub selling World Cup tickets, and profits from those sales redirected to affected customers.
Trump administration proposes rule to cut Medicare drug prices by $1.1 billion
Hospitals participating in the 340B drug discount program would face restrictions preventing markups on discounted medications for Medicare patients, potentially saving $1.1 billion annually. The Centers for Medicare & Medicaid Services would alter reimbursement formulas to reduce patient costs under this program that allows hospitals to purchase outpatient drugs at discounted rates.
What it takes to rebuild America’s competitive edge
Business leaders discussed rebuilding American competitiveness by moving beyond binary thinking in technology adoption and economic policy. Speakers emphasized that inclusive economic ecosystems can be scaled and that broader investment capital access to talented innovators across communities strengthens national resilience and competitiveness.
U.S. Declines to Renew Trade Pact With Mexico And Canada. Here's What It Means for Each Country
The United States declined to renew its trade pact with Mexico and Canada. Trade experts warn this decision could discourage investment, disrupt supply chains, and eventually raise consumer costs over the long term.