Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name
NEW YORK (AP) – Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent – and a new name. The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO Geoffroy van Raemdonck said the company is ready for its next chapter. Van Raemdonck said that the new name signifies the company’s focus on its exemplary shopping experiences, including great merchandise and pampered service, with help from its sales associates and the treasure trove of data it has on its customers.
Trump threatens 100% tax on European imports if countries impose tax on digital services
WASHINGTON (AP) – President Donald Trump is threatening a 100% tariff on imports from any country that imposes a tax on digital services provided by United States companies. In a post on social media Friday, Trump took aim at European countries that he said are discussing “imminent” implementation of taxes on American companies. He wrote, “Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America.”
Former executive sues Meta over attempts to ‘silence’ her memoir, ‘Careless People’
A former Meta executive whose memoir, “Careless People,” provides an explosive insider account of her time at the social media giant, has sued the company for attempting to “silence” her. The lawsuit was filed in federal court in Northern California on Thursday. It claims the tech giant’s private arbitration order preventing her from speaking out about the company or promoting her bestselling book is invalid. It also argues that the severance agreement she signed when she left Meta was done under duress.
OpenAI limits its latest ChatGPT product to Trump-approved customers during cybersecurity review
OpenAI is restricting the release of its new AI model, GPT-5.6 Sol, at the request of President Donald Trump’s administration. The model is currently available only to a small group of trusted partners approved by the government. OpenAI said Friday this is a temporary step toward broader availability in the coming weeks. This move follows actions against OpenAI rival Anthropic, which took two AI models offline to comply with a Trump directive. Concerns have grown over AI models being weaponized by hackers. Earlier in June, Trump signed an executive order for AI oversight to vet national security risks.
Most of Wall Street rises, but sinking AI stocks send it lower for the week
NEW YORK (AP) – Most of the U.S. stock market rose after oil prices eased back to where they were before the war with Iran, but drops for AI stocks kept the market in check. The S&P 500 finished Friday nearly flat and slipped less than 0.1% to close out just its second losing week in the last 13. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite fell 0.2%. The day began with sharp losses for stocks in South Korea and Japan due to weakness for big AI winners. Treasury yields eased in the bond market.
Supreme Court ruling blocks thousands of lawsuits against the maker of Roundup weedkiller
WASHINGTON (AP) – The Supreme Court has sided with the maker of Roundup weedkiller, blocking thousands of lawsuits alleging it failed to warn users the product could cause cancer. The decision on Thursday is a victory for the Trump administration but could complicate relations with allies who want to limit pesticide use. The court ruled that federal regulations finding a cancer link unlikely protect the company from state lawsuits. Roundup manufacturer Bayer disputes the cancer claims but has set aside billions of dollars to settle cases. Bayer says the ruling is good for science and farmers. Lawyers for some residents pursuing cases say the ruling “wrongly slams the courthouse door on Americans sickened by pesticides.”
Apple increases prices for Macs and iPads, blaming a shortage of memory chips
Apple on Thursday announced an increase in prices for Macs and iPads, citing a memory chip shortage brought on by the artificial intelligence boom. The Cupertino, California-based company called the demand spike an “unprecedented challenge” for the consumer electronics industry. The new, entry-level MacBook Neo will now cost $699, up from $599. The 512 gigabyte MacBook Air now costs $1,299, up from $1,099. The one terabyte MacBook Pro is $1,999, up from $1,699. The 128 gigabyte iPad Air is now $749, up from $599, while the 256 gigabyte iPad Pro Wifi is now $1,199, up from $999. Analysts expect iPhone prices to rise later this year.
Lawmakers subpoena billionaire Leon Black after contentious interview on Epstein payments
WASHINGTON (AP) – The House Oversight Committee has served subpoenas to a billionaire investor who made payments to Jeffrey Epstein. House lawmakers questioned Leon Black on Friday in a voluntary interview about his Epstein ties, but they say he refused to answer some questions. Black denied any criminal wrongdoing in his opening statements and claimed he was deceived by Epstein. Black was formerly the chief executive of Apollo Global Management and paid Epstein $158 million from 2012 to 2017 for tax and estate planning services. Lawmakers told reporters that Black refused to answer questions about non-disclosure agreements. They issued subpoenas for documents and for Black to testify under oath in July.
JPMorgan Chase promotes Petno, Rohrbaugh to copresidents, setting up two more successors for Dimon
NEW YORK (AP) – JPMorgan Chase promotes Doug Petno and Troy Rohrbaugh to copresidents, positioning them as potential successors to the bank’s longtime CEO Jamie Dimon. Marianne Lake, a previous contender, will retire at the end of the year. The bank’s board appears to be focusing on its commercial and investment banking sectors for future leadership. Petno and Rohrbaugh have diverse backgrounds within the company, with Petno in advisory roles and Rohrbaugh in trading. Dimon, who has been CEO since 2006, has faced health issues but remains committed to his role running the nation’s largest bank.
Newsom urges a national ‘billionaires’ tax’ while fighting one in California
California Gov. Gavin Newsom is calling for a national “billionaires’ tax” and suggests the U.S. government should own a stake in AI companies. He warns that urgent reform is needed to prevent wealth concentration from harming democracy. Newsom’s proposal aligns him with the populist left as he considers a 2028 presidential run. He proposes a minimum tax on those with over $100 million in net worth and wants to prevent the wealthy from borrowing against stock portfolios tax-free. Newsom opposes a California measure taxing billionaires, arguing the issue should be addressed federally to prevent billionaires from leaving the state.
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