Treasury Secretary Scott Bessent has asked Congress to remove a controversial "revenge tax" provision of the "big, beautiful bill" after striking a deal on global corporate taxes, he said said Thursday.
Why it matters: The provision worried global investors, as it gives the president the authority to tax foreign holdings of U.S. investments. Some worried it would slow the flow of foreign capital into the U.S.
Thursday's loud, rolling rumble — and, for some, a sudden flash and white streak in the sky — might have been a fireball from a meteor passing over metro Atlanta.
Why it matters: More than 100 people from Georgia and parts of South Carolina and Florida reported to the American Meteor Society a potential fireball around 12:30pm.
Heat records were broken in more than 280 locations across the U.S. this week, with more extreme temperatures expected.
The big picture: The scorching heat wave sweeping through the Midwest and the East Coast has brought dangerous conditions to nearly 130 million people under extreme heat warnings or heat advisories on Thursday, according to NOAA's Weather Prediction Center.
As unusually hot temperatures sweep much of the U.S. this week, millions of Americans remain under heat advisories or warnings.
The big picture: While extreme heat can have burdensome impacts on our bodies, it can also have tremendous impacts on vital — and aging — infrastructure.
Global upheavals — from supply chain woes to wars — may increasingly spur countries to replace some fossil-fuel imports with homegrown electrons, a new report finds.
Why it matters: "2024 may well become seen as a beginning of a paradigm shift," the latest Statistical Review of World Energy finds.
Shell's firm denial that it's eyeingacquisition ofBP may tamp down chatter of a blockbuster deal for now — but it won't end speculation about BP's fate as long as it underperforms its Big Oil rivals.
Catch up quick: Hours after the WSJ's buzzy scoop Wednesday about "early stage" talks, a Shell spokesperson said, "This is further market speculation. No talks are taking place."
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.
A new app launching today promises to let anyone digitally clone themselves in under three minutes.
Why it matters: The startup, called 2wai (pronounced "two-way"), was co-founded by Disney Channel actor Calum Worthy and Hollywood producer Russell Geyser, and is designed to give entertainers — and everyone else — lifetime ownership over their AI avatars.
