Luxury Retailer Emerges from Bankruptcy with New Name
The parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman has officially exited Chapter 11 bankruptcy protection. The company, previously known as Saks Global, announced Friday that it will now operate under the name Exemplar Luxury Group. The restructuring resulted in a nearly 75% reduction in debt and secured $500 million in additional financing. CEO Geoffroy van Raemdonck said the company is ready to move forward, noting that the new name reflects the organization’s commitment to delivering exceptional shopping experiences — from high-end merchandise to personalized customer service — supported by its sales team and an extensive database of customer information.
Trump Threatens 100% Tariff on Countries Taxing U.S. Digital Services
President Donald Trump is warning that any country imposing taxes on digital services provided by American companies will face a 100% tariff on all goods exported to the United States. In a Friday social media post, Trump called out European nations he said are moving toward “imminent” implementation of such taxes. “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,” Trump wrote.
Former Meta Executive Sues Company Over Memoir Suppression
A former executive at Meta has taken the company to court, alleging it tried to “silence” her after she published a memoir titled “Careless People” — a tell-all account of her time at the social media company. The lawsuit, filed Thursday in federal court in Northern California, argues that a private arbitration order barring her from discussing Meta or promoting her bestselling book is not legally valid. The suit also contends that the severance agreement she signed upon leaving the company was executed under duress.
OpenAI Restricts New AI Model at Trump Administration’s Request
OpenAI has limited access to its newest artificial intelligence model, GPT-5.6 Sol, following a request from President Donald Trump’s administration. Currently, only a small group of government-approved partners can use the model. The company said Friday the restriction is temporary, with broader availability expected in the coming weeks. The move comes after rival AI firm Anthropic was directed to take two of its models offline under a Trump directive. Concerns about AI tools being exploited by hackers have grown in recent months. Earlier in June, Trump signed an executive order aimed at reviewing national security risks tied to artificial intelligence.
Wall Street Mostly Up, but AI Stock Slump Drags Down the Week
U.S. stock markets ended Friday on a mostly positive note as oil prices retreated to pre-war levels with Iran, but weakness in artificial intelligence stocks weighed on overall performance. The S&P 500 finished the day nearly unchanged, slipping less than 0.1% — marking just its second losing week out of the past 13. The Dow Jones Industrial Average dropped 0.1%, while the Nasdaq composite fell 0.2%. Markets in South Korea and Japan saw sharp early declines tied to struggles among major AI stocks. Bond market Treasury yields also eased during the session.
Supreme Court Blocks Thousands of Roundup Cancer Lawsuits
The U.S. Supreme Court ruled Thursday in favor of the manufacturer of Roundup weedkiller, effectively halting thousands of lawsuits that claimed the company failed to warn consumers the product could cause cancer. The decision is considered a win for the Trump administration, though it may strain relationships with allied nations seeking stricter pesticide regulations. The court found that federal regulatory findings — which determined a cancer connection was unlikely — shield the company from lawsuits filed under state law. Roundup maker Bayer has disputed the cancer allegations but has set aside billions of dollars to settle existing cases. Bayer called the ruling a positive outcome for science and agriculture, while attorneys representing affected individuals said the decision “wrongly slams the courthouse door on Americans sickened by pesticides.”
Apple Raises Mac and iPad Prices, Cites Memory Chip Shortage
Apple announced Thursday that it is increasing the prices of its Mac computers and iPad tablets, pointing to a shortage of memory chips driven by surging demand from the artificial intelligence industry. The Cupertino, California-based company described the situation as an “unprecedented challenge” for the consumer electronics sector. Among the new prices: the entry-level MacBook Neo will now cost $699, up from $599; the 512 gigabyte MacBook Air rises to $1,299 from $1,099; and the one terabyte MacBook Pro climbs to $1,999 from $1,699. On the tablet side, the 128 gigabyte iPad Air now runs $749, up from $599, while the 256 gigabyte iPad Pro Wi-Fi version is now $1,199, up from $999. Industry analysts anticipate iPhone prices could also increase later this year.
Billionaire Investor Subpoenaed After Refusing to Answer Epstein Questions
The House Oversight Committee has issued subpoenas to billionaire investor Leon Black following a contentious voluntary interview Friday about his financial ties to Jeffrey Epstein. Black, who formerly served as chief executive of Apollo Global Management, paid Epstein $158 million between 2012 and 2017 for tax and estate planning services. In his opening remarks, Black denied any criminal wrongdoing and said he was misled by Epstein. However, lawmakers said Black declined to answer certain questions during the session, including those related to non-disclosure agreements. The committee issued subpoenas requiring Black to hand over documents and testify under oath in July.
JPMorgan Chase Names Two New Co-Presidents in Leadership Shakeup
JPMorgan Chase has elevated Doug Petno and Troy Rohrbaugh to co-presidents, positioning both as potential future successors to longtime CEO Jamie Dimon. The move comes as Marianne Lake, previously seen as a leading contender for the top role, announced she will retire at the end of the year. The bank’s board appears to be leaning toward its commercial and investment banking divisions for future leadership. Petno has served in advisory roles, while Rohrbaugh’s background is in trading. Dimon, who has led the nation’s largest bank since 2006, has dealt with health challenges but has indicated he intends to remain in his role.
California Governor Pushes National Billionaires Tax While Opposing State Version
California Gov. Gavin Newsom is advocating for a federal “billionaires’ tax” and is calling for the U.S. government to hold ownership stakes in artificial intelligence companies. Newsom argues that swift action is needed to prevent extreme wealth concentration from threatening democracy. His proposal would establish a minimum tax on individuals with a net worth exceeding $100 million and would close a loophole allowing the ultra-wealthy to borrow against stock holdings without paying taxes. Newsom’s stance aligns him with the progressive wing of his party as he weighs a potential 2028 presidential campaign. Notably, he is simultaneously opposing a similar measure at the state level in California, arguing that a federal approach is more effective since it would prevent billionaires from simply relocating to other states to avoid the tax.
