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Fertitta Entertainment announced it will acquire Caesars Entertainment in an all-cash transaction valued at approximately $17.6 billion. The deal includes the assumption of about $11.9 billion in outstanding debt from Caesars. This acquisition consolidates significant gaming and hospitality assets under Fertitta's ownership.

• Total transaction value of $17.6 billion includes assumption of $11.9 billion in Caesars' existing debt
• The deal is structured as an all-cash transaction
• Caesars operates major casino properties including the iconic Caesars Palace on the Las Vegas Strip

Best Buy reported first fiscal quarter results that exceeded Wall Street expectations on both revenue and earnings, with comparable sales growing 2% year-over-year. The results come as the electronics retailer works to reverse a prolonged sales slump and prepares for a CEO transition, with Jason Bonfig set to replace Corie Barry in fall 2025. The company reaffirmed its full-year guidance despite ongoing challenges from tariffs and softening consumer demand.

• Revenue reached $8.94 billion versus $8.83 billion expected, with net income of $276 million ($1.31 per share) for the quarter ended May 2
• Gaming, computing, mobile phones and services drove growth, partially offset by declining appliance sales; the company is expanding higher-margin businesses like Best Buy Ads and Marketplace
• CEO Corie Barry will step down later this year, with Jason Bonfig taking over on November 1 as part of efforts to accelerate business growth amid consumer spending divergence between income levels

IBM announced plans to invest more than $10 billion over the next five years to develop the first large-scale fault-tolerant quantum computer by 2029, according to an SEC filing released Thursday. This represents a major commitment by IBM to advance quantum computing technology from experimental to commercially viable systems.

• The $10 billion investment will be deployed over five years with a target completion date of 2029
• The goal is to deliver the first 'large-scale fault-tolerant' quantum computer, marking a significant milestone in quantum computing capability
• The commitment was disclosed in an SEC filing, indicating the investment's materiality to IBM's business strategy

CVS Health announced it will restore coverage of Eli Lilly's weight-loss drug Zepbound to some of its drug lists starting October 1, after removing it from coverage in July of the previous year. The pharmacy benefit manager had previously favored rival Novo Nordisk's Wegovy after negotiating better pricing. The move aims to provide employers and health plans with more affordable access to GLP-1 weight-loss treatments.

• CVS Caremark dropped Zepbound from coverage on July 1 last year while continuing to reimburse Novo Nordisk's Wegovy after securing more favorable pricing from the Danish drugmaker
• CVS will also remove the new-to-market block on Lilly's oral obesity pill Foundayo effective June 1, allowing earlier coverage where approved by health plans
• High prices of GLP-1 drugs have led many employers and health plans to limit or discontinue coverage for weight-loss use, prompting CVS to negotiate with manufacturers on affordability

Dollar Tree raised its annual profit forecast on Thursday, driven by strong demand from budget-conscious shoppers seeking affordable essentials amid rising living costs and the company's cost-cutting initiatives. The discount retailer is benefiting from higher gasoline prices linked to geopolitical tensions that are pushing consumers to prioritize value, along with improved store layouts and product selection.

• The company forecast fiscal 2026 adjusted earnings per share, excluding approximately $110 million in tariff refunds received through May 26
• Rising gasoline prices due to the war in Iran have increased cost of living pressures, driving customers to dollar-store chains for value
• Dollar Tree's performance is being boosted by updated store layouts, better product selection, and stronger seasonal displays

Hormel Foods exceeded second-quarter sales and profit estimates, driven by strong demand for its chicken and turkey products. The company reported revenue of $2.97 billion for the quarter ended April 26, surpassing analyst expectations of $2.95 billion. Adjusted net income came in at 40 cents per share.

• Revenue reached $2.97 billion, beating the analyst consensus estimate of $2.95 billion
• Strong performance was attributed to high demand for protein-rich foods, particularly chicken and turkey products
• Adjusted net income of 40 cents per share was reported for the quarter ended April 26

The U.S. and Mexico have begun formal negotiations to revise the USMCA trade agreement, with Washington demanding stronger regional content rules including a U.S.-specific minimum content requirement for vehicles built in Mexico. The talks, running through late July and excluding Canada initially, aim to boost U.S. manufacturing amid the Trump administration's 25% tariffs on autos and 50% tariffs on steel that have ended duty-free North American trade.

• The U.S. is proposing new automotive rules requiring a specific minimum percentage of U.S. content in Mexican-built vehicles, a significant shift from current USMCA rules that require 40-45% of vehicle value from higher-wage North American factories
• USTR negotiators are pushing for 'melted and poured' steel requirements for preferential tariff treatment and want Mexico to match U.S. tariffs on steel imports from outside North America to reduce Chinese steel components entering the region
• The negotiations cover nearly $1.6 trillion in annual trilateral trade, with the U.S. maintaining tariffs on Mexican and Canadian goods but potentially at preferential rates compared to other countries

A Reuters investigation reveals that Tesla's Full Self-Driving technology continues to struggle with basic driving tasks, while the company uses flawed statistical methodology to claim FSD is up to 10 times safer than human drivers. Former Tesla employees who train the AI system report regularly seeing dangerous failures and say they wouldn't trust the technology, contradicting CEO Elon Musk's promises of imminent full autonomy that underpin the company's $1.6 trillion valuation.

• Tesla inflates safety claims by comparing airbag-deployment crashes in its vehicles to all tow-truck crashes in federal data (a far less severe standard), and by comparing 4-year-old Teslas to 12-year-old average U.S. vehicles. Using valid comparisons reduces Tesla's safety advantage from '10 times safer' to roughly 3 times, though other methodology flaws cast doubt on any superiority.
• Nine former data labelers and engineers report FSD regularly fails at basic tasks like stopping for school buses, emergency vehicles, and pedestrians in crosswalks. Video footage reviewed by staff showed FSD-piloted vehicles hitting animals without braking, speeding 20-30 mph over limits, and nearly striking children and construction workers.
• Before public robotaxi launches in Austin and at Warner Bros. studio, Tesla spent months extensively mapping routes and training software on specific hazards—contradicting Musk's claims that the system works anywhere without local mapping. Nearly a year after Austin's launch, Tesla operates only about 50 robotaxis in a limited zone, far short of Musk's prediction to serve half the U.S. population by end of 2025.

GSK's experimental hepatitis B drug bepirovirsen achieved a functional cure in 19% of patients across two late-stage studies, offering a six-month treatment alternative to lifelong antiviral therapy. The drug is central to GSK's goal of reaching over £40 billion in annual revenue by 2031, with expected peak sales exceeding £2 billion. U.S. regulatory decision is expected by October 26, 2025.

• Functional cure rate reached 19% overall for patients with surface antigen levels at or below 3,000 IU/ml, and 26% for those at or below 1,000 IU/ml, exceeding analyst expectations of 15-20%
• Over 250 million people globally have chronic hepatitis B, but current standard treatments achieve sustained viral clearance in only 1-4% of patients, making this a significant unmet need
• The drug requires only six months of injections compared to lifelong daily pills, with side effects primarily limited to mild injection-site reactions

Deutsche Bank investors called for strict cost discipline and improved efficiency at the bank's annual meeting, its first in-person gathering since 2019. The demand comes after one of the bank's strongest performances in recent years following recovery from multiple crises. Major shareholders opposed increasing the chairman's compensation, emphasizing profitability over growth.

• Union Investment's portfolio manager stressed that maintaining cost control reduces dependence on macroeconomic conditions
• Deka Investment representative emphasized that 'profitability is even more important' than growth for the bank's future
• Both major investors announced they would vote against raising the bank chairman's pay amid calls for financial discipline

Boeing CEO Kelly Ortberg confirmed that China's commitment to purchase 200 Boeing jets during President Trump's recent visit is an 'initial tranche' of a potentially larger deal that will be finalized later this year. The agreement reopens China's narrowbody aircraft market to Boeing after nearly a decade-long freeze due to U.S.-China trade tensions. China may eventually commit to 300-500 additional jets, potentially totaling up to 700 aircraft, contingent on Boeing's ability to supply critical spare parts.

• The 200-jet deal was smaller than the 500-plane package investors had anticipated, but Boeing views it as a successful market reopening after Chinese airlines averaged only 6 orders per year since 2017, down from 127 annually between 2005-2017
• Additional purchases of 300-500 jets are contingent on Boeing fulfilling obligations to supply spare parts for existing Chinese fleet, with the U.S. providing supply guarantees for aircraft engine parts and components
• The jets will primarily be distributed among China's three state-owned carriers (Air China, China Eastern, and China Southern), with firm orders to be negotiated airline-by-airline after government allocation

French oil major TotalEnergies has filed for authorization of a 1.5 gigawatt offshore wind project in Normandy, representing a €4.5 billion ($5.2 billion) investment. The project marks a significant renewable energy expansion for the oil company and is expected to create thousands of jobs during its construction phase.

• The offshore wind project has a capacity of 1.5 gigawatts and requires €4.5 billion in capital investment
• Construction phase will last three years and employ up to 2,500 people
• The project awaits regulatory authorization before proceeding with development in Normandy

The UK government plans to block Indian billionaire Sunil Bharti Mittal from increasing his stake in BT Group, citing the need to maintain sovereign control over critical national infrastructure, according to an FT report. Bharti Enterprises currently holds a 24.95% stake in the British telecoms group and had been exploring potentially raising that position. The move reflects government concerns over foreign ownership of strategically important UK assets.

• Bharti Enterprises currently holds 24.95% of BT and was reportedly seeking to increase its stake to just below the threshold that would trigger a mandatory takeover offer
• Mittal and Bharti Airtel's Gopal Vittal joined BT's board as non-independent non-executive directors in September
• The UK government's opposition is based on maintaining control over what it considers critical national infrastructure in the telecommunications sector

Chinese electric vehicle maker Nio's U.S.-listed stock surged 9% Wednesday after launching its ES9 flagship SUV, the company's first flagship model in over two years. The ES9 starts at 488,000 yuan with deliveries beginning Thursday, significantly lower than the 800,000 yuan starting price of Nio's previous flagship ET9 sedan, reflecting intense price competition in China's EV market.

• The ES9 features advanced driver-assist systems, premium passenger amenities including unfolding tables and an in-car water boiler, and 'smart safety' systems demonstrated via a CCTV-livestreamed crash test
• Nio secured CATL CEO Robin Zeng as a brand promoter, who confirmed approximately 2,000 of his employees have purchased Nio vehicles, lending credibility from the battery industry giant
• Nio delivered 83,465 vehicles in Q1 2025 (nearly double year-over-year but down 33% from Q4), facing intensifying competition from Tesla's Model Y, Xiaomi's 215,900 yuan entry, and Audi's new 289,800 yuan E7X launching Friday

The Consumer Financial Protection Bureau (CFPB) announced it will relocate approximately 450 employees from regional offices in San Francisco, Atlanta, Chicago, and New York to Washington headquarters later this year, ending remote work arrangements. This move is expected to accelerate resignations at the agency, which has already lost about a third of its 1,700-person workforce since the Trump administration called for its abolition. The decision represents the latest effort to weaken or eliminate the consumer watchdog agency created by Congress in 2010.

• All staff working more than 50 miles from headquarters and those at former regional offices must report to the new Washington location beginning August 31, with headquarters staff required in-office five days per week starting in July
• The CFPB has already lost roughly 565 employees (one-third of its workforce) since last year, and the administration is seeking court permission to dismiss about half of the remaining workers
• The Trump administration seized the CFPB's prominent White House-adjacent headquarters in February and is now using it partly as office space for OMB Director Russell Vought, who also serves as acting CFPB director

Nvidia CEO Jensen Huang has agreed to join the advisory board of Tsinghua University's School of Economics and Management in Beijing, according to the Financial Times. The move comes after Huang accompanied U.S. President Donald Trump on a trip to China. Apple CEO Tim Cook currently chairs the advisory board.

• Huang's appointment follows his participation in President Trump's visit to China in May 2026
• The advisory board is chaired by Apple CEO Tim Cook, indicating high-level tech industry engagement with the Chinese university
• Neither Nvidia nor Tsinghua University immediately responded to requests for comment to verify the report

U.S. crude oil prices rose more than $1 per barrel on Thursday, climbing above $90, following a U.S. military strike on an Iranian military site. The strike occurred while peace talks between Washington and Tehran were underway, creating uncertainty in global energy markets.

• West Texas Intermediate crude futures increased $1.42 (1.6%) to $90.10 per barrel by 2328 GMT
• The price surge followed a 5.55% decline in the previous trading session
• The U.S. military action against Iran occurred during ongoing diplomatic peace negotiations between the two nations

Iowa-based seed company Latham Quality filed a federal lawsuit alleging Bayer illegally monopolized the U.S. market for genetically engineered corn seeds, seeking treble damages for 'hundreds of millions, if not billions' in ill-gotten profits. The lawsuit targets Bayer's control over NK603 corn seeds resistant to Roundup herbicide, which are used in nearly 92% of U.S. corn acres. Bayer denies the allegations, stating it competes fairly and operates in compliance with applicable laws.

• Latham alleges Bayer prohibited independent seed companies from developing generic versions of NK603 corn seeds even after patents expired in 2022, while continuing to charge royalties and raising licensing fees
• The lawsuit claims Bayer retaliated against Latham for developing competing products by using non-public information to steal business, leaving the company 'on the verge of bankruptcy'
• Bayer's crop science sales jumped 17.9% to 3 billion euros in Q1, while the company already faces tens of thousands of lawsuits alleging Roundup causes cancer

U.S. crude oil inventories declined for the sixth consecutive week, falling 2.8 million barrels in the week ended May 22, according to American Petroleum Institute data. Gasoline stocks also dropped by 3.2 million barrels, while distillate inventories rose 1.1 million barrels. The sustained drawdown in crude and gasoline inventories signals tightening supply conditions in the U.S. energy market.

• Crude oil inventories fell 2.8 million barrels, marking the sixth straight week of declines
• Gasoline stocks decreased by 3.2 million barrels during the same period
• Distillate inventories bucked the trend, rising 1.1 million barrels week-over-week

Dell Technologies secured a five-year, $9.7 billion Pentagon contract to provide Microsoft software and cloud services to the U.S. military. The deal follows Dell CEO Michael Dell's $6.25 billion pledge to fund 'Trump accounts' for children and comes amid the company's close relationship with President Trump. Pentagon officials say the contract will consolidate software licensing and save approximately $422 million annually.

• The Department of War Enterprise Software Agreement II covers Microsoft 365, cloud subscriptions, and on-premises licensing for the Pentagon, intelligence community, and Coast Guard
• Dell won after a competitive evaluation process, with officials citing cost savings of $422 million annually through consolidated licensing and elimination of redundancies
• Michael Dell pledged $6.25 billion to Trump investment accounts in 2024 and joined Trump's Council of Advisors on Science and Technology, with Trump publicly endorsing Dell products