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J.D. Vance, running as former President Donald Trump's VP candidate, has publicly supported Federal Trade Commission Chair Lina Khan's robust stance on antitrust enforcement. As a member of a faction of Republican lawmakers known as "Khanservatives," Vance advocates for a broader interpretation of antitrust laws, focusing not only on consumer prices but also on promoting competition and regulating Big Tech's market power. The endorsement indicates potential policy directions regarding antitrust enforcement in a possible second Trump administration, highlighting internal debates within the conservative movement about the scope and aims of regulatory bodies like the FTC. Vance's backing of Khan's policies underscores a commitment to using antitrust laws as a tool against corporate dominance, aligning with his previous calls to dismantle major tech companies like Google. This stance reflects a broader concern about the impacts of corporate consolidation on workers and consumers alike. 

 

U.S. News

Federal Reserve Chair Jerome Powell indicated on Monday that the central bank is likely to keep interest rates steady at its upcoming meeting on July 30-31, with potential rate cuts considered for later meetings, particularly in September. Speaking at a session in Washington, Powell noted that inflation and economic activity have moderated, aligning with the Fed's forecasts. This shift increases confidence that inflation will return to the Fed's target, although Powell remained non-committal about a rate cut in July. Despite improvements in inflation and cooling labor market conditions, Powell emphasized a cautious approach, stating decisions will be taken "meeting by meeting." He highlighted the challenge of balancing the risks between delaying rate cuts, which could lead to a sharper economic slowdown, and moving too soon, potentially allowing inflation to remain above target. Chicago Fed President Austan Goolsbee also expressed concerns about the current rate potentially being too restrictive given the recent drop in inflation from over 4% to around 2.5%.

 

CNBC	Wall Street Journal

Four poultry workers in Colorado have been diagnosed with bird flu, bringing the total number of cases in the United States to nine. The workers experienced mild symptoms such as irritated eyes, fever, coughing, and sore throat. None of them required hospitalization. The cases are believed to be linked to direct contact with infected birds at a farm in northeast Colorado. While the bird flu virus has been spreading among mammals since 2020, there is currently no evidence of human-to-human transmission. The Centers for Disease Control and Prevention (CDC) has sent a team to assist with the investigation. The virus detected in the latest cases is similar to the type found in earlier U.S. cases. Genetic analysis is underway to confirm the exact strain. The H5N1 virus has been confirmed in 152 dairy herds in 12 states, and numerous poultry flocks have reported bird flu infections. The threat to the general public is considered low, but health officials are closely monitoring the situation.

 

U.S. News

AutoNation, a leading U.S. car dealership chain, reported a significant impact on its second-quarter earnings due to a cyberattack on CDK Global, its dealership management system provider. The attack, which left CDK's main services inoperative for approximately two weeks, likely reduced AutoNation's earnings by about $1.50 per share. Despite the cyber incident affecting business during critical sales periods around the Juneteenth and July 4 holidays, AutoNation anticipates earnings between $3.15 and $3.30 per share for the quarter. While the dealer group noted that some of CDK's ancillary services are still recovering, it does not foresee a long-term material impact on its financial health. Following the announcement, AutoNation's shares saw a slight recovery, up 0.5% in early trading in New York.

 

Bloomberg

Reuters

OpenAI whistleblowers have filed a complaint with the Securities and Exchange Commission (SEC) over the company's allegedly restrictive non-disclosure agreements (NDAs). The whistleblowers claim that OpenAI made employees sign agreements that waived their federal rights to whistleblower compensation,  alleging that it issued overly restrictive employment, severance, and non-disclosure agreements, which could have penalized workers who raised concerns about the company to federal authorities. They also claim that OpenAI required employees to obtain prior consent before disclosing information to federal regulators and did not provide exemptions for disclosing securities violations to the SEC.

 

Reuters

Garfield is suing Dow Chemical Company and others for allegedly contaminating the city's drinking water with 1,4-dioxane, a chemical suspected of causing cancer. The lawsuit claims that the contaminated water is a threat to public health and welfare. Dow Chemical Company denies the allegations, stating that Garfield's water quality meets all EPA criteria. The city is seeking to recover costs for investigating and treating the water supply. The lawsuit also alleges negligence, failure to warn the public, and causing a public and private nuisance. This is not the first time Dow Chemical Company has faced legal action for 1,4-dioxane contamination, as New Jersey previously sued the company for widespread contamination across the state. The lawsuit seeks damages and penalties.

 

NJ.com

The families of two construction workers who were killed in the collapse of an airport hangar in Idaho have filed a lawsuit against several companies involved in the building process. The families allege that the companies cut corners and used inappropriate materials, leading to the tragic incident. The hangar, which was still under construction, collapsed due to high winds, resulting in the deaths of three people and injuries to nine others. The lawsuit seeks unspecified monetary damages. The families' attorneys cited evidence of problems with the construction, including twisted beams and lack of proper bracing. The companies being sued have expressed condolences but denied responsibility for the collapse. The Occupational Health and Safety Administration is conducting an investigation into the incident.

 

U.S. News

Macy's has decided to terminate its buyout talks with Arkhouse and Brigade due to uncertainty over financing. The takeover talks had been ongoing for months, with Arkhouse Management and Brigade Capital Management raising their offer to acquire Macy's in March. However, Macy's has chosen to focus on its own turnaround efforts, which include closing 150 stores over the next three years and upgrading the remaining 350 stores. The decision to end the buyout negotiations comes after Macy's named two independent directors to its board in April, following pressure from activist investor Arkhouse. Macy's is now prioritizing its internal plans and strategies.

 

Reuters

The delinquency rate for U.S. office loans has increased in June, largely due to escalating vacancies and high interest rates, as per recent analyses from ratings agencies. Fitch Ratings reported a rise in the overall delinquency rate for commercial mortgage-backed securities (CMBS) loans to 2.45% in June from 2.42% in May, with the volume of 30-day delinquencies climbing to $1.92bn from $1.86bn. Office loans, significantly impacted by the shift to remote work since the pandemic, constituted 55% ($1.05bn) of the 30-day delinquencies. The trend reflects a broader struggle within the commercial real estate sector, with office vacancies reaching a historic high of 20.1% in the second quarter, according to Moody’s Ratings. This ongoing rise in vacancies, coupled with permanent changes in workplace dynamics, continues to put pressure on the office sector, highlighting significant challenges in loan performance and property valuations. 

 

Reuters

Dollar General has agreed to pay $12m in penalties and improve safety at its nearly 20,000 stores across the U.S. after claims that the discount retailer put its employees in danger with its practices, the Labor Department said. The agreement also outlines that Dollar General must correct any future safety violations regarding blocked exits or access to fire extinguishers and electrical panels within 48 hours — or face fines of up to $500,000 per violation. The assistant secretary of labor for occupational safety and health, Douglas Parker, said in the statement that the settlement demonstrates Dollar General's commitment to making worker safety a priority. Since 2017, Dollar General has faced millions of dollars in penalties for workplace safety violations. In recent years, the discount chain's stores have also been targets for robberies and violent crimes.

 

NPR / National Public Radio

The U.K.'s Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are scrutinizing the benefits and potential risks of digital wallets as analysis suggests that over half of U.K. adults may be using services like Apple Pay, Google Pay, and PayPal. As well as looking at the advantages digital wallets offer consumers, the regulators will also explore if there are elements that could hinder payment efficiency. They will also gather evidence on whether the technology carries any substantial issues related to competition, consumer protection, or market integrity. PSR managing director David Geale said: “Collaboration between regulators and working with industry is crucial to ensure we're on the front foot to support innovation and competition.” FCA chief executive Nikhil Rathi said that with digital wallets having become “a part of everyday life for many people,” the City watchdog wants to “maximize the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present." The regulators have launched a call for information from stakeholders which remains open until September 13.

 

Evening Standard

The Times

Independent investigators from the Los Angeles Unified School District are examining claims that the district's $6m AI chatbot, Ed, compromised student data security. Created by AllHere, the tool was intended to enhance learning but instead may have endangered student privacy. Former AllHere software director Chris Whiteley, who has become a whistleblower, alleges that Ed mishandled personally identifiable information by processing it inappropriately and exposing it to potential hacks. These allegations surfaced after the collapse of AllHere, which also led to a scramble over the ownership and future of Ed's technology. The situation highlights broader concerns about the security and privacy risks of integrating advanced technology within educational settings. 

 

The 74