Top Forbes editor reportedly fired after receiving $6m from business associate

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...

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...