FT : Carlyle and Bain Capital battle to buy wealth manager in potential $7bn dea

Carlyle and Bain Capital battle to buy wealth manager in potential $7bn deal
Private equity groups have been hunting independent wealth management groups for their recurring earnings

Carlyle and Bain Capital are vying to buy a wealth management platform overseeing nearly $160bn in client assets amid a wave of private equity deals targeting independent firms in the sector.

The rival private equity groups are the last remaining bidders in the race to buy registered investment adviser Wealth Enhancement after the group’s private equity owners put it up for sale, aiming at a valuation of roughly $7bn including debt, according to people familiar with the matter.

Under the ownership of private equity groups TA Associates and Onex, Wealth Enhancement has been on a dealmaking spree, buying at least six smaller registered investment advisers since last year in an attempt to add scale.

Wealth Enhancement is among the bigger private equity-backed independent wealth managers, which have been at the forefront of a wave of consolidation in the industry in recent years. Called RIAs, these firms compete with banks to advise wealthy individuals and business owners on how to invest in exchange for a fee.

The recurring revenues and sticky customer base mean the businesses are coveted by private equity. Mubadala Capital struck an $8.8bn take-private deal to buy CI Financial last year, following on the heels of Clayton Dubilier & Rice’s $7bn buyout of Focus Financial Partners in 2023.

Other large recent deals include Advent International’s minority equity investment in Fisher Investments and TPG’s investment in Creative Planning, two of the industry’s largest players.

Some private equity executives have worried that the industry is overinvested in the wealth management space, with some of the industry’s longer-held investments failing to deliver the returns expected.

Valuations of listed wealth managers like LPL Financial have also plunged this year amid fears over how artificial intelligence might affect the business of selling financial advice services in the coming years.

TA and Onex hired Evercore to sell Wealth Enhancement in recent months, the people said. The sale process is at an advanced stage but there are no guarantees that it will result in a deal and its current owners could decide to hold on to the asset, they added.

Carlyle and Bain declined to comment. Wealth Enhancement, TA, Onex and Evercore did not respond to requests for comment.

WSJ : Saudi Arabia’s Vast Oil Supplies Now Increasingly Depend on a Single Exit

Saudi Arabia’s Vast Oil Supplies Now Increasingly Depend on a Single Exit
Turmoil in the Strait of Hormuz and now the Red Sea mean the kingdom and world energy markets are relying more heavily on the Suez Canal


DUBAI—Saudi Arabia’s vast oil exports increasingly depend on one last narrow exit.

Since the Iran war began, the kingdom has ramped up exports across the country to its Red Sea coast, bypassing the Strait of Hormuz, and shipped them through the Bab al-Mandeb Strait to Asian customers. Now, threats from Houthi militants—and several attacks against Saudi vessels in recent days—risk choking off that workaround, forcing more Saudi barrels onto a longer, costlier and technically challenging journey through Egypt’s Suez Canal and around Africa.

This week, at least four tankers carrying Saudi crude abruptly reversed course before reaching Bab al-Mandeb at the southern end of the Red Sea to head north toward Suez, while Saudi Arabia has begun offering more crude cargoes for loading from Egypt’s Mediterranean ports, according to ship-tracking firm Vortexa. In the first three weeks of July, seaborne oil transit via the Suez Canal ran at its highest volume in 2½ years, while imports to the Sumed pipeline—which runs parallel to the canal—were up 50% from the previous month, Vortexa data showed.

The diversions mark the latest redrawing of global oil flows after months of war have forced producers, traders and shipowners to abandon familiar routes for ever costlier detours. Gulf producers from the United Arab Emirates to Kuwait have been racing to build routes bypassing the Strait of Hormuz. On Saturday, Iraq said it would sign an agreement with Syria to build a pipeline project to carry Iraqi oil to the Mediterranean Sea.

The stakes for the global economy are high: Persistent risks to regional shipping could push oil well above $100 a barrel, analysts say, stoking inflation and straining an already fragile global economy.

Nor is the Suez route beyond the conflict’s reach. In recent days, senior officials from the Islamic Revolutionary Guard Corps have warned that if Washington intensifies its attacks or considers a ground invasion, Iran could seek to shut Bab al-Mandeb and the Red Sea, including targeting vessels, according to people familiar with the matter. Saudi and Egyptian efforts have so far failed to persuade the Houthis, an Iran-backed faction in Yemen, to step back.

“The Saudis can get oil out of the Red Sea, but the issue is that this is a much longer and more expensive route to get to markets in Asia,” said Gregory Brew, senior analyst for Iran and energy at Eurasia Group. “For the oil market this means more pressure on prices.”

Saudi media said Friday that a Saudi vessel was struck in the Red Sea. Saudi military officials said they carried out military strikes on Houthi targets in the area of the port city of Hodeidah in response. Earlier in the week, a tanker off southern Saudi Arabia caught fire after being struck by an unknown projectile, as the Houthis claimed attacks on two Saudi-flagged vessels using missiles and drones.

On Thursday, President Trump warned that if the Houthis strike additional vessels, both their forces and Iran’s will face “major military punishment.” The U.S. military said late Thursday it had carried out its 13th consecutive night of strikes on Iran, hitting military command centers, drone-storage facilities and maritime capabilities.

The new Red Sea threat compounds a double hit of disruption to global energy markets: Flows through Hormuz have slowed to a trickle, while Ukraine has intensified attacks on Russian oil infrastructure. After months of war eroded the market’s inventory buffers, crude prices have risen sharply to reflect the risk of further losses. On Friday, Brent futures were trading around $97 a barrel, after jumping above $100 a barrel on Thursday.


Brew said continued fighting could keep oil near $100. Goldman Sachs analysts said in a report this week that prices could climb to $120.

Helima Croft, head of global commodity strategy at RBC Capital Markets, said sustained Houthi attacks could materially reduce Red Sea oil flows and “shift the sentiment of ‘the market always finds a workaround’ camp.”

The Houthi threat jeopardizes the relief valve that has kept one of the world’s biggest oil exporters connected to its customers and helped prevent global prices from surging even higher during the Iran war.

Since the conflict erupted, Saudi Arabia has used its East-West Pipeline to lift shipments from Red Sea terminals to around 4.9 million barrels of oil a day from roughly 700,000 to 1 million barrels a day, according to Richard Bronze, head of geopolitics at London-based consulting firm Energy Aspects. That is the equivalent of roughly 5% of global supply. Of that volume, roughly 3.5 million barrels a day have been sailing through the Bab al-Mandeb, mostly to buyers in Asia.

If that southern passage becomes too dangerous, the remaining escape route runs north through Egypt. But Suez is an outlet, not a full substitute. It can keep Saudi oil moving only by routing ships through Egyptian terminals and a canal too shallow for some heavily laden vessels, before sending Asia-bound barrels westward across the Mediterranean, past Gibraltar and around the Cape of Good Hope. The extra distance raises freight and insurance costs, ties up ships and can delay deliveries by weeks.

A so-called Suezmax tanker, designed around the canal’s restrictions, can carry roughly 1 million barrels through it. A very large crude carrier, or VLCC, can hold about 2 million barrels but sits too deep in the water when fully loaded to use the canal.

To pass, a VLCC can discharge roughly half its cargo on the Gulf of Suez. That oil is then pumped about 200 miles across Egypt through the Sumed pipeline, which runs parallel to Suez, to the Mediterranean. The lightened tanker transits the canal and can collect the oil on the other side, or another ship can load it. Alternatively, shippers can split the cargo between two Suezmax tankers.

For Asia-bound cargoes that do go north, the map then becomes more punishing. The detour to Asia can add a delay of some 20-30 days, Bronze said. With ships being tied up for weeks, longer voyages also push up freight and war-risk insurance rates.


Product tankers carrying diesel and jet fuel depend more heavily on Suez than the VLCCs that dominate long-haul crude trades, according to Standard Chartered, making fuel markets particularly vulnerable. That risk comes as fuel prices are already elevated following Ukrainian attacks on Russian refineries.

The northern outlet itself was born from an earlier crisis. The Suez Canal opened in 1869 but was closed from 1967 to 1975 following the Arab-Israeli war. The shutdown accelerated plans for the Sumed pipeline, which began operating in 1977 as an overland link carrying oil between the Red Sea and the Mediterranean.

The latest disruption exposes the limits of bypassing the Middle East’s chokepoints. Geography may offer an alternative route, but regional alliances can put that route at risk, too.

“If Iran can coordinate with the Houthis and strategically close or open both the Strait of Hormuz and the Bab al-Mandeb to put pressure on the United States and the other Gulf states, it is a much more potent lever they have at their disposal,” said Edward Fishman, director of the Center for Geoeconomic Studies at the Council on Foreign Relations.

Variety : The Elevated Fanboy Cult of Christopher Nolan

The Elevated Fanboy Cult of Christopher Nolan

That Christopher Nolan would hit a home run with “The Odyssey” was as predictable as Odysseus’s return to Ithaca. What’s maybe a little more surprising is that he has hit a grand slam. The movie earned a staggering $124 million its opening weekend, with its IMAX showings sold out for the rest of the millennium (or close enough to it). Internationally, the film was Nolan’s biggest opening to date. Yet those numbers don’t tell the full story. This past week, Christopher Nolan has seemed like James Cameron the week “Titanic” opened — a filmmaker who’s conducting the entire planet. “The Odyssey” has become “Barbenheimer” all by itself. With rare exceptions, an army of critics (and even academic historians!) has been raving, shoring up the artistic credibility of Nolan’s three-hour Homerian epic. “The Odyssey” now looks destined to be a major player (maybe the major player) in the awards race. The film’s staggering success guarantees that Nolan, more than ever, can call the shots to make any movie he wants, leading the industry in any direction he favors.

Nolan has now scaled that peak of populist mystique shared by only a few directors in movie history: Spielberg, Hitchcock, Kubrick, Tarantino. A Christopher Nolan film is inevitably an Event, and that extends to the way we watch it. The audience — our anticipation and excitement, the afterglow of our response — is woven into the Event. In that sense, every Nolan film is a self-fulfilling prophecy — not a masterpiece, necessarily, but a work so singular in its vision that it creates the big-swing aura of a masterpiece, each with its own world-building majesty. Whether or not any given Nolan film totally “works” is, in a way, almost irrelevant. He’s making head trips for the masses, and so every Nolan film automatically qualifies as his new Ultimate Trip.

Thus, “Dunkirk” wasn’t just another big-scale war film. It was the Time-Bending Spectacle of WWII as God’s-Eye Diorama. “Inception,” when you get into the nitty-gritty of its sci-fi details, isn’t a movie that completely makes sense, but that hardly mattered, because it was the High-Flying Action Dreamscape That If You Watch It Three Times Stoned May Look Logical. As for “Tenet”…well, no one quite defends “Tenet.” That was the one that went too far through the looking glass of its own Nolan-ness.

The director who Nolan most closely resembles, and at times feels like the heir to, is Steven Spielberg. Both became superstar filmmakers by branding themselves as blockbuster wizards of escapism and fantasy, which they execute with a finesse that turns escapism into art. But both also maintain a virtuosic relationship with reality. You could say that “Oppenheimer” was to Nolan what “Schindler’s List” was to Spielberg: a cathartic plunge into the abyss of history.

Yet if you contrast Nolan with Spielberg, it’s remarkable how differently their films have been received. Spielberg, by any account, has made his share of duds (“1941,” “Hook,” “Indiana Jones and the Kingdom of the Crystal Skill,” “The BFG”) and forgettable chaff (“Always,” “The Terminal,” “Ready Player One”), as well as effective movies that few pretended were great (“Empire of the Sun,” “Minority Report,” “The War of the Worlds,” “West Side Story”). He’s a genius, but Spielberg’s films are scrutinized, debated, and far from universally acclaimed.

Nolan has a different vibe around him. Even as grandly scattershot a Nolan film as “Interstellar” gets fawned over with a kind of hindsight glow. As a filmmaker, Nolan is revered as a popcorn visionary, a head-tripping puzzle master, and the mod version of a David Lean classicist. He’s also the movie mensch who looks and dresses like an impeccably groomed 1960s British matinee idol as he stands up for the holy cause of cinema: movies viewed in theaters, movies lionized as something that should loom large. What this all adds up to is that Nolan, in his cherished way, has become a one-man movie cult.

It’s all tied to how Nolan taps into — and is, in a way, the incarnation of — Elevated Fanboy Culture. Fanboy enthusiasm, which you can probably date back to the day “Star Wars” opened in 1977, is movie fandom that lives in search of thrills, shocks, excitement, and one quality above all: awesomeness. What is awesomeness? The fanboy (or fangirl) knows it when he or she sees it — in a Marvel movie, a Zack Snyder movie, a hip horror movie. It’s that moment that makes your jaw drop, your eyes widen, your head explode. It’s the quintessence of movie escapism — escapism purified and heightened into cinematic crack cocaine. That’s why the fanboy addiction to awesomeness is, in many ways, the enemy of movie art. For if all you’re seeking from movies is awesomeness, you might be numb to anything more quietly dramatic or subtle or spiritual.

The paradox of Elevated Fanboy Culture that surrounds Christopher Nolan is that the members of his cult regard themselves as connoisseurs of artistic things. They are not comic-book zombies; they’re on a higher tier. Yet in more ways than not, they’re seeking a version of the fanboy rush: a cinema that will blow their minds. And Nolan, feeding off that appetite, has become the thinking person’s fanboy demigod.

That’s one reason why “The Odyssey,” a sprawling, back-breaking, reach-for-the-ancient-stars attempt to wrestle Homer’s epic saga of Odysseus into some sort of cinematic shape, has been bathed in the Nolan Glow. Is “The Odyssey” actually a good movie? It has its moments, but in contrast to the majority of my critical colleagues, I found it patchy and diffuse, and too remote to hook into. To me, the movie felt thrown together. Yet several friends have told me that they dig the film simply because it’s so different from everything else, because it’s so committed to its roughhewn vision and has the courage of its hand-made hallucinatory weirdness. In other words: It’s Nolan’s One-of-a-Kind Mythological Head Trip That Dares to Be Audaciously Forbidding.

For the record, I think Christopher Nolan, at his greatest, is a miraculous filmmaker. The two Nolan films that, for me, are true masterpieces are “The Dark Knight,” which heightened the comic-book movie into hypnotic operatic noir, and “Oppenheimer,” which found its drama in staying remarkably true to the creation of the nuclear bomb and the struggle (and human failings) of the man who envisioned it. That said, I have often found myself less than entranced with Nolan World, and with the way that it’s reflexively deemed to be a great escape, even when it’s a deeply flawed one.

Back in 2000, I was a fan of “Memento,” even though it’s an eccentrically from-the-neck-up experience; it’s a movie you have to work to watch (which, as it turned out, was a very Nolan thing). Nolan then entered the studio system by making “Insomnia,” a remake of a nifty little 1997 Norwegian thriller, and in the grip of the film’s devious compact gamesmanship I thought it was clear where Nolan was headed as a director. I was sure he’d be a canny mainstream craftsman. It’s tempting to imagine an alternate universe in which he took that route, becoming the kind of brilliant conventional filmmaker Hollywood could use a lot more of. Most viewers would probably say they’re glad he didn’t, in the same way they’re glad the Stanley Kubrick of “Paths of Glory” and “Spartacus” didn’t go on making Hollywood movies and turned instead to building Visionary Kubrick Monoliths.

But Nolan’s track record, to me, is problematic in a way that Kubrick’s isn’t. I’m second to none in my reverence for “The Dark Knight,” and “The Prestige” is trap-door clever in a fun way, but I’ve never been able to come to grips with “Inception,” or to say that I really enjoy it. I thought “The Dark Knight Rises” was grandiose with self-importance, and the fact that Tom Hardy’s Bane was so muffled that you couldn’t understand him remains a head-scratching perversity. “Interstellar,” to my mind, was a movie that wanted to be “2001: A Space Odyssey” and a Hallmark special at the same time. And “Dunkirk,” which I found at once intriguing and forbidding, was stymied by something quite apart from its overly fussy head-game structure — it was a war movie too decorous in its violence, one that felt like it was made by a polite British gentleman. (I’d bet that neither Spielberg nor Nolan has ever been in a fistfight, but Spielberg directed one of the most brutal combat films ever made, while Nolan, in his combat epic, didn’t get his hands dirty.) So no, I’m not in the Christopher Nolan cult.

If every Nolan film is an act of world-building, “The Odyssey” comes at us with an even loftier weight of purpose. It’s the movie that’s going to tell the story of our world, all by dramatizing the Greek myth and legend that, let’s be honest, is a book a lot of us had to force our way through at an English instructor’s gunpoint in high school. You could call Homer’s “Odyssey” the very first movie; you could also say that it lacks…relatability. Yet this all now feeds into the way Nolan is making a showy spectacle of his own ambition. In her 1977 review of Bernardo Bertolucci’s “1900,” Pauline Kael wrote, “At a certain point in their careers — generally right after an enormous popular success — most great movie directors go mad on the potentiali­ties of movies. They leap over their previous work into a dimension beyond the well-crafted dramatic narrative; they make a huge, visionary epic in which they attempt to alter the perceptions of people around the world. Generally, they shoot this epic in what they believe is a state of super-enlightenment. They believe that with this film they’re literally going to bring mankind the word.” I think that feels like an accurate assessment of Nolan’s “The Odyssey,” and why the movie is more smoke than fire.

Will the audience come with Nolan this time? My instinct says yes…and no. “The Odyssey” is already a big enough phemonenon to more than justify its existence, and there’s every chance that it could sweep the Oscars. The Nolan bros are doing backflips over it. Yet I wonder how many viewers will experience the film the way I did: as a semi-interesting, high-and-mighty slog. I’m sorry, but “The Odyssey” is no “Oppenheimer,” and no “Gladiator” either. Nolan doesn’t need my advice, but if I were offering it, the first thing I’d say is: It might be time to take a break from historical epics. But what I’d really like to say is: Try something smaller for a change. Now that he’s ascended to the Mount Olympus of cinema, he might start considering the idea that less could be more. “The Odyssey” makes me wish that Christopher Nolan would come down off the peak of his own legend. He might seem even more of a wizard if he stopped trying to use movies to transcend what movies are.

(ZeroHedge) Beijing Blacklists 14 EU Firms After Brussels Targets Chinese Compan

Beijing Blacklists 14 EU Firms After Brussels Targets Chinese Companies In Latest Russia Sanctions Package

Beijing prohibited 14 EU companies from obtaining Chinese dual-use goods on Friday, targeting Europe's defense industry shortly after the EU included 14 Chinese and Hong Kong firms in its 21st sanctions package against Russia.

Announcing the measures with immediate effect, the Chinese Commerce Ministry called the bloc's conduct "egregious" and demanded the EU "immediately correct its wrongdoing, eliminate the egregious impact, and safeguard the overall interests of China–EU relations with concrete actions."

The restrictions cover dual-use items, goods, software, and technology with both civilian and military applications, including rare earth elements used to build drones and chips.

Parties outside China are also barred from transferring Chinese-origin dual-use goods to any listed entity, though exporters may request permission in exceptional cases or when a shipment is deemed "truly necessary."

Rheinmetall leads the list, alongside Polish electronics producer Vigo Photonics, Italian electric motor manufacturer Lafert, French drone developer Cavok UAS, Czech truckmaker Tatra, Dutch naval engineering firm IHC Merwede, and several optics and laser companies.

Germany and France each have three entries, Italy and Poland each have two, and the Netherlands, the Czech Republic, Bulgaria, and Lithuania each have one.

China's mission to the EU lodged a formal protest, voicing "strong dissatisfaction and firm opposition" to the measures and rejecting attempts by the bloc to place responsibility for the war in Ukraine on Beijing. It added that China "firmly opposes the EU's unwarranted listing and sanctioning of Chinese companies and citizens."

The 21st package subjected 51 entities to tighter export curbs on dual-use goods and technologies over their support for Russia's military and industrial complex. Companies based in India, Turkey, and the UAE were listed alongside those from mainland China and Hong Kong.

Brussels targeted small trade and logistics operators in port cities like Guangzhou, Shenzhen, and Dalian, while Beijing focused on Europe's defense industry.


Cui Hongjian, a former diplomat who heads European studies at Beijing Foreign Studies University, told the South China Morning Post (SCMP) that the disparity does not make the response any less reciprocal from Beijing's perspective, noting that successive EU packages have named far more Chinese firms overall than China has named in return.

"Since this whole episode arose from the Russia-Ukraine war, I think it's understandable that China is now pointing its retaliation at Rheinmetall," Cui said. "From Beijing's point of view, if it's going to retaliate, the retaliation has to bite."

>>> Ukraine Pres Zelenskiy says Ukraine military was able to strike Tyumen oil r

Ukraine Pres Zelenskiy says Ukraine military was able to strike Tyumen oil refinery (180K bpd capacity), deep in central Russia for the first time (about 2.00km from Ukraine border); Also hit vessels in the Caspian Sea shipping military cargo involving Iran
- Also claims to have struck other military production sites in central Russia
- "We also achieved very strong results with long‑range strikes in the Caspian Sea – including vessels used in military cargo shipments involving Iran."
- Zelenskiy says Russia has been preparing to deploy another 30K North Korean soldiers in the Voronezh region since June, and North Korean plans to provide Russia with new ballistic missile launchers

- Separately Tyumen regional governor says a drone strike caused a fire at the oil refinery

>>> WeekEnd Press Summary

NEW YORK TIMES
-President Trump has postponed a major escalation of the conflict with Iran after senior advisers warned that sustained operations could rapidly deplete already strained U.S. stocks of air-defense interceptors in the Middle East. The debate underscores growing concern inside the Pentagon that protecting U.S. forces and allies could become increasingly difficult if the conflict expands.
-A New York Times investigation found that President Trump's push to accelerate delivery of a new Air Force One has driven up costs and forced trade-offs in safety and security features. The report illustrates the tension between political urgency and the technical complexity of building one of the world's most advanced presidential aircraft.
-Military families are criticizing the Pentagon after it quietly reduced the official number of U.S. troop deaths listed on its website, arguing that the changes diminish the sacrifices of service members and undermine public trust. The controversy has reignited debate over how the military records and communicates wartime casualties.
-Street vendors in Tehran are struggling through one of their hardest years as protests, the war with Israel and official mourning ceremonies have repeatedly shut down commercial activity. The story offers a ground-level view of how prolonged instability is eroding livelihoods far from the battlefield.
-Nearly 300,000 people have been ordered to evacuate or shelter in place as massive wildfires advance toward Bordeaux in France and Madrid in Spain. The scale of the evacuations is straining emergency services and highlights the growing economic and infrastructure risks posed by extreme fire seasons.
-German police are searching for suspects after a vehicle plowed into pedestrians near a Pride event in Berlin, killing at least one person and injuring 16 others. Authorities are investigating the motive while security concerns surrounding public gatherings intensify across Europe.
-Silicon Valley is becoming divided over whether advanced Chinese open-source AI models should remain freely available, with OpenAI and Anthropic advocating tighter restrictions while many rivals argue openness is essential for innovation. The dispute reflects a broader struggle over balancing U.S. technological leadership with national security concerns.
-Democrats selected former Maine Senate President Troy Jackson as their nominee to replace Graham Platner in the state's Senate race, setting up a high-profile contest against incumbent Republican Susan Collins. The race is expected to become one of the key battlegrounds that could determine Senate control.
-A federal appeals court upheld injunctions blocking President Trump's executive order restricting mail voting, preserving existing absentee voting rules while legal challenges continue. The ruling represents another judicial setback for the administration's efforts to tighten federal election procedures.
-Brazil has denied entry to a U.S. delegation seeking to examine the country's election system, rejecting what officials described as external interference in domestic democratic institutions. The move adds another point of friction to increasingly strained U.S.-Brazil relations over electoral governance and sovereignty.

FINANCIAL TIMES
-President Trump has delayed a major escalation against Iran after senior advisers warned that prolonged military operations could dangerously deplete U.S. air-defense missile inventories. The debate has also pushed investors to reassess the likelihood of another Federal Reserve rate hike as surging oil prices fuel fresh inflation concerns.
-An intern at NATO headquarters has been arrested on suspicion of espionage, raising fresh concerns about intelligence penetration at the alliance during a period of heightened tensions with Russia and the Middle East. The case is expected to trigger tighter security vetting across NATO institutions.
-France and Spain have evacuated about 260,000 people as unprecedented wildfires spread across southwestern Europe. The scale of the evacuations is straining emergency resources and disrupting transport, tourism and local economies.
-Iran said a Ukrainian attack on a vessel in the Caspian Sea killed a sailor, opening a new front in regional tensions beyond the Black Sea. The incident risks drawing additional countries into an already complex web of military confrontations.
-Saudi Arabia launched strikes against Houthi forces after the Iran-backed group targeted Saudi energy infrastructure. The renewed confrontation threatens oil production and maritime security at a time when energy markets are already under pressure.
-A leading Democratic lawmaker accused the Trump administration of worsening the semiconductor shortage through its trade and technology policies. The criticism comes as demand for AI chips continues to outpace manufacturing capacity and intensify supply chain pressures.
-Major U.S. technology companies have eliminated roughly 140,000 jobs despite record spending on artificial intelligence. The cuts reflect a shift toward leaner workforces as companies redirect investment from traditional operations into AI infrastructure.
-Blackstone, KKR and Brookfield have agreed to acquire a stake in Kuwait's pipeline network in a deal valued at about $16B. The transaction highlights continued investor appetite for stable energy infrastructure despite geopolitical uncertainty and volatile oil markets.
-Waymo is exploring a split from Uber as tensions grow over the rollout of autonomous taxi services. The deteriorating partnership reflects intensifying competition over control of the emerging robotaxi market and its future economics.
-Nvidia and Palantir are urging the U.S. government not to prohibit open AI models in response to advances by Chinese developers. The companies argue that restricting open-source AI could weaken American innovation while doing little to slow China's technological progress.

NEW YORK POST
-The U.S. military disabled a tanker attempting to force its way through the Strait of Hormuz after the vessel repeatedly ignored warnings, marking another escalation in efforts to enforce maritime security in one of the world's most critical energy chokepoints. The incident underscores the growing risk of disruption to global oil shipments as tensions with Iran intensify.
-The United States is reportedly considering a covert operation to seize Iran's stockpile of enriched uranium from its nuclear facilities, an effort described by officials as potentially the most sophisticated special operation ever attempted. The proposal reflects Washington's determination to prevent Tehran from rebuilding its nuclear capabilities without launching a broader military campaign.
-Meta CEO Mark Zuckerberg has launched a public campaign rejecting predictions that advanced artificial intelligence poses an existential threat, arguing instead that AI will become a powerful tool for expanding human productivity and creativity. The initiative highlights the widening divide within the technology industry between advocates of rapid AI deployment and those calling for stricter safeguards.

>>> Barron's Weekend Summary: Artificial intelligence may dominate headlines, bu

Barron's Weekend Summary: Artificial intelligence may dominate headlines, but.....

* Cover Story
-Artificial intelligence may dominate headlines, but Barron's argues the larger and more durable investment theme is a global manufacturing renaissance driven by national security, supply-chain resilience and infrastructure renewal. Governments in the U.S., Europe, Japan and India are committing trillions of dollars to factories, energy systems, critical minerals and defense industries, creating a multidecade capital-spending cycle. Rather than chasing AI alone, investors should consider companies supplying engineering, construction materials, automation, equipment rental and copper, along with industrial leaders in Japan and South Korea that stand to benefit from sustained global reindustrialization.

* CEO Interview
No update

* Tech Trader
AMD used its Advancing AI event to position itself as the first credible full-scale challenger to Nvidia in AI infrastructure, unveiling its Helios rack platform while sharply raising forecasts for the AI chip and server CPU markets through 2030. Backed by customers including Microsoft, Oracle, Meta, OpenAI and Anthropic, the company is evolving from a chip supplier into a complete AI systems provider. Although investors remain cautious amid the semiconductor sector's recent correction, Barron's argues AMD has fundamentally strengthened its competitive position in the rapidly expanding inference-computing market.

* The Trader
-Artificial intelligence has become the market's dominant force, replacing the traditional "risk-on/risk-off" framework with an "AI-on/AI-off" dynamic that increasingly determines sector and stock performance. Barron's argues that investor sentiment now hinges less on the broader economy than on expectations for AI adoption and returns on massive technology spending. While AI leaders continue to dominate market indexes, slowing enterprise adoption and questions over productivity gains are fueling greater stock dispersion and raising the risk that any loss of confidence in AI could trigger a significant rotation across equity markets. Disney's new strategic partnership with Kraft Heinz is more than a food-service deal: it could become a template for monetizing Disney's unmatched brand loyalty through immersive corporate partnerships. While concerns persist over weak media assets, slowing theme park attendance and an aging film franchise portfolio, the alliance highlights CEO Josh D'Amaro's opportunity to expand high-margin experiential marketing across Disney's parks. If successful, these collaborations could open a new revenue stream and help offset pressures facing the company's traditional entertainment businesses.

* Feature
-The Trump administration wants to replace expiring temporary tariffs with a new, more permanent trade framework centered on Section 301 authorities, preserving roughly the same revenue while expanding tariffs as a strategic policy tool. The publication argues that businesses should prepare for prolonged uncertainty rather than a return to pre-tariff conditions, with additional duties on China, Russia-related trade and other sectors still likely. Companies are already simplifying product lines, delaying investment and increasing operational flexibility as tariffs become a lasting feature of global commerce rather than a temporary negotiating tactic.
-Coinbase remains well positioned even if Congress fails to pass the Clarity Act, as political and regulatory momentum has shifted decisively in favor of the cryptocurrency industry. While legislation would provide greater legal certainty and encourage broader institutional participation, the publication argues that growing bipartisan acceptance, pro-crypto regulatory initiatives under the Trump administration and continued investment by major financial institutions should support blockchain adoption regardless of the bill's fate. The main longer-term challenge for Coinbase may be increased competition rather than regulatory hostility as traditional financial firms expand into digital assets.

* Europe
-Barron's argues that Britain's new prime minister, Andy Burnham, faces an immediate test of financial credibility as investors scrutinize how he intends to fund an ambitious domestic agenda while preserving fiscal discipline. Rising government bond yields reflect market concerns that higher spending on social programs and defense could weaken public finances, recalling the turmoil that ended Liz Truss's premiership. Although Burnham's plans to decentralize economic power and boost regional productivity could strengthen long-term growth, Barron's contends that reassuring bond markets will be essential before any broader economic reforms can succeed.

* Commodities
-The U.S. campaign to reduce dependence on Chinese critical minerals is evolving from a policy objective into a large-scale geopolitical investment strategy. As Washington commits billions to developing domestic production and securing overseas supply chains, countries such as the Philippines, Argentina and Norway are emerging as potential strategic partners. The shift is expected to reshape global commodity markets, creating new opportunities for mining companies, critical-mineral producers and investors positioned to benefit from the realignment of supply chains away from China.
-The recent surge in oil prices above $100, driven by renewed fighting between the U.S. and Iran, is unlikely to mark the start of a sustained bull market. While geopolitical tensions continue to support crude prices, the publication believes several forces could pull oil lower, including a possible diplomatic push by the Trump administration, tighter Federal Reserve policy, and weaker Chinese buying as refiners draw on large strategic inventories instead of purchasing expensive imports. Unless the conflict significantly disrupts global supply, Barron's expects oil to remain range-bound and potentially trend lower.

* Streetwise
-Despite one of the strongest earnings seasons in decades, Barron's argues that exceptional corporate results alone may no longer be enough to propel the market materially higher. Investors remain focused on whether the enormous capital spending behind artificial intelligence will ultimately generate sustainable returns, while higher oil prices, rising bond yields and intensifying U.S.-China technological competition continue to weigh on sentiment. The publication remains constructive on equities overall, favoring semiconductors, hardware and financials, but cautions against excessive speculation, urging long-term investing over AI-driven trading or short-term market enthusiasm.

TechCrunch : Kalshi demands Netflix take down trailer for ‘Prediction Games’ doc

Kalshi demands Netflix take down trailer for ‘Prediction Games’ documentary

Prediction market Kalshi sent Netflix a cease-and-desist letter on Friday demanding that the streaming service take down the trailer for an upcoming documentary. In the letter, Kalshi claimed the trailer is “defamatory” and contains “both fabricated documents and false and misleading statements.”

“Instadocs: The Prediction Games” is a documentary about the rise of prediction markets. According to Netflix, the film — part of the streamer’s “Instadoc” series of fast-turnaround documentaries — features interviews with both Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour.

The trailer, however, focuses on a recent party in Las Vegas, where men who have “made millions of dollars on prediction markets, probably eight figures, just over the course of the World Cup” have gathered to watch the World Cup final. One of the guests declares, “I like betting on Kalshi,” while another shows off an apparent $5,000 bet on their phone.

However, Kalshi is currently banned from operating in Nevada due to a court order. In its cease-and-desist letter, Kalshi said the bet shown on the phone is actually a screenshot of a bet made on May 16, 2025 — long before the ban. But the company argued that in the trailer, Netflix “misled its millions of customers into believing this individual was able to successfully trade sport event contracts in Nevada on July 19, 2026.”

In its letter, Kalshi also said that it recently spoke to a Netflix employee who “agreed not to feature the receipt in the documentary when it is released” on Sunday, July 26.

“However — despite Kalshi demonstrating to this employee that the claims in the video were demonstrably false — Netflix inexplicably refused to remove the receipt from the trailer currently circulating on the homepage of the Netflix app,” the company said.

Netflix doesn’t dispute that the screenshot is of a bet from 2025, but a spokesperson told The Hollywood Reporter that none of the documentary footage was fabricated.

“The footage was filmed at the Winible World Cup Watch Weekend in Las Vegas on July 17, 2026,” the spokesperson said. “The featured trader with the trade on Spain showed us a screenshot of his bet, that was made in May 2025 prior to any Nevada court order. Any specific trades or bets referenced during that weekend are between the individual and the app in which they placed the trades.”

FT : Iran says Ukrainian attack on vessel in Caspian Sea killed sailor Foreign m

Iran says Ukrainian attack on vessel in Caspian Sea killed sailor
Foreign ministry urges EU to intervene to prevent Middle East conflict spreading beyond the region

Iran’s foreign ministry said a Ukrainian attack on an Iranian merchant vessel in the Caspian Sea early on Saturday caused an explosion that killed one sailor and injured another.

In a statement, the ministry said the Islamic republic would have “no doubt” about defending itself and urged European countries to hold Kyiv accountable if they were genuinely concerned about preventing a wider war.

The attack came during a pause in weeks of tit-for-tat strikes between Iran and the US. Each side has accused the other of violating a memorandum of understanding signed last month that established a ceasefire until mid-August to allow negotiations on a more durable peace agreement.

Iran and the US have interpreted the terms of the ceasefire agreement differently, particularly as it concerns the Strait of Hormuz, leading both sides to threaten the resumption of full-scale hostilities.

Iran reiterated on Saturday that it was not involved in the Russia-Ukraine war. Kyiv has long accused Tehran of supplying Russia with drones used in Moscow’s invasion of Ukraine.

Ukrainian leader Volodymyr Zelenskyy on Saturday accused Russia of helping Iran direct missile strikes in the Gulf.

“Since the beginning of July, we have recorded active Russian satellite surveillance of the Gulf states and US military facilities located there. These images subsequently appear in Iran,” Zelenskyy said on X.

“At the same time, there is a clear correlation between Russia’s satellite imagery of these sites and Iranian strikes — both before the attacks, in preparation for them, and afterward, to assess the damage inflicted.

There has been speculation in Tehran that the strike was intended to increase pressure on Iran by signalling that its northern borders could also be threatened if it failed to reach an agreement with Washington.

Iran’s Caspian ports have become increasingly important for trade as the US blockade has complicated access to its southern maritime routes. The northern corridor allows Iran to import goods from states around the Caspian and receive Chinese cargo transported overland by rail through Central Asia before reaching ports on the Caspian coast.

Iranian foreign minister Abbas Araghchi, in a phone call with EU foreign policy chief Kaja Kallas, called for a “firm response” to the strike from the UN Security Council and the European Union, urging them to hold “those responsible for the attack, as well as their supporters, accountable”.

Relations between Tehran and Kyiv were already strained before Russia’s full-scale invasion of Ukraine because of the downing of Ukraine International Airlines Flight PS752 near Tehran in January 2020.

Iran’s military admitted days later that it had mistakenly shot down the Boeing 737 with two surface-to-air missiles during a period of heightened military tensions with the US following the killing of Iranian commander Qassem Soleimani.

All 176 people on board were killed. Ukraine and the families of many victims have continued to seek fuller accountability from Iran and have challenged Tehran’s explanation of the incident.