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Category: Economics/Business

U.S. to take over Strait of Hormuz, charge 20 percent fee for cargo shipped through, Trump imagines

U.S. to take over Strait of Hormuz, charge 20 percent fee for cargo shipped through, Trump imagines

Politico reports: President Donald Trump on Monday said the U.S. will take over the Strait of Hormuz — and will be reimbursed “at the rate of 20% on all cargo shipped” for overseeing one of the world’s most critical oil passageways that has been at the center of the U.S.’s re-escalating war with Iran. “We will become guardians of the strait,” Trump said during an interview with “Fox & Friends” on Monday morning. “We’re going to hit [Iran] very hard…

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U.S. Treasury borrowed $155 billion every month this fiscal year. Now paying $24 billion a week interest

U.S. Treasury borrowed $155 billion every month this fiscal year. Now paying $24 billion a week interest

Fortune reports: Despite concerns from debt hawks, the U.S. government is continuing to borrow at pace: For the fiscal year of 2026 so far, the federal deficit has totaled just under $1.4 trillion. The first nine months of this fiscal year (beginning in October) have now surpassed the borrowing levels of 2025, when deficits totaled just over $1.3 trillion for the same period. At the time of writing, the total U.S. national debt sits at $39.4 trillion, accumulated under administrations…

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Fed chief picks techno-fascist, Marc Andreessen, to advise on how AI reshapes work

Fed chief picks techno-fascist, Marc Andreessen, to advise on how AI reshapes work

“We believe any deceleration of AI will cost lives,” declares Marc Andreessen in his über-bombastic Techno-Optimist Manifesto. The Washington Post reports: Federal Reserve Chair Kevin Warsh has enlisted Marc Andreessen — the venture capitalist, adviser to President Donald Trump and one of Silicon Valley’s most aggressive promoters of artificial intelligence — to help shape how the central bank thinks about the technology’s economic impact. Andreessen will co-lead a task force on productivity and jobs, one of five advisory panels the…

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Global economy, hit by Iran war and inflation, faces sharp slowdown

Global economy, hit by Iran war and inflation, faces sharp slowdown

The New York Times reports: The global economy is set to slow sharply in 2026 after the war with Iran disrupted energy supply chains and triggered a fresh bout of inflation, the International Monetary Fund warned on Wednesday. The forecasts reflect the damaging toll from the decision by the United States and Israel to attack Iran this year. Those attacks spurred Iranian retaliation on energy infrastructure in the region, destabilizing a world economy that had already been rocked by the…

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Trump lashes out at Spain: ‘Cut off all trade.’ Here’s why that’s unlikely to happen

Trump lashes out at Spain: ‘Cut off all trade.’ Here’s why that’s unlikely to happen

The New York Times reports: President Trump, venting his longstanding animus toward Europe at the NATO summit in Ankara, Turkey, singled out Spain with particular spleen on Wednesday. “I don’t want anything to do with Spain,” he said of the European Union’s fourth-largest economy. “Cut off all trade with Spain, please, including visits.” “They’re hopeless, bad people,” he added. Whether Mr. Trump has the desire or the power to follow through on his threat to treat a European ally as…

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History will end up laughing at SpaceX, the ‘craziest IPO in the history of man,’ says famed investor

History will end up laughing at SpaceX, the ‘craziest IPO in the history of man,’ says famed investor

Fortune reports: With Elon Musk’s SpaceX now embedded in the Nasdaq 100, the prospects of the rocket company have–directly or indirectly–now slipped into the stock portfolios of millions of people around the globe. But joining the Nasdaq index has done little to convince critics, who are dubious about the lofty aims of the company. In the prospectus ahead of its offering, SpaceX said its goal is “to build the systems and technologies necessary to make life multiplanetary, to understand the…

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U.S. strikes Iran and reimposes sanctions in retaliation for tanker attacks

U.S. strikes Iran and reimposes sanctions in retaliation for tanker attacks

The New York Times reports: The United States carried out airstrikes against several targets in Iran on Tuesday, hours after revoking a waiver allowing the sale of Iranian oil around the world, in a dual response to what the Pentagon said were Iranian attacks on three commercial ships transiting the Strait of Hormuz. The military’s Central Command said on social media that U.S. forces “have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting…

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The divestment drive that could shake Israel’s economic foundations

The divestment drive that could shake Israel’s economic foundations

Aharon Porath writes: In late May, the European Union announced a slew of new sanctions on Israeli settler organizations as well as individuals known for violently attacking Palestinians in the occupied West Bank. This was swiftly followed by six European governments, including Britain and France, imposing additional sanctions targeting “networks of financing and support for settler attacks.” France further announced that it was banning Israeli Finance Minister Bezalel Smotrich from entering its borders due to his promotion of settlements and…

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Nearly a million investors lost a total of $3.8 billion on Trump’s crappy crypto coin

Nearly a million investors lost a total of $3.8 billion on Trump’s crappy crypto coin

The New York Times reports: An up-to-date tally of Trump followers turned crypto investors is in. And for them, the overall results are remarkably bad. Nearly 1 million people who bought President Trump’s memecoin have lost money through the end of June, according to a report by the cryptocurrency analytics firm Nansen. Their losses total $3.81 billion. The analytics firm’s assessment was calculated this week after Mr. Trump signed an annual financial disclosure showing that he walked away with a…

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‘We are screwed’: People near data centers dread heat wave pollution

‘We are screwed’: People near data centers dread heat wave pollution

Politico reports: Data Center Alley is facing a climate test. Searing temperatures this week could push energy demand to record levels on the mid-Atlantic’s electric grid, which fuels the country’s data center boom in Virginia. To relieve some of the pressure, the Department of Energy granted permission Tuesday to the region’s grid operator, PJM Interconnection, to potentially force data centers to use backup diesel generators. The move highlights the growing challenge of meeting rising electricity demand from data centers as…

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China is the only clear winner from Trump’s war against Iran, report concludes

China is the only clear winner from Trump’s war against Iran, report concludes

The Guardian reports: China has emerged as the sole winner in Asia from the strait of Hormuz crisis, according to a report published on Tuesday. The report by the Asia Group thinktank concluded that China had weathered the storm of the global commodities crisis resulting from the closure of the Middle Eastern waterway, and also stood to gain from the economic and geopolitical trends sparked by the wider conflict. Iran virtually closed the strait, a vital waterway through which much…

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After U.S.-Iran War, Oman said to propose Hormuz joint fee plan

After U.S.-Iran War, Oman said to propose Hormuz joint fee plan

The New York Times reports: Iran and U.S.-allied Oman are moving forward with plans to collect payment for ships transiting the Strait of Hormuz, despite public American objections, according to an Iranian official and four diplomats with knowledge of the matter. If enacted, the plans would be a significant change from the prewar status in the strategic waterway, underscoring how the American-Israeli decision to attack Iran on Feb. 28 has changed the Middle East in far-reaching and unanticipated ways. Before…

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Iran estimates $40 billion windfall from reopening Strait of Hormuz shared with Gulf states

Iran estimates $40 billion windfall from reopening Strait of Hormuz shared with Gulf states

The Wall Street Journal reports: Iran is pushing to make billions of dollars from the Strait of Hormuz as the regime positions itself to manage the global oil artery it severed at the start of the war. The Islamic Republic estimates that charging for security, safety and environmental services in the strait would bring in $40 billion a year in revenue for states involved, according to officials familiar with the matter. The idea, if implemented, would give Tehran cash flow…

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Beyond denial: How oil industry executives shaped a landmark climate study

Beyond denial: How oil industry executives shaped a landmark climate study

By Katie Worth This story was originally published by ProPublica It is rare that a single scientific paper shapes how people think about a challenge as daunting as climate change. But one, known as “Wedges,” published 22 years ago by researchers at Princeton University, told an irresistible story.  It made solving climate change seem possible, even simple. It claimed that the world didn’t have to wait for innovation because it had the tools to start work immediately. The trick was to…

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Bribery: How a $45 million donation brought Larry Ellison deeper into Trump’s circle

Bribery: How a $45 million donation brought Larry Ellison deeper into Trump’s circle

The Wall Street Journal reports: Larry Ellison didn’t join the gaggle of CEOs that traveled with President Trump on his state visit to China. He wasn’t among the guests at a White House dinner Trump hosted with tech titans. He also skipped the UFC event on Trump’s 80th birthday. The Oracle billionaire didn’t need to be at these public events. Ellison, 81, has developed a more-private friendship with Trump that has helped his tech company’s business as well as his…

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‘You can’t make billions without hurting people’: Cory Doctorow on Elon Musk, the AI bubble and bosses’ cruel fantasies

‘You can’t make billions without hurting people’: Cory Doctorow on Elon Musk, the AI bubble and bosses’ cruel fantasies

Zoe Williams writes: A “centaur”, in automation theory, is a person assisted by a machine, and a “reverse centaur”, hero of Cory Doctorow’s new book, The Reverse Centaur’s Guide to Life After AI, is a “human who is conscripted into acting as an assistant to a machine”. Every warehouse worker who ever had to urinate in a water bottle because they couldn’t otherwise meet the fulfilment targets set by an algorithm is a reverse centaur. Reaching into the future, everyone…

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