China condemned the UK’s nationalisation of British Steel, saying it infringed on Jingye Group’s rights and weakened Chinese companies’ confidence in investing in Britain. The UK says public ownership is needed to protect jobs and preserve primary steelmaking at Scunthorpe.
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The FDA approved Merck’s Lipfendra, a daily PCSK9 inhibitor pill for people with high LDL cholesterol. Merck said trials showed LDL reductions of up to 60% after 24 weeks and that the drug will list for $10.50 a day.
President Donald Trump dropped a proposed 20% fee on cargo passing through the Strait of Hormuz, saying Gulf investment deals would replace it. The decision came as the US prepared to resume a naval blockade of Iranian ports amid escalating regional attacks.
Warren Buffett omitted the Gates Foundation from his annual donations and will give about $6 billion in Berkshire Hathaway stock to four family-linked foundations. The move follows renewed scrutiny of Bill Gates’ past contacts with Jeffrey Epstein.
A 67 million-year-old T. rex nicknamed Gus sold at Sotheby’s in New York for $50.1 million, the highest price ever paid for a dinosaur fossil. The sale exceeded estimates but renewed concerns among paleontologists about fossils entering private collections.
Trump’s proposed 20% fee on cargo crossing the Strait of Hormuz could cost large vessels tens of millions of dollars per trip. Shipping experts, companies and the U.N. maritime agency say mandatory tolls through an international strait have no legal basis.
U.S. inflation slowed to a 3.5% annual rate in June, helped by a sharp drop in gasoline prices during a temporary easing of U.S.-Iran tensions. Economists cautioned that renewed oil price increases are not reflected in the latest CPI report.
Oil prices surged after President Donald Trump said the U.S. would resume a blockade tied to Iran and charge a 20% fee on cargo moving through the Strait of Hormuz. The announcement followed U.S. strikes on Iran and renewed concerns over traffic through a waterway that normally carries about one-fifth of global energy supplies.