Boeing says it remains on track to deliver two Air Force One jets in 2028, though the program has risen to more than $5 billion in costs and is running four years behind schedule. The company was awarded a $3.9 billion contract in 2018 to convert two Boeing 747‑8 aircraft into specialized presidential jets; spending has since increased as it completes wiring, structural work and certification. CEO Steve Parker of Defense, Space & Security told reporters at the Farnborough Airshow that the first aircraft would begin testing in 2025 and that some cost growth was expected as the program neared completion. In May 2025 the United States accepted a Boeing 747 from Qatar for use as a temporary presidential aircraft, a bridge plane that entered service after security concerns prompted former President Donald Trump to avoid flying the Qatari jet. The Air Force One program involves converting two 747‑8s with advanced communications and defensive systems; even with a 2028 delivery the effort will be four years late. The report was written by Joe Brock and edited by Sharon Singleton.
Macro signals, central banks, earnings, and the deals moving capital today.
Ukrainian drones struck two Wildberries warehouses in Russia, killing eight people and injuring 62, according to Russian officials. The attacks occurred in the city of Tambov, about 475 km southeast of Moscow, and in Elektrostal, in the Moscow region. Ukrainian President Volodymyr Zelensky said the facilities had been used to supply components for drone production and navigation equipment, and that strikes also hit targets in the Sea of Azov, the Black Sea and Russian‑annexed Crimea. The governor of Tambov reported seven night‑shift workers died and 28 drones were shot down, while the governor of the Moscow region said one person died and 37 were injured, including eight in serious condition, and that 48 drones were intercepted; a Russian oil depot was also struck. Wildberries, described as Russia’s largest online retailer, was valued at roughly $12.6 billion by Forbes Russia in 2026. Its CEO, Tatyana Kim, described the night as "terrible" for the company and for Russia. Ukrainian officials said the strikes aim to disrupt logistics and the supply of dual‑use and sanctioned goods to Russian forces, potentially affecting the economy and public sentiment. Russia has previously targeted similar facilities in Ukraine, including its postal service and electronics distributors. The attacks follow an intensification of Ukraine’s long‑range drone campaign against Russian energy and logistics infrastructure, which Kyiv says are legitimate targets used to finance the invasion that began in February 2022. Russian President Vladimir Putin acknowledged fuel shortages caused by Ukrainian attacks and signed a law to boost domestic fuel supplies.
Perea, a coca farmer in Meta, Colombia, uprooted coca bushes on his small river‑only farm and replaced them with cassava and plantain in 2023 as part of the National Comprehensive Programme for the Substitution of Illicit Crops (PNIS). He said he had not received the promised financial support, and flood‑prone roads made selling his produce difficult, leading him to resume coca planting in 2024. PNIS, created under the 2016 peace deal with the Farc guerrilla group, aimed to replace illicit crops with legal alternatives and provided technical assistance. The program promised each household 36 million Colombian pesos over two years, but payments were often delayed and technical support was inconsistent, especially in remote areas with limited state presence. Record coca cultivation now exceeds 250,000 hectares, according to the United Nations, and many participants in substitution programmes report feeling abandoned. Lucas Marín Llanes, a Colombian researcher, said coca’s quick harvest cycles and predictable prices make it attractive compared with other crops. He also noted that coca cultivation can increase municipal GDP by up to 10 % in some regions between 2014 and 2019, highlighting its economic role for some communities. Elena Hernández, who joined PNIS in 2017, described delayed payments and a lack of coordination among agencies, while the program’s momentum weakened after the 2018 presidential transition under Iván Duque and the 2022 administration of Gustavo Petro. Michael Weintraub, co‑director of the Centre for the Study of Security and Drugs, said continued demand for cocaine in the United States and Europe sustains coca production, and the fragile security environment hampers program implementation. Gloria Miranda, director of the agency overseeing substitution, described coca as a business and said the newer RenHacemos initiative seeks to diversify local economies beyond crop replacement, offering road improvements, education access and digital connectivity. Doralba Bejarano, a farmer from Puerto Rico in Meta, reported that government support improved her situation, allowing her to stop hiding coca paste and sell non‑coca crops. The challenges faced by substitution programmes reflect both domestic obstacles and external pressure from drug demand, leaving many farmers uncertain about their future.
A 25‑basis‑point increase in the Federal Reserve’s benchmark rate is unlikely to change borrowing costs for most established small businesses. The appointment of a new Federal Reserve chair has led analysts to anticipate a possible rate hike later this year, a decision that will depend on inflation, employment and overall economic growth. A 25‑basis‑point rise would lift the prime rate to about 7 %. Most small businesses do not use the prime rate directly; they typically pay 1 % to 2 % above it. For a $500,000 five‑year equipment loan, the annual payment would rise from $120,942 to $121,658 with the modest increase, and to $123,099 if the prime rate reached 8.5 %. The difference is small enough that it is unlikely to deter businesses from pursuing financing, investment or hiring plans. Venture capital funding to technology companies, especially those referencing artificial intelligence, grew 51 % last year to $320 billion, but this trend does not affect typical small businesses. The Small Business Administration has expanded credit availability, guaranteeing a higher share of bank loans; small‑business loan approvals remained at about 52 % in the latest year, up from 46 % in 2021, according to Federal Reserve data. Debt repayment volume for small and medium‑sized firms rose 24 % and debt coverage improved from 0.57× to 1.40× in the first quarter of 2026, a credit‑scoring agency reported. Consumer spending increased sharply last month, with delinquency rates and bank charge‑offs on credit cards declining each quarter since 2024, indicating that households have adapted to higher rates despite rising expenses and returning student loan payments. Jamie Dimon, chief executive of JPMorgan Chase, warned that the next credit cycle could be more severe than expected, citing $5.1 trillion in leveraged finance as a potential stress point. Bank of America chief Brian Moynihan and Wells Fargo chief Charles Scharf said their banks remain watchful of risks but have observed healthy client activity, solid consumer spending and stable asset quality. While the Fed may decide to raise rates, the modest change is unlikely to alter major investment or hiring decisions for most established small businesses.
Chinese firm Jingye Group said it will pursue full compensation through legal action after the UK nationalised the loss‑making British Steel plant on Thursday.
Chinese firm Jingye Group said it will pursue full compensation through legal action after the UK nationalised the loss‑making British Steel plant on Thursday. The Scunthorpe plant in Lincolnshire had been owned by Jingye since 2020 and was scheduled for closure after reporting daily losses of about £700,000. The UK government took control of British Steel operations in April 2025 and completed the nationalisation on Thursday, saying the move safeguards a vital national capability. The government will publish draft compensation regulations in the autumn, with an independent assessor to determine any payable amount. Officials said commercial negotiations with Jingye failed to reach an agreement that represented value to the taxpayer. China’s commerce ministry said the nationalisation infringed Jingye’s rights and undermined confidence of Chinese companies investing in the UK, adding that Beijing will support Chinese firms to protect their rights. The UK government stated it values its relationship with China, remains open to Chinese investment, and will continue working toward a successful trading relationship. The plant employs about 2,700 people and supports regional industries. Business Secretary Peter Kyle said allowing the operation to close was not an option and the government will continue covering running costs for the immediate future, warning that loss of domestic primary steel production would increase reliance on global supply. British Steel was previously under state ownership from 1988 until its privatisation in the 1990s under Margaret Thatcher.
Donald Trump earned an estimated $2.2 billion during his first year in office, according to the report. He did not place his businesses in a blind trust or divest assets, contrary to practices used by previous presidents. His income included $1.2 billion from cryptocurrency-related activities, which resulted from regulatory changes that reduced enforcement actions by the Securities and Exchange Commission and the Department of Justice. Trump launched World Liberty Financial, sold a 49 % stake to a firm linked to the United Arab Emirates for $500 million, and introduced the memecoin $Trump, which attracted investor contributions reported at nearly $4 billion. He terminated the SEC’s crypto enforcement program, ending several lawsuits and investigations, and the Department of Justice announced a reduction in money‑laundering probes of crypto platforms. Congress passed the Genius Act, which Trump promoted, integrating cryptocurrency into the traditional banking system; retailers such as Walmart and financial firms including Citi and JPMorgan have since created or are developing stablecoin services. Stablecoins are digital tokens pegged to the U.S. dollar and are not insured by the Federal Deposit Insurance Corporation; issuers are required to hold high‑quality assets, but some may allocate funds to riskier securities. As of early June, 233 stablecoins were active in the market, and companies such as Mastercard have begun accepting stablecoin settlements. Analysts warned that the expansion of private stablecoins could create systemic risk. Gary Gorton of Yale and Jeffery Zhang of the University of Michigan stated that delaying regulation could be a mistake, while Michael Bordo of Rutgers noted that entities may find ways to operate outside existing oversight. Barry Eichengreen of the University of California, Berkeley warned that a rapid sell‑off of stablecoin reserves could depress treasury prices, raise interest rates, and destabilize financial markets. Some observers have suggested that a federally issued digital dollar, fully backed by the government, could provide the efficiency of stablecoins without the associated run risk. Critics argue that such a model would not generate the profit opportunities for Trump and his family that the current crypto initiatives appear to offer.
Trump DHS officials met with the Essential Worker Immigration Coalition at the department’s Washington headquarters on July 5, the first reported meeting since the president’s return to the White House. The coalition, which includes the U.S. Chamber of Commerce and other trade groups reliant on immigrant labor, said it has sought greater access to DHS since ICE arrests rose sharply last year. Officials said they want regular talks to evaluate the effect of the administration’s large-scale deportation efforts on businesses. The meeting, which did not alter enforcement policy, included ICE and Customs and Border Protection personnel and was described as cordial and constructive by attendees. DHS spokesperson declined to comment; coalition members also declined to speak publicly. Arrests have more than quadrupled since Trump took office, driven by increased traffic stops, workplace sweeps and other public actions, according to the Deportation Data Project. Sectors such as agriculture, manufacturing, construction, health care and elder care report labor shortages that threaten economic activity. Former secretary Kristi L. Noem dismissed these concerns while overseeing enforcement that drew bipartisan criticism after agents shot two U.S. citizens in Minnesota in January. Trump removed Noem in March and appointed Senator Markwayne Mullin, a former plumbing company owner, as DHS secretary. Mullin brought Senate staffers with business ties to the agency and has tried to improve relations with industry. While DHS officials said work‑site enforcement remains a cornerstone for public safety and national security, they also pledged to engage stakeholders to mitigate negative economic impacts. The agency has temporarily paused traffic‑stop arrests after two recent shootings of undocumented individuals, a decision reversed the next day by Trump. ICE is on track to make more than 1,400 arrests per day in July, the highest monthly total since Trump’s return. DHS agreed to delay a rule requiring green‑card applicants to leave the United States and to expand a guest‑worker visa program for the dairy industry after intensive lobbying. The administration also extended work‑permit protections for hundreds of thousands of Haitian and other nationals who lost temporary protected status after a Supreme Court ruling, a move business groups credited with influencing the decision. Industry leaders say they continue to push for broader guest‑worker visas and a pathway to legal status for the estimated eight million undocumented workers, a goal opposed by much of Trump’s base. Construction raids in South Texas have increased dramatically since Mullin replaced Noem, according to the South Texas Builders Association. Mullin faces the challenge of meeting Trump’s goal to deport a million people annually while limiting political backlash.
Ravika, a 34-year-old solicitor from the West Midlands, said her Oura smart ring indicated early pregnancy signs before a positive test, leading to a miscarriage. The ring reported a rise in heart rate, elevated body temperature and reduced heart rate variability, while she felt physically normal.
According to YouGov, 36% of British adults owned a fitness tracker in January 2026, up from 18% in July 2019. Oura, a Finnish‑US company, holds the largest share of the smart ring market, which also includes Ultrahuman and RingConn.
Ravika began checking her tracker daily after cramping and a notification of strain; she said the data became an obsession and she woke at night to review temperature and heart rate. She visited a doctor, who asked her to return for further testing ten days later. She later miscarried.
Sofia, a 32‑year‑old woman, reported similar experiences with her Oura ring, including detection of two miscarriages before a successful pregnancy. She said she stopped wearing the ring during the first trimester of a healthy pregnancy.
Dr. Stuart Lavery, consultant in reproductive medicine at University College Hospital, said the technology can provide useful information but warned that more research is needed to verify its reliability and to prevent rising anxiety among users. Dr. Chris Curry, Oura’s clinical director of women’s health, told BBC News that the ring is a support tool, not a substitute for professional care.
Ravika said she may stop using the tracker when trying to conceive again, and experts advise that women rely on confirmed medical testing rather than wearable data alone.
Samsung Electronics America announced that 739 positions in its Englewood Cliffs, New Jersey, office would be eliminated as part of a planned move of its headquarters to Texas, and that about 100 additional employees at its Plano, Texas, site have been let go. The company said most of the affected workers have been offered relocation while others have been terminated, and indicated the shift may lead to changes in workforce structure for employees unable to move or for functions realigned with business priorities. Samsung's consumer electronics units have faced higher chip costs and intensified competition from Apple and Chinese manufacturers, contributing to expected losses in its mobile division, while its chip division is projected to see a substantial increase in second-quarter profit driven by AI demand. The headquarter move follows a pattern among other technology firms, including Microsoft, Amazon and Meta, which have reduced staff while investing in AI infrastructure. Samsung also plans to invest heavily in new chip factories and has indicated that its IT services affiliate, Samsung SDS America, may cut 179 positions in New Jersey as part of a separate headquarters relocation. Samsung said no comprehensive restructuring of its consumer product business is currently underway and that the changes are intended to concentrate resources on its chip and AI operations. Employees have expressed concern that the recent cuts could precede further layoffs and a consolidation of its appliance, home entertainment and mobile divisions.
Brent crude rose 2% to more than $90 per barrel on Monday, reaching the highest level since June 11 as escalating U.S. and Iranian attacks in the Strait of Hormuz limited oil shipments.
Brent futures climbed $2.09, or 2.37%, to $90.19 by 0241 GMT, extending a 15.9% gain for the week, the largest weekly increase since April. West Texas Intermediate rose 2.07% to $84.20, its highest price since June 12, and gained 15.5% over the past week.
The United States conducted its ninth consecutive night of strikes against Iranian targets, while Kuwait and Bahrain reported additional Iranian strikes. The Islamic Revolutionary Guard Corps said two oil tankers exploded and became immobilized after attempting to use a southern route through the Strait of Hormuz, alleging U.S. encouragement. Reuters could not independently verify the incident.
The Strait of Hormuz, which handles about one‑fifth of global oil trade, recorded four vessel transits on Sunday, down from eight the previous day, according to LSEG data. At least three oil product tankers and one very large crude carrier have entered the strait since Friday, the data showed. A vessel caught fire northwest of Oman’s Kumzar, the United Kingdom Maritime Trade Operations agency reported early Monday.
Analysts said the ongoing dual blockades could influence the sustainable level of oil exports from the region, with inventories currently at their tightest in five years. ING analysts noted that continued escalation could lead to wider attacks across the Gulf if the situation remains unresolved. Barclays analyst Amarpreet Singh said the coming weeks would clarify the export outlook under renewed blockades.
The trajectory of oil exports and market responses remains uncertain as the conflict continues.
Andy Burnham, the former mayor of Greater Manchester, became prime minister on July 19 and outlined a plan to promote growth in every region of the United Kingdom. Britain has experienced weak economic growth and rising living costs for several years, a situation worsened by global economic shocks and persistent underinvestment that have deepened regional divides. Burnham's strategy calls for greater fiscal devolution to local authorities, increased investment in infrastructure and housing, and a reassessment of defence spending, with the aim of reducing disparities between areas. He said the plan would be financed through a mix of higher local taxation and targeted central-government funding, though detailed budget figures have not been released. Financial analysts noted that the Treasury's current fiscal outlook and the proximity of the next general election create uncertainty about the plan's implementation timeline. It remains unclear how quickly local governments can assume the expanded responsibilities and whether the proposed funding mechanisms will satisfy the Treasury's constraints.
SpaceX announced it will attempt the 13th Starship launch on Thursday, July 23, 2026, from its Starbase facility in Texas. The flight follows a last-second abort on the previous test and includes modifications to the Starship propulsion system. SpaceX has conducted 12 earlier test flights since 2023. The mission will use the Super Heavy v3 booster and Starship spacecraft to carry 20 Starlink satellites, demonstrating the satellite‑dispensing system and laser communication links. The satellites will be deployed on a suborbital trajectory and will burn up in the atmosphere after release. The launch is part of SpaceX’s plan to begin orbital Starlink service later in 2026 and to conduct routine launches thereafter. A prior attempt scheduled for July 20 was postponed while the company adjusted the propulsion system. Launch delays are common for the $15 billion development program. SpaceX aims to place the first Starlink satellites into orbit later this year, after which it plans regular Starship flights.
Battery electric vehicle (BEV) prices fell by about 18% between 2020 and 2025 when adjusted for inflation in Germany, according to data from the International Council on Clean Transportation and Fraunhofer ISI. The nominal average price of a BEV rose 42% to roughly €53,000, while internal combustion engine vehicle (ICEV) prices increased 15% over the same period. The number of BEV models more than quadrupled to 159, whereas ICE vehicle options declined to 194, reflecting a shift toward larger, more expensive models. Median nominal price for BEVs increased 42% to about €53,000, compared with a 15% rise for ICEVs. Inflation‑adjusted global battery prices fell 35‑37%, but the decline had limited effect on vehicle pricing. Average BEV range grew by about one‑third, suggesting that cost savings were invested in vehicle improvements. The trend highlights a continued price advantage for BEVs despite rising nominal costs, though further analysis is needed to assess long‑term affordability.