Donald Trump empowers US private companies to conduct cyber-attacks

Rolling coverage of the latest and economic news, as US sells 30-year bonds at highest borrowing costs since 2001 Gennadiy Goldberg, head of US rates strategy at TD Securities, agrees that the rise in US borrowing costs is “problematic” for the Trump Treasury, adding (via the FT): “They have to fund the government at more expensive levels.” “Investors are being asked to absorb a growing supply of government debt globally at a time when deficits remain large, inflation uncertainty persists.” “If investors continue demanding greater compensation for inflation and fiscal risks, long-term yields could move higher and away from 5% even if Treasury auctions remain well covered.” 10am BST: Eurozone flash GDP report for Q2 1.30pm BST: US retail sales for July 3pm BST: University of Michigan’s US consumer confidence index..

Randall Lane left his job last month after accepting money from founder of firm that does business with magazine The top editor of Forbes left his job last month and was reportedly dismissed for accepting $6m from the founder of a firm that does business with the magazine. The New York Times reported this week that Randall Lane was paid by RJ Shook, whose company, Shook Research, worked with Forbes since 2016 to publish rankings of wealth advisers. The payment was made after Shook sold a majority stake in the company to a private equity firm a year ago...

Tech billionaire’s $158.3bn deal an outlier in report showing widening gap of CEO to worker pay at top companies Elon Musk received over 2.5m times as much compensation at Tesla as the company’s average worker, according to a new report on the growing gap between top corporate executives and their workers. Musk’s $158.3bn pay deal was an outlier but came as the gap between CEO and worker pay continued to grow. Excluding Musk, last year the average ratio of CEO to worker pay for the top S&P 500 companies was 312 to 1, up from a 285:1 ratio in 2024. With Musk, the average pay ratio was 5,387:1, according to the executive pay watch report released this week by the AFL-CIO, the largest federation of labor unions in the US...