EU to step up foreign subsidy probes, antitrust chief says

Last week, the Reserve Bank of Australia surprised markets by holding interest rates steady at 3.85%, which dampened consumer sentiment, causing the Westpac-Melbourne Institute index to rise only 0.6% to 93.1 in July. Despite a positive outlook for family finances and a slight increase in economic confidence, consumers remain cautious and uncertain about the future direction of the economy. Explain It To Me Like I'm 5: Australian consumers feel mixed emotions after the Reserve Bank...

Seattle's Cal Raleigh won his first All-Star Home Run Derby, defeating Tampa Bay's Junior Caminero 18-15, after entering the break with a league-leading 38 home runs. Raleigh, the first switch-hitter and catcher to win the title, advanced through a tiebreaker over Brent Rooker and was pitched to by his father, while notable competitors included Pittsburgh's Oneil Cruz and Minnesota's Byron Buxton. Explain It To Me Like I'm 5: Seattle's Cal Raleigh won the Home Run...

One of Hungary’s wealthiest individuals, István Tiborcz, the son-in-law of Prime Minister Viktor Orbán, faces scrutiny over his rapid wealth accumulation amid allegations of cronyism and political favoritism. Despite denying political involvement and claiming his business success is independent, Tiborcz's lucrative ventures, particularly in real estate and tourism, have drawn parallels to U.S. figures like Jared Kushner, reflecting a growing discontent among Hungarians over elite wealth. Explain It To Me Like I'm 5: Hungarian Businessman...

James Litinsky's $100 million investment in distressed debt of MP Materials has paid off significantly as the company gained prominence in the U.S. strategy to counter China's dominance in critical minerals, leading to a 48% surge in shares after the Pentagon's $400 million equity stake and output purchase agreement. This unusual partnership highlights a strategic shift in U.S. industrial policy aimed at enhancing domestic supply chains for essential rare earth elements used in defense and...

In anticipation of the Grand Egyptian Museum's opening, souvenir shop owners like Mona have faced significant financial losses due to repeated delays, now pushed to the end of the year, affecting tourism hopes in Cairo. Despite parts of the museum being open, local businesses are struggling, with the tourism sector still recovering from past crises and economic challenges. Explain It To Me Like I'm 5: In Egypt, a lady named Mona who sells souvenirs is...

Nine people were killed and dozens injured in a five-alarm fire at the Gabriel House assisted-living facility in Fall River, Massachusetts. Firefighters faced significant challenges in rescuing residents, many of whom were immobile, and the cause of the fire is under investigation, though it is not deemed suspicious. Explain It To Me Like I'm 5: A devastating five-alarm fire at an assisted-living facility in Fall River, Massachusetts, resulted in nine fatalities and numerous injuries, highlighting...