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The major European indices suffered heavy losses on Monday as EU ministers met to discuss their reaction to Trump’s alliance to start levying a 30% tariff against the bloc’s goods from August 1. Germany’s DAX was down almost 0.9 percent by 08:30 GMT, while the CAC 40, IBEX 35, and FTSE MIB were down from 0.7 to 0.8 percent. The STOXX 600 index declined about 0.5 percent. UK’s FTSE 100 would try to hold the rally, up by 0.2 percent. Asia markets remained broadly tentative with Japan’s Nikkei 225 retreating by about 0.3 percent while the Hang Seng dipped by the same amount. Off-hours US futures fell early Monday, with those for the S&P 500 and the Nasdaq Composite index plunging by over half a percent. Markets are jittery with the August 1 deadline looming for US trade partners to strike trade deals with the other side. No agreements have been announced by the Trump administration aside from the UK, China, and Vietnam, despite the long negotiations. If Brussels and Washington cannot ...

In a surprising move, the CEO of X, Linda Yaccarino announced her resignation just a few months after the social media platform became the property of the billionaire's AI startup xAI.  In a statement on the platform Wednesday, the former NBCUniversal advertising chief said she had "decided to step down as CEO of X" after what she characterized as "two incredible years" at the help of one major transformation. Yaccarino's resignation from the social media company will only add to the turbulence in Musk's sprawling business including plummeting sales at his electric car company, Tesla, and AI-related controversies. Musk is also engaged in a war of words with United States President Donald Trump. She gave no details as to why. X and Yaccarino did not respond to requests for comment. The resignation came a day after Grok, the AI chatbot created by xAI, made posts on the platform mentioning Adolf Hitler. Posts were deleted after the worsening public backlas...

US President Donald Trump has issued a new round of tariff letters to the six countries of Algeria, Brunei, Iraq, Libya, Moldova, and the Philippines. The letters were sent out on Wednesday. They propose tariff levels of 30 percent on Algeria and Iraq, 25 percent on Brunei, Libya, and Moldova, and 20 percent on the Philippines—the highest among the trading partners announced this Wednesday. Implementation of the tariffs is slated for August 1. The letters went up on Truth Social a few days after the expiration of the 90-day negotiating period in which the baseline levy had been 10 percent. Trump is letting the countries bargain more before his August 1 deadline but is insisting that no extensions will be made for any countries that receive letters. The US reports a trade inequality with six countries. According to the Census Bureau, last year the US had a trade imbalance in goods of 1.4 billion dollars with Algeria, 5.9 billion with Iraq, 900 million with Libya, 4.9 billion with the P...

Goldman Sachs, with its senior department already crowded with a multitude of policymaking luminaries, now has the former Prime Minister of the United Kingdom added as a senior advisor, a move that combines uncertainty regarding geopolitical and regulatory matters. Named on Tuesday was the appointment of Sunak by the investment bank. Sunak, who remains a member of Parliament, representing a seat in northern England under the Conservative Party, was a Goldman analyst in the early 2000s before transitioning to work for several hedge funds. In his former career in financial service and the wealth of his wife, at a time when her father was a co-founder of Indian IT services company Infosys, Sunak became the richest-ever British prime minister, thus rendering him susceptible to criticism that he "cannot understand" most voters in the UK. He has stayed out of the limelight since resigning as leader of the Conservative Party following its worst electoral defeat in over a century in...