Russia on Sunday began direct commercial flights to North Korea, in a further sign of closer ties with its Asian ally helping its offensive in Ukraine.
The first Moscow-Pyongyang flight, operated by Russia’s Nordwind Airlines, took off at 1625 GMT, according to the Sheremetyevo airport’s website.
It is scheduled to land in the North Korean capital some eight hours later.
But initially, the route will only be serviced once a month, Russia’s transport ministry said.
Nordwind Airlines — which used to carry Russians to holiday destinations in Europe before the EU imposed a ban on Russian flights — had tickets priced at 45,000 rubles ($570).
“This is a historical event, strengthening the ties between our nations,” Oleg, a Nordwind employee managing the flight who did not want to give his full name, told AFP at the airport.
He also declined to say how many passengers were on board.
“For the first time in more than 70 years of diplomatic relations, we are launching direct flights between the capitals of our countries,” Russia’s deputy transport minister Vladimir Poteshkin was quoted as saying by the ministry’s Telegram account.
Russia’s state news agency TASS reported that the first return flight from Pyongyang to Moscow would take place on Tuesday.
Russia and North Korea restored train links on June 17 after suspending them in 2020 during the Covid pandemic.
The two countries have been forging closer military bonds in recent years, with Pyongyang supplying troops and weapons for Russia’s military operations in Ukraine.
They signed a mutual defence pact last year, when Russian President Vladimir Putin visited North Korea.
North Korea confirmed for the first time in April that it had deployed a contingent of its soldiers to the frontline in Ukraine, alongside Russian troops.
U.S. stock futures pointed to more gains after a week filled with record highs as Wall Street cheered the U.S.-EU trade deal announced on Sunday. Investors are also bracing for a frantic week loaded with market-moving events such as earnings from top companies, key economic reports, the Fed’s policy meeting and more trade news.
Wall Street looks to begin a jam-packed week on a high note as investors cheer the U.S.-EU trade deal that was announced on Sunday.
Futures tied to the Dow Jones Industrial Average climbed 161 points, or 0.36%. S&P 500 futures were up 0.34%, and Nasdaq futures rose 0.46%.
The yield on the 10-year Treasury was flat at 4.386%. The U.S. dollar dipped 0.12% against the euro but was steady against the yen.
Trump’s deals with the EU and Japan set 15% tariffs rates on both trade parters, who have also vowed to invest hundreds of billions of dollars in the U.S.
Gold edged down 0.15% to $3,330.50 per ounce. U.S. oil prices rose 0.1% to $65.22 per barrel, and Brent crude climbed 0.1% to $68.51.
Investors will not be able to look away over the coming week as every single day could produce significant market-moving news.
High-stakes trade negotiations between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to start on Monday in Stockholm. That comes as a tariff truce between the two sides is due to end Aug. 12, though they are reportedly going to extend the deadline by 90 days.
Tariff drama will continue throughout the week as other countries try to reach deals with the U.S. before Friday’s deadline, when a pause on aggressive “reciprocal” rates will expire.
Meanwhile, Trump’s tariffs face legal challenges, with a court hearing scheduled Thursday on whether the president has authority under the International Emergency Economic Powers Act to impose wide-ranging duties.
On Tuesday, the Federal Reserve will begin its two-day policy meeting. Analysts don’t expect the central bank to adjust rates, but Governor Christopher Waller has indicated he will dissent and call for a cut.
Chairman Jerome Powell’s press briefing on Wednesday afternoon will likely be dominated by questions related to the White House’s attacks about renovations at the Fed’s headquarters and calls from Trump allies for Powell to be ousted due to the project’s cost overruns.
Meanwhile, several closely watched datasets are due that will offer more clues on how tariffs may—or may not—be impacting the economy. On Tuesday, reports on consumer confidence, home prices, and job openings will come out.
On Wednesday, ADP’s private-sector payroll survey, second-quarter GDP data, and pending home sales are scheduled.
On Thursday, weekly jobless claims and the personal consumption expenditures report, which includes the Fed’s preferred inflation gauge, are due.
And on Friday, the Labor Department’s monthly jobs report, the Institute for Supply Management’s manufacturing activity index, and construction spending round out the week in data.
Don’t forget earnings. Boeing announces quarterly results on Tuesday, Microsoft follows on Wednesday, while Apple and Amazon report Thursday. Oil giants Exxon Mobil and Chevron put out their numbers on Friday.
Boeing Co. expects more than 3,200 union workers at three St. Louis-area plants that produce U.S. fighter jets to strike after they rejected a proposed contract Sunday that included a 20% wage increase over four years.
The International Machinists and Aerospace Workers union said the vote by District 837 members was overwhelmingly against the proposed contract. The existing contract was to expire at 11:59 p.m. Central time Sunday, but the union said a “cooling off” period would keep a strike from beginning for another week, until Aug. 4.
Union leaders had recommended approving the offer, calling it a “landmark” agreement when it was announced last week. Organizers said then that the offer would improve medical, pension and overtime benefits in addition to pay.
The vote came two days before Boeing planned to announce its second quarter earnings, after saying earlier this month that it had delivered 150 commercial airliners and 36 military aircraft and helicopters during the quarter, up from 130 and 26 during the first quarter. Its stock closed Friday at $233.06 a share, up $1.79.
The union did not say specifically why members rejected the contract, only that it “fell short of addressing the priorities and sacrifices” of the union’s workers. Last fall, Boeing offered a general wage increase of 38% over four years to end a 53-day strike by 33,000 aircraft workers producing passenger aircraft.
“Our members are standing together to demand a contract that respects their work and ensures a secure future,” the union said in a statement.
Dan Gillan, general manager and senior Boeing executive in St. Louis, said in a statement that the company is “focused on preparing for a strike.” He described the proposal as “the richest contract offer” ever presented to the St. Louis union.
“No talks are scheduled with the union,” said Gillan, who is also vice president for Boeing Air Dominance, the division for the production of several military jets, including the U.S. Navy’s Super Hornet, as well as the Air Force’s Red Hawk training aircraft.
Two US F/A-18 Hornet jet fighters during the Cope Thunder exercise between the US Pacific Air Forces and the Philippine Air Force, at Clark Air Base on April 7.
President Donald Trump said the EU will invest $600 billion in the U.S., buy $750 billion of American energy products, and purchase “vast amounts” of weapons as part of a trade deal that sets a 15% tariff. It comes a week after a similar agreement with Japan, which pledged to invest $550 billion in key U.S. industrial sectors.
Now that trade deals have been clinched with the European Union and Japan, the U.S. looks to focus on China as the world’s two biggest economies prepare for high-stakes talks.
Negotiations between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to start on Monday in Stockholm.
That comes as a trade truce between the two sides is due to end Aug. 12, though they are reportedly going to extend the deadline by 90 days.
U.S. deals with Japan and the EU could offer a blueprint for China. The EU will invest $600 billion in the U.S., buy $750 billion of American energy products and purchase “vast amounts” of weapons, according to Trump.
It comes a week after a similar agreement with Japan, which vowed to invest $550 billion in key U.S. industrial sectors. Both the EU and Japan will face a 15% tariff on most of their exports to the U.S.
Bessent highlighted the $550 billion pledge as a key reason the U.S. and Japan were able to settle on a levy that was lower than the 25% rate Trump had threatened earlier.
“They got the 15% rate because they were willing to provide this innovative financing mechanism,” he told Bloomberg TV on Wednesday, when asked if other countries could get a similar rate.
Similarly, Trump had hinted that the EU would have to “buy down” the threatened tariff rate of 30% and pointed to the Japan deal.
But talks with Beijing may be tougher.
“When Japan broke down and made a deal the EU had little choice,” Jamie Cox, managing partner for Harris Financial Group, said in a note on Sunday. “The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold.”
Without a lasting agreement between the U.S. and China, tariffs could soar back to prohibitively high levels that would effectively cut off trade. In April, Trump had set tariffs on China at 145%, prompting Beijing to retaliate with its own levy of 125%.
Meanwhile, the U.S. has reached deals elsewhere in Asia, with the Philippines and Indonesia facing 19% tariffs while Vietnam has a 20% duty. That’s as Trump seeks to discourage the trans-shipment of Chinese goods via other countries in the region.
Any pledges of investment in the U.S. also come as Trump’s tariffs face legal challenges, with a court hearing scheduled Thursday on whether the president has authority under the International Emergency Economic Powers Act to impose wide-ranging duties.
On Sunday, European Commission President Ursula von der Leyen confirmed that the EU’s $750 billion in U.S. energy purchases would come over the next three years, meaning they will happen while Trump is in office.
But U.S. tariffs could be invalidated before any money is spent, and Wall Street is skeptical that Japan will fully deliver on a target that isn’t a binding commitment.
“Our trading partners and major multinationals know Trump’s tariffs are on shaky legal ground,” they wrote. “Therefore, we find it hard to believe many of them are going to make massive investments in the US they would not have otherwise made in response to tariffs that may not last.”
President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug. 1, up from the current “reciprocal” duty of 10%. Last week, Trump reached a trade with Japan that set a 15% rate.
The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry.
President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.
Trump said the EU will invest $600 billion in the U.S. and buy $750 billion of U.S. energy, with “vast amounts” of American weapons also in the mix. He also said the EU will be “opening up their countries at zero tariff.”
Von der Leyen said the 15% rate was “all inclusive,” but Trump said later that it didn’t apply to pharmaceuticals and metals though it does for autos.
“I think that basically concludes the deal,” he told reporters. “It’s the biggest of all the deals.”
Von der Leyen also said the agreement would “rebalance” trade between the two partners. The U.S. goods trade deficit with the 27-member EU was $235.6 billion in 2024, a 12.9% increase from 2023, according to the office of the U.S. Trade Representative.
She later confirmed that the $750 billion in U.S. energy purchases would come over the next three years, while adding that both sides will drop tariffs to zero on aircraft, plane parts, certain chemicals, and chip equipment as well as some farm products and raw materials.
A deal with America’s biggest trading partner removes a key source of market uncertainty and the threat of a damaging trade war.
Michael Brown, senior research strategist at Pepperstone, said in a note that European carmakers are among the big winners from the deal as tariffs on autos will drop to 15% from the current 25%, securing a similar carveout that Japan obtained last week. U.S. defense and energy stocks also stand to gain.
“Stocks hardly need much of an excuse to rally right now, and agreement of the ‘biggest ever deal’ – Trump’s words, not mine – not only removes a key left tail risk that the market had been concerned about, but also yet again reiterates that the direction of travel remains away from punchy rhetoric, and towards trade deals done,” he wrote.
Heading into their meeting, Trump and von der Leyen said they saw a 50-50 chance of reaching a deal. Trump ruled out pharmaceuticals from any deal and said the tariff rate on the EU wouldn’t go below 15%.
The EU already faces a 50% U.S. tariff on steel and aluminum. Without a deal by Aug. 1, the EU was set to get hit with a 30% “reciprocal” tariff, up from 10%.
Last week, Trump reached a trade with Japan that set a 15% rate and included a pledge for Tokyo to invest $550 billion in key U.S. industrial sectors, with Trump able to direct the funds.
In fact, Trump has hinted that the EU would have to “buy down” the threatened tariff rate of 30% and pointed to the Japan deal.
In case no deal with the U.S. was made, the EU had already pre-planned retaliatory tariffs of up to 30% on more than $100 billion worth of goods American exports, such as aircraft, cars and bourbon whiskey.
Meanwhile, other U.S. trading partners are also staring down the Aug. 1 deadline, and Commerce Secretary Howard Lutnick said Sunday that no further extensions will be given.
But the U.S. and China are reportedly extending their trade truce by 90 days as talks between Bessent and Chinese Vice Premier He Lifeng scheduled to start on Monday in Stockholm. Without an extension, their tariff pause was scheduled to end on Aug. 12.
“When Japan broke down and made a deal the EU had little choice. The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold,” Jamie Cox, managing partner for Harris Financial Group, said in a note. “The next big durable theme in markets is security, and the EU deal only accelerates it.”
US and China are expected to extend their tariff truce by another three months, the South China Morning Post reported, citing unnamed sources.
The two countries will not impose additional tariffs on each other during the extension, one of the sources told the newspaper. The current pause was to end Aug. 12.
The report comes ahead of trade talks between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng scheduled to start on Monday in Stockholm.
Bessent said Tuesday that he expected a trade-truce extension to emerge from the next round of negotiations this week, which he said will include broader range of topics including Beijing’s purchases of oil from Russia and Iran.
Foreign investors returned to U.S. stocks and bonds in force in May, just a month after retreating in the wake of President Donald Trump’s unexpectedly aggressive tariffs. New data show record net inflows, as the highest tariff rates were on hold to allow breathing room for trade talks. U.S. stocks have since retaken record highs, though bond yields remain elevated.
Just as American consumers have demonstrated extraordinary resilience amid President Donald Trump’s tariffs, foreign investors apparently have a strong stomach for market chaos.
The most recent data from the Treasury Department shows that foreigners plowed a net $311.1 billion into U.S. securities in May, a record high, after pulling out $14.2 billion in April.
“All this is notable because so many commentators prophesied the end of US ‘exceptionalism’ after the turbulence of recent months,” Robin Brooks, a senior fellow at the Brookings Institution, wrote Wednesday in a post titled “US exceptionalism roars back” on his Substack. “The reality is that markets are far more accepting of all the ups and downs than people realize. US ‘exceptionalism’ is alive and well.”
Meanwhile, for the 12 months through May, net foreign inflows neared their all-time high from July 2023, when they topped $1.4 trillion to mark the peak of the American exceptionalism narrative in markets, he added.
In the immediate aftermath of “Liberation Day,” the S&P 500 flirted with a bear market, crashing nearly 20% from its prior high while the Nasdaq passed that threshold.
The 10-year Treasury yield initially plunged but then soared more than 70 basis points in just days as investors worried top U.S. debt holders would dump their holdings.
But a month later, the opposite happened.
“The hurdle for the US to experience genuine capital flight is high and certainly wasn’t breached in April,” Brooks wrote.
To be sure, the 10-year yield remains above its pre-Liberation Day level, and the dollar has suffered its worst first half in more than 50 years.
Meanwhile, talks with Japan and trade partners have cemented tariffs rates that are higher than the initial 10% baseline. Negotiations with other countries are still ongoing, and failure to reach a deal could send tariff rates even higher.
Nevertheless, market veteran Ed Yardeni, president of Yardeni Research, was also heartened by the data showing record inflows into U.S. markets.
“So, we take comfort from the data that confirm that it is the bears on the outlook for a massive selloff in US bonds, US equities, and the US dollar who might be delusional, not us,” he wrote on Monday. “Our faith in the kindness of strangers has been validated by the latest Treasury data.
Just a few months ago, top names on Wall Street were sounding the alarm on Trump’s tariffs and their long-term repercussions.
Citadel founder and CEO Ken Griffin warned in April that the country was eroding its “brand,” explaining that from American culture to its financial and military strength, the U.S. is an aspiration for most of the world.
“On the financial markets, no brand can compare to the brand of the U.S. Treasuries… we put that brand at risk,” he said, adding that it takes a very long time to remove the tarnish on a brand.
“Our outlook argues that the structural foundations of U.S. exceptionalism—particularly the ability to finance itself cheaply via the dollar’s reserve status—have begun to erode,” economist Jim Reid wrote in a note. “So we remain structurally bearish on the dollar and expect U.S. term premia to keep rising.”
US President Donald Trump and EU chief Ursula von der Leyen were set for make-or-break talks in Scotland Sunday, aimed at ending a months-long transatlantic trade standoff, as negotiations went down to the wire.
Trump has said he sees a one-in-two chance of a deal with the European Union, which faces an across-the-board US levy of 30 percent unless it strikes a trade pact by August 1 — with Washington warning Sunday there would be “no extensions.”
Von der Leyen’s European Commission, negotiating on behalf of EU countries, is pushing hard for a deal to salvage a trading relationship worth an annual $1.9 trillion in goods and services.
According to an EU diplomat briefed ahead of the meeting, set for 4:30 pm (1530 GMT), the contours of a deal are in place after talks went late into Saturday night — but key issues still need settling.
And of course the final word lies with Trump.
“A political deal is on the table — but it needs the sign-off from Trump, who wants to negotiate this down to the very last moment,” the diplomat told AFP.
The proposal, they said, involves a baseline levy of around 15 percent on EU exports to the United States — the level secured by Japan — with carve-outs for critical sectors including aircraft and spirits, though not for wine.
Any deal will need to be approved by EU member states — whose ambassadors, on a visit to Greenland, were updated by the commission Sunday morning, and would meet again after any accord.
According to the EU diplomat, the 27 countries broadly endorsed the deal as envisaged — while recalling their negotiating red lines.
Baseline tariff
The Trump-von der Leyen meeting was taking place in Turnberry on Scotland’s southwestern coast, where the president owns a luxury golf resort. He was out on the course for much of the weekend.
The 79-year-old Trump said Friday he hoped to strike “the biggest deal of them all” with the EU.
“I think we have a good 50-50 chance,” the president said, citing sticking points on “maybe 20 different things”.
The EU is focused on getting a deal to avoid sweeping tariffs that would further harm its sluggish economy — while holding out retaliation as a last resort.
Under the proposal described to AFP, the EU would commit to ramp up purchases of US liquefied natural gas, along with other investment pledges.
Pharmaceuticals — a key export for Ireland — would also face a 15-percent levy, as would semi-conductors.
The EU also appears to have secured a compromise on steel that could allow a certain quota into the United States before tariffs would apply, the diplomat said.
Questions on auto sector
Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario.
It was unclear how the proposed deal would impact tariff levels on the auto industry, crucial for France and Germany, with carmakers already reeling from the levies imposed so far.
While 15 percent would be much higher than pre-existing US tariffs on European goods — averaging 4.8 percent — it would mirror the status quo, with companies currently facing an additional flat rate of 10 percent.
Should talks fail, EU states have greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels is also drawing up a list of US services to potentially target.
Beyond that, countries like France say Brussels should not be afraid to deploy a so-called trade “bazooka” — EU legislation designed to counter coercion that can involve restricting access to its market and public contracts.
But such a step would mark a major escalation with Washington.
Ratings dropping
Trump has embarked on a campaign to reshape US trade with the world, and has vowed to hit dozens of countries with punitive tariffs if they do not reach a pact with Washington by August 1.
US Commerce Secretary Howard Lutnick said Sunday the August 1 deadline was firm and there will be “no extensions, no more grace periods.”
Polls suggest however the American public is unconvinced by the White House strategy, with a recent Gallup survey showing his approval rating at 37 percent — down 10 points from January.
Having promised “90 deals in 90 days,” Trump’s administration has so far unveiled five, including with Britain, Japan and the Philippines.
Tesla Inc. engineering executive Lars Moravy said the company is in a “big swing moment” with its forthcoming products as he gave a wide ranging talk at a San Francisco Bay area gathering of customers and retail investors Saturday.
Moravy, Tesla’s vice president of vehicle engineering, said he’s personally most excited about Semi truck — built at the company’s factory near Reno, Nevada — and called it key to the company’s mission. He spoke at the “X Takeover,” a day-long event in San Mateo.
“We take big swings, and sometimes that risk can come with a lot of downside,” said Moravy, who has been with Tesla for over 15 years. “We’re in a big swing moment right now with autonomy, Robotaxis, with Optimus and with Semi.”
Optimus is the company’s humanoid robot.
Previous “Tesla Takeover” events, sponsored by the Tesla Owners of Silicon Valley club, focused on the electric vehicle maker. This year’s gathering, which drew scores of longtime Elon Musk fans, expanded to encompass SpaceX and the other companies in Musk’s overlapping business empire. Musk also spoke via video conference late in the afternoon.
Moravy’s appearance and remarks served as a rallying cry for fans of Tesla and Musk in the face of severe challenges across the core automotive business. Tesla is losing market share as sales of its aging lineup fall in key markets around the world. That includes California, its former home where sales have declined for the last seven quarters.
President Donald Trump’s signature tax plan ends the $7,500 tax credit for EV buyers that have helped support the market for years. It also makes key regulatory changes that Tesla executives have acknowledged will hurt revenue and profit.
On Tesla’s earnings call Wednesday, executives said the company started producing a more affordable EV in June, but it won’t be widely available until later this year so Tesla can prioritize making and selling as many of its current cars before the tax credit expires at the end of September.
The new model, which Musk said would resemble the Model Y, is seen as crucial to buoying sales. Tesla makes five consumer vehicles: the Model S, X, 3, Y and the Cybertruck.
Moravy oversees a team of nearly 6,000 engineers who are working on several programs. He joined the company from Honda Motor Co. in 2010, the year that Tesla went public. He’s since been deeply involved in engineering every Tesla vehicle, and works closely with chief designer Franz von Holzhausen.
On display at the event was Tesla’s forthcoming “Cybercab,” a two-seat autonomous vehicle designed without a steering wheel, as well as Optimus.
Musk has made it clear that robotics, artificial intelligence and autonomous driving represent Tesla’s future. The company is offering limited rides in Austin with Model Y vehicles that are not fully self-driving, and is expected to expand to the Bay Area sometime this weekend.
In California, Tesla has a permit to offer rides in a non-autonomous vehicle that has a driver. The company does not have permits to deploy autonomous vehicles in the state.
Citigroup Inc. launched a premium credit card designed to rival ones offered by JPMorgan Chase & Co. and American Express Co., the latest entrant in the increasingly crowded market for cards offering high-end perks.
The ‘Strata Elite’ card will feature an annual fee of $595 — a price that the bank says can unlock almost $1,500 in value if used to its maximum potential. It offers the largest points rewards for hotels, car rentals and attractions booked on Citigroup’s travel platform, as well as restaurant dining at peak weekend times.
The card also bakes in perks for customers who fly with American Airlines Group Inc., giving four passes per year to the airline’s airport lounges and the ability to transfer Citigroup “ThankYou Points” into reward miles with the airline. That follows an expansion of the firms’ existing card partnership in December, when American Airlines chose to make Citigroup the exclusive issuer of all its credit cards.
In addition to American Express and JPMorgan, Citigroup will be competing with other banks trying to break into the premium space, including Capital One Financial Corp. The customers they vie for are highly sought after, known for their willingness to pay annual fees, and reliably spending more and prioritizing travel and hospitality.
“It’s always been highly competitive — competition makes us all better,” Pam Habner, Citigroup’s head of US branded cards and lending, said in an interview.
At $595, plus $75 a year for each authorized user, the card is cheaper than JPMorgan’s Sapphire Reserve, which Habner helped launch when she worked there in 2016. That card’s annual fee will jump to $795 from $550, JPMorgan said last month.
In addition to the perks rolled out by Citigroup directly, the Strata Elite card will be the first in Mastercard Inc.’s recently announced World Legend tier of credit cards, meaning it comes with an additional suite of benefits. World Legend cards include access to the Mastercard Collection, which translates into ticket pre-sales and streamlined airport security access, among other rewards.
“We designed benefits that we know our customers can use,” Habner said, adding that the card was designed to give customers rewards for types of spending, rather than handing them coupon-style rewards to use with specific companies.
In addition to American Express and JPMorgan, Citigroup will be competing with other banks trying to break into the premium space, including Capital One Financial Corp.
You’ve read about it all over, including in Fortune Intelligence. Maybe you or friends have been impacted: artificial intelligence is already transforming work, not least hiring and firing. Nowhere is the impact more visible than in the labor market.
The technology industry, the original epicenter of AI adoption, is now seeing many of its own workers displaced by the very innovations they helped create. Employers, racing to integrate AI into everything from cloud infrastructure to customer support, are trimming human headcount in software engineering, IT support, and administrative functions. The rise of AI-powered automation is accelerating layoffs in the tech sector, with impacted employees as high as 80,000 in one count. Microsoft alone is trimming 15,000 jobs while committing $80 billion to new AI investments.
But labor market intelligence firm Lightcast is offering a ray of hope going forward. Job postings for non-tech roles that require AI skills are soaring in value. Lightcast’s new “Beyond the Buzz” report, based on analysis of over 1.3 billion job postings, shows that these postings offer 28% higher salaries—an average of nearly $18,000 more per year. The Lightcast research underscores the split in tech and non-tech hiring: job postings for AI skills in tech roles remain robust, but the proportion of AI jobs within IT and computer science has fallen, dropping from 61% in 2019 to just 49% in 2024. This signals an ongoing contraction of traditional tech roles as AI claims an ever-larger share of the work.
AI demand explodes beyond tech
Rather than stifling workforce prospects, Lightcast’s research suggests that AI is dispersing opportunity across the broader economy. More than half of all jobs requesting AI skills in 2024 appeared outside the tech sector—a radical reversal from previous years, when AI was confined to Silicon Valley and computer science labs. Fields like marketing, HR, finance, education, manufacturing, and customer service are rapidly integrating AI tools, from generative AI platforms that craft marketing content to predictive analytics engines that optimize supply chains and recruitment.
In fact, job postings mentioning generative AI skills outside IT and computer science have surged an astonishing 800% since 2022, catalyzed by the proliferation of tools like ChatGPT, Microsoft Copilot, and DALL-E. Marketing, design, education, and HR are some of the fastest growers in AI adoption—each adapting to new toolkits, workflows, and ways of creating value.
Cole Napper, VP of research, innovation, and talent insights at Lightcast, told Fortune in an interview that he was struck by the lack of a discernible pattern for which industries were most affected by the explosion of AI skills present in job postings, noting that the arts come top of the list.
AI skills are in demand
For the workforce at large, AI proficiency is emerging as one of today’s most lucrative skill investments. Possessing two or more AI skills sends paychecks even higher, with a 43% premium on advertised salaries.
In 2024, more than 66,000 job postings specifically mentioned generative AI as a skill, a nearly fourfold increase from the prior year, according to the Lightcast’s 2025 Artificial Intelligence Index Report. Large language modeling was the second most common AI skill, which showed up in 19,500 open job posts. Postings listing ChatGPT and prompt engineering as skills ranked third and fourth in frequency, respectively.
Sectors such as customer/client support, sales, and manufacturing reported the largest pay bumps for AI-skilled workers, as companies race to automate routine functions and leverage AI for competitive advantage.
Christina Inge, founder of Thoughtlight, an AI marketing service, told Fortune in a message AI isn’t just automating busywork, it’s also becoming a tool AI-fluent workers can leverage to increase their own value to a company—and to outperform their peers. Take, for example, someone in sales using AI to create more targeted conversations to close deals faster, Inge wrote. The same can be said for customer service workers.
“[Customer service workers fluent in AI] know how to interpret AI outputs, write clear prompts, and troubleshoot when things go off script,” Inge said. “That combination of human judgment and AI fluency is hard to find and well worth the extra pay.”
In fields like marketing and science, even single AI skills can yield large returns, while more technical positions gravitate to specialists with advanced machine learning or generative AI expertise.
Crucially, the most valued AI-enabled roles demand more than just technical wizardry. Employers prize a hybrid skillset: communication, leadership, problem-solving, research, and customer service are among the 10 most-requested skills in AI-focused postings, alongside technical foundations like machine learning and artificial intelligence.
“While generative AI excels at tasks like writing and coding, uniquely human abilities—such as communication, management, innovation, and complex problem-solving—are becoming even more valuable in the AI era,” the study says.
Winners and losers
The emerging repercussions are striking. Tech workers whose roles are readily automated face rising displacement—unless they can pivot quickly into emerging areas that meld business, technical, and people skills. Meanwhile, millions of workers outside of tech are poised to translate even basic AI literacy into new roles or wage gains. The competitive edge now lies with organizations and professionals agile enough to combine AI capabilities with human judgement, creativity, and business acumen.
For companies, the risk is clear: treating AI as an isolated technical specialty is now a liability. Winning firms are investing to embed AI fluency enterprise-wide, upskilling their marketing teams, HR departments, and finance analysts to build a future-ready workforce.
AI may be the source of turmoil in Silicon Valley boardrooms, but its economic dividends are flowing rapidly to workers—and companies—in every corner of the economy. For those able to adapt, AI skills are not a harbinger of job loss, but a passport to higher salaries and new career possibilities. Still, the research doesn’t indicate exactly where in the income levels the higher postings are coming, so Napper said it’s possible that we are seeing some compression, with higher-paid tech jobs being phased out and lower-paying positions being slightly better-paying.
Napper said the trend of AI skills cropping up in job postings has exploded over the past few years, and he doesn’t expect a slowdown anytime soon. Napper said there’s a “cost to complacency”—one that includes a significant salary cut. He added that the 28% premium, Lightcast plans to release follow-up research on what level of the income latter the trend is hitting the most.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
Denny’s CEO Kelli Valade isn’t afraid to admit she’s always working to be better—and she values that same humility in job candidates. Recognizing your weaknesses and asking thoughtful questions, she says, can set you apart in an interview. It’s a mindset shared by Nvidia CEO Jensen Huang, who got his start as a Denny’s dishwasher and credits the journey teaching him hard work and humility.
Landing a job in today’s market can feel like finding a needle in a haystack. Not only do you have to find a role that you’re interested in—and are qualified for—but you also have to craft an application, resume, and cover letter that’s interesting to both humans and AI. But once you land the coveted interview, that’s when the pressure is on.
Luckily, even during an era of AI-assisted interviews, there remain ways to stick out from the crowd.
When asked what her red flags are in hiring, Kelli Valade, CEO of Denny’s Corporation, noted that she asks applicants a few critical questions.
One of the signs Valade looks for comes at the end of the interview, when she asks: what questions do you have for me?
“Have a thoughtful one or two. You don’t really even have to have more than that,” she tells Fortune. “Any more than that, actually, it’s too much.”
In fact, it often does not matter what the questions are, but the fact that you do ask shows you did your homework and are seriously interested, Valade adds.
(However, Shark Tank star Barbara Corcoran advises candidates to ask, “Is there anything standing in the way of you hiring me?”)
She also is sure to ask: what would they say makes you most effective at what you do? Typically, candidates are pretty well equipped to answer that question, Valade says.
“Then I ask them, what would make them more effective?” she explains. “Which basically is saying, what are your weaknesses? And there you’d be amazed at how many people can’t answer that, or would say, ‘I’ve not thought about it.’ And so really what you’re saying is, ‘I’ve not thought about my weaknesses.’”
The 55-year-old admits that she herself is a work in progress, but what’s helped her stand out throughout her career is not shying away from admitting her areas of improvement. It’s something she hopes to see in her employees, too.
From Denny’s dishwasher to leading the world’s biggest company
Now that you know tips for getting hired at Denny’s, you may ask, why work at the restaurant chain?
There may be no more notable member of Denny’s employee alumni than Jensen Huang. The now billionaire CEO of Nvidia started his career at the diner as a dishwasher at just 15 years old—and it’s experience he credits for teaching him about hard work.
“I planned my work. I was organized. I was mise en place,” Huang told students at Stanford’s Graduate School of Business last year. “I washed the living daylights out of those dishes.”
“No task is beneath me,” he added. “I used to be a dishwasher. I used to clean toilets. I cleaned a lot of toilets. I’ve cleaned more toilets than all of you combined. And some of them you just can’t unsee.”
And while his time at Denny’s came well before Valade’s tenure, she says they are now friends today—and the billionaire continues to pay homage to the diner. His LinkedIn notably only includes two employers: Denny’s and Nvidia. He also made an appearance last year at Denny’s franchise convention and partnered with the company to launch a special edition “Nvidia Breakfast Bytes.”
“Start your first job in the restaurant business,” Huang said in 2023. “It teaches you humility, it teaches you hard work, it teaches you hospitality.”
From hostess to CEO
Valade started her career in the restaurant space at just age 16, when she landed a hostess job at TJ’s Big Boy. Decades later, she began climbing up the corporate ladder in the human resources world—with the dream of one day becoming a chief people officer, not necessarily becoming a CEO.
So when she was tapped to jump from head of HR to chief operations officer at Chili’s, self-doubt was her first instinct.
“I didn’t think I could do that at the time,” she recalls. “I thought, I think you’re looking for the wrong person here. I don’t know. My first instinct was, I’m not sure I know how to do that.”
While the feeling is natural, she adds leaders—and especially women—should self-reflect on whether you are holding yourself back from a greater potential.
“Push yourself and challenge yourself on why you may not feel like that,” she adds.
After later rising to brand president at Chili’s and CEO of Red Lobster, Valade was tapped to become Denny’s CEO in 2022, centering her career on two of her favorite things: people and pancakes.
A seismic generational shift is underway, and its epicenter is Generation Z. Born from 1997 onward, Gen Z is coming of age in a world where traditional milestones like landing a lifelong job, buying a house in your 20s, or chasing wealth for its own sake have become difficult, or borderline impossible, in the modern economy. Gen Z has responded pragmatically, insisting, well, maybe they don’t really want those things anyway.
A massive new study from EY’s Generational Dynamics core team, spanning more than 10,000 young adults across 10 countries and five continents, finds Gen Z is often misunderstood—and their measured approach should define them as the “pragmatic generation.” The authors, Marcie Merriman and Zak Dychtwald, wrote Gen Z approaches “life’s traditional milestones” with a sort of “reasoned skepticism.”
According to Joe Depa, EY Global chief innovation officer, the research reveals how 18- to 34-year-olds are taking a surprisingly pragmatic approach to adulthood, finances, and their future. “Far from being financially reckless,” Depa tells Fortune Intelligence, “this generation is focused on long-term stability — and redefining success along the way.”
Money, for them, is necessary but not the be-all and end-all: 87% say financial independence is important, yet only 42% rate wealth as a primary marker of success, trailing far behind metrics like mental and physical health and family relationships. Put simply, for Gen Z, financial stability is a tool—not a goal. They use money to open doors to flexibility, purpose, and well-being.
Depa says the research “tells a different story” about Gen Z. “The idea that young adults are postponing adulhtood is outdated.” They’re approaching life milestones not with rebellion but with “reasoned skepticism and a global perspective.” As employees and customers, Gen Z will challenge organizations that have been wired around a different way of doing things. For business leaders, understanding this shift will be vital to attracting and retaining talent.
The job hoppers
Where baby boomers and Gen Xers often stuck with one employer for decades, Gen Z is dismantling that concept.
EY’s research found 59% of young adults globally expect to work for two to five organizations throughout their lives, and nearly 20% say they will work for six or more. This flexible approach to employment—embracing job changes and flexible gig work—reflects not only a desire for varied experiences, but a strategic response to rapid change, uncertainty, and a lifetime of economic instability.
“Younger generations are not merely reacting to financial constraints,” the EY Generational Dynamics team writes, but making rational and thoughtful decisions about what aligns with both their own lived experiences and the pitfalls suffered by previous generations. EY says it’s a perspective that contrasts sharply with the “pull yourself up by your bootstraps” mentality often espoused by older generations, with Gen Z finding that to be dismissive of their specific context.
Redefining success: inside out, not outside in
Success, in Gen Z’s eyes, is an inside-out project: emotional well-being, strong relationships, and impact outrank titles and salaries. It’s no longer about ticking the boxes of homeownership, lifelong employment, or even traditional family milestones. Landmarks such as marriage and children are being postponed—not out of rejection, but for pragmatic reasons: economic insecurity, housing unaffordability, and a desire to be emotionally and financially prepared.
The rise of job-hopping has replaced the well-worn “script” of adulthood: Only 59% see working for a single organization as a viable path, whereas nearly 20% of respondents said they plan to work for six or more employers in the course of their careers. Linear career ladders and employer loyalty are giving way to “project-based” growth, taking new jobs, and side hustles, all in search of variety, autonomy, and purpose. “Job hopping is not viewed as a negative, but an essential step to open doors and advance opportunities,” the EY team writes.
The average Gen Z respondent reports feeling like an adult earlier than previous generations, and as a result, more than half (51%) said they prioritize physical and mental health as their chief markers of success, with family ties also outranking wealth in many countries. The push for authenticity is also striking; 84% cite “being true to oneself” as extremely important.
Employers, beware (and evolve)
For Gen Z, a job is not a life sentence, nor is money alone enough to keep them engaged. Employers used to loyalty and linear career ladders may be blindsided by Gen Z’s willingness to prioritize purpose, wellness, and flexibility—even if it comes at the expense of job security or long-term benefits. Conventional incentives are losing their grip.
For employers, this new pragmatism is both a wake-up call and an opportunity. Flexibility is mandatory, with hybrid and remote work, fluid hours, and support for “micro-retirements” between jobs becoming non-negotiable.
Gen Z expects employers to have clear values around well-being, sustainability, and social justice—and to act on them. Over 70% want their employer to be transparent about values and pay, and are unafraid to challenge leadership if authenticity is found wanting. This generation will quickly leave if growth stalls: 57% would quit for better professional development. They crave mentorship, personalized learning, and a sense of upward mobility.
Gen Z is less loyal to brands or employers unless that loyalty is returned; nearly half say they have “zero loyalty” to brands, and only about 60% feel any loyalty to their employer. Empathetic leadership and honest, two-way communication are expected, not a bonus.
Gen Z wants to be included in company decisions and expects a seat at the table. This finding aligns with separate research from Glassdoor, whose Worklife Trends report in June 2025 found emotional intelligence is now a standard expectation held by workers, many of them Gen Z. “The bar on what constitutes a good manager has been raised,” Glassdoor chief economist Daniel Zhao previously told Fortune Intelligence.
Employers slow to adapt to these realities won’t just struggle to recruit Gen Z—they’ll risk losing relevance altogether. The pragmatic playbook demands companies redesign everything from hiring and communication to values and pay structures.
The flip side? Gen Z’s pragmatism can also be an asset: They are technologically adept, mission-driven, and resourceful. But their skepticism can also translate into disengagement or even open dissatisfaction if workplaces fail to address their real priorities. Businesses would be pragmatic in their own right to tune into what Gen Z values most—authentic leadership, transparent communication, and support for well-being—if they want to retain this generation.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
Multimillionaire Shark Tankinvestor Kevin O’Leary looks for three star qualities in the entrepreneurs he goes into business with: those who have a “founder’s mindset,” a balanced talking-to-listening ratio, and executional prowess. From working with the likes of late Apple cofounder Steve Jobs and multimillion-dollar entrepreneurs to being an investor on his hit-TV show, he’s picked up a few patterns of the most successful people.
Multimillionaire entrepreneur Kevin O’Leary knows a thing or two about picking the right people and ideas to invest in. Having worked with greats like Steve Jobs, not to mention his success on Shark Tank backing businesses generating millions, he’s picked up on a few key qualities in great founders.
O’Leary looks for three qualities in the people he chooses to do business with. The 71-year-old investor tells Fortune the most critical trait is having “founder’s mindset”: adopting a frame of mind that prioritizes “signal,” or what has to get done in the next 18 hours, while drowning out the “noise” of everyday life and complications. He witnessed this demeanor while working with Jobs, when Apple was partnering with O’Leary’s $4.2 billion software company SoftKey Software Products. He requires that the founders he invests in have that same leadership ethos—even if it’s a quality that’s hard to come by.
“The ability to see all the noise coming at you and filter it out, and focus on the three to five things you’re going to get done, that’s a remarkable attribute,” O’Leary tells Fortune. “You find that in 30% of the people. Then you want to back those people, because if they’re not successful in their first mandate, they’re going to figure it out. That attribute is very important.”
When it comes to the signal versus the noise, he currently operates on a 80:20 balance, just like Jobs did while running Apple, and looks for entrepreneurs who can keep their eye on the ball.
O’Leary admits that he didn’t always have the right ratio in embodying the founder’s mindset—but now has achieved it, and looks for it in others.
“You have to decide everyday, every 18 hours, what three to five things you have to get done,” O’Leary says. “It’s not the big vision. It’s what you have to get done in the next 18 hours that matters.”
The two other traits a founder needs to have O’Leary’s backing
O’Leary has heard hundreds—if not thousands—of entrepreneurs plead their business case while starring on Shark Tank. Thanks to his intuition from decades in the game, he’s worked alongside and invested in a lot of winners.
In 2014, O’Leary put $150,000 down for 80% of licensing profits of small photo-book subscription service Groovebook, which was later bought by Shutterfly for $14.5 million, making it one of the show’s biggest acquisitions.
He also had luck with sustainable cleaning-products business Blueland, investing $270,000 for 3% equity and $0.50 per unit royalty until principal was recouped. By 2022, Blueland made over $100 million in lifetime sales and profitability, with its products now flying off the shelves of Target and Whole Foods every 10 seconds.
It’s clear the serial investor has developed a keen eye for what will work well. In addition to the “founder’s mindset,” the serial investor also emphasizes the importance of having a balanced listening-to-talking ratio and strong executional skills, which he says is “impossible to find.”
He says he didn’t always get the talking-to-listening balance right. Wall Street and Silicon Valley executives may think they should be the loudest and most outspoken people in the room—but taking a backseat and giving others the floor is important, too. Not enough listening and too much talking may stifle great business ideas that get drowned out.
“Reverse the ratio of talking and listening. Most people love to hear themselves talk—I was guilty of that for years, and I’ve reversed it,” O’Leary says. “I listen two thirds of the time, and I talk one third of the time. That’s my new ratio, and it’s much more powerful.”
Lastly, the baby boomer investor looks for unparalleled executional skills. Coming up with the next billion-dollar business venture is one thing, but getting it off the ground is another.
O’Leary looks for founders and teams that can get the job done—even if it takes more than one try. Being an excellent executor doesn’t always mean hitting a home run your first time at bat. Sometimes, O’Leary says, investors and entrepreneurs need a little karma and luck.
“Great ideas are dime a dozen—executional skills are impossible to find,” O’Leary continues. “I’ve invested in lots of teams over the years that screw up their first deal, they go to zero, and then I invest again, and I get a huge hit, because I know they’re good.
“I’m working on a deal right now with a team that I just finished a great execution with, and hopefully will be good on the second one. I like to work with people that I know have proven executional skills.”
The multimillionaire entrepreneur and investor looks to do business with entrepreneurs who have a “founder’s mindset”—embodied by late Apple cofounder Steve Jobs—alongside strong listening and executional skills.
Hydrogen fuel cell cars (FCEVs) have been on the market for a similar duration to the current wave of battery EVs (BEVs). But they have sold a tiny fraction in comparison. In 2024, 12,866 FCEVs were registered globally, versus 10.8 million BEVs. Still, some manufacturers have hopes that hydrogen has a role to play in transport.
One of these is BMW, which recently announced it would be bringing its first FCEV into series production in 2028. Fortune caught up with BMW Group’s General Project Manager Hydrogen Technology and Vehicle Projects, Jürgen Guldner, at a recent summit promoting FCEVs, among other hydrogen evangelists.
Toyota has been the leading seller of FCEVs with the Mirai launched in 2014, but it isn’t the only player. Hyundai has been selling its Nexo since 2018, and Honda, after offering various cars under the Clarity name from 2008 to 2021, brought its CR-V e:FCEV plug-in hybrid hydrogen car to market in 2024. BMW has been more cautious. The company has been trialling FCEVs with a pilot run of vehicles based on X5 since 2023. The iX5 Hydrogen is already a credible vehicle, with smooth driving and a familiar X5 interior. However, this won’t necessarily be the vehicle that BMW will launch in 2028.
“The good news is a hydrogen vehicle is an electric vehicle,” says Guldner. “It’s just a different way of storing the energy versus a battery, which also means that we can reuse a lot of the components like the electric motors in the car from our BEVs. It also has a unique value proposition. It’s the best of both worlds, with all the benefits of electric driving—acceleration, silent driving, zero emission—but you can refuel in 3 to 4 minutes and you’re 100% full and ready to go again.”
The problem of hydrogen infrastructure
This has always seemed like a compelling argument for hydrogen on paper, but the reality has been that hydrogen refueling hasn’t proliferated like BEV charging stations. In fact, it has gone backwards in many countries. In the UK, in 2019 there were as many as 15 hydrogen fuel stations, whereas today in 2025 only four were listed, with two potentially not in service. By contrast, according to Zap-Map, there were 39,733 public charging locations in the UK in May 2025, with 80,998 devices and 115,241 connectors. Germany is better served for hydrogen refueling, but some European countries have no stations at all, such as Spain, Portugal and Italy.
Some hydrogen proponents argue that this is a strategic mistake if your goal is to decarbonize road transport.
“FCEVs are complementary to battery electric vehicles and heading towards one common direction,” says David Wong, head of technology and innovation at the Society of Motor Manufacturers and Traders. “If you invest in both charging infrastructure and the fuel cell hydrogen refilling infrastructure, the overall cost is lower. We’ve done modelling where they use Germany as an example. It shows that if we have a motor park penetration of 90% BEVs and 10% FCEVs, the overall cost of investing in infrastructure is $40 billion lower than the scenario where 100% of infrastructure is public charge points.”
There is also concern about resource usage when manufacturing BEVs. Guldner points out batteries requires a lot of raw materials, which could lead to scarcity.
“Having a second technology, not putting all eggs in one basket, provides resilience,” he explains. “BMW having two technologies is better than one. We got a lot of feedback from people saying BEVs don’t work for them. We’re thinking about those people who can’t or don’t want to use battery electric cars because maybe they don’t have electric charging at home, or are on the road a lot and don’t want to depend on charging stops, even if you can get them down to maybe 20 minutes. We have issues like towing and cold weather conditions. In the fuel cell you can use excess heat, so you don’t lose any range.”
This still leaves the problem with how you ramp up the infrastructure to support hydrogen. A commercial DC charger might be $50,000, a home charger can cost $1,000, or you can even use a very slow $200 mains plug cable.
But the price for a hydrogen station is much greater—between $1.5 and $2 million, although some estimate as much as $4 million. The solution, at least in the UK, is to target the long-haul commercial sector first and build out from that. HyHAUL is a project aiming to achieve that.
“The biggest challenge with hydrogen is the fact that it works very well at large scale, but not so good at small scale,” says Chris Jackson, CEO and founder of Protium Green Solutions, which co-founded HyHAUL. “One single hydrogen fueling station requires hundreds of passenger cars to make the economics work, but only a very small number of trucks. We are initially developing three major refueling stations and all we need to get the project off the ground is 30 fuel cell trucks. The first stage will be along the M4 corridor. We’ll be covering from Wales all the way into the M25 around London. Over time, we plan to expand across other networks, going up the M5 and M6.”
For consumer adoption of FCEVs, however, it would be necessary to cover the UK completely within half an hour driving distance, which would require about 1,300 stations. One of the reasons why Tesla was able to kickstart the BEV revolution so effectively was its two-pronged approach of building the supportive charging infrastructure to go with its cars.
Automakers developing FCEVs have traditionally left this to third parties, leading to a chicken-and-egg situation where car adoption awaited infrastructure, and vice versa. This has meant that as BEVs have reached a tipping point in many markets, including the UK, EU and China, while FCEVs wait in the wings.
Can fuel cells prevail?
This hasn’t prevented Toyota from persevering with FCEVs. “Our role is to provide customers with choice,” says Jon Hunt, senior manager, Hydrogen Transformation, Toyota GB. “We can’t have people dismissing technologies that are there to enable us all to learn and develop.”
Commercial vehicles could help FCEVs reach that tipping point. In Paris, around 1,000 FCEV taxis have been operated by Hype since 2015, the majority of which are Toyota Mirais. For this reason, Paris has six hydrogen fuel stops with three more being built. This could lay the groundwork for consumers to adopt FCEVs in the city. However, outside Paris there is no supportive infrastructure yet, preventing long journeys beyond the urban limits. Hype has also recently said it is pivoting away from FCEVs to BEVs.
Even with full launch still three years away, BMW is placing a heavy bet on infrastructure having improved sufficiently for hydrogen to be a viable choice for consumers by 2028.
Guldner notes BMW hasn’t yet decided which countries it will bring those vehicles to market, adding that it will depend on the infrastructure.
“Right now, it’s simply not here in the UK. But hopefully in the next few years, development will pick up,” he says.
The exact model that will go into production in 2028 also hasn’t been announced. And while a price hasn’t been unveiled either, BMW is hoping for parity with BEVs, Guldner says, pointing to previous dramatic cost reductions in other technologies like batteries and solar cells.
For these cost reductions to materialize, though, there has to be enough demand for FCEVs to deliver sufficient scale.
“I am always surprised by surveys in newspapers where so many people say they would prefer a hydrogen vehicle over battery power,” he says. “There seems to be demand there.”
The question will be whether these survey responses translate into vehicle sales. In 2028, when BMW launches its production FCEV, we could find out.
Top Trump administration health officials are expected to bring tech companies to the White House this week to roll out a plan to encourage more seamless sharing of health-care data, according to people familiar with the matter.
Health and Human Services Secretary Robert F. Kennedy Jr. and Centers for Medicare and Medicaid Services Administrator Mehmet Oz are expected to host executives at an event on Wednesday, said the people, who did not provide names of the attendees and asked not to be named because the details haven’t been made public.
The plan was developed in coordination with the White House, building on a May effort by CMS to get public input on addressing barriers to sharing patient data.
The initiative was led by Amy Gleason, acting administrator of DOGE, the initiative known as Department of Government Efficiency, and Arda Kara, a senior adviser at CMS. Both worked for health-tech startups before joining the Trump administration.
“This initiative aims to build a smarter, more secure, and more personalized health care system — one that improves patient outcomes, reduces provider burden, and drives greater value through private-sector innovation and aligned federal leadership,” CMS spokesperson Catherine Howden said in a written statement.
Clear, a company known for its identity verification services frequently used within airports, is planning to attend, according to people familiar with the matter. The company has previously targeted the healthcare industry for expansion. A company spokesperson declined to comment.
Companies will commit to a voluntary framework around what’s known as interoperability, or how different health technology systems connect to one another and share data, the people said. Improving the flow of data across the fragmented US health-care system has long been a policy goal of both Democratic and Republican administrations seeking to improve quality and reduce waste.
The pledges will involve principles around patient and provider access to health information, and data sharing standards, among other elements. CMS will share additional information next week about the timeline for the plan, Howden said.
Hackers gained access to personal data on the majority of the 1.4 million customers of Allianz Life Insurance Company of North America, the company confirmed Saturday.
Minneapolis-based Allianz Life, a subsidiary of Munich, Germany-based Allianz SE, said the data breach happened on July 16 when a “malicious threat actor” gained access to a third-party, cloud-based system used by the company.
“The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life’s customers, financial professionals, and select Allianz Life employees, using a social engineering technique,” Allianz Life said in a statement. “We took immediate action to contain and mitigate the issue and notified the FBI.”
The company said its own systems were not accessed, just the third-party’s platform.
Allianz Life said its investigation is ongoing and that the company has begun reaching out to the impacted individuals. It said the incident involves only Allianz Life in the U.S., not other Allianz corporate entities.
In the case of data breaches, a “social engineering technique” usually involves using trickery to gain access. Spokesman Brett Weinberg said he couldn’t provide details because they are still investigating.
Allianz Life also reported the breach to multiple other authorities, including the Maine Attorney General’s Office. A filing on the agency’s website said the company discovered the breach the day after it happened, and that it will be offering those affected 24 months of identity theft protection and credit monitoring.
Allianz Life was known as North American Life and Casualty until it was acquired by German conglomerate Allianz SE in 1979 and changed its name to Allianz Life Insurance Company of North America. It has nearly 2,000 employees in U.S., with the majority working in Minnesota, according to its website.
It is one of five North American subsidiaries of the Munich-based global financial services group Allianz SE, which says it serves more than 125 million customers worldwide.
Minneapolis-based Allianz Life, a subsidiary of Munich, Germany-based Allianz SE, said the data breach happened on July 16 when a “malicious threat actor” gained access to a third-party, cloud-based system used by the company.
Tea, a provocative dating app designed to let women anonymously ask or warn each other about men they’d encountered, rocketed to the top spot on the U.S. Apple App Store this week. On Friday, the company behind the app confirmed it had been hacked: Thousands of images, including selfies, were leaked online.
“We have engaged third-party cybersecurity experts and are working around the clock to secure our systems,” San Francisco-based Tea Dating Advice Inc. said in a statement.
404 Media, which earlier reported the breach, said it was 4Chan users who discovered an exposed database that “allowed anyone to access the material” from Tea.
Tea founder Sean Cook, a software engineer who previously worked at Salesforce and Shutterfly, says on the app’s website that he founded the company in 2022 after witnessing his own mother’s “terrifying” experiences. Cook said they included unknowingly dating men with criminal records and being ”catfished” — deceived by men using false identities.
Tea markets itself as a safe way for women to anonymously vet men they might meet on dating apps such as Tinder or Bumble— ensuring that the men are who they say they are, not criminals and not already married or in a relationship. “It’s like people have their own little Yelp pages,” said Aaron Minc, whose Cleveland firm, Minc Law, specializes in cases involving online defamation and harassment.
In an Apple Store review, one woman wrote that she used a Tea search to investigate a man she’d begun talking to and discovered “over 20 red flags, including serious allegations like assault and recording women without their consent.” She said she cut off communication. ”I can’t imagine how things could’ve gone had I not known,” she wrote.
A surge in social media attention over the past week pushed Tea to the No. 1 spot on Apple’s U.S. App Store as of July 24, according to Sensor Tower, a research firm. In the seven days from July 17-23, Tea downloads shot up 525% compared to the week before. Tea said in an Instagram post that it had reached 4 million users.
Tea has been criticized for invading men’s privacy
A female columnist for The Times of London newspaper, who signed into the app, on Thursday called Tea a “man-shaming site” and complained that ”this is simply vigilante justice, entirely reliant on the scruples of anonymous women. With Tea on the scene, what man would ever dare date a woman again?”
“Over the last couple of weeks, we’ve gotten hundreds of calls on it. It’s blown up,” attorney Minc said. “People are upset. They’re getting named. They’re getting shamed.’’
In 1996, Congress passed legislation protecting websites and apps from liability for things posted by their users. But the users can be sued for spreading ”false and defamatory” information, Minc said.
In May, however, a federal judge in Illinois threw out an invasion-of-privacy lawsuit by a man who’d been criticized by women in the Facebook chat group “Are We Dating the Same Guy,″ Bloomberg Law reported.
State privacy laws could offer another avenue for bringing legal action against someone who posted your photograph or other personal information in a harmful way, Minc said.
The breach exposed thousands of selfies and photo IDs
In its statement, Tea reported that about 72,000 images were leaked online, including 13,000 images of selfies or photo identification that users submitted during account verification. Another 59,000 images that were publicly viewable in the app from posts, comments and direct messages were also accessed, according to the company’s statement.
No email addresses or phone numbers were exposed, the company said, and the breach only affects users who signed up before February 2024. “At this time, there is no evidence to suggest that additional user data was affected. Protecting tea users’ privacy and data is our highest priority,” Tea said.
It said users did not need to change their passwords or delete their accounts. “All data has been secured.”
Lawyer Minc said he was not surprised to see Tea get targeted. “These sites get attacked,” he said. ”They create enemies. They put targets on themselves where people want to go after them.”
The White House’s recent criticism of the Federal Reserve’s headquarters renovation project has highlighted the central bank’s sources of funding. Unlike federal departments that receive taxpayer dollars via appropriations from Congress, the Fed is self-funded, largely via interest income from government securities it holds.
The Federal Reserve’s funding has come under scrutiny as the White House attacks the $2.5 billion headquarters renovation for cost overruns.
That controversy was underscored on Thursday, when President Donald Trump and Fed Chairman Jerome Powell disagreed over the cost during a visit to the central bank. Trump’s allies have suggested the project could be grounds for ousting Powell, but the president has said he would not fire him, though Trump continues to demand lower rates.
Unlike the Pentagon and a new weapons system that has blown through its budget, the Fed and its operations are funded differently.
While the Defense Department and other executive branches receive money from Congress, the Fed is self-funded, largely via interest income from government securities it holds.
That means no taxpayer dollars have been appropriated for Fed operations — including building projects like the headquarters renovation.
Most of the Fed’s income comes from assets such as Treasury bonds and mortgage-backed securities that sit on the central bank’s balance sheet and earn interest.
That balance sheet exploded in size during the Great Financial Crisis and COVID-19 pandemic as the Fed bought trillions of dollars of bonds to prop up the economy.
Other sources of income include interest on foreign currency investments held by the Fed; fees for services like check clearing, funds transfers, and clearinghouse operations provided to depository institutions; and interest on loans to depository institutions.
To be sure, the Fed’s mission isn’t to maximize its earnings from trading securities. Instead, it has a dual mandate of stable prices and maximum employment. Buying and selling assets is only a means for achieving those ends.
Meanwhile, the Fed also has costs, including interest payments on reserve balances, interest payments on securities sold via repurchase agreements, and operational costs like payroll and its buildings. Costs go up when the Fed hikes interest rates like it did in 2022 and 2023 to tamp down inflation.
When income exceeds those costs, the Fed hands over the surplus to the Treasury Department. In fact, in the decade before COVID, the Fed sent about $1 trillion to the Treasury.
When the Fed’s costs exceed its income, the central bank creates an IOU known as a “deferred asset” to pay for operations. As interest rates rose, the Fed’s deferred asset grew from $133 billion in 2023 to nearly $216 billion in 2024. As of Wednesday, it was $236.6 billion.
Once rates come down further and income tops losses again, the Fed will pay back the deferred asset and then resume giving the Treasury any excess earnings.
“In conclusion, tighter monetary policy to rein in inflation has resulted in a reduction of net income for the Fed,” the St. Louis Fed said in a 2023 explainer. “This does not mean that the Treasury has to recapitalize the Fed, but rather that the Fed records a negative liability in the form of a deferred asset. This deferred asset accumulates until the Fed sees positive net income, which should happen once interest rates on the long-duration assets it owns start exceeding the interest paid on bank reserves and reverse repo facilities.”
One of the provisions of the trade deal that set a 15% tariff on Japan is a pledge from Tokyo to invest $550 billion in key American sectors. The White House said the money will be deployed “at President Trump’s direction,” potentially giving him a bigger say in U.S. industrial policy. But details remain thin, and analysts are skeptical.
The pledge from Japan to invest $550 billion in key U.S. industries could show other countries how to clinch a trade deal with the U.S., even as analysts question how real that money is.
As part of the agreement that set a 15% tariff rate on Japan, the White House said it includes a “Japanese/USA investment vehicle” that will be deployed “at President Trump’s direction” into strategic sectors.
They include energy infrastructure and production, semiconductors, critical minerals, pharmaceuticals, and shipbuilding, according to a fact sheet from the administration. The U.S. would retain 90% of the profits, though the Japanese government believes profits will be split based on “the degree of contribution and risk taken by each party,” according to the Financial Times.
Still, Treasury Secretary Scott Bessent highlighted the fund as a key reason the U.S. and Japan were able to settle on a levy that was lower than the 25% rate Trump had threatened earlier.
“They got the 15% rate because they were willing to provide this innovative financing mechanism,” he told Bloomberg TV on Wednesday, when asked if other countries could get a similar rate.
Indeed, analysts at Bank of America said that the Japan deal “looks like a reasonable blueprint” for other auto-exporting countries like South Korea.
Both countries have similar trade characteristics with the U.S., such as high current account surpluses, high U.S.-bound exports, and less open domestic markets via non-tariff measures, the bank said in a note on Friday.
At the same time, the U.S. is also negotiating deals with the European Union and other trading partners ahead of an Aug .1 deadline, when Trump’s pause on his reciprocal tariffs will expire.
But Wall Street has serious doubts that the $550 billion will actually materialize. Takahide Kiuchi, executive economist at Nomura Research Institute and a former Bank of Japan policymaker, said in a note Wednesday that the investment pledge is merely a target and not a binding promise.
“In reality, under the Trump administration, many Japanese companies likely view the business environment in the U.S. as deteriorating due to tariffs and other factors,” he explained. “Furthermore, at current exchange rates, labor costs in the U.S. are extremely high, providing little incentive for Japanese firms to expand investment there. If anything, we may see a stronger trend toward diversifying investments away from the U.S.”
Meanwhile, Council on Foreign Relations senior fellow Brad Setser, a former U.S. Trade Representative advisor and Treasury Department official, similarly expressed skepticism about the money.
“Odds are it is vapor ware, beyond the known deals (Alaska LNG),” he posted on X on Wednesday, likening it to a highly touted product that may never become available, “but it would be strange (and would potentially set up future problems) if the US relied almost entirely on other people’s money to fund its own industrial strategies.”
He later added “there is a lot less here than meets the eye,” and pointed out that the industrial sectors highlighted as areas for investment are already logical ones for Japan, given current supply-chain concerns.
A source familiar with the matter acknowledged to Fortune that a lot of details of the $550 billion have yet to be ironed out. That includes the timeframe of the investment as well as an advisory board and guardrails against potential conflicts of interest.
But the source added that the investment would be funded by the Japanese government and is not a just pledge from Tokyo to buy commodities or for Japanese companies to steer investments into the U.S.
It also means Japan is fronting the cash to finance projects that are likely to be in the private sector, the source said, offering a hypothetical example of a chip company looking to build a U.S. plant.
Under this scenario, the investment vehicle could finance construction of the factory and lease it out at favorable terms to the chip company, with 90% of the rent revenue going to the U.S. government.
The $550 billion pledge also comes as Trump’s tariffs face legal challenges, with a court hearing scheduled Thursday on whether the president has authority under the International Emergency Economic Powers Act to impose wide-ranging duties.
That could make it attractive for countries to promise a lot of money sometime in the future to obtain immediate tariff relief, while running out the clock as legal battles play out.
Analysts at Piper Sandler have concluded that Trump’s tariffs are illegal and noted that the $550 billion Japanese investment comes with few concrete specifics.
“Our trading partners and major multinationals know Trump’s tariffs are on shaky legal ground,” they wrote. “Therefore, we find it hard to believe many of them are going to make massive investments in the US they would not have otherwise made in response to tariffs that may not last.”
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