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The VLCC Mobassa B (previously named Front Forth), one of the two tankers which the UAE defence ministry said was struck by Iranian cruise missiles while transiting the Strait of Hormuz, in Rotterdam, Netherlands, August 18, 2024, in this picture obtained by Reuters on July 14, 2026.Edwin van Werd | via ReutersOil prices rose Thursday after a tanker was struck by an unknown projectile off Saudi Arabia and as U.S. President Donald Trump threatened to bomb Iranian infrastructure.The United Kingdom Maritime Trade Operations on Thursday Asia time posted on social media platform X that a tanker was hit around 70…

High street banks and building societies have been battling it out with challenger banks such as Monzo and Starling, but Nationwide is fighting back by leveraging traditional roots with more presence on the high street as it pledges to open more branches with customer facing services.Plus, its attractive Fairer Share scheme, which has consistently paid a £100 bonus to loyal customers for four years and shares profits with members, is popular.You’ve more than likely seen the Nationwide adverts of Dominic West playing the pompous and out-of-touch chief executive of A.N.Y. Bank. Try 6 free issues of MoneyWeek today Get unparalleled…

Foreign ministers from major powers join their counterparts from Southeast Asia on July 23 at the ASEAN Regional Forum, part of the bloc’s annual Foreign Ministers’ Meeting, in Manila. © ReutersMAI NGUYEN and RAMON ROYANDOYANJuly 23, 2026 13:25 JSTUpdated on July 23, 2026 15:28 JSTMANILA — Foreign ministers from major powers joined their Southeast Asian counterparts in Manila on Thursday for talks on maritime and cyber security and broader threats, as the region confronts geopolitical tensions, the Middle East energy crisis and the growing scourge of online scams.

An F/A-18F Super Hornet, attached to Strike Fighter Squadron (VFA) 41, prepares to launch from the flight deck of Nimitz-class aircraft carrier USS Abraham Lincoln (CVN 72).Courtesy: U.S. NavyA ramp-up in fighting between the U.S. and Iran over the weekend has left Wall Street reconsidering its expectations for the war’s economic impact.The U.S. completed its 10th straight night of strikes against Iran on Monday, after the Houthis in Yemen declared a maritime embargo against Saudi Arabia. This comes after a third service member died amid recent fighting that could mean the war is entering a longer-term and deadlier era. President…

Alphabet made history Wednesday with a quarterly profit that stretched into 12 figures for the first time in the search giant’s history—and perhaps for the first time in any company’s history. Alphabet, the parent company of Google, grew its bottom line by 298% year-over-year in the second quarter, totaling an astounding $112.1 billion in net income. That’s more profit in three months than 459 of the Fortune 500 companies generate in top line revenue in a full year.What gives? Alphabet’s Q2 revenue increased by a very impressive 24%, to $119.8 billion, with the Google Cloud business reaching an 82% growth…

Revolut has hit a $115bn valuation as it carries out a secondary share sale for employees, according to reports.The fintech giant’s secondaries sale will value each share at $2,017, according to an internal message to staff seen by Bloomberg.A Revolut spokesperson said: “We can confirm that a secondary share sale process is underway. As is standard, we won’t comment on the details while the process is ongoing, and we’ll provide an update once it has completed.”The confirmation follows previous reports that the financial superapp was weighing a share sale for the second half of this year around $100bn.This valuation brings…

Fresh insights AI: putting a halt on some deals. Source: Getty AI deal killers AI’s potential threat to portfolio company value is, in some cases, severe enough to kill deals. That’s according to Tobias Haefele, founder of AI advisory firm Riplo and former AI adviser to Hg, who tells Side Letter that at least one fund client has “walked away” from a deal because they weren’t comfortable following an analysis of its potential to be disrupted.

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The Total Portfolio Approach (TPA) is fast becoming the framework of choice among the world’s most sophisticated institutional investors – from CPP Investments to GIC to New Zealand Super. The idea is elegant: rather than managing allocations by asset class, investors target factor exposures directly, allowing opportunities across listed and private markets to compete on equal terms.

Alphabet shares fell Wednesday evening after the Google parent reported good, but not great second-quarter results. While artificial intelligence adoption is boosting top-line growth, it’s also driving higher levels of capital spending. And that doesn’t seem to be changing any time soon. Revenue in the second quarter increased 24% year over year to $119.8 billion, well ahead of the $116.9 billion expected, according to LSEG data. Earnings per share came in at $9.11. That’s way above the LSEG-compiled consensus estimate of $2.89. However, the result included a massive ($99 billion) contribution from equity investment gains, driven by its SpaceX and…