A federal jury trial is scheduled to start on Tuesday in a lawsuit filed in 2023 by 30 U.S. states, including California and New York, that alleges Meta Platforms Inc. violated privacy laws for children. The complaint, filed in the U.S. District Court in San Francisco, asserts that Meta’s Instagram and Facebook apps targeted minors in ways that contravene federal and state statutes. The states are seeking damages of more than $1 trillion and are asking the court to require Meta to eliminate "like" counts for users under 18, end infinite‑scroll feeds, implement parental verification for teenage accounts, modify recommendation algorithms, restrict video autoplay, prohibit the creation of multiple accounts, and ban disappearing posts such as Instagram Stories. Meta has denied the allegations, stating in a press release that it "strongly disagrees" with the claims and is confident the evidence will demonstrate its commitment to protecting young users. The case will be heard by Judge Yvonne Gonzalez Rogers, who previously oversaw the high‑profile dispute between Elon Musk and Sam Altman and is known for a direct style on the bench. Earlier this year, a New Mexico judge fined Meta $942 million and ordered similar changes, including the removal of like counts for users under 18 and limits on push notifications, after finding the company contributed to a youth mental‑health crisis. The 30 states represent roughly two‑thirds of the U.S. population. If the lawsuit succeeds, the court’s order would likely apply nationwide, prompting a substantial restructuring of how Meta’s platforms operate for younger users. Internal research cited in the complaint indicated that Instagram’s "like" feature encourages social comparison, which the states say is linked to increased loneliness, poorer body image, and negative mood among adolescents. Meta’s own documents reportedly show that the company was aware of these effects. The trial marks the latest in a series of legal challenges involving Meta’s handling of youth safety, following earlier rulings in other jurisdictions that have also examined the impact of its platform design on mental health. The outcome of the trial remains uncertain, and any ruling could reshape the user experience on Instagram and Facebook and affect Meta’s business model.
Macro signals, central banks, earnings, and the deals moving capital today.
Europe’s fifth heatwave this year has reduced outdoor business activity and highlighted a gap in business interruption insurance, leading to significant revenue losses.
Traditional business interruption policies typically cover property damage from events such as floods or storms, but they often exclude losses caused by extreme heat, which can lower productivity and suppress consumer spending.
In Padua, Italy, hospitality venues reported a 20% decline in turnover during the recent heatwave, according to a survey of about 600 businesses, said Federica Luni, president of the hospitality association APPE Padova. More than 80% of the surveyed establishments cited reduced sales because patrons stayed indoors.
Moody’s estimates that last summer’s European heatwaves erased about €43 billion ($50 billion) of economic output while generating roughly €500 million in insured payouts.
Marsh’s climate and sustainability director Swenja Surminski noted that extreme heat rarely causes direct physical damage but creates operational disruption that can be as severe as other natural catastrophes.
Industry data show that 28% of small and medium‑sized firms hold business interruption coverage, while 17% have non‑damage protection for events such as strikes. The protection gap is widening as heat‑related costs increase, including delayed rail services, lower agricultural yields and higher cooling expenses.
Companies that warned of heat impacts in Q2 earnings include ITAB Group, Buzzi, and Worldline.
Parametric insurance, which triggers payouts when temperature thresholds are exceeded, is seen as a potential solution. The European parametric insurance market is projected to reach $7.93 billion by 2031, growing at a 9.5% compound annual rate from 2025 to 2032, according to KBV Research.
Experts such as Aidan Kerr of Swiss Re said parametric products can play a role, especially in agriculture, transport and workforce protection, but many firms will need to adapt operations through cooling technologies and supply‑chain adjustments, Marsh’s Surminski said.
The insurance gap and rising operational costs underscore the need for both policy innovation and business adaptation to manage the financial effects of increasingly frequent heatwaves.
Fast‑food chains and other brands are expanding burger concepts in China as smaller households and price‑sensitive consumers favor lower‑cost meals. The Western fast‑food market in China was valued at 499.65 billion yuan in 2025 and is projected to reach 587.09 billion yuan by 2027, according to iiMedia Research. Burgers accounted for 55 % of consumer preferences and represented $18.4 billion in 2025, with a projected 8.7 % annual growth through 2035, according to Emergent Research. Yum China’s Pizza Hut Burger Bar format, which operates a burger counter alongside existing Pizza Hut restaurants, expanded to more than 200 outlets in six months and plans to reach 500 to 600 locations by the end of 2026, representing about 10 % of its Pizza Hut network. Hotpot operator Haidilao entered the segment with the Huanxianbao chain, which sells burgers as well as pizza, pasta and fried chicken. Coffee chain M Stand opened burger‑focused outlets in several cities. Five Guys opened its first two locations in Beijing this month, prompting queues of more than two hours for service. Wendy’s announced in May that it intends to enter China and open up to 1,000 franchised restaurants over the next decade. Analyst Zhu Danpeng noted that burgers provide a lower‑cost meal option amid cautious consumer spending. University student Wang Fang said burgers serve as a convenient lunch choice because they are less expensive than ordering multiple dishes. The rise in one‑person households and demand for quick meals are driving interest in individual burger offerings, Yum China said. Pizza Hut began offering burgers in 2024, and the category made up a mid‑single‑digit share of its sales by 2025, with expectations to generate more than 1 billion yuan in sales this year, or 5 % to 6 % of total brand revenue. Euromonitor data showed that 43 % of Chinese consumers order delivery at least weekly, compared with a global average of 23 %. The segment is projected to grow steadily as competing brands pursue market share in a market expected to expand annually.
RM Sotheby's auction in California sold Ferrari's first all‑electric model, the Luce, for $40 million, setting a record for a new car sold at auction.
RM Sotheby's auction in California sold Ferrari's first all‑electric model, the Luce, for $40 million, setting a record for a new car sold at auction. The vehicle, described as the first production chassis of the Luce series, featured a bespoke finish, custom wheels, upgraded brakes and a white exterior. The auction house said the sale produced more than 35 times the typical price of a Luce and that all proceeds would be donated to the Ferrari Foundation’s educational programmes. The Luce was unveiled in May and attracted criticism from some commentators, including Italy’s deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who said the model risked the brand’s legacy. Ferrari’s chief design officer Flavio Manzoni noted that dissenting opinions form part of the innovation process and expressed confidence that public acceptance would grow. The launch coincided with a decline in Ferrari’s share price the following day, though a Financial Times report said the company had met its sales target for the year thanks to strong demand from China. Sotheby's said the buyer remained unidentified. Previous high‑price sales include a bespoke Ferrari Daytona SP3 that fetched $26 million at a 2025 charity auction and the 2022 sale of a 1955 Mercedes‑Benz 300 SLR Uhlenhaut Coupé for $142 million. The transaction underscores the growing market for electric luxury vehicles and the role of high‑profile auctions in shaping automotive brand narratives.
German companies reduced direct investment in the United States to the lowest level in three years during the first half of 2026, according to data from the German Economic Institute.
The decline marks a year‑on‑year drop of nearly 80%, falling from €21.5 billion in the same period of 2024 to €4.3 billion this year, the institute said. The first‑half investment total is significantly below the average of €15.8 billion recorded in the five years before the COVID‑19 pandemic.
The German Economic Institute calculated the figures using data from Germany’s central bank. Since taking office in January 2025, the Trump administration has threatened import tariffs on several trading partners, creating uncertainty for German firms. Companies that already operate in the United States are reinvesting earnings, but new capital commitments have remained limited, the institute noted. The composition of investment flows showed higher levels of direct‑investment loans and reinvested earnings, while equity capital remained below average.
Analysts said the trend may persist if trade policy uncertainty continues, though the United States remains an attractive market overall.
Alphabet (GOOGL.O) has mandated investment banks to work on an inaugural Australian dollar bond issue, according to a message from a bookrunner reviewed by Reuters on Monday. The U.S. technology company is considering bonds with maturities of three, five, ten and twenty years, the message said. Alphabet posted negative free cash flow in its second‑quarter report in late July, and technology firms are increasingly tapping capital markets to fund large AI investments after relying on cash reserves. The three‑ and five‑year bonds may be issued with fixed or floating rates, while the ten‑ and twenty‑year bonds would be issued with fixed rates, the message added. The size of the offering and the use of proceeds have not been disclosed. ANZ, Deutsche Bank, RBC Capital Markets and TD Securities are listed as joint lead managers for the transaction. The planned issuance would expand Alphabet’s funding base in Australian dollars and follows a rise in foreign‑currency bond sales by major issuers this year, which reached a record A$60 billion, according to LSEG data.
India may introduce a fee on large Unified Payments Interface (UPI) transactions to sustain the payments network. The proposal would apply a merchant discount rate of 0.3‑0.5% on transactions above 2,000 rupees at larger merchants, affecting roughly 4% of transaction volume but about 67% of their value, potentially generating up to $1 billion in new revenue for banks and payment firms. Consumers and person‑to‑person transfers would remain free. The plan follows research indicating that a dense network of merchants has been a key driver of UPI’s rapid growth, with higher adoption in districts where merchant acceptance is stronger. Economists warn that extending fees to small or informal merchants could hinder further expansion, especially in less‑developed regions where merchant networks are still thin. The Reserve Bank of India has noted that the cost of operating the system must be covered, and the pricing structure will determine how that burden is distributed. A 2024 survey found that 75% of UPI users would cease using the service if fees were introduced, highlighting a potential perception risk. Brazil’s Pix system, which charges low fees to businesses while keeping individual transactions free, is cited as a comparable model. The upcoming decision will test whether the network can remain financially viable without compromising the broad adoption that has made UPI one of the world’s largest real‑time payment systems.
Oil prices rose on Monday as expectations of a U.S.-Iran diplomatic breakthrough faded and vessel traffic through the Strait of Hormuz slowed. Brent crude futures climbed as much as 1% to $89.40 per barrel, with the contract last trading at $89.20, while U.S. West Texas Intermediate futures rose 44 cents to $82.83 a barrel.
Both contracts had gained more than 5% the previous week after attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz Strait and on a Saudi Aramco refinery.
Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the United States, while President Donald Trump urged Americans to accept slightly higher gasoline prices amid the ongoing conflict.
Market analyst Priyanka Sachdeva of Phillip Nova in Singapore said the price rebound reflected fading hopes for a permanent resolution and returning geopolitical risk premiums, but she noted limited upside unless clear evidence of renewed aggression or material damage to tankers or oil infrastructure emerged.
Shipping data showed five commodity vessels transited the Strait of Hormuz on Saturday, none on Sunday, compared with 31 vessels the prior weekend. The United Arab Emirates accused Iran of attacking a third vessel operated by the Abu Dhabi National Oil Company on Friday, following earlier accusations of attacks on ADNOC vessels on Thursday evening.
Analysts indicated that the market remained sensitive to further incidents in the Strait, with a resolution expected only after verifiable damage is confirmed or diplomatic channels reopen.