KPMG has named Michael Ebeid as its new chair after the previous chair resigned amid criticism over the firm’s handling of ethical issues. Emails show Ebeid previously denied leak allegations and criticized a senator’s actions, but he later apologized, saying he did not know all the facts at the time.
Key Facts
Michael Ebeid was appointed chair of KPMG after Martin Sheppard resigned under pressure from a parliamentary inquiry.
Ebeid had earlier called leak allegations “completely false” and criticized Senator Deborah O’Neill for making them public.
Ebeid apologized after emails were released showing he made those comments before knowing the full extent of KPMG’s problems.
KPMG acknowledged that its investigations into whistleblower claims about leaked confidential information were not thorough enough.
The leaks involved confidential data from companies like Optus and Lendlease, shared to benefit audit contract applications.
The parliamentary committee released emails to highlight Ebeid’s earlier statements as he takes on a leadership role.
Barbara Pocock, a senator, said Ebeid’s appointment suggests KPMG still has deep ethical issues to fix.
Ebeid was the only board member to defend KPMG’s legal privilege claim when asked to share investigation documents with the committee.
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OpenAI is in early discussions to give the US government a 5% ownership stake in the company. This plan aims to share the benefits of artificial intelligence with the public and improve relations between AI firms and the government.
Key Facts
OpenAI's CEO Sam Altman supports giving the US public a financial stake in AI companies.
The proposal includes other US AI companies like Anthropic, Google, and Meta possibly giving a similar 5% stake.
The idea is to create an investment fund, similar to Alaska’s Permanent Fund, that invests AI wealth and shares profits with citizens.
Talks are early and may require Congress to approve the deal.
Anthropic recently faced government restrictions over national security but restored access after resolving concerns.
OpenAI and Anthropic plan to go public with stock listings, potentially valuing each company over $1 trillion.
Altman has discussed the idea with President Trump and other government officials.
Senator Bernie Sanders supports a public wealth fund funded by a tax on major AI companies.
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A large painting called Scene in Braemar by Sir Edwin Landseer sold for £5.9 million at a London auction. This artwork, related to the famous Monarch of the Glen painting, was originally made for industrialist Edward Betts and has greatly increased in value since it was last sold in 1994.
Key Facts
Scene in Braemar was painted by Sir Edwin Landseer, Queen Victoria’s favorite artist.
The painting shows a 12-point stag on a Scottish Highland peak.
It sold for £5.9 million, five times the previous record for a Landseer painting.
Sotheby’s had estimated its value to be up to £4 million before the auction.
The painting is larger than Monarch of the Glen, measuring almost 9 feet (2.74 meters) tall.
Edward Betts originally paid £800 for the artwork in the 19th century.
Betts had to sell the painting in 1868 due to a banking crisis.
The painting has been shown in public galleries several times since then.
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Singapore police seized a $42.5 million luxury house that was allegedly bought with money made from smuggling Nvidia AI chips. Four people have been charged with fraud and money laundering related to illegal trade in servers containing these chips, which are regulated by US export rules.
Key Facts
The seized mansion was bought for 55 million Singapore dollars (about $42.5 million).
At least two-thirds of the purchase price came from illegal earnings linked to Nvidia chip smuggling.
The chips involved are advanced Nvidia AI chips controlled by US export laws to prevent misuse.
Wei Zhaolun (Alan Wei), CEO of Aperia Group, faces money laundering charges for using $38 million in criminal proceeds.
Four people total have been charged since February 2025 with fraud and related crimes in this case.
Servers containing the chips were ordered from Dell, Super Micro Computer, and Asus, but their final shipment locations were not disclosed.
Singapore authorities also seized about 1 million Singapore dollars from bank accounts connected to the case.
This is the first time corporate entities under investigation have also been charged in Singapore related to this matter.
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Asian stock markets mostly fell due to heavy selling of computer chip company shares. U.S. stock futures stayed mostly stable after small losses, while oil prices dropped following talks between the U.S. and Iran about ending their conflict.
Key Facts
South Korea’s Kospi index dropped 5.1%, with major chip makers SK Hynix down 7.7% and Samsung Electronics down 6.4%.
Japan’s Nikkei 225 index fell 1.5%; chip equipment maker Tokyo Electron shares dropped 5.6%.
Taiwan’s Taiex index declined 1.1%, with semiconductor company TSMC down 1.8%.
Hong Kong’s Hang Seng index rose 0.8%, helped by an 8.7% increase in Chinese electric vehicle maker BYD after rising sales.
The Shanghai Composite index decreased 0.9%, while Australia’s S&P/ASX 200 edged down 0.1%, and India’s Sensex climbed 0.5%.
U.S. chip stocks also fell on Wednesday: Micron Technology down 10.6%, Intel down 9%, AMD down 6.9%, Broadcom down 2.2%, and Nvidia down 1.3%.
The S&P 500 index dropped 0.2%, the Dow Jones Industrial Average fell slightly, and the Nasdaq dropped 0.7%.
Economists say demand for artificial intelligence (AI) may keep growing, but possibly slower than expected due to challenges in adopting AI technology.
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Experts warn that many old fridges in the UK cannot handle recent record-high temperatures above 32°C. Supermarket and home refrigerators are struggling or breaking down because they were designed in cooler times, causing issues like empty shelves and higher energy costs.
Key Facts
Many UK fridges were made to work in air temperatures up to about 32°C.
Recent heatwaves have pushed temperatures above this limit, causing fridges to fail.
Supermarket fridges sometimes switch off or reduce the number of cabinets in use to keep others cool.
Engineers report many fridges breaking down during heatwaves.
Refrigeration experts test fridges in climate-controlled labs to see how they handle higher temperatures.
The UK Climate Change Commission found the 2022 heatwave caused many refrigeration failures in stores.
Some UK supermarkets are now designing fridges that can work in temperatures as high as 35°C to 38°C.
Higher energy costs and empty shelves have resulted from fridges struggling to keep food cold in the heat.
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The Leeds International Piano Competition will be relaunched under the leadership of pianist Sir Stephen Hough, who plans to introduce changes to how the contest is run. The 2027 competition will raise the age limit to 35 and allow competitors full freedom to choose their music pieces.
Key Facts
Sir Stephen Hough is the new artistic director of the Leeds International Piano Competition.
The competition started in 1963 and happens every three years.
Competitors for 2027 can be up to 35 years old, higher than the usual limit of 30.
Participants can now choose any music they want to perform, without a preset list.
The final round involves performing a concerto with the Royal Liverpool Philharmonic Orchestra.
The jury includes well-known pianists and composer Errollyn Wallen.
The competition aims to better showcase musicians’ true abilities and personal music style.
Past winners include famous pianists like Radu Lupu and Murray Perahia.
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The Onion, a satirical news website, is launching a parody of Alex Jones’ Infowars conspiracy platform. They plan to donate $100,000 from merchandise sales to the families of the Sandy Hook shooting victims, who have not yet received court-ordered payments from Jones.
Key Facts
The Onion is creating a parody of Infowars under its own website.
They will donate $100,000 from merchandise sales to Sandy Hook families.
Alex Jones was ordered by courts to pay over $1 billion for false claims about the 2012 Sandy Hook shooting.
Jones falsely called the shooting a hoax, leading to harassment of victims’ families.
Infowars once had 10 million monthly visitors and made over $50 million yearly.
The large court judgments forced Jones into bankruptcy and broke up Infowars.
The Onion’s parody uses Infowars’ style to satirize conspiracy theories and related products.
Sandy Hook families hope this effort will stop Jones from profiting and expose his falsehoods.
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New Jersey is starting to charge companies fees if their workers use Medicaid for health coverage instead of employer-provided insurance. Other states like California and Connecticut are considering similar fees to help cover rising Medicaid costs due to federal policy changes.
Key Facts
New Jersey Governor Mikie Sherrill approved a new fee on employers with 50 or more workers on Medicaid.
The fees range from $325 to $725 per Medicaid-covered individual per year, based on company size.
The state expects to raise $145 million from this program in its first year.
Medicaid is a joint federal and state program that helps provide health insurance to low-income residents.
Changes in federal Medicaid rules may increase costs for states and reduce the number of people covered.
California passed a bill requiring the government to explore similar employer fees, leaving the decision to the next governor.
Several other states, including Colorado, Oregon, Washington, and Connecticut, have proposed or considered similar charges on employers.
Supporters say employers benefit from having some employees covered by Medicaid, so charging fees helps share costs fairly.
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The European Court of Justice has rejected Google's appeal against a €4.1 billion fine for breaking EU competition rules. The fine was originally imposed because Google forced phone makers to pre-install its apps, limiting competition.
Key Facts
The EU court dismissed Google's challenge to a €4.1 billion antitrust fine.
The fine was first imposed by the European Commission in 2018.
Google was accused of forcing phone makers to pre-install Google Search, Chrome, and the Play Store on Android devices.
The EU's General Court upheld the fine but slightly reduced it from €4.34 billion to €4.1 billion.
Google argued the case was unfair and said customers could still download competing apps easily.
The court ruled the pre-installation limits harmed competition and rejected Google's arguments.
Google stated it adapted its agreements after 2018 and remains focused on innovation.
The EU has fined Google over €8 billion in total for antitrust violations and introduced new laws to regulate big tech.
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The U.S. government announced it will not renew the United States-Mexico-Canada Agreement (USMCA), a trade deal originally negotiated by President Trump during his first term. Instead, the U.S. plans to seek new trade agreements with Mexico and Canada while the current deal remains in effect for now.
Key Facts
The USMCA trade deal replaced the older North American Free Trade Agreement (NAFTA).
The deal runs through 2036 but can be ended earlier by the U.S. if needed.
U.S. officials cited trade deficits and issues with the current agreement as reasons for not renewing it.
The U.S. Trade Representative hosted a review meeting with Mexico and Canada on the agreement's operation.
President Trump originally called the USMCA the best trade deal made by the U.S. but has since criticized it.
The administration said it will continue talks with Mexico and Canada to create new trade deals.
The decision came on the day a key review deadline for the USMCA was reached.
The current USMCA remains active until a new agreement is made or the deal is ended earlier.
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A UK-US trade deal on medicines will force the NHS to spend an extra £45 billion by 2036, leading to cuts in other health services. An analysis predicts these funding changes could cause about 229,000 extra deaths in England due to reduced care.
Key Facts
The UK-US trade deal requires the NHS to pay around £44.7 billion more for new medicines by 2036.
This increased spending means less money for other essential NHS services.
Cuts to healthcare could cause 229,000 extra deaths in England, mainly from heart, respiratory, digestive diseases, and cancer.
Including adult social care impacts raises the total possible deaths to 291,000.
The NHS currently spends £14.4 billion annually on innovative treatments and will double this spending relative to the UK economy under the deal.
The deal aims to help UK drug exports avoid US tariffs threatened by President Trump.
UK ministers say the deal will benefit patients by giving access to new medicines but admit costs will rise over time.
The Department of Health and Social Care, not the Treasury, will cover the increased NHS costs.
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Veterinary care costs are rising for pet owners in the United States. This increase is drawing attention to how private equity firms and big companies are buying many veterinary clinics nationwide.
Key Facts
Veterinary care prices are going up in the U.S.
Private equity firms are investing in veterinary clinics.
Large corporations are also acquiring veterinary practices.
This trend is changing the way veterinary care is delivered.
Pet owners may face higher costs due to these ownership changes.
The article highlights concerns about the impact of private equity on veterinary services.
Paul Solman reports on this issue.
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Couples are spending about 8.5% more on weddings this year compared to last year, mainly due to higher prices caused by tariffs and general inflation. The average wedding cost rose to $36,000 in 2025, partly because tariffs increased prices on imported items like flowers and chocolate.
Key Facts
Wedding spending increased by 8.5% compared to the previous year.
Inflation reached 4.2% in May, the highest in over three years.
The average wedding cost $36,000 in 2025, up $3,000 from the year before.
Tariffs set by President Trump raised costs on imported goods like flowers and cocoa.
Couples in the South are spending on weddings five times faster than couples in the Midwest.
Gen Z weddings have tripled since 2019, while millennial weddings have dropped about 20%.
More couples are choosing lab-grown diamonds to lower ring costs.
Wedding costs vary widely based on size, location, and style of celebration.
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Alibaba will pay $600 million to settle claims that it sold and imported illegal drugs, chemicals, and pill-making equipment into the United States. The U.S. government said Alibaba failed to stop merchants from breaking laws on its e-commerce sites from 2016 to 2024.
Key Facts
Alibaba operates big online shopping sites like Alibaba.com and AliExpress.com.
The U.S. Justice Department accused Alibaba’s payment processor of allowing illegal sales of drugs and chemical products.
Alibaba admitted it did not stop about 80,000 unlawful product sales that broke U.S. federal laws.
Alibaba employees warned that the company’s controls to prevent illegal sales were not strong enough.
Some sellers used Alibaba’s messaging tools to steer buyers to other platforms to finish illegal sales.
U.S. law enforcement made over 40 secret purchases of illegal products through Alibaba’s sites.
Alibaba and the Justice Department made a non-prosecution agreement, so Alibaba will not face criminal charges.
The IRS Criminal Investigations chief said the case shows the importance of companies following U.S. laws.
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The United States, Canada, and Mexico have started talks to update their trade agreement. These talks are important because the three countries trade a lot of goods and services with each other, making them key partners for the U.S.
Key Facts
The U.S., Canada, and Mexico trade about $1.9 trillion worth of goods and services each year.
This amount equals roughly $5 billion traded daily between the countries.
Canada and Mexico have become the U.S.'s top two trading partners, surpassing China.
Trade includes goods like Canadian auto parts sent to U.S. factories in the Midwest.
Tourism and beverages, such as Mexican tequila enjoyed in U.S. cities, are part of the trade relationship.
President Donald Trump’s tariff policies last year affected the trade environment between the three countries.
Businesses in all three nations want to restore steady and predictable trade rules.
The current negotiations aim to renew and improve the North American trade pact.
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A veterinarian warns that many dog owners give too many treats, which can add extra calories beyond a dog’s regular diet. Experts suggest treats should make up no more than 10% of a dog’s daily calories to keep them healthy and prevent weight gain.
Key Facts
Treats, table scraps, and chews often add 15-30% more calories to a dog’s diet than owners realize.
The “10 percent rule” says only 10% of a dog's daily calories should come from treats.
Dog food is made to give balanced nutrients, but most treats lack this balance.
Giving too many treats can cause obesity, joint problems, pancreatitis, and stomach issues in dogs.
Signs of overfeeding treats include less visible waist, hard-to-feel ribs, more begging, and less interest in regular meals.
Multiple people in a household often contribute to giving too many treats without realizing it.
Lower-calorie treats like plain vegetables or using regular dog food as rewards can help control calorie intake.
Non-food rewards like praise and play can also motivate dogs without adding calories.
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Opening a certificate of deposit (CD) account in July 2026 can be a good choice for savers because interest rates are relatively high and may rise. CDs offer a fixed interest rate and protection of your deposit, making them a secure way to earn money amid current economic challenges.
Key Facts
CD interest rates in July 2026 are over 4%, with some long-term CDs offering rates up to 4.20%.
Higher rates mean you can earn about $4 in interest for every $100 you deposit.
The Federal Reserve may raise interest rates soon, which could lead banks to offer even higher CD rates.
CDs guarantee a fixed interest rate and protect your original deposit amount for the term of the account.
CD accounts are insured by the FDIC up to $250,000, which helps keep your money safe.
Inflation has increased recently, wages are not keeping up, and borrowing costs are high, making secure savings more important.
You can earn hundreds or even thousands of dollars in interest depending on your deposit and the CD term.
Opening a CD now may be better than waiting because rates might not stay this high for long.
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A study led by a Harvard professor found that women who lost weight using GLP-1 drugs were hired more often. The research showed a 27% increase in employment rates for these women.
Key Facts
The study was conducted by a Harvard professor.
It focused on women who used GLP-1 medications to lose weight.
GLP-1s are drugs that help with weight loss.
Women who lost weight on GLP-1s had a higher chance of getting hired.
Employment rates for these women increased by 27%.
The research suggests a link between weight loss and job opportunities.
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A certificate of deposit (CD) account can help savers earn higher interest rates than regular savings accounts right now. A $55,000 deposit in a CD could grow by thousands of dollars depending on the term length, with rates around 4% fixed for different time periods.
Key Facts
Traditional savings accounts have very low interest rates, about 0.38% currently.
CD accounts offer fixed interest rates over 4%, providing a guaranteed return.
Interest earned on a $55,000 CD ranges from around $535 for 3 months to nearly $29,000 for 10 years.
The longer the CD term, the more interest you earn by the end.
Early withdrawal from a CD can lead to costly penalties, so it’s best to keep the money until maturity.
CDs protect your original deposit while giving a chance to grow your savings steadily.
Choosing the right CD term depends on your financial goals and how long you can keep your money locked in.
With inflation and economic uncertainty, CDs can be a safe option for growing cash savings.
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