Britain's Queen Elizabeth II meets Drum Horse Perseus in London last month. Photo: Yui Mok, Pool Photo via AP

A portion of Queen Elizabeth II's private estate was invested in offshore funds in the Cayman Islands and Bermuda and used to fund a small interest in the takeover of two British retail chains, per the BBC. The revelation was contained in the Paradise Papers, a trove of leaked documents from offshore law firms detailing the tax avoidance strategies of the global elite.

Why it matters: The disclosure shows just how high up some of the information in the Paradise Papers might go. And while the Queen is legally in the clear — she's exempt from paying tax in the United Kingdom, but does so anyway — her estate's investment comes across as poor judgment given the weight of her reputation.

More about the investment:

  • It involved purchasing a stake in the controversial British rent-to-buy chain BrightHouse. The company was accused of "preying on the vulnerable" by the Financial Times due to sky-high interest rates on home appliances and other fixtures.
  • It was notably small — only a few million pounds of the Queen's £500m estate. The current investment amounts to just 0.3% of the estate's total value. The controversial interest in BrightHouse is just 0.0006% of the estate.

Go deeper: The Paradise Papers hit Wilbur Ross on this side of the Atlantic.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.