Financial Mindset

The U.S. military said on Saturday that it had launched new airstrikes against Iran to “swiftly punish” the country’s Revolutionary Guard for an attack in Jordan that killed two American service members, left one more missing and four requiring hospitalization. U.S. Central Command said the strikes were designed to further degrade Iran’s ability to restrict the traffic of oil tankers through the Strait of Hormuz. The waterway accounted for roughly 20% of global oil supplies before the war. The dead were not identified. Since the war began, 16 U.S. service members have been killed and over 430 wounded. Minutes before the announcement, Iran’s supreme leader warned of “unforgettable lessons” if the U.S. keeps attacking the Islamic Republic. The remarks read out on state TV and attributed to Mojtaba Khamenei, still unseen since the war began, also called President Donald Trump’s signature “worthless and invalid.” An Iranian negotiator said Tehran was suspending its commitm...

Top economist Nouriel Roubini, who was among the first to predict the 2008 financial crash, earned the nickname “Dr. Doom” for his stark warnings, though he has been more upbeat lately. And when it comes to artificial intelligence, which has stirred all kinds of apocalyptic predictions, he insists he’s looking at the brighter side. In an interview on Bloomberg TV on Friday, Roubini was asked about ways to fix Social Security, as the trust fund that helps fund benefits is due to run out of money by 2032. He replied that a large chunk of the population will be replaced by AI and robots in the next 20-25 years, so raising the retirement age will not be sufficient. “Eventually, we need some form of universal basic income for everybody while they work and once they retire,” Roubini added. “We’re already on the way.” With AI poised to disrupt the labor market, top tech leaders like OpenAI CEO Sam Altman have suggested gover...

Walmart Inc. said it has removed four bagged iceberg lettuce salad products manufactured by Taylor Farms as recalls tied to a cyclosporiasis outbreak expand.  The retailer said Saturday there have been no confirmed illnesses associated with the items, which are sold under its Marketside store brand at select locations.  A Walmart spokeswoman said there’s no indication that products sold in its stores are affected by the current cyclospora investigations, but that the company has removed four products as a precaution after receiving notice from a supplier. Recalls are broadening to reach some US retail stores, where many shoppers have stayed away from buying berries and leafy greens in recent weeks. Produce represents an especially important slice of sales for companies in the summer, as people celebrate holidays and spend more time outdoors. Product removals can typically dampen consumer demand for weeks to months.   The move comes after Taylor Farms...

Nearly five months into the war in Iran, the conflict has entered a “second round” as bombs fly throughout the Middle East after a temporary truce collapsed. Iran is again threatening passage through the now-infamous Strait of Hormuz, while the U.S. has reinstated a naval blockade on Iranian oil exports. As the world’s emergency petroleum supplies dangerously dwindle and prices again rise, the Trump administration appears to have lost the upper hand and faces a stark choice: escalate the conflict in a prolonged morass resembling Ukraine, or capitulate and let Iran control the world’s leading energy artery—with the ability to charge service fees for passage and recoup costs, a toll in all but name— energy and geopolitical analysts told Fortune . The decision could shape energy and fuel prices heading into the fall , including the midterm elections, and set a precedent for how far the U.S. will go to defend global shipping lanes. “I don’t think there’s any milita...

Once every four years, fans travel across the globe to watch one of the world’s biggest sporting events: the FIFA World Cup.  The 2026 World Cup is no exception. For the first time, the tournament has been hosted jointly by three nations—the U.S., Canada and Mexico—and marks North America’s first time hosting the competition since 1994. FIFA also expanded the tournament from 32 to 48 national teams, making it the largest World Cup in history. Across the tournament’s 16 host cities, from Kansas City to Guadalajara and Toronto, millions of fans traveled far and wide to cheer on their countries, transforming city streets into seas of brightly colored jerseys and national flags.  Millions are also watching the World Cup on TV, and audiences have continued to expand, with each marquee matchup setting a new viewership benchmark. Spain’s semifinal victory over France drew a then-record 11.46 million viewers on Fox before Argentina’s semifinal win over...

President Donald Trump’s sweeping tariffs were supposed to raise billions of dollars in government revenue while reviving American manufacturing. Instead, after a Supreme Court ruling forced the Trump administration to reimburse much of the money it collected, it’s now looking for workarounds to impose tariffs anyway. One such workaround will take effect later this month, when the Trump administration imposes 25% tariffs on many imports from Brazil . The fresh tariffs, announced this week, arrived after the Office of the U.S. Trade Representative conducted a yearlong investigation under Section 301 of the Trade Act of 1974 that concluded Brazil had engaged in unfair trade practices. The move revives a battle the Trump administration has waged specifically against Brazil since last year, when the White House imposed tariffs totaling 50% on certain Brazilian imports after Brazil’s former president, Jair Bolsonaro, was accused of leading a conspiracy to overturn his reelection lo...

American companies are finally getting relief from tariff refunds—only it’s just in time for a new wave of inflationary economic factors. The U.S. Customs and Border Protection issued $49.2 billion in refunds in June, according to the U.S. Treasury’s monthly statement , bringing total tariff refunds to about $71 billion, or more than 60% of the $166 billion available following the Supreme Court striking down tariffs under the International Emergency Economic Powers Act (IEEPA) in February. But as companies recoup costs associated with the  import taxes they were forced to pay last year, they’re finding that, in many cases, those funds are being eaten up thanks to the impact of other economic pressures. “We do expect some more pressure on the business from a commodity standpoint,” PepsiCo Chief Financial Officer Steve Schmitt said in the company’s earnings call last week. “We will be using the tariff, essentially the refunds, to help offset some commodity inflation tha...