Category: 3. Business

  • U.S. crude oil inventories up last week: API-Xinhua

    HOUSTON, July 1 (Xinhua) — The American Petroleum Institute (API) on Tuesday reported an increase of 0.68 million barrels of crude oil in U.S. inventories for the week ending June 27.

    Analysts expect a drop of 2.26 million barrels for this week.

    Oil prices advanced on Tuesday. The West Texas Intermediate for August delivery gained 34 cents, or 0.52 percent, to settle at 65.45 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery went up 37 cents, or 0.55 percent, to settle at 67.11 dollars a barrel on the London ICE Futures Exchange.

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  • Military aircrew pursuing MoD after cancer diagnoses reaches 180

    Military aircrew pursuing MoD after cancer diagnoses reaches 180

    Anna-Louise Stubbings Zach standing in a kitchen wearing a blue military boiler suit and smiling at the camera. He has a short beard and brown hair. Anna-Louise Stubbings

    Flight sergeant Zach Stubbings trained the Prince of Wales on RAF Sea King helicopters during their time at RAF Valley in north Wales

    At least 180 current and former armed forces aircrew with cancer they claim was caused by exposure to toxic fumes in helicopters are pursuing the Ministry of Defence for compensation.

    RAF flight sergeant Zach Stubbings, who died aged 47 in January, is one of at least six people who have received an out-of-court settlement from the MoD although the MoD has not admitted liability.

    A group that represents veterans has urged the MoD to take swift action to protect those still serving and also raise awareness among former servicemen and women.

    The MoD said it believed engine exhaust emissions were of no risk to health but it was conducting monitoring to demonstrate this.

    Anna-Louise Stubbings Zach standing in front of a yellow Sea King helicopter. Anna is wearing a sleeveless black and white dress and has long dark hair. Zach is in dark overalls. Anna-Louise Stubbings

    Anna-Louise says her late husband Zach was always incredibly proud of his military service

    The Sea King was used in British military operations between 1969 and 2018 and has in the past been flown by both King Charles and the Prince of Wales.

    The Westland Wessex was retired in 2003 while the Puma and the CH-47 Chinook are both still in use.

    Diseases contracted by some of the crew who flew the helicopters include lung cancer, throat cancer, testicular cancer and some rare forms of blood cancer.

    Anna-Louise Stubbings Anna-Louise and Zach on their wedding day. They are standing in front of a vintage car, Anna is wearing a white sleeveless wedding dress and holding a blue bouquet. Zach is wearing a navy suit. Both are smiling, Anna-Louise Stubbings

    Anna-Louise and Zach married in 2020 and his wife is now raising awareness of the issue to former military aircrew and veterans.

    Flight sergeant Zach, who trained the Prince of Wales on RAF Sea King helicopters at RAF Valley in north Wales, was 33 when he was diagnosed with multiple myeloma, an incurable form of blood cancer that mainly affects those over the age of 65.

    “He started to think, ‘hang on a minute, I’m a 33-year-old man who’s had this diagnosis of a blood cancer that isn’t common in men in their thirties… I’m going to look into it’,” recalled his widow Anna-Louise.

    She is the founder of an organ donation charity which she set up nine years ago after her husband Stuart and seven-year-old son Fraser were killed by a careless driver.

    She met Zach when he contacted her charity Believe after receiving a stem cell transplant before marrying in 2020.

    “He was appreciating every day after his struggles with this illness and I was just appreciating being part of a team again, having somebody that just completely had my back,” said Anna-Louise.

    Anna-Louise Stubbings A selfie of Anna-Louise says Zach who are  standing in front of a Sea King helicopter. Anne is wearing a sleeveless black and white dress and has long dark hair. Zach is in dark overalls. Anna-Louise Stubbings

    Zach was 33 when he was diagnosed with multiple myeloma and died aged 47 in January

    Zach knew his time was limited and was determined to understand the cause of his cancer and spread awareness. He later discovered others who had worked on military aircraft had also received a cancer diagnosis.

    “Zach was never bitter, he wasn’t vengeful at all, he was the most kind man and he adored his years of service,” said Anna-Louise.

    Zach’s case was settled without the MoD admitting liability.

    Getty Images A Sea King RAF search and rescue yellow rotary helicopter.Getty Images

    Zach was serving as a winch operator and winch man on Sea King aircraft at RAF Valley when he was diagnosed with myeloma

    “That settlement for Zach allowed him the opportunity to have some kind of recompense but more importantly, to be able to make some memories,” said Anna-Louise.

    Now she is focused on continuing Zach’s work to encourage the MoD to launch a cancer screening programme and raise awareness of the issue to aircrew and veterans.

    “How many more people are not aware?” she said.

    “How many people don’t know because they have not been screened? How many people don’t know what’s around the corner?”.

    Louisa Donaghy is sitting in an office. She has long blonde wavy hair and is wearing a black blazer.

    Military lawyer Louisa Donaghy has submitted 50 claims to the MoD and has had six cases settled

    Zach’s solicitor Louisa Donaghy has been working through the inquiries from veterans and aircrew with cancer and has so far submitted 50 claims.

    “I do feel that is just the tip of the iceberg,” said Louisa, a senior associate in Hugh James’ military department in Cardiff.

    “There will be people out there that don’t know they’ve got cancer and also that will be diagnosed in the future.”

    Ms Donaghy said for each of the six claims she had settled without any admission of liability by the MoD, she had to establish that the MoD had a duty of care to its employees and that the duty had been breached.

    Ms Donaghy added: “The people that I’m representing through no fault of their own have been exposed unnecessarily for long periods of time – and for thousands of flying hours – to these toxic fumes and these could have been prevented had the MoD given additional PPE such as filtration masks, which would have narrowed and lowered the levels of exposure.”

    Graham Jones is sitting on a park bench in a park, flowers can be seen behind him. He has short grey hair, glasses and wears a blue shirt which is open at the collar.

    Woody’s Lodge chief executive Graham Jones wants the MoD to warn past and present aircrew of the possible dangers

    One charity for veterans has called for the MoD to be more proactive raising awareness.

    “I don’t think the MoD are going far enough,” said Graham Jones of Woody’s Lodge.

    “We need to get that message out to the veterans’ community and get people through a screening process so we can get an early indication of cancer and then we might be able to get a better survival rate within those veterans that are suffering.

    Mr Jones said many veterans where he lives in north Wales were unaware of the issue.

    “We all knew when we served in the armed forces there were going to be certain risks, but they were from conflict,” he said.

    “You don’t expect it from the equipment that you’re using.”

    Member of the Senedd Julie Morgan standing outside her office. She is wearing a grey linen jacket over a navy V-neck top. She has red shoulder-length hair and glasses.

    Zach’s local MS in Cardiff Julie Morgan has urged the MoD to carry out its investigations as swiftly as possible

    Zach’s local Welsh Parliament member wants PPE introduced for those still serving on Puma and Chinook helicopters and has called for a cancer screening programme for personnel and veterans.

    “It’s really important to remember that there’s human beings at the end of this, there’s families at the end of this who are very anxious… and my constituent has died,” said Cardiff North MS Julie Morgan.

    “It’s a matter of huge concern. The MoD should be as transparent as it possibly can be and I urge the MoD to carry on their investigations as swiftly as they can because it’s owed to people.”

    Getty Images Prince William in the cockpit of an aircraft. Is is wearing a helmet and a green and brown military camouflage flying suit .Getty Images

    Zach was Prince William’s flying instructor during his time at RAF Valley on Anglesey

    The MoD said it believed engine exhaust emissions were of no risk to health but it was conducting monitoring to enable it to demonstrate this.

    In May, the Independent Medical Expert Group (IMEG), which advises the MoD, reviewed evidence about a possible link between exhaust emissions from Sea King helicopters and rare cancers, specifically multiple myeloma and leiomyosarcoma, and found insufficient evidence to establish a clear causal relationship.

    “We take the health of our personnel extremely seriously and regularly review our processes to ensure that we’re doing our utmost to keep our people safe,” it said in a statement.

    It added: “Any death is a tragedy and our thoughts remain with the family and friends of Zach Stubbings.”

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  • S&P Dow Jones Indices Announces Update to S&P Composite 1500 Market Cap Guidelines

    S&P Dow Jones Indices Announces Update to S&P Composite 1500 Market Cap Guidelines

    NEW YORK, July 1, 2025 /PRNewswire/ — S&P Dow Jones Indices (“S&P DJI”) is updating the market capitalization eligibility criteria for additions to the S&P Composite 1500 Indices. Effective July 1, 2025, the size ranges will be updated as follows:

    Previous Market Capitalization Eligibility Criteria

    Updated Market Capitalization Eligibility Criteria

    Unadjusted company market capitalization of:

    •  US$ 20.5 billion or more for the S&P 500

    •  US$ 7.4 billion to US$ 20.5 billion for the S&P
       MidCap 400

    •  US$ 1.1 billion to US$ 7.4 billion for the S&P
       SmallCap 600

    Unadjusted company market capitalization of:

    •  US$ 22.7 billion or more for the S&P 500

    •  US$ 8.0 billion to US$ 22.7 billion for the S&P
       MidCap 400

    •  US$ 1.2 billion to US$ 8.0 billion for the S&P
       SmallCap 600

    These market capitalization ranges are reviewed at the beginning of every calendar quarter, updated as needed to ensure they reflect current market conditions, and expressed in dollar ranges. These minimum market capitalization guidelines are designed to capture the three-month average cumulative total company level market capitalization of the S&P Total Market Index (“TMI”) universe at approximately the following cumulative percentiles:

    • S&P 500 – 85th percentile
    • S&P MidCap 400 index – 85th-93rd percentile
    • S&P SmallCap 600 index – 93rd-99th percentile

    Companies passing the total company-level market capitalization criteria must also have a security level float-adjusted market capitalization (FMC) that is at least 50% of the respective index’s total company-level minimum market capitalization threshold.

    As a reminder, the market capitalization eligibility criteria are for additions to an index, not for continued membership. As a result, an index constituent that appears to violate criteria for addition to that index is not removed unless ongoing conditions warrant an index change.

    A history of market cap ranges dating back to 2007 can be found in Appendix A of the U.S. Indices methodology. The U.S. Indices methodology document will be updated soon to reflect the changes. Please visit our website www.spglobal.com/spdji for further details.

    For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji

    ABOUT S&P DOW JONES INDICES

    S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

    S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji.

    FOR MORE INFORMATION:

    S&P Dow Jones Indices
    index_services@spglobal.com

    Media Inquiries
    spdji.comms@spglobal.com

    SOURCE S&P Dow Jones Indices

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  • Bezos-backed methane tracking satellite is lost in space – Reuters

    1. Bezos-backed methane tracking satellite is lost in space  Reuters
    2. Bezos-backed $88m methane-tracking satellite lost in space  The Express Tribune
    3. MethaneSAT fails in orbit  SpaceNews
    4. Taxpayer funded satellite likely “irrecoverable” after losing contact with the ground  RNZ
    5. $88m satellite hunting industry methane emissions disappears into void  The News International

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  • Kirkland Advises Vitruvian Partners on Investment in Cato Networks | News

    Kirkland & Ellis advised Vitruvian Partners on co-leading a Series G funding round investment in Cato Networks. The transaction raised $359 million. Vitruvian and ION Crossover Partners co-led the transaction as new investors alongside Lightspeed Venture Partners, Acrew Capital and Adams Street Partners. The investment brings Cato’s valuation to more than $4.8 billion and total funding to more than $1 billion, a significant milestone in the company’s mission to redefine enterprise security for the digital and AI era.

    Read the transaction press release

    The Kirkland team included corporate lawyers Adam Phillips, Walton Dumas, Aneeq Durrani and Jeremy Wilkins.

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  • Emerging Themes in GI Oncology from ASCO 2025

    Emerging Themes in GI Oncology from ASCO 2025

    This transcript has been edited for clarity. 

    Hello. I’m Dr Mark Lewis, director of gastrointestinal (GI) oncology at Intermountain Health in Utah. I’m speaking from the 2025 ASCO Annual Meeting in Chicago, where we’ve seen some interesting new data in GI cancers. I always enjoy doing this kind of on-the-ground reporting, and the real reason I love coming to these meetings is, while it’s wonderful to network with colleagues, there is true progress in our field that we can take back almost immediately to our clinics to help our patients. 

    There are three themes in GI oncology that I’ve seen emerge at this meeting. One is the utility or not of circulating tumor DNA (ctDNA) in affecting treatment decisions. The second is the role of immunotherapy in GI oncology, and the third is, I think, a real triumph for targeted therapy in oncology.

    Addressing the first, and to be honest, most controversial point: Where are we with ctDNA in GI oncology, and most importantly, where are we with these assays in terms of how we counsel our patients? 

    Sometimes what’s most important about ASCO is trials that are arguably negative in their findings. This year, it really caught my attention that DYNAMIC-III sort of turned over the apple carton terms of ctDNA-informed approaches to colon cancer. 

    The design of this study was looking at patients with stage III colon cancer and using a ctDNA-informed approach in a randomized fashion to see if we should be escalating chemotherapy in patients who have a positive ctDNA signal. The randomization was against the standard of care.

    For years, I think there has been a false binary between using modern ctDNA technology and our traditional clinicopathologic criteria. After all, the whole way we classify stage III colon cancer is based on TNM staging, so that remains the foundation. What we are trying to discern together, and especially together with our patients, is when it is appropriate for this technology to be layered on top of traditional clinicopathologic criteria and thus affect treatment decision-making.

    The takeaway from this trial for me, especially since recurrence-free survival was worse for the ctDNA-informed cohort vs the standard of care, was that this is a prognostic assay, but not necessarily predictive. Patients who have a ctDNA signal that is positive who had escalation of their adjuvant therapy did not seem to benefit from the addition of, say, irinotecan to a traditional fluoropyrimidine and platinum doublet.

    Interestingly, also, I think this study validated that roughly one third — maybe no more than 30% — of stage III colon cancer patients have a positive ctDNA signal. My takeaway, again, is we’re sort of going back to the future. It was the MOSAIC trial that was published in June 2004 that established the current standard of care for how we approach adjuvant therapy in stage III colon cancer.

    Now, slightly over two decades later, we really have not made vast improvements in the field, and ctDNA is wonderful, but it is not entirely supplanting the understanding we’ve had since MOSAIC and since IDEA.

    Without getting too into the weeds, I’ll also point out that I think the statistical design here was ambitious. The hazard ratio in this particular trial, DYNAMIC-III, was frankly suggestive of the fact the study might have been underpowered, enrolling just over 200 patients, whereas MOSAIC had over 2000 to reach its practice-changing conclusions. 

    Watch out for upcoming studies such as CIRCULATE-US and NRG-GI008, which will again use ctDNA negativity to look at de-escalation and ctDNA positivity to look at escalation. Until that trial matures, I don’t think this assay is actually going to change the standard-of-care approach to stage III colon cancer in the United States. 

    The second point I’d like to make is about immunotherapy. I love the fact that when patients come to me, and I’ve been described before our first visit as a chemotherapy doctor, I can tell them that there’s more to medical oncology than indiscriminate cytotoxicity. We are truly in the era where immunotherapy has a role to play in a variety of GI cancers. 

    We heard at the ASCO plenary session that immunotherapy has a major role to play now in adjuvant therapy for stage III colon cancer with mismatch repair deficiency. The ATOMIC trial showed a significant 3-year disease-free survival benefit using atezolizumab along with traditional FOLFOX chemotherapy to help patients in the adjuvant setting.

    The MATTERHORN study showed the advantage of using durvalumab atop FLOT in the perioperative setting in gastric cancer. So two different GI histologies, but a huge role now for immunotherapy in this space. 

    Finally, dealing with metastatic colorectal cancer, the maturation of CheckMate-8HW shows that the ipilimumab-nivolumab (ipi-nivo) doublet definitely has a role to play in the metastatic setting.

    This has been interesting because when I think about immunotherapy trials that have changed my practice, the one I keep coming back to is KEYNOTE-177. It was such a triumph at the time of its publication and remains so. 

    What’s sobering to realize, though, is that as more time has elapsed since KEYNOTE-177 matured, the 5-year survival rate of the pembrolizumab arm remains about 60%. Also, you might remember that the initial survival curve dipped below the chemotherapy arm before it plateaued and improved for immunotherapy. There are certainly some patients who need an earlier, more aggressive response. 

    Enter ipi-nivo. What I like about this trial is that the ipilimumab dosing seems quite conservative, at 1 mg/kg, with four exposures to that agent before nivolumab continues by itself. That’s appealing to those of us who have always had some reservations about using an anti-CTLA-4 approach.

    The very first time I ever used immunotherapy in any setting was during fellowship. It was 2011, and it was ipilimumab in the setting of metastatic melanoma. I watched in amazement as this patient’s disease melted away, but at a dose then of 10 mg/kg, the endocrinopathy was significant. I also watched as my patient suffered from pan-hypopituitarism. 

    For medical oncologists who are understandably tentative about anti-CTLA-4 as a mechanism, the question is always, is the juice worth the squeeze? Here, you do get a higher response rate from ipi-nivo than you would with nivolumab alone for patients who, say, might be on the verge of visceral crisis and need a faster initial response. 

    Finally, I want to talk about targeted therapy. I think what was incredible about ASCO this year is realizing just how much progress we’re making with BRAF-mutant colon cancer. We have known for a very long time that this mutation confers a worse prognosis, and we’ve often wondered whether it’s appropriate to treat these patients sequentially or should we take the BREAKWATER-informed approach of giving them encorafenib, cetuximab, a fluoropyrimidine, and a platinum upfront — arguably a quadruplet. 

    I think the answer from this meeting is a resounding yes— a doubling of median overall survival from 15 to 30 months by essentially frontloading all of the effective treatment and not trying to do it in sequential lines of therapy.

    You never get a second chance to make a first impression. Really, what this means is we have to know as soon as possible that we’re dealing with a BRAF mutation. There are certain clinical phenotypes that we look for — more aggressive disease, carcinoembryonic antigen rising in the right colon — but this is proof, once again, that the oncologist without the pathologist is blind.

    I cannot take proper care of my patients without a fully biomarker informed approach, and I can’t wait for these test results to come back. This study allowed for at least early exposure to FOLFOX alone while BRAF mutation results were maturing, but we really need to partner with a pathologist and understand metastatic disease in GI the same way we would understand it in metastatic breast cancer.

    There is not a single breast cancer oncologist I know who would try treating their patients without knowing estrogen receptor, progesterone receptor, and HER2 status. I think we are absolutely at the point in GI oncology where it should be unacceptable to treat our patients without knowing KRAS, NRAS, BRAF, and arguably HER2 status, and certainly mismatch repair or microsatellite instability status.

    The final targeted therapy triumph at this ASCO looked at DESTINY-Gastric04. DESTINY has been an interesting suite of trials looking at the role of trastuzumab deruxtecan in a variety of HER2-positive cancers. I vividly remember the plenary session several years ago where the data for DESTINY-Breast04 earned a standing ovation.

    I was one of those people who stood up as a GI oncologist because I could see how this was going to help patients with HER2-positive disease across various primary sites. What we learned at this meeting with the maturation of DESTINY-Gastric04 is this drug particularly seems to outperform traditional second-line therapies such as ramucirumab-paclitaxel.

    There are downsides. This drug famously (or infamously) causes interstitial lung disease in about 1 in 7 patients. It’s also absolutely vital to re-biopsy at time of progression to ensure that the HER2 target for this antibody-drug conjugate is still there. 

    HER2 heterogeneity remains something we haven’t fully grappled with, but I find that my patients, when I explain the role of a targeted therapy, are generally willing to undergo another liver biopsy —if they understand the lock and key hypothesis between the HER2 mutation and a drug such as trastuzumab deruxtecan. 

    To sum up, from ASCO 2025 for GI oncology, the three main areas I see of progress, at least in our understanding, are number one, circulating tumor DNA remaining prognostic, but likely not predictive at this point; number two, immunotherapy having a major role to play now in the adjuvant colon cancer setting as well as in perioperative gastric cancer management; and number three, targeted therapy with BREAKWATER really becoming, I think, the standard of care in the first line for BRAF V600E-mutant colon cancer and trastuzumab deruxtecan making a strong play for second-line therapy in HER2-positive gastric cancer.

    This has been Mark Lewis, the director of medical oncology for gastrointestinal oncology at Intermountain Healthcare, reporting for Medscape from ASCO 2025. Thank you.

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  • Antitrust enforcement in the digital age: DOJ signals new approach to Big Tech, algorithms, and digital mergers

    In a recent address to the International Association of Privacy Professionals, Principal Deputy Assistant Attorney General Roger Alford outlined the Department of Justice (the DOJ or Department)’s evolving strategy for antitrust enforcement in digital markets.

    Alford’s remarks highlighted recent landmark actions against major technology companies, including the Antitrust Division’s two recent wins against Google. Alford also highlighted the expansion of the consumer welfare standard to include privacy and innovation, and the DOJ’s forward-looking agenda targeting algorithmic collusion and digital sector mergers. Businesses operating in digital markets, as well as those in sectors increasingly shaped by digital platforms, are encouraged to take note of the DOJ’s priorities and enforcement philosophy.

    Redefining consumer welfare in digital markets

    Alford emphasized a modernized approach to antitrust enforcement, moving beyond traditional price and output metrics. Alford explained that the Google cases show that, in digital markets, the consumer welfare standard is more than just price – it also encompasses quality, output, privacy, data protection, innovation, and consumer choice, among other things.

    Alford made clear, however, that while the consumer welfare standard is broad, it is not unlimited. Antitrust analysis remains focused on economic competition within relevant markets, and the DOJ rejected calls to expand enforcement to a generalized public interest standard.

    The Antitrust Division’s priorities

    Alford emphasized the DOJ’s obligation to protect markets that most directly impact Americans, including healthcare, housing, agriculture, education, and insurance. In line with those priorities, Alford highlighted the Division’s recent win in a Las Vegas nursing case in which the Division successfully prosecuted a three-year conspiracy to fix the wages of nurses – capping their wages. Alford also pointed to the DOJ’s recent statement of interest in In re Multiplan Health Insurance Provider Litigation. In Multiplan, the plaintiffs allege that competitors used a common pricing algorithm to share confidential information to set prices in the health insurance industry.

    Algorithmic collusion and digital cartels

    Alford also reiterated that a key area of focus for the Department is the potential for algorithmic collusion and digital cartels. Alford warned that it is the DOJ’s position that without strong enforcement, algorithmic collusion could undermine competition across a wide range of digital markets. Looking ahead, the Department is also preparing for challenges posed by artificial intelligence and autonomous pricing algorithms, which Alford explained may enable new forms of collusion that are difficult to detect and address with traditional antitrust tools.

    Mergers and innovation: Supporting “Little Tech”

    Alford also signaled that the DOJ could take a nuanced approach to digital sector mergers. While the Department remains vigilant against acquisitions by dominant players that entrench market power, Alford expressed support for pro-competitive mergers, particularly those involving innovative startups, or so-called “Little Tech.” This approach is in line with Assistant Attorney General for the Antitrust Division Gail Slater’s April remarks outlining her “America First Antitrust” agenda. Alford explained that the Department aims to foster a competitive environment where venture capital can support new entrants, and where startups have viable exit opportunities beyond acquisition by the largest incumbents. Alford emphasized that the DOJ is committed to providing clear guidance to merging parties and resolving most transactions through negotiation or consent decrees, reserving litigation for the most contentious deals.

    Implications for businesses

    • Digital platforms and technology companies can expect continued and vigorous antitrust scrutiny, especially regarding conduct that impacts privacy, innovation, and user choice.
    • Businesses using algorithms for pricing or market coordination are encouraged to stay abreast of the heightened risk of enforcement actions targeting algorithmic collusion.
    • Companies considering mergers in digital sectors are encouraged to prepare for detailed merger review, particularly where transactions may affect competition or innovation.
    • The Department’s expansion of the consumer welfare framework means that qualitative factors – such as privacy and data practices – will play a larger role in antitrust analysis.

    Conclusion

    Alford’s remarks signal a robust and modernized antitrust enforcement agenda for digital markets. Businesses are encouraged to closely monitor these developments and assess their practices and strategies in light of the Department’s evolving enforcement priorities.

    For more information, please contact the authors. 

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  • Goldman Sachs Statement on Stress Capital Buffer

    Goldman Sachs Statement on Stress Capital Buffer

    Firm announces 33% increase in common stock dividend

    NEW YORK, NY, July 1, 2025 — On Friday, June 27, the Federal Reserve released the results of its 2025 Comprehensive Capital Analysis and Review (“CCAR”) stress test process. Goldman Sachs expects the firm’s Stress Capital Buffer (“SCB”) requirement will be 3.4%, resulting in a Standardized Common Equity Tier 1 (“CET1”) ratio requirement of 10.9%, effective October 1.  

    The Federal Reserve will provide the firm’s final SCB requirement by August 31.  These results and effective date may be subject to further changes pending the finalization of the Federal Reserve’s outstanding proposal on SCB averaging.

    In addition, the Federal Reserve disclosed that the firm’s current SCB, from the CCAR 2024 test, has been reduced by 10 basis points to 6.1%. This results in a current CET1 ratio requirement of 13.6%, effective immediately.

    The firm’s capital plan includes a 33% increase in the common stock dividend from $3.00 to $4.00 per share beginning July 1, 2025, subject to approval by the firm’s Board of Directors at the customary third quarter meeting. This increase is a continuation of the firm’s plan to pay shareholders a sustainable and growing dividend.

    “Today’s announcement is a reflection of the work we have done over the years to reduce our capital intensity,” said Chairman and CEO David Solomon. “The Federal Reserve has expressed its intention to institute a more transparent and fair approach to these tests, as it looks to uphold the safety and soundness of our financial system. A more balanced approach to the tests would allow Goldman Sachs to continue to serve our clients’ needs, invest in our world-class businesses, and support economic growth. We look forward to continued progress.”

    ###

    Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

     

    Cautionary Note on Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside the firm’s control. It is possible that the firm’s final Stress Capital Buffer and capital actions (including dividends) may differ, possibly materially, from those described in this press release. For a discussion of some of the risks and important factors that could affect the firm’s future results and financial condition, as well as its actual Stress Capital Buffer and capital actions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.

     

    Media Contact:

    Tony Fratto

    Tel: +1 212 902 5400

    Investor Contact: 

    Jehan Ilahi 

    Tel: +1 212 902 0300

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  • Silicon Valley investor Vinod Khosla predicts AI will replace 80% of jobs by 2030

    Silicon Valley investor Vinod Khosla predicts AI will replace 80% of jobs by 2030

    Tech entrepreneur and investor Vinod Khosla‘s prediction of AI automating 80% of high-value jobs by 2030 coincides with a reckoning for Fortune 500 companies.

    Khosla shared his predictions for the future in a wide-ranging interview on the Uncapped with Jack Altman podcast. As a venture capitalist and early investor in companies like Square and Instacart, Khosla offered advice for business leaders on navigating unprecedented changes ahead. Companies like Sears and Toys ‘R’ Us collapsed under digital pressure, but Khosla warns the 2030s will see a “faster demise” of giants as AI rewrites industry rules.

    See below for an overview of Khosla’s major predictions for AI, the economy, and more.

    Key takeaways:

    • Era of unprecedented disruption: Khosla describes the current technology cycle as “crazy and frenetic,” stating, “I’ve never seen a cycle like this… almost every job is being reinvented, every material thing is being reinvented differently with AI as a driver.” He compares the scale of change to the 1960s, noting, “We’re going to see this large change in such a short time, it’s almost hard to imagine how society adjusts.”
    • AI and the end of work: Khosla predicts, “Within the next 5 years, any economically valuable job humans can do, AI will be able to do 80% of it… 80% of all jobs can be done by an AI.” He believes by 2040, “the need to work will go away. People will work on things because they want to, not because they need to pay their mortgage.”  
    • Disruption of the Fortune 500: He forecasts a dramatic acceleration in the demise of large incumbent companies: “One of my predictions is the 2030s will see a faster rate of demise of Fortune 500 companies than we’ve ever seen… that transition won’t happen from existing companies. Somebody new will reinvent this.” 

    Predictions by sector:

    • Health care: “If all medical expertise is free… you have an unlimited number of primary care doctors, oncologists, gastroenterologists, mental health therapists… how would you redesign the healthcare system?” Khosla argues that entrenched interests and regulatory barriers will slow—but not stop—AI-driven transformation.
    • Robotics: He predicts that “almost everybody in the 2030s will have a humanoid robot at home… probably starting with something narrow like doing your cooking for you.” The main bottleneck is not hardware, but intelligence.
    • Energy: Khosla is “very bullish about energy,” especially fusion and super-hot geothermal, which he believes could make power “cheaper than natural gas.”

    Advice for entrepreneurs:

    • Societal and geopolitical implications: Khosla warns of the risks of authoritarian regimes using AI for both hard and soft power: “By 2040 the biggest risk we might face… is China using both good AI—cyber AI, warfare AI—but also socially good AI, like free doctors to everybody on the planet… to embed their political philosophy.”
    • Philosophy on venture and innovation: Khosla emphasizes founder-driven innovation: “Innovation only—I can’t think of very many large examples where large innovation came from somebody who was large or in the business… experts are terrible at predicting the future; they extrapolate the past. Entrepreneurs invent the future they want.”
    • On risk and impact: “Most people reduce risk to increase the probability of success. I do the opposite: Start with [the] high consequences of success. I don’t care about the probability of failure.”  

    Disclaimer: For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.

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  • DLA Piper advises Yorkville Acquisition Corp. in initial public offering

    DLA Piper advised Yorkville Acquisition Corp. in its initial public offering of 17,250,000 units at US$10.00 per unit, totaling US$172.5 million.

     

    Yorkville Acquisition Corp. is a blank check company incorporated in the Cayman Islands as an exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

     

    The core deal team was led by Partner Stephen Alicanti and included Partner Kurtis Weaver (Boston), Of Counsel Scott Josephson (Chicago), and Associates Michael Kumar, Sasha Grynszpan, Bethany Weitzman (all New York) and Molly Patricia McBride (Los Angeles).

     

    DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.

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