BP shares went on a rollercoaster ridetoday following a report that U.K. rival Shell was in early-stage talks to acquire the oil major.
🎢 Shares spiked 9.5% this afternoon following the WSJ report, then retreated over the next hour when Shell denied it.
🗣️ "This is further market speculation. No talks are taking place," a Shell spokesperson tells Axios.
Driving the news: The WSJ, citing people familiar with the matter, reported that talks were active between the companies' financial advisers, but were "moving slowly."
The report characterized a tie-up as "far from certain."
New Balance is aiming for new life in its basketball business after signing an endorsement deal with the surefire No. 1 pick in tonight's NBA Draft, Bloomberg reports.
Follow the money: The apparel brand — known more for running shoes than hoops gear — signed basketball phenom Cooper Flagg before he even joined Duke University last year.
He's widely expected to be drafted first tonight by the Dallas Mavericks.
State of play: New Balance hopes to become a top-three athletic wear brand worldwide, but it currently trails Nike, Adidas and Puma.
What to watch for: New Balance plans to "relaunch its basketball business early next year with new products and marketing" — and Flagg "will be a crucial part," Bloomberg reports.
Young progressive Zohran Mamdani's historic upset in the New York City Democratic mayoral primary was made possible by a confluence of factors that have left his fans in a fever-dream state Wednesday and his enemies ready to pounce.
Why it matters: No matter where you stand on the self-proclaimed democratic socialist, Mamdani's success offers a playbook to a disillusioned Democratic party whose establishment didn't back him.
A trio of financial regulators on Wednesday proposed relaxing how much banks have to hold against their investments.
Why it matters: It is the most significant rule revamp yet for Wall Street in the Trump era, one that loosens requirements for America's largest financial institutions.
Strong talent pipelines — aligned with business needs — can bolster regional economies and expand worker mobility.
Why it's important: Roughly six in 10 workers will need skills training by 2027 — but only half currently have access to adequate opportunities.*
Expanding access to relevant training and work experiences becomes even more critical as emerging technological changes like AI reshape the labor market.
What you need to know: Regional partnerships can expand talent pipelines that address these shifting workforce challenges and increase access to good jobs that pay a living wage.
Tax legislation moving through Congress, paired with other Trump administration policies, will create an economic growth surge that puts the national debt on a downward path, White House economists project in a report out Wednesday morning.
The big picture: The new projections are wildly at odds with estimates generated from mainstream models, including from the Congressional Budget Office and top universities, which see wider fiscal deficits and more modest growth impacts.
The new White House analysis models the One Big, Beautiful Bill Act — a combination of tax and spending cuts that has passed the House and is pending before the Senate — along with other aspects of the Trump agenda, including deregulation and tariffs.
The spectacular rise of China's auto industry — seemingly overnight — has rattled industry leaders and policymakers, catching many off guard.
Why it matters: There's a dawning realization across the industry that China's ascendance is both an existential business threat and a national security risk.
Zohran Mamdani's mayoral primary win on Tuesday night sets him up to potentially become New York City's first Muslim mayor and one of its youngest.
Why it matters: The 33-year-old progressive candidate ran on a platform to make New York City more affordable, an extension of his priority as a member of the state legislature.
Eric Paley is moving on from venture capital, 16 years after helping to launch seed-stage firm Founder Collective and backing from such companies as Uber, Trade Desk, Cruise, Airtable, and Whoop.
Driving the news: He's agreed to become the next Massachusetts secretary of economic development, with the switch effective after Labor Day.
Aria Growth Partners, a New York-based firm focused on consumer brands, tells Axios that it's raised $152 million for its second fund.
The big picture: That's nearly twice the size of Aria's debut fund, with the firm continuing to be led by Trevor Nelson (ex-Alliance Consumer Growth) and Jackie Dunklau (Cavu Venture Partners).
Spirit Airlines is asking the U.S. Department of Transportation to block a proposed partnership between JetBlue and United Airlines, calling it "anticompetitive."
The big picture: Spirit argues that the deal would make JetBlue a "de facto vassal" of the larger United, and that it would lead to more industry consolidation as other small airlines would feel compelled to accept similar offers from American and Delta.
A large share of U.S. companies cut back, postponed or canceled spending in the first half of the year due to trade concerns, per a survey of chief financial officers released this morning.
Why it matters: The long-running survey, from Duke University's Fuqua School of Business, portends slower economic growth and higher prices in the coming year.
When the Trump administration paused sweeping tariffs in early April, it promised 90 trade deals in 90 days that would fundamentally reshape the global economic order.
Why it matters: With two weeks to go, there's one deal, one shaky detente and maximum uncertainty about the rest.
The S&P 500 has been on a rollercoaster ride, nearing a new all-time high, only 77 days after dipping into an intraday bear market in April.
Why it matters: Historically, a market recovery of this size and speed signals more gains ahead, so forget the prior lows. This relief rally is bullish.
The company dominated the Paris Air Show narrative last week, notching several deals across Europe.
Why it matters: Embraer has said it wants to be a U.S. prime — one of the military-contracting big boys, like Lockheed Martin, RTX and Northrop Grumman.
Charitable donations in the U.S. hit $592.5 billion in 2024.
The big picture: That’s a 3.3% jump from 2023 and the second-highest inflation-adjusted total ever recorded, according to a new report from Giving USA Foundation and Indiana University’s School of Philanthropy.
