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U.S. Rep. Nathaniel Moran has introduced the AI Incident Reporting Act, which would create a federal process for reporting certain serious AI incidents to the Department of Commerce. The proposal focuses on advanced AI systems and includes reports on dangerous capabilities, security breaches, and safety issues. Under the measure, Commerce would identify which models meet risk thresholds. Developers of those systems would have seven days to report qualifying incidents, while the most serious cases would trigger a 48-hour notice to congressional leaders and committee chairs. The bill also calls for consultation with industry, researchers, cybersecurity experts, and national security officials.

 

Crypto Briefing

Reuters

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The Trump administration is pressing Facebook parent Meta to submit its AI models for voluntary review so that the government ​can evaluate their abilities and vulnerabilities. Meta is believed to be the only major U.S. ⁠developer of AI technology that has not reached an agreement to voluntarily ​share its models with the federal government for review. The company launched the Muse ​Spark AI model in April. "We ​share the administration's goal of advancing U.S. leadership on robust and secure frontier AI. While we are working through the details, we hope to sign the agreement soon," ​Meta told Reuters.

 

New York Times

Reuters

The New York Times reports that Meta CEO Mark Zuckerberg recently dispatched a small team at his company to create a smartphone app ​similar to prediction market platforms Polymarket and Kalshi. The app is internally referred ​to as "Arena" and would function independently from Meta's social networking apps including ‌Facebook, ⁠Instagram, WhatsApp and Messenger. It will likely rely on a video game-like points system instead of users wagering money, though the ​company has not ruled out betting real money eventually.

 

New York Times

The Supreme Court has ruled 7-2 that Bayer cannot be held liable under state law for failing to warn consumers that Roundup causes cancer when the Environmental Protection Agency (EPA) does not require such a warning on the product's federally approved label. The ruling strengthens Bayer's efforts to resolve years of costly litigation tied to Roundup, which the company inherited through its $63bn acquisition of Monsanto in 2018. The decision could pave the way for the dismissal of thousands of pending claims, bolster Bayer's proposed $7.5bn settlement with plaintiffs, and significantly reduce the company's legal exposure. The company has consistently maintained that Roundup is safe when used as directed, citing repeated EPA findings that glyphosate is not likely to be carcinogenic to humans. However, the World Health Organization's International Agency for Research on Cancer classified glyphosate as "probably carcinogenic to humans" in 2015, fueling years of litigation.

 

CNBC

Politico

Reuters

Wall Street Journal

David Goodgame, the former ​chief operating officer at Tricolor Holdings, has pleaded guilty to ‌fraud and conspiracy charges in connection with the now-bankrupt subprime auto lender's collapse. Goodgame said he would cooperate with prosecutors and could testify against Tricolor founder Daniel Chu in the hope of leniency on sentencing. He said: "I knew that Tricolor was deceiving and defrauding the banks." Prosecutors claim Tricolor executives acting at Chu’s direction repeatedly defrauded banks by “double-pledging” or counting “near-worthless” assets as collateral for its loans. Chu has pleaded not guilty and is scheduled to go on trial.

 

Bloomberg

Reuters

The Federal Reserve’s preferred measure of inflation accelerated in May, with the core personal consumption expenditures (PCE) price index rising 3.4% year over year, its highest level since October 2023, while the headline PCE inflation rate reached 4.1%, the highest since April 2023. The Commerce Department reported that core PCE, which excludes food and energy, increased 0.3% for the month, while headline PCE rose 0.4%. Higher energy costs, driven by the conflict with Iran, remained the primary source of inflation, although price increases also spread to other categories, including housing, financial services, and insurance. Despite elevated inflation, consumer spending remained resilient. Personal consumption expenditures increased 0.7% in May, exceeding expectations, while personal income also rose 0.7%, lifting the personal saving rate to 3%.

 

CNBC

Reuters

The U.S. current account deficit widened 2.6% to $226.8bn in the first quarter, exceeding economists’ forecasts and reflecting a deterioration in the nation’s primary income balance, according to Commerce Department data. The deficit increased from a revised $221.1bn in the fourth quarter and represented 2.9% of GDP, up from 2.8% in the previous quarter. The primary income balance swung to a $13.3bn deficit from a $3.4bn surplus, as income receipts fell to $396.1bn and payments rose to a record $409.1bn. The worsening income balance more than offset an improvement in the trade deficit, which narrowed to $165.8bn from $177.3bn in the fourth quarter. The report also showed higher capital-transfer receipts and lower payments during the quarter. The United States continued to maintain a negative net international investment position, meaning foreign liabilities exceeded U.S.-owned financial assets abroad.

 

Reuters

The International Atomic Energy Agency and the U.N. food agency have announced a $1m research ​project after the New World screwworm re-emerged in Central America ​and Mexico and was confirmed in the U.S. ​this month, for the first time in more ⁠than 40 years. Emergency response efforts could require up to 600 ​million sterile ​flies a ⁠week, the agency said as it launched efforts to address a shortage of such flies, which make female screwworm flies unable to reproduce. The re-emergence of the pest is raising risks for livestock, wildlife ​and pets and sending beef prices to near record highs.

 

Reuters

The Trump administration is seeking more than $1.4bn in new funds from Congress to address the widening Ebola ‌virus outbreak, including $800m for humanitarian crisis response. The move is part of a larger supplemental funding request which also includes $500m in global health security funds that health officials say are needed to prevent ​the virus from spreading to the United States. 

 

Reuters

On Saturday, Apple closed its Towson, Maryland store, the first Apple Store in the U.S. to unionize, citing declining conditions at the shopping mall where it was located. However, the International Association of Machinists and Aerospace Workers has accused the company of retaliating against employees for unionizing, alleging that workers at the unionized store were denied the straightforward transfer opportunities offered to staff at two non-union stores that also closed the same day. More than half of the Towson store's approximately 70 unionized employees are expected to lose their jobs, with Apple saying it is following the terms of the collective bargaining agreement reached in 2024, which provides up to 12 weeks' severance pay but does not guarantee transfers. The company has strongly denied any retaliation, insisting it is complying with the negotiated agreement.

 

New York Times

Meta is racing to replace human moderation with generative artificial intelligence, as it undergoes a broader cost-cutting drive to offset CEO Mark Zuckerberg’s vast spending on AI, the FT reports.

 

Financial Times

President Donald Trump has said he would reject a final Iran deal if it included any service or shipping fees in the Strait of Hormuz. “It would be unacceptable to me, because we have numerous strengths, and if you did that for them, you’d have to do it for other people,” the president told reporters. “It would be a game changer.” Bloomberg notes that Trump's comments represent his most definitive statement yet about possible maritime service fees and shipping tolls that could be imposed in the strait.

 

Bloomberg

U.N. Secretary-General António Guterres has urged AI companies to disclose their environmental impact, including carbon emissions, water, and land usage. Speaking at London Climate Action Week, he proposed the AI Environmental Transparency Initiative, as he highlighted the need for standardized reporting. Mr Guterres noted that data centers, which support AI, accounted for 1.5% of global electricity consumption in 2025. This is projected to rise to nearly 3% by 2030. “By 2030, [data centers] could use ⁠more power than all but five countries – and enough water to meet the basic needs ​of all 1.3 billion residents of sub‑Saharan Africa for an entire year,” he said. “If AI is to help build a better ​future, it must be honest about what it costs us now.”

 

Reuters

Adidas is emerging as the early winner in the battle for World Cup-related sales, with data showing spending on its apparel surged 70% year-on-year in May and U.S. store visits jumped 47% during the tournament's opening week. Analysts attributed the performance to strong demand for team jerseys and Adidas' position as an official FIFA World Cup sponsor, supplying kits for 14 national teams and the tournament's match ball. Nike, which sponsors 12 national teams, has also benefited from the competition, but its apparel growth has lagged Adidas' despite strong visibility on the pitch. While 232 of the tournament's 528 starting players have worn Nike boots compared with 218 for Adidas, analysts said the U.S. sportswear group still faces the bigger challenge of rebuilding market share after several years of declining sales and intensifying competition.

 

Reuters