Latest Developments

North America
CNBC Finance

Fintech broker Clear Street offers investors pre-IPO access to $188 billion AI giant Databricks

Clear Street, the prime brokerage startup that recently shelved plans for its own IPO, is now aiming to give investors access to some of Silicon Valley's hottest private companies before they go public. The firm is close to announcing a new platform designed to let accredited investors buy interests in late-stage private companies, starting with AI software titan Databricks, valued this month at $188 billion, CNBC is first to report. "The goal is to remove friction and give more people the ability to invest in more products," Uri Cohen, CEO and co-founder of Clear Street, said in an interview. "A lot of the wealth creation has been in private markets, and more and more retail investors and smaller investors want to be part of that." More startups are staying private for longer, meaning much of their value creation is taking place before an initial public offering. That has fueled growing demand from rich investors seeking exposure to companies like Databricks, Anthropic and OpenAI before they debut on public markets. Last week, CNBC reported that Goldman Sachs has created a new platform to expand its offerings for wealthy clients and family offices who increasingly want direct stakes in fast-growing private companies. While Clear Street's pitch centers on democratizing high-growth tech, the mechanics of the deals highlight a tricky reality in today's private markets: Databricks isn't directly involved. Instead of buying stock issued by Databricks, Clear Street investors acquire an interest in a special purpose vehicle (SPV) that holds a stake in a third-party fund that owns the shares. To Databricks, the shareholder of record remains that external fund, where they remain legally parked, according to Clear Street. Earlier this year, AI startups like Anthropic cracked down on unauthorized secondary transfers, voiding unapproved SPVs and indirect share sales that bypassed corporate transfer rules. Cohen, the CEO of Clear Street, said that his firm, as counterparty, would stand behind the deals: "If there is a risk, we are taking it." For its part, a Databricks spokesperson said in an email that the startup "does not have any engagement or relationship with Clear Street." Clear Street will have as many as 30 startups on its platform by yearend, mostly tech firms in the $5 billion to $20 billion valuation range that are roughly six months to two years out from an IPO, Cohen said.

Fintech broker Clear Street offers investors pre-IPO access to $188 billion AI giant Databricks
Europe
The Guardian

New survey reveals fears of US farm workers amid Trump’s immigration raids

Farm workers harvest strawberries on 31 March 2026 near Oxnard, California. Photograph: Mario Tama/Getty ImagesView image in fullscreenFarm workers harvest strawberries on 31 March 2026 near Oxnard, California. Photograph: Mario Tama/Getty ImagesUS farm workersNew survey reveals fears of US farm workers amid Trump’s immigration raidsVast majority of farm workers say raids and deportations have affected their jobs and 61% report shopping less Farm workers in the US are reeling from the Trump administration’s crackdown on immigration, including increased raids and deportations, according to a new survey conducted by the United Farm Workers Foundation released on Thursday. The survey features responses from 2,250 farm workers, many of whom are undocumented, about their experiences with immigration enforcement that has intensified under the second Trump administration. The vast majority (92%) of farm workers said that raids and deportations have affected their employment, while 90% said they worry about family separation. Fears are widespread and have affected their everyday lives: 61% said they are shopping less and 29% say they are not seeking medical attention for fear of immigration enforcement. Another 17% said they fear having to do forced labor in immigration detention if arrested. These fears are prevalent despite many respondents being longtime US residents, with 80% workers saying they have been in the US for more than 10 years, while 41% said they have been in the US for more than 20 years. “When I leave to work, I’m afraid to not come home and to never see my daughters again,” said Yasmine, a farm worker, during a press conference about the survey on Thursday. A mother of two daughters who are US citizens, she said: “We only go out when it’s absolutely necessary, but if we do go out, it’s for necessities like groceries.” Yasmine, who did not provide her last name, said she has been in the US for more than 20 years and is a Daca recipient, though she is experiencing delays getting her work permits renewed. Her husband is an undocumented immigrant. “I’ve even had to have conversations with our daughters about what could possibly happen. They’re small and don’t really understand what’s happening, but I try to talk to them and make sure we have a plan,” she said. “The other day was our daughter’s 11th birthday and we couldn’t celebrate it out of fear of going out. Family separation worries me a lot. I don’t know what’s going to happen. I live with stress, uncertainty and fear.” There are more than 2.6 million farm workers in the US. Most (73%) are Hispanic, 66% are noncitizen immigrants and 47% report lacking work authorization, according to data from the 2022 National Agricultural Workers Survey. Many hope that the US government can eventually shape up its immigration system, with 76% wanting protections from deportation and detention and 53% expressing hope for a pathway to legal status and US citizenship. Many workers are also unable to visit family in their home countries because of their immigration status, with 87% saying they would be able to visit their families if Congress passed immigration reform that gave them legal status. Yasmine emphasized having a pathway to citizenship would be life-changing for her family. “Having a pathway to citizenship would mean a lot for me. It would change a lot for me and my family, and it would make sure that my husband and I could give a better life for our daughters,” she said. “I would finally have stability, something right now I don’t have.”

New survey reveals fears of US farm workers amid Trump’s immigration raids
Europe
The Guardian

US economy grows sluggish 1.5% in second quarter as inflation tops Fed target

The US Federal Reserve chair, Kevin Warsh, speaks during a press conference at the Federal Reserve building in Washington DC on Wednesday. Photograph: Shawn Thew/EPAView image in fullscreenThe US Federal Reserve chair, Kevin Warsh, speaks during a press conference at the Federal Reserve building in Washington DC on Wednesday. Photograph: Shawn Thew/EPAUS economyUS economy grows sluggish 1.5% in second quarter as inflation tops Fed targetConsumer spending remained resilient even as policymakers kept interest rates on hold The US economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth. But consumer spending rose. And the Federal Reserve’s favored measure of inflation grew more slowly last month despite remaining above the central bank’s 2% target. The commerce department reported on Thursday that growth in US gross domestic product (GDP) – the nation’s output of goods and services – decelerated from 2.1% in the first three months of 2026 and came in below economists’ expectations. The commerce department also said on Thursday that its personal consumption expenditures (PCE) price index, the measure of inflation favored by the Fed, rose 3.7% last month from June 2025 , down from a 4.1% year-over-year increase in May. Excluding volatile food and energy prices, so-called core consumer prices were up 3.3% from a year earlier, little changed from a 3.4% increase in May. The latest data paints a clearer picture of the effects the war in the Middle East has had on the economy after increasing energy prices and pushing inflation higher. The first GDP reading of this year captured the effects of just a month of war, but indicated that consumer spending was starting to slow as prices started to creep up. Oil prices have come down from their wartime high, and took a sharp downturn when the US and Iran announced a peace deal. But when that deal collapsed and the two countries began trading strikes again, oil prices climbed and still remain much higher than prewar levels. The pressure is growing within the Fed to raise interest rates in order to combat heightened inflation, which Kevin Warsh, the central bank’s chair, has acknowledged has remained too high for years. Though the Fed on Wednesday chose to leave its benchmark interest rate unchanged for the fifth straight meeting, three regional Fed presidents dissented, saying they wanted to raise rates to combat elevated inflation. It was the first time in a decade so many Fed officials had dissented in the same direction over a policy vote. Higher costs have frustrated Americans ahead of November’s midterm elections, which will determine whether Donald Trump’s Republicans keep full control of Congress. Two-thirds of Americans, including 49% of Republicans, say they have little faith the federal government will address the high prices they face, according to a Harris Poll survey released earlier this month. Still, the US economy has proven surprisingly resilient in the face of the Iran war and the spike in energy prices it caused. The job market has bounced back this year from a lackluster 2025, giving consumers the wherewithal to spend. Employers are adding an average 92,000 jobs a month this year, compared with fewer than 10,000 a month in 2025 when high interest rates and Trump’s erratic use of tariffs discouraged businesses from hiring. Thursday’s GDP report was the first of three commerce department estimates of second quarter economic growth.

US economy grows sluggish 1.5% in second quarter as inflation tops Fed target
Europe
The Guardian

Let them eat SUVs: Trump White House orders fleet of luxury cars as Americans struggle

Donald Trump greets the General Motors CEO, Mary Barra, and president, Mark Reuss, during a visit to the company’s Milford proving grounds in Michigan on Monday. Photograph: Andrew Harnik/Getty ImagesView image in fullscreenDonald Trump greets the General Motors CEO, Mary Barra, and president, Mark Reuss, during a visit to the company’s Milford proving grounds in Michigan on Monday. Photograph: Andrew Harnik/Getty ImagesThis Week in TrumplandUS newsAnalysisLet them eat SUVs: Trump White House orders fleet of luxury cars as Americans struggleAdam GabbattAmericans are facing a deepening affordability crisis but at least Trump and co have ... 250 new Cadillac Escalades This was originally published in This Week in Trumpland. Sign up to receive it in your inbox every Wednesday Gas prices are up almost a dollar a gallon since the day Donald Trump took office; mortgage rates just hit their highest level in nearly a year, and over the weekend a prominent economist said the Iran war is costing the average US household more than $1,200. Americans are struggling through a deepening affordability crisis caused largely by Trump’s ill-fated war against Iran. They are in need of a boost, something to lift the spirits. Perhaps the president could give a speech, letting the people know that we are all in this together. Or, he could give a speech announcing that the White House has just ordered 250 brand new Cadillac Escalades, giant SUVs which have a suggested retail price of more than $90,000 each and cost significantly more to customize for secure uses. “We ordered 250 Escalades. That’s how we look sharp in those cavalcades, you know,” Trump said during a rambling, hour-long address at a General Motors facility in Michigan. “We look sharp in those Escalades. Our guys are very spoiled. They’re very spoiled. They like the Escalade. So do I.” I’d like to think I would look sharp in an Escalade. But, like most people in the US, I cannot afford one: especially if, as seems likely, the White House orders the armored version of the SUV, which can cost more than $300,000. And then, of course, I’d have to fill the 24-gallon gas tank. The symbolism of Trump’s gesture, his fiddling with car specifications while Rome burns, is consistent with his Lucille Bluth-like behavior in recent weeks. He’s dismissed “affordability” as a term concocted by Democratic political consultants to criticize his presidency, introduced a new round of tariffs likely to push up prices, and refused to sign a rare bipartisan housing bill. It’s still shocking. Even Scrooge didn’t order a new horse and cart as Tiny Tim’s health declined. Yet here we are, in 2026, with a billionaire president crowing about spending at least $22m of Americans’ money on a fleet of luxury SUVs, an act which seems extremely unlikely to boost morale. “Hey I know inflation is out of control and a lot of folks can’t afford basic necessities, but at least we’re tackling waste fra ud and abuse by buying… *checks notes* 250 Escalades for the government,” the Angry Staffer account wrote on X, capturing much of the mood. The announcement of the car purchase was a baffling move in what was a confusing speech. Trump’s address in Michigan was supposed to be about US auto manufacturing, but instead his remarks took on transgender rights, “Marxist protesters” and how, should Democrats win control of the government: “In one year, the country will be absolutely bankrupt. You’ll live in squalor. You’ll live in fear. You won’t have police. You won’t have firemen. You won’t have anybody.”

Let them eat SUVs: Trump White House orders fleet of luxury cars as Americans struggle
North America
CNBC Finance

More consumer companies are staying private for longer, avoiding the IPO road

Five years after the initial public offering boom of 2021, public markets look a lot different as more companies are choosing to stay private for longer. In 2021, public markets saw a multitude of companies join the ranks. The Nasdaq said it welcomed 743 IPOs that year, while the New York Stock Exchange said it added more than $1 trillion in new market capitalization, marking the second straight year of record new listings. The biggest IPOs five years ago spanned a range of industries, including Coinbase, Roblox, Rivian, Warby Parker and more. According to research from Morningstar, the companies that went public in 2021 raised almost $500 billion — roughly double the number of deals and capital raised in 2020, a year of intense uncertainty amid the pandemic and lowered consumer and investor confidence. But since then, the IPO market has cooled significantly. Despite a blockbuster IPO from Elon Musk's SpaceX, far fewer companies are choosing to go public, and some of the ones that do have struggled to gain momentum in the current conditions. Two consumer companies, sandwich chain Jersey Mike's and clothing retailer Reformation, went public on Thursday. Both companies had largely uneventful IPOs, with Reformation remaining essentially flat for the day and Jersey Mike's opening $2 below its IPO pricing and closing down nearly 6%. They join just a handful of other consumer companies that have gone public in 2026, according to Renaissance, representing a tiny slice of the overall IPO pie. Experts say there's a range of reasons why companies are rethinking their liquidity and capital. "There's under 4,000 public companies today, whereas 30 years ago, there was just under 8,000," said Mike Dinsdale, CEO of Powerlaw, a publicly listed fund investing in private companies. "The reason for that, I think, is access to capital, and then the idea that staying private and not having any transparency into what's happening, and then higher valuations on the public side." Dinsdale, who previously held executive positions at DoorDash and DocuSign, said access to capital and liquidity in nonpublic markets, along with the emergence of megafunds, have taken "the need out to rush to go public." He added it's a trend he's been seeing over the past 30 years, though the acceleration of family office interest in private companies over the past five years has contributed significantly to the trend as the private investment vehicles of the ultrawealthy look for new places to put their money. Some of the largest consumer and retail companies have remained private, like Publix Super Markets, Sephora and Chick-fil-A. According to Sunaina Sinha Haldea, the global head of Private Capital Advisory at Raymond James, private companies are benefitting from the rise of secondary markets.

More consumer companies are staying private for longer, avoiding the IPO road
Europe
BBC Business

Shell profits double as oil prices rise due to Iran war

Image source, Getty ImagesByJennifer Meierhans and Shanaz Musafer, Business reportersPublished30 July 2026, 08:00 BSTUpdated 2 hours agoShell's profits for the second quarter of the year have more than doubled after the Iran war pushed up oil prices. The oil giant posted profits of $9.84bn (£7.37bn) for the April-to-June period, up from $4.26bn at the same point last year. The price of crude has risen since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquefied natural gas (LNG) through the Strait of Hormuz. But energy prices have also seen sharp swings during the conflict, which has boosted Shell's trading business. Shell chief executive Wael Sawan said the company's "operational performance enabled very strong results during another quarter of severe disruption in global energy markets". Together with its profits of $6.92bn for the first three months of the year it means Shell has seen a 70% surge in first-half earnings. Shell and other energy giants such as BP and Norway's Equinor have seen bumper profits this year, partly down to trading on oil price swings. Before the conflict began, the price of Brent crude, the global benchmark for oil prices, was around $73 a barrel. Since then, it has peaked above $120 but also fallen back below $100 as speculation has swirled over when the Strait of Hormuz will reopen. These big movements in the oil price can widen the gap between buying and selling prices which typically enables traders to make bigger profits. However, the conflict in the Middle East has also affected some of Shell's operations. Its LNG production in Qatar has been shut down since early March because of the conflict, and its Pearl gas-to-liquids facility in Qatar suffered "extensive damage" when it was hit by a missile attack in March. The company has said repairs could take about a year.

Shell profits double as oil prices rise due to Iran war
Europe
The Guardian

US borrowing costs hit 19-year high as Fed holds interest rates

Kevin Warsh said the Federal Reserve would not waver in its commitment to tackling rising prices. Photograph: Mark Schiefelbein/APView image in fullscreenKevin Warsh said the Federal Reserve would not waver in its commitment to tackling rising prices. Photograph: Mark Schiefelbein/APUS interest ratesUS borrowing costs hit 19-year high as Fed holds interest ratesBank’s chair pledges to keep up fight against inflation but decision brings fears of a failure to keep pace US government borrowing costs have hit their highest level since 2007 after the Federal Reserve voted to hold its key interest rate steady, feeding fears that the central bank may not move fast enough to tame a rise in inflation. The yield – or interest rate – on the 30-year US Treasury bond rose 14 basis points to nearly 5.24%, a 19-year high, after the Fed announced its decision to hold its main rate at between 3.5% and 3.75% for the fifth meeting in a row. Kevin Warsh, the Fed chair, said the bank would “not waver” in its commitment to tackling rising prices. A prolonged period of high inflation meant that some Americans believed the central bank had an “implicit target” above its 2% target, he added. “There is no soft implicit target: not on this committee’s watch,” Warsh said. “There’s only a target and it’s 2%. This Fed will not waver … Our credibility rests on performing our duties and delivering on our responsibilities.” The decision to leave rates on hold has spooked investors who are worried about the US economy’s ability to absorb a rise inflation, triggered by Donald Trump’s war in Iran. US inflation cooled to an annual rate of 3.5% in June after Washington and Tehran agreed a brief ceasefire – but this has since ended, with both sides exchanging fire and sending oil prices climbing higher again. Felix Schmidt, a senior economist at the bank Berenberg, said Warsh had not “conclusively answered the question of why the Fed did not hike”. He noted that the Fed chair had implied at a press conference that an interest rate rise in the near term might not be necessary due to the rise in bond yields, which has already pushed up the cost of borrowing across the US economy. “Perhaps Warsh hopes that higher capital market interest rates will help fight inflation in the short term, while the US central bank under new leadership decides on its approach,” Schmidt said. Before the Fed’s meeting this week, financial markets had priced in a 30% chance of a rate rise and, in the absence of such a move, nearly a 100% chance of an increase at the Fed’s September meeting. After Wednesday, however, traders put the chance of a rate rise in September at about 57%, according to CME Group’s FedWatch tool.

US borrowing costs hit 19-year high as Fed holds interest rates
Asia
The Hindu BusinessLine

Gold, silver seen range-bound as focus shifts to US job numbers, Fed cues: Analysts

Gold and silver are likely to trade in a narrow range this week as traders await a raft of economic data, including the US non-farm payrolls report, for fresh clues on the Federal Reserve's interest rate outlook, analysts said. Investors will monitor purchasing managers' index (PMI) data from the US, the UK, the Eurozone and Japan. Focus will remain on July employment data from the US, comprising non-farm payrolls and the unemployment rate. Globally, developments surrounding the US-Iran conflict and the stability of crude oil supplies through key shipping routes will remain important drivers of market sentiment, they added. "MCX gold to trade in the ₹1.40-1.44 lakh per 10 grams range in the near-term, with the directional move hinging on US macroeconomic data and evolving expectations around the Fed's policy path," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. On the domestic front, gold futures for August delivery fell by ₹1,595, or 1.1 per cent, during the last week to close at ₹1.41 lakh per 10 grams. Silver futures for the September contract declined ₹4,940, or 2.2 per cent, to settle at ₹2.17 lakh per kilogram on the Multi Commodity Exchange. "Gold remained volatile and ended the week on a weaker note, with MCX Gold declining a little over 1 per cent as prices continued to consolidate within a broad trading range," Trivedi said. Despite a weak US dollar and a sharp correction in crude oil prices, gold failed to attract significant buying interest, indicating cautious investor sentiment, he added. In the international markets, Comex gold futures for October delivery ended marginally lower at USD 4,076.6 per ounce, while silver for the September contract during the past week slipped nearly 2 per cent to finish at USD 57.78 per ounce in New York. According to Trivedi, uncertainty over the Federal Reserve's interest rate outlook remained the primary factor weighing on bullion, as policymakers refrained from providing a clear timeline for future policy moves. He noted that market participants will also track speeches by the Federal Reserve officials Lisa D Cook and Thomas Barkin, as well as China's trade data, including exports, imports, Consumer Price Index and Producer Price Index, for additional cues on the global economic outlook and bullion prices. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Gold, silver seen range-bound as focus shifts to US job numbers, Fed cues: Analysts
Asia
The Hindu BusinessLine

India needs more quality universities to curb demand for overseas education: Noel Tata

India needs significantly more high-quality educational institutions to meet the growing demand and reduce students’ dependence on overseas universities, Noel Tata, Chairman of Tata Trusts, said on Sunday, as he outlined the Trusts’ renewed focus on institution-building in education and healthcare. Speaking at the IIM Bangalore Alumni Association’s flagship leadership conclave, IIMBue 2026, Tata said the country’s higher education ecosystem has not kept pace with demand, leaving many students with little choice but to study abroad. The fireside chat was moderated by Sonjoy Chatterjee, Chairman & CEO, Goldman Sachs India, who serves on IIMB’s board of governors. “The country needs a wake-up call on education. We spend an atrocious amount of money every year on sending kids to the US and Europe because there aren’t enough quality institutions here. There is no reason why India cannot provide enough institutions so that everybody who wants to get an education can find an institution which they believe adds value to their children’s lives and will give their children a good career going forward. The problem is enormous,” he emphasised. Describing the proposed undergraduate institution being established in partnership with IIM Bangalore as a significant beginning, Tata said India urgently needs many more world-class educational institutions. Beyond education, he said Tata Trusts is moving beyond its traditional role of funding NGOs and individual development projects towards creating institutions that can serve generations, reviving a legacy that produced institutions such as the Indian Institute of Science, Tata Institute of Fundamental Research and Tata Memorial Hospital. As part of this strategy, Tata announced plans to expand affordable healthcare by developing 40-50 not-for-profit general hospitals across India after partnering with the Assam government to establish 17 cancer care hospitals in the state. The proposed hospitals will operate on a cross-subsidy model, with premium-paying patients helping finance treatment for economically weaker sections without compromising the quality of doctors, medicines or medical facilities. “The idea is to have a few rooms that are a certain percentage of our for-profit rooms, which can subsidise the rest of the patients so that we can offer the same service, surgeon, operation theatre, and medicine. We’ve identified three locations to start that, and I want to do much more on that space,” Noel said. He also said the Trusts are changing the way they assess the impact of philanthropy by focusing on measurable outcomes rather than simply reporting the number of beneficiaries. Reflecting on the role of Tata Trusts, he said the organisation continues to be guided by the vision of its founders, whose objective was to use the group’s wealth to improve lives and contribute to nation building. Tata said the guiding philosophy inherited from the founders of the Tata Group remained unchanged. “The founders left their shares in the company, in their Trusts, and they said, ‘spend money and do what is good for India’,” he said.

India needs more quality universities to curb demand for overseas education: Noel Tata