The United Arab Emirates is leaving OPEC. Saudi Arabia is ending its splashiest foreign sports venture. The two U.S. allies are in the midst of a messy divorce, even as both face fire from Iran.
Why it matters: One year after President Trump's grand tour of the Gulf, the region's vision of a geopolitically stable post-oil future — powered by tourism, AI and American capital — has taken a major blow.
Artificial intelligence is wiping out some entry-level work that trains the next generation of elite lawyers.
Why it matters: Big Law's entire business model depends on armies of junior associates learning on the job. If AI erases that rung, the profession faces a long-term talent crisis.
Costco is now letting shoppers swap soda for bottled water in its iconic $1.50 hot dog combo — a small change that could appeal to more health-conscious customers.
Why it matters: The hot dog combo — introduced more than 40 years ago — is one of retail's most famous fixed-price deals, holding at that price through decades of inflation.
Spirit Airlines is going out of business, canceling all of its flights and stranding current travelers — marking the end of the runway for a company that offered cheap flights to America's budget travelers.
House Foreign Affairs Committee members are heading to Silicon Valley next week to discuss AI and export controls with leading tech companies, according to an invitation seen by Axios.
Why it matters: The trip underscores how AI is becoming a foreign policy priority, even as the White House has diverged from the Hill on whether China should have access to the most advanced chips.
Several major airlines said Friday that they'll aid Spirit Airlines customers if the budget carrier suddenly goes out of business.
Why it matters: Spirit is said to be on the verge of ceasing operations after failing to land a government bailout during its second bankruptcy in less than a year.
Spirit Airlines is reportedly preparing to cease operations, joining the graveyard of failed U.S. air carriers — including icons like Pan Am and Eastern Airlines — as it has not been able to identify a path out of its second bankruptcy.
Why it matters: The company's demise would leave the U.S. travel industry with fewer competitors in the low-cost space, which could drive up ticket prices and reduce route options.
The uncomfortable new normal for the U.S. economy: spending growth concentrated at the top of the income ladder, a split largely explained by wealth gains from financial assets.
Why it matters: The K-shaped economy is real, though it is not particularly new. That's the conclusion of research out Friday morning from the Federal Reserve Bank of New York.
Francis Suarez, former Miami mayor, has joined the "Ambition Accelerated" campaign as a senior advisor.
The big picture: This is the effort launched by Stephen Ross and Ken Griffin to recruit more companies, CEOs and founders to Florida's "Gold Coast" corridor between West Palm Beach and Miami.
The energy crisis in the U.S. is starting to eat into American wallets, and though it's hardly an apocalyptic scenario, it sure feels awful.
Why it matters: Unlike in Asia and Europe, the U.S. is relatively insulated from the threat of actual gasoline or oil shortages, and price increases are so far manageable.
The Iran war threatens to disrupt summer travel as it sends oil prices surging — and flight and hotel bookings are already dipping, industry experts warn.
You thought Americans were bummed out? The British are among the most pessimistic in the world, according to a ranking of surveys across 139 countries from Gallup out Friday.
Why it matters: The low number speaks to the "depth of the economic malaise in the U.K.," writes Benedict Vigers, Gallup's senior global news writer.
