Bloomberg

Lead Story

The US Supreme Court delivered a landmark set of rulings expanding President Donald Trump’s authority to fire heads of independent agencies, yet crucially shielded the Federal Reserve. In a 5-4 decision, justices blocked the president’s attempt to oust Fed Governor Lisa Cook, preserving the central bank’s independence from the White House while cementing executive control over potentially dozens of other government agencies.

Markets & Economics

• US and Iran Agree to Halt Attacks Ahead of Talks: The US and Iran agreed to halt tit-for-tat attacks over the Strait of Hormuz before peace negotiations resume in Doha, prompting a drop in gold and stabilizing energy prices.
• Yen Hits Four-Decade Low in Historic Slide That’s Rattled Japan: The Japanese currency slumped to its weakest level against the dollar since 1986, placing traders on high alert for potential government intervention.
• Bitcoin ETFs Set for Worst Month With $4 Billion in Outflows: US-listed spot Bitcoin funds are on pace for their steepest month of withdrawals on record, while Michael Saylor’s Strategy Inc. shifted its model to grant itself broader powers to sell up to $1.25 billion of the cryptocurrency.
• Spanish Inflation Unexpectedly Holds Well Above ECB Target: Spain’s inflation remained stubbornly above 2%, complicating the European Central Bank’s rate outlook even as easing Middle East tensions lower regional energy costs.

Business & Industries

• Comcast to Spin Off NBCUniversal in Surprise Strategy Reversal: Unwinding a decade-old conglomerate strategy, Comcast plans to carve out NBCUniversal and Sky into an independent, publicly traded media company.
• Samsung, SK Hynix to Spend $880 Billion on Chips, Data Centers: South Korea unveiled a massive 1,350 trillion won investment plan led by its tech giants to cement the nation’s leadership in artificial intelligence hardware and digital infrastructure.
• Rocket Lab to Buy Iridium for $8 Billion to Expand Network: Rocket Lab agreed to acquire satellite communications provider Iridium in a cash-and-stock deal to vertically integrate its space and orbital network capabilities.
• EIB Pledges Record €3 Billion Airbus Loan for Tech Development: The European Investment Bank is extending an unprecedented loan to the aerospace giant as the EU attempts to bolster its technological sovereignty against US and Chinese competition.

Policy & World

• Supreme Court Says Mail Ballots Can Arrive After Election Day: Justices ruled that federal law permits mail-in votes to arrive after Election Day, preserving crucial grace periods across 30 states.
• Burnham Vows Economic Boost by Taking Fiscal Power Out of London: Positioning himself to succeed Keir Starmer as UK prime minister, Andy Burnham pledged a radical devolution of fiscal powers away from Westminster to lift living standards.
• China Blacklists More Japan Entities as Takaichi Feud Deepens: Beijing expanded its export-control offensive by targeting 40 additional Japanese entities, escalating the diplomatic rift with Prime Minister Sanae Takaichi’s government.

Opinion & Analysis

• Las Vegas and Leverage Is a Billionaire’s Dream: Betting on casinos as public entities has been a joyless drain for stock investors, proving that the Strip’s venues belong in the hands of risk-embracing private owners, writes Bloomberg Opinion.
• Fixing Social Security Is Urgent — and Difficult: With the system just six years away from insolvency, incoming US senators will face an empty trust fund during their terms, making it mathematically impossible for Congress to keep ignoring the crisis.