The nine new drug pricing deals the Trump administration announced with midsize manufacturers Monday came together despite fears within segments of the industry about how price concessions could affect smaller companies' bottom lines.
Why it matters: The administration has been pressuring midsize companies to fall in line with its pricing regime, as it expands the "most favored nation" deals it's already struck with 17 large drug manufacturers.
ASHEVILLE, N.C. — Treasury Secretary Scott Bessent met with Russian Finance Minister Anton Siluanov on the sidelines of the G20 on Monday, a striking sign of the Trump administration's willingness to reopen high-level engagement with Moscow.
Why it matters: Russia's top financial official is attending the gathering of global economic policymakers in person for the first time since Russia's invasion of Ukraine. His appearance exposed the sharp divide between the U.S. and its European allies over how Moscow should be treated.
The globe's top economic policymakers gather in the mountains at a shaky period for the global economy, with the Iran conflict driving up energy prices, trade tensions running high and governments facing huge debt loads.
Treasury Secretary Scott Bessent's message to the world: The way through is stronger growth.
Around the world, what were once solid lines dividing the responsibilities of those in charge of fiscal policy and monetary policy are being challenged or redrawn.
The big picture: If elected governments succeed in undermining their central banks' independence — pressuring them to suppress interest rates or monetize debt to bail out yawning public debt problems — it foretells a world of higher inflation and economic volatility.
Treasury Secretary Scott Bessent made a case for lighter financial regulation at the G20 finance ministers gathering Monday, arguing to CEOs that post-crisis rules have squeezed small banks, according to remarks first shared with Axios.
Why it matters: The private sector has a prominent role in the U.S.-led G20, with business leaders like JPMorgan Chase CEO Jamie Dimon and Goldman Sachs chief David Solomon participating alongside finance ministers and central bankers.
California's state legislature last week passed a bill to restrict private equity investment in litigation firms, but it appears to have the bite of a goldfish.
Why it matters: Legal practices are greenfield for private equity, which has spent the past decade buying and rolling up virtually every other type of professional services partnership (financial advisory, medical, etc.).
Aon on Monday agreed to acquire insurance brokerage USI from private equity firm KKR for around $17 billion in cash.
Why it matters: This will help Aon, one of the world's largest professional services firms, dive deeper into the U.S. middle market — following its $13 billion purchase of NFP in 2024 from Madison Dearborn and HPS Investment Partners.
Venture capitalist Josh Kushner is speaking publicly for the first time on his failed efforts to help form a new commercial subsidiary for World Cup organizer FIFA, which would have included up to $4.2 billion in private investment.
Why it matters: This comes just days after European soccer authority UEFA asked a federal judge in Manhattan to approve subpoenas for related testimony and documents from Kushner and his firm Thrive.
Each week compares the cost of 100 gallons at that week's price with the cost of 100 gallons at the price at the beginning of the conflict. Week 0 = $0 extra; if that week's price is lower, the running total goes down. Data: U.S. Energy Information Administration; Chart: Andrew Pantazi/Axios
Fuel price increases in the first six months of the Iran conflict are costing U.S. drivers far more than the same stretch after Russia's invasion of Ukraine pushed up costs.
Why it matters: Trump administration officials have emphasized — correctly — that gasoline hit an all-time high under Biden of over $5 per gallon, well above May's $4.56 high during the Iran war.
The bond market is growing more interesting lately — and that's concerning.
Why it matters: The$160 trillionglobal bond market is like the plumbing in your house. You don't think about it until it stops working and you've got a nasty situation on your hands.
The U.S. military struck Iranian military targets to prevent the deployment of sea mines in the Strait of Hormuz, a U.S. official said.
Why it matters: This is the first known U.S. strike in Iran since late July when President Trump paused a two-week U.S. military campaign in the strait in late July.
