Social Security beneficiaries are still expected to see a larger cost-of-living adjustment (COLA) in 2027 than they did this year, though it has decreased as inflation eased in July.

By law, the annual Social Security COLA is calculated using the Bureau of Labor Statistics’ consumer price index (CPI) inflation data for the months of July, August and September based on a variant of the dataset known as CPI-W. The COLA boosts beneficiaries’ payments to account for a rise in the cost of living, and the COLA for 2026 amounted to a 2.8% increase.

The BLS released the July CPI inflation data Wednesday that showed consumer prices were up 3.4% from a year ago. That’s down from a 3.5% annual reading in June.

Several groups have released estimates for the 2027 COLA based on the July data and estimates for the next two months of data, which have the COLA landing in a range from 3.2% to 3.6%.

INFLATION COOLED IN JULY BUT REMAINED ELEVATED AS FED WEIGHS RATE HIKES

The nonpartisan Committee for a Responsible Federal Budget released the lowest of those estimates, projecting the COLA will ultimately be at 3.2% when the final data is released this fall. It noted in its analysis that CPI-W was flat in July and is up 3.4% over the last year.

“High COLAs can provide helpful near-term support to seniors, but also impose significant costs for a Social Security retirement fund that is just six years from insolvency,” CRFB said, adding that automatic benefit cuts of 22% would occur if the fund is depleted.

CRFB has proposed reforms to COLAs aimed at helping to shore up Social Security’s solvency, including a COLA cap for high-income beneficiaries as well as a flat rate COLA.

ONE TYPE OF SOCIAL SECURITY ADJUSTMENT COULD CUT THE 75-YEAR SHORTFALL IN HALF

The AARP, which advocates for policies it views as beneficial to people over the age of 50, estimates that the 2027 COLA will be 3.5% in its first-ever COLA estimate to be released before the third-quarter inflation reports come out.

“The sooner that we can give them reliable information as to how much their benefits might [increase next year], the sooner they can start planning,” AARP VP for Financial Security Rich Johnson said.

“There’s a lot of uncertainty about how food and, especially, energy prices will play out over the next two months. This is not set in stone.”

NEW PROPOSAL WOULD CAP SOCIAL SECURITY BENEFITS AT $100K FOR WEALTHY COUPLES

The Senior Citizens League (TSCL) released an estimate that puts the 2027 COLA at 3.6%, which would represent an increase of 0.8 percentage points when compared with the 2026 COLA. 

The TSCL analysis noted that if the estimated COLA were to take effect today, it would amount to an increase of $69.75 in average benefits, rising to $2,007.28 from $1,937.53.

TSCL executive director Shannon Benton said in a statement that, “One of the wildcards in this year’s forecast has been inflation’s volatility. It started the year at 2.2%, then surged to 4.4% by May before falling back to 3.5% in June.”

“That kind of instability can throw off forecasts, but our model is designed to avoid chasing every spike and dip, which has kept our predictions on a relatively steady course,” Benton added.

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The official 2027 COLA will be announced Oct. 14 after the BLS release of September CPI inflation data. It will take effect starting with payments to beneficiaries in January.

The S&P 500 and the Nasdaq ended higher on Wednesday, lifted by upbeat quarterly results from CoreWeave and other AI infrastructure firms, while mild inflation data reinforced bets that the U.S. Federal Reserve will ‌hold interest rates steady ⁠in September. U.S. ⁠consumer prices barely increased in July as the cost of gasoline declined for a second straight month, while underlying inflation was benign, further reducing expectations of an interest rate hike from the Federal Reserve next month.

“The numbers came in right in line. The market’s reaction is slightly positive because the market was fearful it was going to come in worse than it did. You’re seeing a market thinking that the Fed is not being pushed toward a rate ⁠hike,” said ‌Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. CoreWeave surged after the AI cloud company lifted its annual capital spending forecast and topped second-quarter earnings estimates.

Data ⁠center operators also rose, with IREN and Applied Digital both up. Data ​center company Nebius Group jumped following second-quarter results that beat expectations. Super Micro ​Computer surged after the AI server maker forecast fiscal 2027 revenue above Wall Street expectations.

Chipmakers gained, with Nvidia and Micron Technology both climbing.

According to preliminary data, the S&P 500 gained 20.38 points, or 0.26%, to end at 7,748.58 points, while the Nasdaq Composite gained 145.70 points, or 0.55%, to 26,588.49. The Dow Jones Industrial Average fell 30.28 points, or 0.06%, to 53,761.57. Traders are ‌now pricing in a 62% chance of the Fed holding rates at its September meeting, according to CME’s FedWatch Tool. Before the July inflation data was released, bets were split between a hike ⁠and no change.

The conflict between the U.S. and Iran remained volatile as a senior Iranian source said there had been no progress in talks to revive the interim deal reached in June ​and define a time frame to implement it, while shipping attacks continued. Cava Group advanced after the restaurant chain beat Wall Street expectations for second-quarter sales and core profit. Lumentum Holdings surged after the photonic product maker forecast first-quarter revenue above analysts’ expectations and beat fourth-quarter estimates.

Bakeries once run by an 89-year-old chain part-owned by comedian Romesh Ranganathan will reopen under a new name after the sites were sold.

Coughlans Bakery, which had shops in Kent, Surrey, West Sussex and south London, announced it had ceased trading in June, blaming high business rates and increases in employers’ national insurance contributions.

Bakery business Janes Pantry, based in Gloucestershire, said it had acquired a number of Coughlans’ shops from the liquidators, and would open 20 shops under its own brand.

Former staff from Coughlans will be invited to reapply for roles at the reopened sites, it added.

The bakery said: “Every shop that reopens means jobs restored, a unit back in use and footfall returning to the high street, which we believe serves everyone’s interests: ours, theirs and the wider local economy’s.”

Other sites within the Coughlan’s estate are subject to further discussions, it added.

Crawley-born Ranganathan, who is vegan, initially became involved with the business because of its range of plant-based products, but will not be involved in the new venture.

He previously said he was “gutted” the chain had closed.

Former managing director Sean Coughlan had said increases in employers’ national insurance contributions and high business rates “absolutely smashes local business”.

Commons Leader Sir Alan Campbell subsequently defended the change, saying it was needed to “spend more and invest in our public services”.

Janes Pantry first opened in Gloucester in 1971, and currently runs 12 shops employing more than 100 staff, the bakery said.

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Investors face delays due to Indonesia’s licensing and regulatory requirements, requiring separate incorporation for PT PMA from a representative office, affecting timelines, governance, and operational transition.

Challenges in Indonesia’s Investment Process

Foreign investors entering Indonesia often invest significant effort in assessing market demand, finding partners, and preparing financial plans. However, delays frequently occur due to assumptions made prior to establishing the appropriate investment vehicle. Indonesia’s complex licensing framework, classification of business activities, and regulatory requirements can necessitate revising initial plans, extending timelines and increasing costs before commercial operations begin.

Differences Between Representative Offices and PT PMA

A representative office typically handles non-commercial tasks like market research and business development, without engaging in revenue-generating activities. A PT Penanaman Modal Asing (PMA), on the other hand, is set up to conduct business and must secure the necessary licenses. Transitioning from a representative office to a PT PMA isn’t seamless; it requires a separate incorporation and licensing process, which can delay market entry.

Impact of Governance Structures

Indonesia’s company governance is established at incorporation, distinct from operational start. The Board of Directors manages daily affairs, while the Board of Commissioners oversees supervision. These structures influence operational efficiency, especially within multinational groups. If governance arrangements aren’t aligned with the group’s operating model, it can lead to approval delays, affecting contracts, financing, and expansion efforts nationwide.

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Read the original article : Common Structuring Assumptions That Delay Indonesia Market Entry

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Singapore’s financial sector is vital, heavily regulated, and attracts foreign investment. Licensing depends on activities under the Payment Services Act, Securities and Futures Act, or Financial Advisers Act.

Singapore’s Financial Sector Overview

Singapore remains a top financial hub in Asia, attracting foreign investments across banking, asset management, fintech, and digital financial services. The sector accounts for approximately 14% of the country’s GDP and employs around 200,000 professionals. By the end of 2025, Singapore managed assets totaling S$6.7 trillion (US$5.2 trillion). When entering this market, foreign investors must first determine if their activities align with Singapore’s financial regulations, influencing licensing needs and legal structuring.

Regulatory Framework for Payment and Investment Services

The Payment Services Act 2019 (PSA) oversees a range of payment-related activities, including money transfers, e-money issuance, and digital token services. Businesses engaging in these activities require either a Standard or Major Payment Institution license, depending on their scale. Investment activities, such as fund management or dealing in capital markets, are regulated under the Securities and Futures Act 2001 (SFA), often necessitating a Capital Markets Services (CMS) license unless exemptions apply. Financial advisory services also require licensing under the Financial Advisers Act 2001 (FAA).

Licensing and Market Entry Strategies

Most foreign investors establishing regulated financial services in Singapore opt for a subsidiary, which simplifies licensing procedures. Branch offices are permissible for certain institutions, while representative offices are limited to non-commercial activities. Capital requirements and prudential standards vary based on the scope of financial services offered, influencing the investment’s prudence and feasibility. Proper licensing ensures compliance and smooth market entry.

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Read the original article : Launching a Financial Services or Fintech Business in Singapore: What Foreign Investors Need to Know

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Mark Walter’s time as the majority owner of the Los Angeles Lakers is up after less than a year.

After purchasing his stake in the organization for a $10 billion valuation in October, the Lakers were sold to American businessmen Josh Kushner and Bob Iger for a record price of over $12 billion.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement, via ESPN. 

“Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”

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“Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” Walter said in a statement.

Iger is the former CEO of Disney, holding that title two separate times. He stepped down in March. Kushner, the younger brother of Ivanka Trump’s husband Jared, founded Thrive Capital and Oscar Health.

Kushner and Iger were in the sweepstakes for purchasing an NBA expansion team in Las Vegas. Walter, though, is under federal investigation for alleged tax fraud.

KNICKS STAR JALEN BRUNSON IS A MAN OF THE PEOPLE, REVEALS THE ONE THING HE CAN’T LIVE WITHOUT

When Jerry Buss died in 2013, the Lakers were passed down to his children, and Jeanie has been serving as the team’s governor ever since. Reports stated she would be the governor of the team for five more years even after the sale to Walter.

The Lakers are in a new era now headlined by Luka Dončić after LeBron James’ eight-year tenure ended earlier this summer. The NBA’s all-time scorer joined the Philadelphia 76ers on a two-year contract.

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The Lakers won 11 of their 17 championships under Buss ownership, with their last in 2020. Walter remains the CEO of Guggenheim Partners and the majority owner of the Los Angeles Dodgers.

Fox Business’ Scott Thompson contributed to this report.

Users of PetLibro, the smart pet feeder and water fountain brand, reported renewed problems accessing the company’s app Wednesday morning, according to outage-tracking service Downdetector, marking the second consecutive day the service has experienced connectivity issues.

Downdetector said user reports indicating problems with PetLibro began climbing at 9:24 a.m. Eastern time Wednesday. The tracking service posted about the rising reports on its official account on the social platform X, asking affected users to describe how the outage was impacting them and tagging the post with the hashtag “PetLibroDown.” A separate post from Downdetector had flagged a wave of reports the previous afternoon, indicating problems dating back to at least 12:11 p.m. Eastern time Tuesday, suggesting Wednesday’s disruption may represent a continuation or recurrence of an issue that first surfaced a day earlier.

Reports of trouble with PetLibro’s app first began building Monday, according to posts on the online forum DesignTAXI Community, where users described rising volumes of Downdetector reports starting around 8:09 a.m. Eastern time that day. Users affected by the outage have described receiving error messages, including one reading “Server request error. Please try again later,” when attempting to open the app to check on their pets’ feeders.

As of Wednesday, PetLibro had not issued a detailed public statement addressing the scope, cause or expected resolution timeline for the outage. Downdetector’s tracking methodology relies on real-time, user-submitted reports rather than direct access to PetLibro’s internal systems, meaning the true scale of the disruption, including how many users were affected and which specific features were degraded, remained difficult to independently verify.

PetLibro’s connected products, including its line of Wi-Fi-enabled automatic pet feeders and water fountains, rely on cloud connectivity to allow owners to remotely monitor their pets, adjust feeding schedules, and receive alerts through the company’s smartphone app. When the app or its underlying servers experience an outage, affected users can lose the ability to check on their devices remotely or make schedule changes in real time, though feeders generally continue operating on previously programmed schedules stored locally on the device itself, independent of the app’s connectivity status.

Past outages affecting PetLibro’s app have illustrated both the convenience and the limitations of relying on cloud-connected pet care devices. During an earlier outage affecting the company’s service, some users reported on social media that scheduled feedings continued to execute normally even while the app was inaccessible, since feeding schedules are typically stored on the device rather than requiring a live connection at the moment of each feeding. However, other users during that same episode reported that feeders they had attempted to reset or reprogram during the outage failed to carry out feedings as expected, illustrating that the practical impact of an outage can vary depending on when and how a user’s device was configured before the disruption began.

Troubleshooting guides published in response to PetLibro app issues have generally recommended a series of basic steps for affected users, including switching from Wi-Fi to cellular data, restarting the affected smartphone, trying an alternate Wi-Fi network or mobile hotspot, and, if a specific feeder appears disconnected, unplugging the device for approximately 30 seconds before restarting both the feeder and the home router. PetLibro has previously advised customers experiencing connectivity problems to try changing networks specifically when the app fails to load or a device will not reconnect.

By midday Wednesday, at least one outage-monitoring service, Entireweb Status, reported that PetLibro appeared to be “operating normally,” logging only a small number of user reports in the preceding 24-hour window, suggesting the disruption may have already been resolved, or was substantially reduced in scope, by the time some tracking services checked in later in the day. That assessment stood in some tension with Downdetector’s report of renewed complaints beginning at 9:24 a.m. Wednesday, underscoring the difficulty of pinning down the precise timeline and scope of intermittent, recurring service issues using third-party tracking tools alone.

PetLibro, whose products are marketed under the DesignLibro Inc. corporate entity, has built a growing customer base among pet owners seeking connected, app-controlled feeding and hydration solutions for cats and dogs. As with many connected consumer device companies, the reliability of PetLibro’s cloud infrastructure has periodically come under scrutiny from users during past service disruptions, with some expressing frustration that core functions of their pet care devices depend on consistent app and server connectivity rather than operating fully independently.

This remains a developing situation, and additional details regarding the precise scope, underlying cause and full resolution timeline of this week’s PetLibro outage were not immediately available as of Wednesday. The company had not issued an official public statement addressing the disruption, leaving affected pet owners largely reliant on troubleshooting guides and social media reports from other users to gauge whether the issue was continuing to affect their own devices.

HOUSTON — Shares of ERock, Inc. surged Wednesday after the natural gas power systems provider reported a record contracted backlog and strong sequential revenue growth for the second quarter of 2026, driven largely by surging demand from artificial intelligence data center customers.

The stock traded at $13.99, up $2.74, or 24.38%, as of 10:24 a.m. Eastern time, extending gains from Tuesday’s after-hours session, when shares initially jumped 22.67% to $13.80 following the earnings release, up from a previous close of $11.25.

ERock reported second-quarter revenue of $39.9 million, up 26% sequentially from $31.7 million in the first quarter of 2026. Power system sales, the company’s core business line, jumped 67% sequentially to $26.5 million, driven by generator deliveries and installation work. Despite the revenue growth, the company posted adjusted EBITDA of negative $14 million and an earnings-per-share loss of 6 cents, reflecting the continued investment ERock is making to scale its manufacturing and deployment capacity.

The centerpiece of Tuesday’s report was ERock’s disclosure of a record contracted backlog of approximately $1.7 billion, roughly a tenfold increase from the same period a year earlier. Company management attributed the surge directly to rising demand from data center customers racing to secure reliable onsite power as artificial intelligence infrastructure buildouts strain existing electrical grid capacity across the country. Executives pointed to the record backlog, a growing number of new project starts, and what they described as a sold-out production schedule as evidence that ERock’s growth trajectory should continue through the second half of the year.

ERock’s leadership team, including Chief Executive Officer John Carrington, Chief Financial Officer Ian Blakely and President Corey Amthor, hosted a conference call Wednesday morning to discuss the results in greater detail with investors and analysts.

The company, founded in 2006 and headquartered in Houston, designs, deploys, operates and maintains distributed power generation systems built around its proprietary natural gas generators and embedded software technology. ERock markets its systems as a way for data centers, utilities, manufacturers, health care systems and government organizations to secure rapid, reliable onsite power in the face of grid interconnection delays and rising outage risk, positioning the company squarely within the broader infrastructure buildout tied to the artificial intelligence boom.

ERock went public in June, pricing its initial public offering at $21.50 per share and selling 27.9 million Class A shares to raise approximately $600 million, valuing the company at roughly $5.9 billion at the time of its debut. Shares opened trading on the New York Stock Exchange on June 10 and briefly touched an all-time high of $20.70 that same day, before falling sharply in the weeks that followed. The stock hit a 52-week low of $8.88 on July 29, more than 58% below its opening-day peak, as investors weighed the company’s substantial net losses against its long-term growth potential in a market still working to price newly public, capital-intensive infrastructure companies tied to the AI buildout.

Wednesday’s rally marks a significant reversal from that low point, though the stock remains well below both its IPO price and its first-day trading high. Even with the recent gains, ERock shares would need to climb significantly further to reclaim the levels seen immediately after its public debut.

Wall Street analysts have remained broadly bullish on the stock throughout its short trading history. Morgan Stanley, JPMorgan and Evercore ISI have all initiated coverage with positive ratings, with Morgan Stanley and JPMorgan both assigning Overweight ratings and Evercore ISI issuing an Outperform rating shortly after the company’s IPO. Bank of America upgraded the stock to Buy from Neutral in mid-July, citing the recent pullback in shares as a potential buying opportunity. As of early August, eight analysts covering the stock recommended buying it, with none recommending a sell, giving the stock an overall Strong Buy consensus rating. The average 12-month price target for ERock stood at $22.63 heading into Wednesday’s results, implying substantial potential upside from where shares had been trading prior to the earnings report.

ERock’s rapid backlog growth reflects a broader trend reshaping the power generation industry as data center operators increasingly turn to onsite natural gas generation to bridge the gap between soaring electricity demand and the slower pace of traditional utility grid expansion. Industry analysts have pointed to persistent interconnection delays facing new data center projects seeking to connect to regional power grids as a key driver of demand for companies like ERock that can deploy generation capacity more quickly than traditional utility infrastructure allows.

With a substantially larger contracted backlog now in place and management signaling continued strength in orders heading into the back half of 2026, investors are likely to focus in the coming quarters on ERock’s ability to convert that backlog into delivered projects and improved profitability, particularly given the company’s continued net losses even as revenue has grown sharply since its public listing just two months ago.