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Category: Economics/Business

‘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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Ten years after Brexit, every grim prediction has more than come true

Ten years after Brexit, every grim prediction has more than come true

Geoffrey Wheatcroft writes: “It was Game of Thrones,” says George Osborne. The former Tory chancellor of the exchequer was talking about the fateful referendum 10 years ago, on June 23, 2016, on whether the United Kingdom should remain in or leave the European Union. Or rather, he was talking about one man in particular, and Osborne’s comparison was just right. For Boris Johnson, the referendum—in fact, all of politics, even all of life itself—was a game, although also an opportunity….

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For cash-strapped farmers, deal that might end Iran war comes too late

For cash-strapped farmers, deal that might end Iran war comes too late

The Washington Post reports: The possible end of the Iran war will not cure the drought that has stunted the wheat crop. It won’t secure soybean export orders caught in the U.S.-China trade war. And it will do nothing to promote competition in agriculture, which would help farmers like Jeff Tyson earn a living. Like other growers, Tyson, 55, has seen costs outrun sales this year as the rain grew scarce and government policies added to his burdens. Now, the…

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How a German-U.S. corporate giant became the world’s largest foreign financier of Israel’s wars

How a German-U.S. corporate giant became the world’s largest foreign financier of Israel’s wars

Middle East Eye reports: At the height of Israel’s military campaign in Gaza, one company became the single largest foreign financier of the Israeli state – holding more in Israeli government bonds than the US, the UK, France and every other country put together. That company is Allianz, the German insurance and financial services giant, alongside its California-based bond management subsidiary PIMCO, the world’s largest active bond manager. Data shared with Middle East Eye by Profundo, an Amsterdam-based sustainability research…

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Before SpaceX IPO, investors in China secretly acquired stakes

Before SpaceX IPO, investors in China secretly acquired stakes

By Justin Elliott and Joshua Kaplan This story was originally published by ProPublica A businessman with ties to Chinese military contractors was among the overseas investors who acquired stakes in SpaceX while it was still a private company. An entity linked to the Qatari royal family also took a stake. The new details come from a private investor list obtained by ProPublica that sheds light on a particularly delicate issue for Elon Musk’s rocket company: which people in countries like…

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Economic anxiety of Americans is rising up the income ladder

Economic anxiety of Americans is rising up the income ladder

The Wall Street Journal reports: America’s economic anxiety is rising up the income ladder. A new Wall Street Journal poll finds that even those who consider themselves among the wealthiest classes in America carry high levels of concern about their current finances, the years ahead and the prospects for their children. More than 40% of Americans who call themselves upper class or upper-middle class say they haven’t saved enough money to retire comfortably. Only about 40% say their financial security…

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The era of free and open global commerce, underwritten by American power, has ended

The era of free and open global commerce, underwritten by American power, has ended

Edward Fishman writes: The United States and Iran have a deal: For 60 days, Tehran will allow ships to sail through the Strait of Hormuz without charging tolls; in return, Washington will lift its naval blockade, waive sanctions on Iranian oil and help Iran get access to its frozen assets. Negotiations on the future of Iran’s nuclear program are also set to begin. Even if the deal holds, Iran is poised to emerge from the war battered militarily and economically…

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Prediction market philosophers got what they wanted. They’re not happy about it

Prediction market philosophers got what they wanted. They’re not happy about it

Brian Kahn writes: On June 11, Kalshi released a buzzy ad featuring noted New York Knicks fan Timothée Chalamet. It was a zeitgeist-capturing moment for prediction markets, akin to the 2022 Super Bowl, when seemingly every commercial featured a celebrity shilling crypto. Yet when I brought Chalamet’s spot up with attendees at Manifest, a recent festival for prediction markets, I was mostly met with blank stares. These conference goers—a mix of academics, startup founders, job seekers, and players in the…

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Iran deal includes $300 billion fund, more than half of which already committed, source says

Iran deal includes $300 billion fund, more than half of which already committed, source says

Reuters reports: A $300 billion private fund designed ​to trigger investment into Iran is outlined in the U.S.-Iran framework agreement and more than half that sum has already been committed, a source with ‌direct knowledge of the deal told Reuters. The fund is designed to give both sides an economic incentive to conclude a final deal, said the source, who spoke on condition of anonymity because the plan has not yet been announced as Washington and Tehran prepare to sign…

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A fragile thaw in Hormuz but timing and sequence now matter

A fragile thaw in Hormuz but timing and sequence now matter

Richard Meade writes: The U.S.-Iran agreement has injected a rare moment of relief into a region where merchant seafarers have paid the highest price. But while the headlines trumpet de‑escalation, the maritime sector is treating the news with something closer to wary disbelief than celebration. The Strait of Hormuz may be reopening, but the rules of engagement — literal and political — remain murky. The industry is still waiting for clarity on the administrative and practical arrangements governing the strait,…

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The Big Four accounting firms are selling AI governance while their own reports hallucinate

The Big Four accounting firms are selling AI governance while their own reports hallucinate

Janet Harrison writes: There is something clarifying about a consulting firm publishing a report on AI’s enterprise benefits that itself contains AI-generated hallucinations. That is what happened with KPMG, and it landed on top of a pattern. EY Canada pulled a cybersecurity report in May 2026 after researchers found fake footnotes, misattributed sources, and references to material that did not exist. Deloitte, meanwhile, agreed last year to refund part of an AU$440,000 Australian government contract after errors and fabricated references…

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The storage tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

The storage tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

CNN reports: Cushing, Oklahoma, dubs itself the pipeline crossroads of the world. The tagline is emblazoned on a giant roadside sign fashioned out of pipes on the corner of Main Street and South Stiles Road. It has a valve and everything. But it’s not just a slogan. In 1912, Tom Slick (his real name) was passing through what’s now Drumright, Oklahoma, when he smelled oil. He bought the land for $1 an acre and started digging, uncovering what was then…

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UAE to unlock billions of dollars for Iran, sources say

UAE to unlock billions of dollars for Iran, sources say

Reuters reports: The United Arab Emirates has agreed to unlock billions of dollars for Iran, four sources said, ​in a tactical shift after weeks of Iranian attacks on the wealthy Gulf Arab state during the U.S.-Israeli war with the Islamic Republic. Word of the move, which has not ‌been previously reported, coincides with the final stages of broader negotiations between Tehran and Washington on ending the war, talks that diplomats say could involve the release of tens of billions of…

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After SpaceX’s huge IPO, Americans’ financial future will be bound to AI

After SpaceX’s huge IPO, Americans’ financial future will be bound to AI

Eduardo Porter writes: Americans are growing worried about what artificial intelligence portends for their futures. Eight in 10 Americans report concern over AI, compared with a third who report being excited, according to a recent Quinnipiac poll. More than half think it will do more harm than good in their daily lives. Seven out of 10 think it will reduce the number of available jobs. Skeptical though they may be, they are about to get more AI rammed down their…

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Oil executives warn White House that gas prices will get worse

Oil executives warn White House that gas prices will get worse

The Washington Post reports: Oil and gas executives have warned the White House that gasoline prices could surge in coming months as fuel inventories fall to critical lows, complicating the Trump administration’s efforts to contain inflation that has already rattled American consumers. Industry officials say they are doing everything they can to sound an alarm that prices are about to soar as the commercial and government inventories that have mitigated price rises so far are rapidly depleting, according to multiple…

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China is propping up the global economy by importing a lot less oil

China is propping up the global economy by importing a lot less oil

The Wall Street Journal reports: A sharp fall in China’s crude oil imports during the Iran war has been instrumental in holding down oil prices and keeping the global economy humming. Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn’t now. Chinese people are driving fewer gasoline-powered cars and taking trains instead of planes. The country is dialing back operations at the plants that turn crude oil into…

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