Good morning. Donald Trump sticks with a July 9 tariff deadline. Keir Starmer’s planned welfare reforms are slashed. And a London-based startup unveils its latest smartphone. Listen to the day’s top stories.
The US president’s “Big Beautiful” tax bill is running into Republican resistance in the House of Representatives after squeaking through the Senate with a tie-breaking vote.
UK Prime Minister Keir Starmer was forced to abandon his flagship welfare reforms to avoid a historic defeat, damaging his authority as his government faces a widening fiscal hole to fill.
An information-sharing system used by EU border forces was rife with security vulnerabilities, according to confidential audit reports obtained by Bloomberg News and investigative newsroom Lighthouse Reports.
Goldman, Citibank and Bank of America are among US lenders boosting their dividends after clearing the Fed’s stress tests. JPMorgan and Morgan Stanley greenlit share buybacks of $50 billion and $20 billion respectively.
Deep Dive: Tesla Check-up
Tesla’s stock rally, thanks to its launch of a limited driverless taxi service, is about to be tested by what analysts expect will be another downbeat quarterly sales report.
The electric-car maker probably delivered about 389,400 vehicles in the three months that ended in June.
That would be down roughly 12% from a year earlier, and would follow a 13% drop in the first quarter.
The stock is already off to a rough start this quarter, with Elon Musk and Trump renewing their feud.
The US-Israeli attack on Iran was a net positive for Vladimir Putin as it sucked attention and resources away from Ukraine, Marc Champion writes. Looking ahead, the Pentagon may make even fewer air defenses available for Kyiv.
The Headphone 1. Photographer: Carlotta Cardana/Bloomberg
Quirky startup Nothing unveiled its $799 Phone 3 and $299 Headphone 1, both with transparent designs that show the circuitry inside. The CEO of the London-based company said the phone has useful functions and “more stupid, fun features.”
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