Tesla paid Elon Musk 2.5m times more as CEO than its average worker in 2025

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..

President signed memorandum giving private sector a role in fighting ‘transnational criminal organizations’ Donald Trump signed a memo on Wednesday that aims to give private companies the power to carry out offensive cyber-attacks against foreign criminal entities. The president ⁠signed a ​national security presidential memorandum directing his administration to “leverage the capability and innovation of the private sector to help conduct these ⁠cyber operations under the direction, control and authority of the US government”, the White House said...

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...