Business
Sebi asks depositories to put in place operational framework to implement buyback rules from Aug 1
In a circular, Sebi asked depositories to issue operational guidelines covering the implementation of the ISIN-level freeze on promoter and promoter group holdings, including the format for listed companies to issue freezing instructions.
The framework will also lay down operational modalities for permitting promoters to tender shares in buybacks conducted through the tender offer route and for allowing the invocation or release of encumbrances created before the commencement of the buyback period.
In such cases, the freeze will continue to apply to the invoked or released shares or other specified securities.
“The depositories shall ensure that the operational framework and the necessary system enhancements are put in place before August 1, 2026,” Sebi said.
The circular follows the regulator’s notification issued on July 1, 2026, which amended the Sebi (Buy-back of Securities) Regulations, 2018. Under the amended rules, promoter and promoter group holdings, including those of their associates, will remain frozen at the ISIN level from the date the board of directors or shareholders approve the buyback until the offer closes.
The amended regulations provide two exceptions — promoters can tender shares in buybacks undertaken through the tender offer route, and encumbrances created before the commencement of the buyback period may be invoked, while ensuring that the freeze continues to apply to the invoked or released shares.
Business
British Sugar could close Cantley factory on Norfolk Broads
A consultation will be held over the proposals, which would concentrate British Sugar’s beet processing operations at Wissington in west Norfolk, Bury St Edmunds in Suffolk and Newark in Nottinghamshire.
Keith Packer, managing director at British Sugar, said: “This proposal has not been taken lightly.
“It follows a thorough review of the business and reflects a combination of external pressures, including low average European sugar prices, high energy costs and a market-wide, long-term gradual decline in volumes over time.”
British Sugar said all employees at Cantley could be affected and that discussions would begin with Unite, the workers’ recognised union, and other employee representatives.
Business
Is Elo-Boost net Legit? Safe Reviews and LoL Boost Alternatives
When you look up is Elo-Boost net legit, chances are that you want to get answers about three things in a flash – whether the website is legitimate, how your personal and financial data will be treated, and which alternative you could choose instead.
Here you’ll find what makes a boosting site legitimate, the meaning of safety in this context, ban chances, and five options that you can compare.
Is Elo-Boost net Legit?
“Legit” in boosting doesn’t mean “endorsed by Riot” or “risk-free.” It usually means the site operates like a real business: it takes payments normally, delivers the service you purchased, and has policies and support that still function when something goes wrong.
Here’s what I pay attention to when evaluating the legitimacy of Elo-boost net for consideration:
- Definitions of service: exact services offered (division boost, net wins, placements, coaching) and criteria for completion of each.
- Workflow: selection of region, queue type, and add-ons that impact the way in which your order will be completed.
- Reasonable refund policy: 100% refund for unstarted orders, percentage refund for incomplete orders, cancellation process.
- Responsive support: live chat or ticketing system that will actually respond.
- Realistic reputation: not “only perfect reviews”, but believable over time.
If Elo-boost net meets most of these criteria, it’s definitely more of a functioning service rather than “scam”. The real question here is if it is a proper choice for your LoL account considering your ToS risk tolerance.
Is Elo-Boost net Safe for LoL Boost?
Safety has two different meanings here:
- Account and payment safety (your credentials, your email security, your card or PayPal)
- Game safety (whether Riot considers the boosting activity a violation)
A location can be considered “safe” in the former case but not the latter.
In LoL, the way the service fulfillment is done is important:
- Account sharing (the player logs in as you) makes it more vulnerable because of the new location, fingerprints, and the boost in performance that occurs suddenly.
- Duo queuing or playing alone (the booster plays with you) makes it less risky in terms of account safety but still can be against the principles of competitive fairness.
Using privacy settings will allow you to hide some of the obvious risks. Being in offline mode, using schedule, and hiding your IP address does not make the transaction untraceable for Riot.
Can You Get Banned Using Elo-Boost net?
Yes, you can get banned or penalized using any boosting service, including Elo-Boost net, because the core activity can violate Riot’s rules.
Typically what will raise the risks:
- Sharing account with sudden changes in location
- Significant performance increase (Win rate, KDA behavior, Champion rotation changes)
- Player reports, specifically for more visible tiers
- History of past boosters for the same account
- Undefined criteria (If you don’t know their process in terms of VPN, scheduling, etc.)
If you want the lowest account-security risk approach, the safest move isn’t “find the safest booster.” It’s choosing a method that keeps you in control, like duo queue or coaching.
Why Players Look for Elo-Boost net Alternatives
Most players don’t look for alternatives because a site is obviously fake. They look because the trade-offs start to matter once you’re spending real money on a ranked account.
Reasons for switching can include:
- Desire for greater control when it comes to timing, pausing, and preferences.
- Dislike of a minimal dashboard where the only option is “in progress.”
- Desire for better privacy controls, particularly for account sharing.
- Slow order, poor communication, or support which feels like a copy/paste job.
- Preference for a service over the storefront style.
There is also a divide within the boosting market between marketplaces and dedicated services, with greater variety on the one hand and greater consistency on the other. In terms of fewer surprises, dedicated services have a bit of an edge.
The 5 Best Elo-Boost net Alternatives for LoL Boost
Below are five alternatives from the League of Legends competitor pool. These rankings focus on the overall customer journey, not on pretending any option is risk-free.
1) Eloboss (Editor’s Choice) – 9.8/10
Eloboss will be the best pick for those customers who prioritize order management process over the final ranking. As a platform specialized in LoL boost services, it provides users with a more unified workflow compared to marketplaces.
According to the features provided on its website, the key aspects of Eloboss’ value proposition are customization options (order customization, Solo/Duo Queue, privacy add-ons) aimed at enhancing customer control. This is a vital element of the platform since execution method is no less significant in LoL than results of the boosting process.
The reason why Eloboss is the best Elo-Boost net alternative is the perfect balance of aspects. Other platforms either focus on quick delivery but lack personalization or have the opposite approach. Eloboss’ main idea looks like providing customers with certainty in their purchase from the start to the end of the process: configuration at the initial stage, tracking during order execution, and a well-managed process without any user involvement.
Pros
- Dedicated boosting model and centralized order processing
- High level of order customization that allows setting expectations before the first game
- Useful privacy features like offline mode and protection by VPN
- Tracking progress and dashboard experience
- Support for Solo/Duo Queue depends on user preferences
- Transparent checkout and pricing process compared to others
Cons
- Add-ons may increase total cost rapidly
- Customized orders may take some time to process during peaks of demand
2) BoostRoyal – 9.1/10
If you need a fast, efficient process with a minimum of things to change, BoostRoyal is a great choice for you. The ordering process will usually not be complicated, and the service’s character would rather be described as efficient, rather than customizable.
In exchange, Boosters who will have more complex requirements and desire some level of management will not find the service as flexible as leading managed services.
Pros
- Fast-oriented process focused on speedy execution
- Simple ordering that will not confuse anyone
- Well-suited for simple rank achievements without much fuss
- Wide range of support for different games
- Additional features are available for people who like convenience
Cons
- Not as customizable as management oriented services
- Some convenience features are only available via paid upgrade
- Service offers less personalization and more standardization
3) Boosting Factory – 8.5/10
The Boosting Factory is undoubtedly one of the most well-known brands on the market. And when you have brand name recognition, you usually get great store aesthetics and easy ordering.
However, the place where it loses out on the best choice is the level of control offered. If you need a highly customized LoL boosting with specific requirements, the process itself may be perceived as rather transactional.
Pros
- Well-known company with stylish and up-to-date website
- Wide range of services for popular competitive titles
- Smooth checkout process even for new customers
- Great choice for a simple order with default settings
- Availability of support compared to other sites
Cons
- Customization options are not so wide as in premium platforms
- Various bonuses are charged extra
- Transactional feel of the process after ordering
4) Overgear – 7.7/10
Overgear is a combination of the traditional marketplace model, which alters consumer behavior. More options and possibly better prices are available to you, but consistency largely hinges on whom you buy from.
For those who relish making comparisons and looking for an optimal deal, it may work well. However, for consumers who seek the assurance of a single responsible party overseeing their order through to completion, marketplaces do not make them feel safe.
Pros
- Variety of marketplace offers along with many services available
- Prices that may be more competitive due to competition
- Suitable for buyers who compare and choose various offers
- Comprehensive catalog featuring games and service types
Cons
- Quality and customer support may differ among sellers
- Longer time spent on evaluation prior to purchase
- Disputes will take longer to resolve due to lack of accountability
- Unpredictability may be problematic for privacy-minded consumers
5) Eloboost24 – 6.8/10
Eloboost24 can be used for pricing considerations, although it is likely a less reliable choice in terms of customer experience. When opting for Eloboost24, you need to know exactly what you are getting into and read carefully the policy, support features, and level of control you will have when placing an order.
For those seeking a seamless experience of having their order managed, there are better options above to consider.
Pros
- Usually marketed as an affordable service
- Game variety available for those who boost multiple games
Cons
- The platform offers limited order management capabilities
- Little room for customization leaves less control during the delivery process
- Less consistency in orders than other top-rated services
- Not the best choice for those who value transparency
- Poorly integrated into the ordering process
Why Eloboss Is the Best Elo-Boost net Alternative
If you’re moving away from Elo-Boost net, it’s usually because you want a more controlled experience, not because you expect boosting to become “safe” in Riot’s eyes.
If you have the following concerns while placing an Elo-boost net service request then Eloboss can be considered as your ideal service provider:
- Setting up preferences before processing your order, rather than negotiating during the order processing time.
- Having the ability to avail privacy settings such as offline mode and using a secure VPN.
- Being able to track your order progress without having to chase up the customer support team.
- Ensuring a more stable “one responsible team” approach.
If your only priority is the cheapest possible price, a premium managed platform might not be your best fit. If your priority is fewer surprises, Eloboss is easier to justify.
Elo-Boost net vs Eloboss
The two products usually find appeal to the two different buying psychologies.
Elo-Boost net is often viewed in terms of its ability to function as a one-time buy: make your order, get the boost completed and hope for smooth communication.
While Eloboss opts for designing its service to be a managed service. Key differences for the LoL audience:
- Customization: Eloboss provides greater customization possibilities than Elo-Boost net;
- Privacy control mechanisms: such features as an offline option and use of a VPN are a part of the service and are not some additional perks;
- Visibility : better tracking and order management process;
- Risk management options: solo and duo options are available.
If you’re comparing them, the most practical move is to price the same target on both and then decide whether the more managed workflow is worth the difference for your account.
How to Choose the Right LoL Boosting Service
Think carefully about what you optimize for – price, time, privacy or control. You don’t often get all of the above.
Useful checklist:
- Select the fulfillment type first: account sharing versus duo queue versus coaching.
- Examine the refund policy in detail: watch out for not started versus in progress criteria.
- See what’s under your control: scheduling, pauseability, champion selection, role selection.
- Don’t overlook customer support: a live chat or a good ticket system will be essential if something goes wrong.
- Skip over perfect reputations: a realistic review profile is typically better than many 5 star reviews.
In case you want to minimize your account security risk, then duo queue or coaching is clearly the way to go. In case you take account sharing into account, choose platforms that treat privacy and order management as integral parts of their workflow.
Final Verdict
However, Elo-Boost net can be considered a trustworthy website for LoL boosting, and whether this option is best depends on what you are looking for in this service. It may be worthwhile to look further into other criteria aside from prices, like transparency, flexibility, confidentiality, and order management.
In this case, Eloboss stands out as a good alternative owing to its well-organized process and customer orientation.
Business
Vivakor Stock Soars 145% as New Physical Crude Oil Trading Deals Add $289 Million in Annual Revenue

Shares of Vivakor surged 145.16%, or $2.5401, to $4.2701 Tuesday afternoon, as the Dallas-based crude oil transportation and marketing company announced a significant expansion of its commodities trading platform tied to new physical crude oil purchase and sale agreements.
Vivakor said its trading subsidiary, Vivakor Supply & Trading, executed four recurring physical crude oil purchase and sale transactions with two commercial counterparties, according to a company announcement. The new contracts run from August 1, 2026, through July 31, 2027, with month-to-month extensions available after that initial term, and cover the Enterprise Cushing and Enterprise Midland markets, two major U.S. crude oil trading hubs.
A significant expansion in marketed volumes
The new agreements increase Vivakor’s total marketed crude volumes to 300,000 barrels per month, or 3.6 million barrels annually, and are expected to support approximately $24.1 million in monthly commercial activity, translating to roughly $289.2 million on an annualized basis, based on current market pricing. With these additions, Vivakor now maintains recurring commercial trading programs totaling approximately $709 million in annualized activity and 8.1 million barrels of annual marketed volume across its broader trading operations.
The company noted that while the new deals substantially expand its total marketed trading volumes and commercial activity, Vivakor earns only a small percentage of the total contract value as gross profit, reflecting the generally thin margins typical of physical crude oil marketing and trading operations.
Extreme volatility following a recent reverse stock split
Tuesday’s dramatic price swing comes amid an especially turbulent period for Vivakor’s stock. Shares fell sharply late last week following a one-for-20 reverse stock split completed by the company, a corporate action commonly used by companies trading at very low share prices to boost their nominal stock price and maintain compliance with stock exchange listing requirements.
Vivakor’s stock has experienced extraordinary volatility even by the standards of small, thinly traded companies. According to Robinhood, shares traded between a low of $1.60 and a high of $7.47 on Tuesday alone, before settling well below the day’s peak. Trading volume reached approximately 31.54 million shares, dramatically above the stock’s daily average volume of roughly 1.04 million shares, reflecting intense trading activity surrounding Tuesday’s announcement.
A stock under significant pressure this year
Despite Tuesday’s sharp rally, Vivakor’s shares remain down significantly for the year overall. According to Simply Wall St, the stock had fallen approximately 83.6% year-to-date prior to recent trading, reflecting a period of substantial pressure on the company’s valuation heading into this year’s second half.
That earlier weakness had also raised concerns about Vivakor’s continued listing status on the Nasdaq exchange. According to Simply Wall St, the Nasdaq Hearings Panel granted the company’s request for continued listing on the Nasdaq Stock Market in March, contingent on Vivakor regaining compliance with Nasdaq’s $1.00 minimum bid price requirement by April 30. Under Nasdaq’s rules, the company’s closing bid price needed to remain at or above $1.00 for ten consecutive trading days to satisfy that requirement. Following any confirmed reinstatement, Vivakor would be placed under a one-year mandatory panel monitoring period in accordance with standard Nasdaq compliance procedures.
A broader restructuring of the company’s asset base
Beyond the new trading agreements, Vivakor has also been working to reshape its broader business portfolio. The company and Olenox Industries recently amended a letter of intent covering the sale of Vivakor’s CPE Gathering MidCon subsidiary and related Oklahoma midstream assets, in a transaction valued at approximately $36 million, with a revised target closing date of July 31, 2026. Those assets include crude oil gathering, transportation, terminaling and pipeline connectivity infrastructure within the STACK region of Oklahoma, and completing the sale would materially reshape Vivakor’s overall midstream business footprint.
About Vivakor’s core operations
Vivakor operates as an integrated provider of crude oil transportation, terminaling, storage, reuse and remediation services, according to CNBC. The company’s operations are organized across three primary segments: Crude Oil Transportation, which includes trucking and pipeline operations along with a crude oil gathering and shuttle system; Terminaling and Storage Facilities, encompassing ten crude oil pipeline injection truck stations and two major terminaling facilities; and Marketing and Trading, which handles the purchase, sale and distribution of crude oil, condensate and related petroleum products.
A history of volatile trading activity
Vivakor’s stock has a documented history of sharp price swings tied to company-specific news, including a prior crude oil transaction announcement that triggered an 10.92% single-day decline, according to StockTitan, illustrating how sensitive the thinly traded stock remains to individual corporate announcements, even those framed as positive business developments.
With Tuesday’s new crude oil trading agreements set to begin generating revenue starting August 1, investors are likely to continue closely watching Vivakor’s execution on both its expanded trading platform and its pending Oklahoma asset sale to Olenox Industries, expected to close by the end of this month. Given the stock’s history of extreme volatility, particularly in the aftermath of its recent reverse stock split, Vivakor shares are likely to remain a closely watched, high-risk name among investors tracking smaller energy-sector companies through the remainder of the summer.
Business
IMAX CEO calls ‘The Odyssey’ debut a ‘frenzy’ after $124M box office debut
IMAX CEO Rich Gelfond discusses the record-breaking theatrical debut of the Christopher Nolan film on ‘The Claman Countdown.’
IMAX CEO Rich Gelfond described the success of Christopher Nolan’s action epic “The Odyssey” as a “frenzy” while discussing his record-breaking blockbuster weekend debut on “The Claman Countdown.”
“The Odyssey,” directed by the renowned Christopher Nolan, stunned box offices over the weekend after its Friday debut, raking in more than $124 million in ticket sales.
“They always say, ‘Does the movie have legs? We’ll find out.’ We’ve already found out the movie has legs,” Gelfond said Tuesday.

IMAX CEO Rich Gelfond visits FOX Business Network’s “The Claman Countdown” at Fox Business Network Studios on July 21, 2026 in New York City. (John Lamparski/Getty Images / Getty Images)
The nearly three-hour action epic is adapted from Homer’s 3,000-year-old poem “The Odyssey” and was filmed exclusively on IMAX 70mm film cameras.
“Chris Nolan made a brilliant movie, and without the brilliant movie there wouldn’t be anything,” Gelfond said. “But I think IMAX has been like a booster to that movie.”
Gelfond said the doorbuster movie sold out both late night and early morning show times with moviegoers racing to watch the film’s A-list cast, including Matt Damon, and Zendaya, on the big screen.
MATT DAMON REFUSES TO PUT BODY IN ‘DANGEROUS’ SITUATIONS FOR HOLLYWOOD ROLES AFTER TURNING 50

Charlize Theron, Samantha Morton, John Leguizamo, Tom Holland, Matt Damon, Anne Hathaway, Lupita Nyong’o, and Zendaya attend the premiere of “The Odyssey” presented by Universal Pictures on July 14, 2026 in New York City. (Photo by Mike Coppola/Getty (Mike Coppola/Getty Images for Universal Pictures / Getty Images)
“What showing times were sold out?” FOX Business host Liz Claman asked.
“Midnights, 3 a.m., 6 a.ms. People I haven’t heard from in years are saying, ‘Remember me? I’m in town. Call to say hello. By the way, do you happen to have an extra pair of tickets?’” Gelfond said. “It’s really, it’s a frenzy. There’s no other word to put it.”
The movie giant CEO said the film’s quick success is “crazy and gratifying,” telling FOX Business about the call from Nolan that started it all.
CHRISTOPHER NOLAN CONFIRMS BIZARRE ‘THE ODYSSEY’ CASTING CHOICES INCLUDING RAPPER TRAVIS SCOTT

Newly renovated theater at Regal Oviedo, where “A Minecraft Movie” is showing. (Pilar Arias / Fox News)
“Chris called me over a year ago in February 2024, and he said, ‘I want to make a whole film in IMAX, but the camera is not quiet enough. It’s not wide enough. I need more projectionists,’” Gelfond explained. “He gave us a list of 10 to 15 things. And he said, ‘I need these done, then I’ll make a movie all in IMAX.’”
“We met the challenge. And it wasn’t easy to do and it took a lot of resources, but it worked. And obviously, the financial results and esthetic results speak for themselves.”
Gelfond expects “The Odyssey” to increase demand for IMAX films.
More than 2 million feet of IMAX film was used to make “The Odyssey” and Gelfond predicts the movie will bring more traction for his movie screen giant.
With only 41 70mm screens in the world, Claman questioned Gelfond about whether the company is looking to expand IMAX theaters.
IMAX CEO Rich Gelfond discusses the diversity of films nominated for 2026 Academy Awards, Paramount’s acquisition of Warner Bros. Pictures and more on ‘The Claman Countdown.’
The CEO said the screens, which take as much production care as a luxury vehicle, are hard to expand in large numbers.
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“A lot of the parts are out of use,” Gelfond told FOX Business.
“It’s almost like a Rolls-Royce. The parts, the economic model… So there are limited locations where the economics could work, but we’re always looking for new ideas and building it out.”
Business
AAR Q4 FY26 slides: 26% sales growth, margins expand despite acquisitions

AAR Q4 FY26 slides: 26% sales growth, margins expand despite acquisitions
Business
Novo Nordisk sues Eli Lilly over weight-loss drug comparison ads
Check out what’s clicking on FoxBusiness.com.
Novo Nordisk sued Eli Lilly on Tuesday, accusing its rival of misleading consumers by claiming Lilly’s drugs work better than Novo’s competing treatments.
The lawsuit, filed in federal court in New Jersey, argues that Lilly’s ads for Zepbound and Mounjaro compared the highest doses of its drugs with lower doses of Novo’s Wegovy and Ozempic. Novo said the ads rely on “outdated” trial data, according to Reuters.
“The ads are maliciously and deceptively false because Lilly knowingly cites outdated clinical trials that compare the highest doses of the Lilly medicines to lower doses of Novo Nordisk’s medicines,” Novo said in its complaint.
TOM BRADY TEAMS WITH DIGITAL HEALTH FIRM EMED TO EXPAND GLP-1 WEIGHT LOSS MEDICATION ACCESS

A photo illustration shows an Ozempic injection pen in London on June 17, 2026. The lawsuit argues that Lilly’s ads for Zepbound and Mounjaro compared the highest doses of its drugs with lower doses of Novo’s Wegovy and Ozempic. (Peter Dazeley/Getty Images / Getty Images)
Meanwhile, Lilly rejected the claims and said its ads are based on its SURMOUNT-5 trial, completed in 2024, which compared patients taking 10 mg or 15 mg of Zepbound with those taking 1.7 mg or 2.4 mg of Wegovy.
The FDA approved a higher 7.2 mg dose of Wegovy in March, Reuters reported.
“The gold standard for comparing medicines is a robustly designed, well-conducted head-to-head clinical trial — like SURMOUNT-5, which remains the only head-to-head, randomized clinical trial directly comparing tirzepatide and semaglutide in weight management,” a Lilly spokesperson told FOX Business in an email.

A photo illustration shows a Zepbound injection pen and instruction sheet on a white background. Lilly rejected the claims and said its ads are based on its SURMOUNT-5 trial, completed in 2024. (Michael Siluk/UCG/Universal Images Group via Getty Images / Getty Images)
“Rather than compete on the merits of its products, Novo is asking a court to stop Lilly from communicating the results of that trial. We stand firmly behind our advertising,” the spokesperson added. “It is truthful, it is transparent, and it is grounded in the most direct scientific evidence available — exactly what patients deserve. We will continue to focus on the science and defend against this lawsuit vigorously.”
Novo is asking the court to order Lilly to remove the ads and run corrective advertising. It is also seeking damages tied to any profits Lilly may have earned from the campaign.
The two companies are competing for control of the fast-growing obesity drug market in the U.S., which analysts say could be worth more than $100 billion by the end of the decade, according to Reuters.
TARGET BEEFS UP PROTEIN, SUPPLEMENT OFFERINGS, CAPITALIZING ON WEIGHT LOSS DRUG TREND

A photo illustration shows weight-loss injection pens resting on a scale that reads 176.8 pounds. The two companies are competing for control of the fast-growing obesity drug market in the U.S. (Michael Siluk/UCG/Universal Images Group via Getty Images / Getty Images)
Novo said it sent Lilly a cease-and-desist letter in April but received no response.
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The company also said Lilly’s revised ads have been shown more than 700 million times since late April.
Novo Nordisk could not immediately be reached by FOX Business for comment.
Reuters contributed to this report.
Business
‘It’s frustrating’ – Canadians react to new US tariffs
US President Donald Trump has imposed a 50% tariff on a wide range of goods imported from Canada, in retaliation for what he called “unequal treatment” of US cars, dairy and alcohol.
The BBC spoke to Canadians in Montreal from across the country about their concerns over the new tariffs.
Video by Eloise Alanna
Business
LARRY KUDLOW: For Republicans, where’s the big bang tax and spending pro-growth budget package?
There’s no doubt that the Chuck Schumer, Hakeem Jeffries, DSA, socialist Democrats want to stop every budget item on the GOP list. And it’s a pretty fair chance that their goal is a government shutdown at the end of September, which they believe will damage the economy and reelect democratic majorities in the midterms.
They’re going to be wrong about that just like they are so wrong on every other policy question. And therefore, it’s understandable that Republicans in Congress are scrambling either to get a continuing resolution or a 3.0 budget reconciliation to get some important work done, including funding the military and the voter identification bill, and other priorities.
But, and here’s the big but, what’s being discussed is not a good budget strategy. Specifically it lacks progrowth tax reform and spending cuts. Offsets in spending, known on Capitol Hill as “pay fors,” are important.
The White House wants to sprinkle foreign spending assistance, well ok, let them pay for it. After all the work done by the Medicare chief, Mehmet Oz, and Vice President Vance on waste, fraud, and corruption for the whole healthcare Medicaid complex, where are the budget cutting results that will show genuine change to drain the swamp at Washington?
Or on the tax front, inflation has gone up 108 percent in the last nearly 30 years. Why aren’t they adjusting the capital gains exemption at least on the sale of homes, or why aren’t they inflation-indexing the capital gains tax, again at least on the sale of homes. Why should middle-class home owners have to be taxed on President Biden’s inflation? Or the Covid inflation?
Without budget reforms and tax reforms and a growthier approach to fiscal policy, even the best-intentioned Republicans are not going to have a Big Bang budget package that would generate serious interest from the grass roots come November. For Republicans, where’s the Big Bang tax and spending pro-growth budget package?
Business
Bigger crash ahead? JPMorgan CEO Dimon says he won’t buy stocks at current prices, says markets underestimating risks
“I do think those risks are probably bigger than other people think,” Dimon said during an interview with Wilfred Frost, highlighting the wars in Ukraine and Middle East, along with rising tensions between US-China, leading to rising military spending at a time when government deficits are escalating.
When asked if markets are underpricing the chance of a major shock ahead, the JPMorgan CEO said it is difficult to know exactly what risks are already reflected in asset prices. “It is possible something is baked in, but what is not baked in is what actually happens,” he said during the interview.
He however acknowledged that the global economy has become more resilient because of a lower energy dependence than in previous decades. However, that does not completely wipe off the possibility of a sudden inflection point following the previous selloff seen this year, according to Dimon.
Would Jamie Dimon consider buying some stocks?
For the stock market, Dimon said he would consider an individual stock if it was “a great investment,” but he would not be a buyer of the broader market at current valuations. He also will not be a buyer of US Treasury bonds right now.
Dimon also raised worries about the massive AI spending by hyperscalers. “The amount of money being spent is huge. Will it in total pay off? Probably, just like the internet did,” he said during the interview. “Will it pay off the way you expect and the timetable you expect? Definitely not,” Dimon said.
Also read | Warren Buffett admits to a rare mistake with these 2 big tech stock bets
This comes as oil prices jumped after the fragile ceasefire between Iran and the US broke down as the countries exchanged strikes. Yemen’s Iran-aligned Houthis on Monday said that they would impose a naval blockade on Saudi Arabia, opening a potential new front against the US in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf.Goldman Sachs in its recent note warned that Brent crude could surge to $120 per barrel if disruptions through the Strait of Hormuz persist, even as its base case assumes an eventual easing of tensions in the Middle East.
JPMorgan last week reported a stellar set of earnings, posting its highest profit in history by a US bank.
Also read | South Korea’s Kospi jumps 4% after 31% crash from June peak. What’s ahead?
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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