Garfield AI, Britain’s first AI-based law firm approved by the U.K.’s Solicitors Regulation Authority, has won a lawsuit after using AI and no lawyers to prepare its case.
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AI IS INFLATION’S LATEST DRIVER
Oil prices have fallen and Donald Trump’s tariffs have had less inflationary impact than expected, but inflation is alive and well thanks to the relentless buildout of AI infrastructure.
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RISKS TO THE GLOBAL FINANCIAL SYSTEM ARE RISING, BANK SAYS
Spiraling government debt, creeping inflation, and AI investment mania are among the growing risks to the stability of the world’s financial system, the Bank for International Settlements (BIS) said in its annual economic report.
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SPECIAL REPORT: KEY EUROPEAN ECONOMIES IN DRAGFLATION
Dragflation, a Top Trend 2025, is an economic tailspin in which economic output shrinks while prices continue to rise.
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EUROPE’S ENERGY PRICES SOAR WITH TEMPERATURES
With the continent gripped by a historic heatwave, energy grids are failing under record demand, and utility companies are seeing their fuel prices rise as much as 500 percent.
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EURO FALLS TO 12-MONTH LOW AGAINST THE U.S. DOLLAR
The euro, previously expected to rise to $1.20 in value this year as investors shied away from the dollar, fell to $1.1350 on 25 June, its lowest level in a year and down 2.6 percent in June alone.
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CONSUMER SENTIMENT CREEPS HIGHER IN JUNE
Americans’ feelings about the U.S. economy brightened slightly in late June, according to the University of Michigan’s twice-monthly survey of consumer sentiment.
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U.S. INFLATION HIGHEST IN THREE YEARS
The Personal Consumption Expenditures Price Index (PCE), the U.S. Federal Reserve’s preferred measure of inflation, rose 0.3 percent in May from April, registering a yearly increase of 4.1 percent, its highest since October 2023.
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U.S. ECONOMY GREW 2.1 PERCENT IN FIRST QUARTER
The U.S. economy expanded by 2.1 percent in this year’s first three months, the commerce department said in its final revised calculation. An earlier estimate had put the figure at 1.6 percent.
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TRUMP AND COMMERCE SECRETARY SONS POISED TO MAKE FINANCIAL WINDFALL FROM U.S.-BACKED DEAL
President Donald Trump and Commerce Secretary Howard Lutnick worked to land a mining deal with Kazakhstan at the same time their sons were working with individuals tied to the company that was given the project – raising new criticism that the president, his friends, and family continue to enrich themselves during his second term in office.