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Trump Opens Golf Course During Not So Private Scottish Visit

Trump Opens Golf Course During Not So Private Scottish Visit

Yahoo29-07-2025
(Bloomberg) -- President Donald Trump opened the second course at his sprawling golf estate in eastern Scotland, publicly endorsing one of his high-profile properties after meeting with UK Prime Minister Keir Starmer and hammering out a trade deal with the European Union.
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'The area has really welcomed us,' the president said Tuesday at Trump International Scotland, near Aberdeen. 'At the beginning, it wasn't quite a welcome, but it wasn't bad. But with time, they've liked us more and more. Now they love us and we love them.'
During a six-minute speech to guests assembled in a grandstand near the first tee, Trump also nodded to his presidential duties before hitting the first tee shot. 'I look forward to playing it today. We'll play it very quickly, and then I go back to DC,' Trump said. 'We just stopped about five wars, so that's much more important than playing golf. '
Trump then cut a red ribbon with a pair of scissors and hit a drive into the fairway, setting out to play the course's first official round with his son, Eric, and former professional golf tour players Paul McGinley and Rich Beem.
Tuesday's event marked one of the starkest examples yet of how Trump has mixed his official duties with his family's business interests. He's repeatedly blurred the lines, holding fundraisers and press conferences at his Mar-a-Lago club in Florida and hosting LIV Golf tournaments in his courses in New Jersey and Virginia bankrolled by Saudi Arabia's public investment fund.
Make America Great Again hats have appeared along course-branded attire inside the pro shops at Trump's properties at Turnberry and Aberdeen. Campaign anthems, including Michael Jackson's Thriller and the Village People's YMCA, played over loudspeakers at Tuesday's event and red, white and blue fireworks were fired off the first fairway.
The ceremony capped a five-day private trip funded by US taxpayers. White House officials dismissed the notion that Trump's visit amounted to a conflict of interest. The president handed over management of his company when he retook office and his assets were placed in a trust managed by his children, an arrangement ethics groups said still posed conflicts.
'Donald J. Trump has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport,' spokeswoman Taylor Rogers said in a statement ahead of the trip, which noted Trump's plans to meet with Starmer.
Trump also met with Scottish First Minister John Swinney before the grand opening, according to the White House.
Guests expected to attend included a mix of relatives, dignitaries and sports luminaries, such as Swinney; US Ambassador to the UK Warren Stephens; DP World Tour Chief Executive Officer Guy Kinnings; former football stars Robbie Fowler and Andriy Shevchenko; and former US Open winner Michael Campbell.
Although the president is ostensibly in the UK to check out his two golf properties — he arrived at Turnberry in the west of Scotland on Friday — he reached an agreement with European Commission President Ursula von der Leyen for the US to place a lower 15% tariff on the bloc, and discussed the humanitarian crisis in Gaza, the war in Ukraine and trade with Starmer.
Trump's visit to Scotland, the birthplace of his mother, comes as he navigates discord at home over his administration's handling of documents related to convicted sex offender Jeffrey Epstein. He's also enmeshed in a drawn-out fight with Federal Reserve Chair Jerome Powell over interest rates and the central bank's headquarters renovation, while Trump's tariff deadline expires Aug. 1.
The new course at Menie will be named after Mary Anne MacLeod, Trump's Gaelic-speaking mother who emigrated to the US as a teenager from Stornoway on the Isle of Lewis. It'll complement the Old Course, which opened in 2012, and — according to Trump International's marketing material — together they will form 'The Greatest 36 Holes in Golf.' The slogan appeared on signs around the property on Tuesday.
Adding another upmarket 18 holes in Scotland won't necessarily endear the president to the locals, few of whom care to spend hundreds of pounds knocking a ball around the links. The event also serves as a reminder to many Scots that his initial foray into Aberdeenshire in 2006, when he was hardly known in the UK, was rife with controversy.
The project promised more jobs than it delivered, Trump bullied local residents who didn't want to move home, while environmentalists were angered when the nearby sand dunes lost their status as a Site of Special Scientific Interest. In 2012, Trump appeared at the Scottish Parliament in Edinburgh to try to halt a wind farm that he said was a blight on the view from his golf course.
Expanding Trump International represents another addition to the list of premier golfing destinations along the country's east coast, ranging from Open Championship courses such as Muirfield to bucket-list venues like St. Andrews and Royal Dornoch. Other top-dollar sites are also getting upgrades — Carnoustie is revamping its hotel and Cabot Highlands is adding another course.
--With assistance from Hadriana Lowenkron.
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Michigan Gov. Whitmer makes another White House visit to meet with Trump
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Michigan Gov. Whitmer makes another White House visit to meet with Trump

WASHINGTON (AP) — Michigan Gov. Gretchen Whitmer met with President Donald Trump at the White House on Tuesday to discuss the toll tariffs are taking on the auto industry and the potential effects of his tax and spending bill on Medicaid. It's the latest in a string of meetings between the Democratic governor and the Republican president after the two frequently clashed during his first term. In his second term, Whitmer has adopted a more diplomatic approach, drawing some backlash from fellow Democrats. But it's also resulted in multiple wins for Whitmer's state, including Trump's approving $50 million in storm relief and awarding a new fighter jet mission for an Air National Guard base in the state. 'I've always said that I'll work with anyone to get things done for Michigan,' Whitmer, a potential 2028 presidential candidate, said in a statement Tuesday. 'That's why I've continued to go to Washington, D.C., to make sure that Michiganders are front and center when critical decisions are being made.' The private meeting between Whitmer and Trump — which a White House official would not confirm but did stress Trump's continued focus on Michigan — marks a rare instance of the president sitting with a leading Democratic figure. In recent weeks, Trump attacked Senate Democratic leader Chuck Schumer, telling him to 'go to hell," while also taking aim at other high-profile Democratic governors who have pushed back on some of his policies, including California's Gavin Newsom and Illinois' JB Pritzker, also considered possible 2028 candidates. Pritzker has aided Texas Democrats in leaving their state to stay in Illinois to block Republicans from their needed quorum to pass a new congressional map backed by Trump. Early Tuesday, Trump called Pritzker 'probably the dumbest of all governors' in a television interview. Whitmer has been more careful, criticizing some of Trump's policies rather than the president himself. She issued an executive directive last week to assess the impact of tariffs that she said have led to 'massive economic uncertainty' — without mentioning Trump's name once. Tuesday's appearance ended with far less controversy than her trip to the White House in April. Whitmer was unexpectedly ushered into the Oval Office during that visit, standing awkwardly nearby as the Republican president signed executive orders and assailed his political opponents during a photo opportunity. In their White House meeting Tuesday, Whitmer said that she told Trump and 'his team about the impact tariffs are having on Michigan's economy, especially our auto industry.' She also discussed 'changes in the Medicaid program, and ongoing recovery efforts following the ice storm in Northern Michigan this year." Whitmer also saw Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and chief of staff Susie Wiles while at the White House. Trump announced last month that he had spoken with Whitmer to inform her that he was appproving $50 million in federal funds for Michigan to support repairs and recovery from a March ice storm. In April, Trump traveled to Michigan to announce a new mission for Selfridge Air National Guard Base, which Whitmer has sought for years.

Earnings live: AMD, Rivian, Lucid, Snap, and Super Micro Computer stocks fall after quarterly results
Earnings live: AMD, Rivian, Lucid, Snap, and Super Micro Computer stocks fall after quarterly results

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Earnings live: AMD, Rivian, Lucid, Snap, and Super Micro Computer stocks fall after quarterly results

Second quarter earnings season is in full swing, and the results have been largely positive so far, with more positive surprises than negative ones. Companies had a lower bar to clear coming into the quarter, as analysts tempered their expectations amid President Trump's tariffs, stocks' lofty valuations, and uncertainty about the health of the US economy. This week, investors will hear from Tyson (TSN), AMD (AMD), Snap (SNAP), McDonald's (MCD), Disney (DIS), Uber (UBER), Lyft (LYFT), Palantir (PLTR), and more when they report results. Data from FactSet published Friday showed that with 66% of the index having reported results, analysts expect S&P 500 companies to report a 10.3% jump in earnings per share during the second quarter. Heading into the quarter, analysts expected S&P 500 earnings to rise 5% in Q2, which would mark the slowest pace of earnings growth since the fourth quarter of 2023. Here are the latest updates from corporate America. 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BioNTech reported a loss of 1.60 euros per share, narrower than the 1.69 euro loss analysts expected, according to data from S&P Global Market Intelligence. Revenue of 260.8 million euros ($301 million) fell short of estimates of 263.68 million euros ($304 million). In June, BioNTech announced it would partner with Bristol Myers Squibb (BMY) on a new cancer treatment. "We aim to establish BNT327 both as a new standard of care across multiple tumor types," BioNTech CEO Ugur Sahin said on the company's earnings call. "We are currently advancing BNT327 across more than 10 indications, including two global registrational trials, with more planned. Our early conviction around this modality and BNT327 has put us in a strong position, and if approved, we aim to be the first or second to launch in a number of indications to patients in need." Opendoor stock plunges on earnings after meme stock rally Opendoor (OPEN) stock sank precipitously following earnings. Shares of the iBuyer platform, which has become a retail investor darling in recent weeks, dropped as much as 19% despite beats on the top and bottom lines. The stock went on a wild ride in July as retail trader enthusiasm and a thesis from investor and Carvana spotter Eric Jackson bid up shares. Over the past month, Opendoor stock has climbed over 300%. That might be partly why the stock is selling off on the earnings news. The company reported a loss per share of $0.01 for the quarter, compared to estimates for a loss per share of $0.03. Revenue grew 4% annually to $1.6 billion, also above Wall Street analysts' expectations for revenue of $1.5 billion. For the third quarter, Opendoor forecast revenue from $800 million to $875 million. Opendoor (OPEN) stock sank precipitously following earnings. Shares of the iBuyer platform, which has become a retail investor darling in recent weeks, dropped as much as 19% despite beats on the top and bottom lines. The stock went on a wild ride in July as retail trader enthusiasm and a thesis from investor and Carvana spotter Eric Jackson bid up shares. Over the past month, Opendoor stock has climbed over 300%. That might be partly why the stock is selling off on the earnings news. The company reported a loss per share of $0.01 for the quarter, compared to estimates for a loss per share of $0.03. Revenue grew 4% annually to $1.6 billion, also above Wall Street analysts' expectations for revenue of $1.5 billion. For the third quarter, Opendoor forecast revenue from $800 million to $875 million. Snap stock drops on weaker-than-expected revenue growth Snap (SNAP) stock declined nearly 15% after Snap reported its slowest revenue growth in more than a year. The Snapchat-parent's net loss in Q2 increased to $263 million from $249 million a year ago. Second quarter revenue rose 8.1% to $1.34 billion, largely in line with estimates. Reuters reports: Read more here. Snap (SNAP) stock declined nearly 15% after Snap reported its slowest revenue growth in more than a year. The Snapchat-parent's net loss in Q2 increased to $263 million from $249 million a year ago. Second quarter revenue rose 8.1% to $1.34 billion, largely in line with estimates. Reuters reports: Read more here. AMD posts mixed Q2 results but offers better than expected Q3 outlook on AI sales Yahoo Finance's Daniel Howley reports: Read more here. Yahoo Finance's Daniel Howley reports: Read more here. Super Micro stock tanks after quarterly revenue miss Super Micro Computer (SMCI) stock plunged 15% after the company's fiscal fourth quarter revenue fell short of estimates amid intense competition for AI server makers. Here's what Super Micro reported against Wall Street consensus estimates compiled by S&P Global Market Intelligence: Super Micro Computer (SMCI) stock plunged 15% after the company's fiscal fourth quarter revenue fell short of estimates amid intense competition for AI server makers. Here's what Super Micro reported against Wall Street consensus estimates compiled by S&P Global Market Intelligence: Lucid misses on both top and bottom lines, trims production forecast Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Rivian reports mixed Q2 results, widens 2025 loss projection as tariffs and loss of EV tax credit bite Tariffs and other policies weighed on Rivian's (RIVN) bottom line in the second quarter. For the quarter, Rivian reported a $0.97 loss per share, compared to $0.77 expected, per Bloomberg consensus estimates, with an adjusted EBITDA loss of $667 million versus $493 million expected. The EV maker also did not report a gross profit. Rivian reported revenue of $1.303 billion, compared to $1.28 billion expected and $1.158 billion a year ago. The company also widened its full-year loss projection but increased its EBITDA guidance. Yahoo Finance's Pras Subramanian reports: Read more here. Tariffs and other policies weighed on Rivian's (RIVN) bottom line in the second quarter. For the quarter, Rivian reported a $0.97 loss per share, compared to $0.77 expected, per Bloomberg consensus estimates, with an adjusted EBITDA loss of $667 million versus $493 million expected. The EV maker also did not report a gross profit. Rivian reported revenue of $1.303 billion, compared to $1.28 billion expected and $1.158 billion a year ago. The company also widened its full-year loss projection but increased its EBITDA guidance. Yahoo Finance's Pras Subramanian reports: Read more here. Rivian Q2 earnings preview: EV tax credit impact, R2 SUV update on the agenda Pure-play EV maker Rivian (RIVN) has been building toward profitability, but the loss of federal EV tax credits expiring at the end of September will likely hurt the company's ability to scale up sales. Yahoo Finance's Pras Subramanian previews what to expect when Rivian reports second quarter earnings after the bell on Tuesday: Read more here. Pure-play EV maker Rivian (RIVN) has been building toward profitability, but the loss of federal EV tax credits expiring at the end of September will likely hurt the company's ability to scale up sales. Yahoo Finance's Pras Subramanian previews what to expect when Rivian reports second quarter earnings after the bell on Tuesday: Read more here. Yum Brands stock falls amid underperformance in the US Yum Brands (YUM) stock fell over 3% on Tuesday after an earnings miss and weaker-than-expected sales in the US amid a tougher consumer environment. "Even with a solid overall top line performance, we have opportunities to improve performance in underperforming regions such as the US and parts of Europe, where challenges stem from gaps in value perception, inconsistent consumer experience, and innovation that has not fully resonated with consumers," Yum Brands CEO David Gibbs said on the earnings call. The Taco Bell parent company reported earnings per share of $1.44 adjusted versus $1.46 expected, according to estimates compiled by S&P Global Market Intelligence. Revenue for the quarter hit $1.93 billion, roughly in line with the $1.94 billion expected. US same-store sales for KFC and Pizza Hut fell 5% year over year. US system sales for Taco Bell grew 6%. Yum Brands (YUM) stock fell over 3% on Tuesday after an earnings miss and weaker-than-expected sales in the US amid a tougher consumer environment. "Even with a solid overall top line performance, we have opportunities to improve performance in underperforming regions such as the US and parts of Europe, where challenges stem from gaps in value perception, inconsistent consumer experience, and innovation that has not fully resonated with consumers," Yum Brands CEO David Gibbs said on the earnings call. The Taco Bell parent company reported earnings per share of $1.44 adjusted versus $1.46 expected, according to estimates compiled by S&P Global Market Intelligence. Revenue for the quarter hit $1.93 billion, roughly in line with the $1.94 billion expected. US same-store sales for KFC and Pizza Hut fell 5% year over year. US system sales for Taco Bell grew 6%. Lemonade stock jumps on solid guidance Lemonade (LMND) stock jumped 8% in premarket trading as the insurance company kicked off its earnings call and reported a narrower loss than expected. In the second quarter, Lemonade posted a loss of $0.60 per share. Analysts were expecting an $0.80 per share loss. Revenue of $164.1 million beat estimates for $160.8 million and rose 34% from the same period a year ago. Gross profit increased by 109% year on year to $64.3 million, while gross margin improved by 14 points to 39%, the company said. Lemonade also raised its full-year revenue guidance to $710 million-$715 million. Listen to the earnings call here. Lemonade (LMND) stock jumped 8% in premarket trading as the insurance company kicked off its earnings call and reported a narrower loss than expected. In the second quarter, Lemonade posted a loss of $0.60 per share. Analysts were expecting an $0.80 per share loss. Revenue of $164.1 million beat estimates for $160.8 million and rose 34% from the same period a year ago. Gross profit increased by 109% year on year to $64.3 million, while gross margin improved by 14 points to 39%, the company said. Lemonade also raised its full-year revenue guidance to $710 million-$715 million. Listen to the earnings call here. Caterpillar warns of up to $1.5 billion tariff hit, profit misses on weak demand Caterpillar (CAT) is expecting a bigger hit from tariffs in the third quarter and the rest of 2025 than it initially projected, as President Trump's tariffs hit the industrial and manufacturing segment especially hard. The company flagged a tariff impact of $400 million to $500 million in the third quarter and $1.5 billion hit from costs tied to US tariffs in 2025. Caterpillar was able to offset some of the higher tariff costs; however, higher interest rates and a slowdown in US construction activity led to a pullback in demand for its products. The heavy machinery manufacturer reported adjusted earnings per share of $4.72 on revenue of $16.6 billion. Analysts were expecting adjusted EPS of $4.90 on revenue of $16.3 billion, according to S&P Global Market Intelligence. Caterpillar stock fell less than 1% in premarket trading. Caterpillar (CAT) is expecting a bigger hit from tariffs in the third quarter and the rest of 2025 than it initially projected, as President Trump's tariffs hit the industrial and manufacturing segment especially hard. The company flagged a tariff impact of $400 million to $500 million in the third quarter and $1.5 billion hit from costs tied to US tariffs in 2025. Caterpillar was able to offset some of the higher tariff costs; however, higher interest rates and a slowdown in US construction activity led to a pullback in demand for its products. The heavy machinery manufacturer reported adjusted earnings per share of $4.72 on revenue of $16.6 billion. Analysts were expecting adjusted EPS of $4.90 on revenue of $16.3 billion, according to S&P Global Market Intelligence. Caterpillar stock fell less than 1% in premarket trading. Marriott cuts 2025 revenue forecast on soft travel demand Marriott (MAR) signaled it's seeing a slowdown in travel demand amid economic pressures, but more affluent consumers remain more resilient. The hotel chain's adjusted diluted EPS totaled $2.65, compared to estimates of $2.61, according to S&P Global Market Intelligence consensus estimates. Revenue per room increased 1.5% globally during the quarter. For the full year, Marriott forecast room revenue growth of 1.5% to 2.5%, moving its previous higher-end estimate of a 3.5% increase lower. 2025 adjusted profit is expected to be between $9.85 and $10.08 per share, also slightly lower than its earlier projection of $9.82 to $10.19 per share. Reuters reports: Read more here. Marriott (MAR) signaled it's seeing a slowdown in travel demand amid economic pressures, but more affluent consumers remain more resilient. The hotel chain's adjusted diluted EPS totaled $2.65, compared to estimates of $2.61, according to S&P Global Market Intelligence consensus estimates. Revenue per room increased 1.5% globally during the quarter. For the full year, Marriott forecast room revenue growth of 1.5% to 2.5%, moving its previous higher-end estimate of a 3.5% increase lower. 2025 adjusted profit is expected to be between $9.85 and $10.08 per share, also slightly lower than its earlier projection of $9.82 to $10.19 per share. Reuters reports: Read more here. Pfizer beats Q2 earnings estimates, reaffirms 2025 outlook Pfizer reported an earnings and revenue beat on Tuesday, sending shares higher in premarket trading. For the quarter, Pfizer posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. Pfizer reported an earnings and revenue beat on Tuesday, sending shares higher in premarket trading. For the quarter, Pfizer posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. Mazda forecasts nearly $1 billion profit hit from US tariffs Reuters reports: Read more here. Reuters reports: Read more here. BP vows to do better for investors as profit tops forecast Reuters reports: Read more here. Reuters reports: Read more here. Diageo delivers on annual forecasts, shares jump Reuters reports: Read more here. Reuters reports: Read more here. Dan Ives: Palantir's 'transformational' quarter paves way for $1 trillion market cap Wedbush tech analyst and Palantir (PLTR) bull Dan Ives said he sees the AI software company reaching a trillion-dollar market cap in the next two to three years. "This is transformational, the type of growth they're seeing," Ives said of Palantir's first billion-dollar quarter for revenue, comparing the company to AI-forward Big Tech behemoths like Nvidia (NVDA) and Microsoft (MSFT). "You combine that with what we saw last week from the hyperscalers, that just shows us this AI revolution — it's just started in terms of the next stage of growth," Ives added. Listen to Palantir's earnings call live on the stock page here. Wedbush tech analyst and Palantir (PLTR) bull Dan Ives said he sees the AI software company reaching a trillion-dollar market cap in the next two to three years. "This is transformational, the type of growth they're seeing," Ives said of Palantir's first billion-dollar quarter for revenue, comparing the company to AI-forward Big Tech behemoths like Nvidia (NVDA) and Microsoft (MSFT). "You combine that with what we saw last week from the hyperscalers, that just shows us this AI revolution — it's just started in terms of the next stage of growth," Ives added. Listen to Palantir's earnings call live on the stock page here. Hims & Hers stock tumbles on revenue miss Shares of Hims & Hers (HIMS) slid 11% in after-hours trading following the telehealth company's second quarter results and revenue miss. Earnings came in at $0.17 per share, a slight beat over estimates for $0.16 per share, according to S&P Global Market Intelligence. Second quarter revenue rose 73% year over year, reaching $544.83 million. But it fell short of Wall Street's estimates for $552 million in sales. The company affirmed its full-year guidance of $2.3 billion to $2.4 billion in sales. For the third quarter, it expects $570 million to $590 million in sales. In June, Novo Nordisk (NVO) announced it was terminating an agreement to sell its blockbuster GLP-1 drug Wegovy on the Hims & Hers platform. Investors will be looking to the earnings call for more details on the fallout. Novo Nordisk also cut its sales forecasts for its weight-loss drugs, citing rivals selling compounded versions, such as Hims & Hers. Listen to the earnings call live. Shares of Hims & Hers (HIMS) slid 11% in after-hours trading following the telehealth company's second quarter results and revenue miss. Earnings came in at $0.17 per share, a slight beat over estimates for $0.16 per share, according to S&P Global Market Intelligence. Second quarter revenue rose 73% year over year, reaching $544.83 million. But it fell short of Wall Street's estimates for $552 million in sales. The company affirmed its full-year guidance of $2.3 billion to $2.4 billion in sales. For the third quarter, it expects $570 million to $590 million in sales. In June, Novo Nordisk (NVO) announced it was terminating an agreement to sell its blockbuster GLP-1 drug Wegovy on the Hims & Hers platform. Investors will be looking to the earnings call for more details on the fallout. Novo Nordisk also cut its sales forecasts for its weight-loss drugs, citing rivals selling compounded versions, such as Hims & Hers. Listen to the earnings call live. Palantir stock surges after company reports first billion-dollar quarter Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Post-earnings stock moves are more volatile than usual this quarter We're two-thirds of the way through earnings season, and for the most part, the market has floated higher on a flurry of earnings releases. Though some individual reports have led to outsized moves. Yahoo Finance's Josh Schafer writes in today's Morning Brief: Read more here. We're two-thirds of the way through earnings season, and for the most part, the market has floated higher on a flurry of earnings releases. Though some individual reports have led to outsized moves. Yahoo Finance's Josh Schafer writes in today's Morning Brief: Read more here. BioNTech shares rise 4% on better-than-expected earnings US-listed shares of the German drugmaker BioNTech (BNTX) rose about 4% in early trading Monday after the company reported better-than-expected second quarter results as it looks to regain momentum after a post-COVID slump. BioNTech reported a loss of 1.60 euros per share, narrower than the 1.69 euro loss analysts expected, according to data from S&P Global Market Intelligence. Revenue of 260.8 million euros ($301 million) fell short of estimates of 263.68 million euros ($304 million). In June, BioNTech announced it would partner with Bristol Myers Squibb (BMY) on a new cancer treatment. "We aim to establish BNT327 both as a new standard of care across multiple tumor types," BioNTech CEO Ugur Sahin said on the company's earnings call. "We are currently advancing BNT327 across more than 10 indications, including two global registrational trials, with more planned. Our early conviction around this modality and BNT327 has put us in a strong position, and if approved, we aim to be the first or second to launch in a number of indications to patients in need." US-listed shares of the German drugmaker BioNTech (BNTX) rose about 4% in early trading Monday after the company reported better-than-expected second quarter results as it looks to regain momentum after a post-COVID slump. BioNTech reported a loss of 1.60 euros per share, narrower than the 1.69 euro loss analysts expected, according to data from S&P Global Market Intelligence. Revenue of 260.8 million euros ($301 million) fell short of estimates of 263.68 million euros ($304 million). In June, BioNTech announced it would partner with Bristol Myers Squibb (BMY) on a new cancer treatment. "We aim to establish BNT327 both as a new standard of care across multiple tumor types," BioNTech CEO Ugur Sahin said on the company's earnings call. "We are currently advancing BNT327 across more than 10 indications, including two global registrational trials, with more planned. Our early conviction around this modality and BNT327 has put us in a strong position, and if approved, we aim to be the first or second to launch in a number of indications to patients in need." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

GOP lawmakers start to sweat redistricting
GOP lawmakers start to sweat redistricting

Politico

time10 minutes ago

  • Politico

GOP lawmakers start to sweat redistricting

Welcome to POLITICO's West Wing Playbook: Remaking Government, your guide to Donald Trump's unprecedented overhaul of the federal government — the key decisions, the critical characters and the power dynamics that are upending Washington and beyond. Send tips | Subscribe | Email Sophia | Email Irie | Email Ben President DONALD TRUMP's gambit to grow House Republicans' razor-thin majority through redistricting is starting to meet rare resistance from his own party. Two vulnerable GOP lawmakers — Reps. KEVIN KILEY of California and MIKE LAWLER of New York — are floating separate efforts to ban mid-decade redistricting as the Trump team's push for Texas Republicans to draw a more favorable map sets off a nationwide redistricting arms race. 'What's happening here is not popular among members in either conference,' Kiley told West Wing Playbook. 'I've talked to Republican members who are in states that could potentially benefit in the general political sense, but they don't like the idea of having their districts completely changed in the middle of the decade.' Lawler did not respond to a request for comment. Kiley filed a bill Tuesday aimed chiefly at stopping Democratic governors from retaliatory gerrymandering if Texas Republicans succeed in pushing through a new map that could net the GOP five seats in the midterms. Kiley and Lawler, both swing-district lawmakers, could feel the effects of Democratic redistricting. Lawler's seat, which has long been on Democrats' target list, would be among the districts where the party would try to stretch its advantage in the state. Kiley is also trying to prod Speaker MIKE JOHNSON and House Minority Leader HAKEEM JEFFRIES to reach an agreement to stop the redistricting tit-for-tat in its tracks, though that appears unlikely. 'The onus is on the speaker to show some leadership here,' Kiley said. GREG STEELE, spokesperson for Johnson's political arm, said 'while these efforts remain at the state level, Speaker Johnson is focused on leading the fight to defend and grow the House Republican majority in any district come 2026.' But the legislative pushback also constitutes rare GOP opposition to the president, who stoked the flames of the redistricting fight Tuesday by saying that Republicans are 'entitled' to five more seats in Texas — even as a White House official told our JAKE TRAYLOR that Trump's team is taking 'a pretty hands-off approach' to the partisan battle they set in motion. Kiley suggested that Trump 'doesn't want to see the California congressional delegation upended, or the New York delegation or some of these other states,' though he said he hasn't spoken with the president on the matter. 'It seems to me he was not given full information about how exactly these things might play out,' Kiley added. A person close to the president granted anonymity to describe internal thinking said Trump's team isn't sweating Democrats' threats of retaliation. Democrats face steep obstacles to redistricting even in their best-case-scenario state of California, where Gov. GAVIN NEWSOM plans to call a special election and potentially spend massive sums to convince voters to return mapmaking power from an independent commission to lawmakers. And Republicans are starting to push for redistricting in states beyond Texas, including Missouri. 'Republicans have more opportunity than Democrats' to redraw maps, and 'Democrats' hurdles in the opportunities they claim to have are much higher, because Democrats have extreme gerrymandered maps in their favor everywhere they can,' the person said. The White House's power-protection play carries increasing political risk. As more Democratic governors vow to retaliate, BRENDAN STEINHAUSER, a Texas-based Republican strategist, warned the GOP's redistricting effort 'could backfire if there are enough Democratic seats out there and enough Democratic governors to redraw the maps in a way that ends up hurting Republicans nationwide.' Game out the chess match further and Republicans' machinations could complicate Trump's agenda in Washington. Trump has gotten nearly everything he's wanted from this GOP House. Even if Republicans hold the House next year, they could do so at the expense of some of those Trump-loyal members. 'It could become a real headache for Johnson, building a majority by sacrificing parts of the current majority,' said California-based GOP strategist ROB STUTZMAN. He added: 'What a shock Trump didn't think it through.' MESSAGE US — West Wing Playbook is obsessively covering the Trump administration's reshaping of the federal government. Are you a federal worker? A DOGE staffer? Have you picked up on any upcoming DOGE moves? We want to hear from you on how this is playing out. Email us at westwingtips@ Did someone forward this email to you? Subscribe! POTUS PUZZLER Which president signed the nation's first federal income tax into law? (Answer at bottom.) WHO'S IN, WHO'S OUT NOT A TAR HEEL: The director of Voice of America, MICHAEL ABRAMOWITZ, has been terminated after refusing to accept a demotion in North Carolina, according to court documents released Monday. JOHN ZADROZNY, a senior adviser to the U.S. Agency for Global Media, VOA's parent company, said in a letter that Abramowitz's 'failure to accept a directed geographic reassignment warrants removal from your position for such cause as to promote the efficiency of the Federal service.' In July, acting USAGM CEO VICTOR MORALES notified Abramowitz that he was being reassigned to the VOA station in Greenville, North Carolina, and being given a new position. In his sworn declaration, Abramowitz said that the rationale for sending him to North Carolina 'does not make sense.' 'I understand that Defendants have indicated that they only plan to broadcast in four languages at VOA (Mandarin, Farsi, Pashto and Dari),' he wrote. 'But the Greenville station, which has historically provided shortwave radio broadcasts mainly to West Africa and Latin America, does not serve countries that speak any of those languages.' Abramowitz is the main plaintiff in a lawsuit against the Trump administration after the president issued an executive order dismantling USAGM. 'My efforts are not about holding onto a government job, but instead about upholding the rule of law and preserving the Voice of America, which is so important to the national security of the United States,' Abramowitz wrote in a message to VOA staff Monday. KARI LAKE, who serves as USAGM senior adviser, told West Wing Playbook that 'We're in good faith union negotiations. This is part of the process.' WE'RE HIRING: The National Weather Service has received permission to hire 450 meteorologists, hydrologists and radar technicians months after the agency faced sweeping DOGE-led cuts, CNN's ANDREW FREEDMAN reports. The new hiring number includes 126 new positions that will apply to 'front-line mission critical' personnel, a NOAA official told CNN. Musk Radar FIVE THINGS UNDONE: The White House today officially ended a program which required federal employees to summarize five weekly achievements in emails, our NICOLE MARKUS and Sophia report. The mandate was originally introduced in February by ELON MUSK as part of an effort to trim the federal workforce. Office of Personnel Management Director SCOTT KUPOR said in a statement that OPM informed agency leads that it would no longer 'manage' the process 'nor utilize it internally.' 'At OPM, we believe that managers are accountable to staying informed about what their team members are working on and have many other existing tools to do so,' Kupor said. Agenda Setting ZELDIN'S ON A HEATER: The EPA is preparing to terminate $7 billion in federal grants aimed at assisting low- and moderate-income families to install solar panels on their homes, NYT's MAXINE JOSELOW reports. The agency is drafting termination letters to 60 nonprofit groups and state agencies that received the grants under the 'Solar for All' program, with the goal of sending the letters by the end of this week. It's the latest move by the Trump administration to claw back billions of dollars in grants awarded under former President JOE BIDEN's Inflation Reduction Act. Representatives for the EPA did not immediately respond to a request for comment. REVERSING COURSE: Months after the Trump administration said it axed a multibillion-dollar grant program for disaster protection, administration officials said in a court document that it did not actually cancel the program, POLITICO's E&E News' THOMAS FRANK reports. In April, the administration canceled the grant program called Building Resilient Infrastructure and Communities, and removed all $4.1 billion from the BRIC account. But in a declaration last month for a court case challenging the move, FEMA acting administrator DAVID RICHARDSON said, 'FEMA has not ended the BRIC program, contrary to publicity otherwise.' He acknowledged his agency's role in that publicity, saying, 'Despite FEMA's public announcements … FEMA/DHS has not ended BRIC.' When presented with the declaration, even BRIC supporters struggled to understand it. 'The information that has been out so far seems to contradict [the declaration], and we want to make sure we're understanding FEMA's intention. This is happy news if this is the case,' said MARY JO FLYNN-NEVINS, head of governmental affairs for the International Association of Emergency Managers, which strongly supports the BRIC program. WHERE'S THE MONEY, LEBOWSKI? The investigative arm of Congress found that the National Institutes of Health illegally withheld funds lawmakers required it to spend, our ERIN SCHUMAKER reports. The Government Accountability Office today said that the Trump administration failed to follow the requirements of the Impoundment Control Act, which determines when a president can cancel funding appropriated by Congress. In implementing a communications pause earlier this year at HHS, and in complying with Trump's various executive orders, the 'NIH withheld funds from obligation and expenditure,' according to the GAO's report. The watchdog also found that HHS failed to inform Congress or the GAO of whether the money is being spent in another way. OUR LIPS ARE SEALED: Defense Secretary PETE HEGSETH has banned officials at a missile defense conference in Alabama this week from discussing the president's favorite weapon system: the multibillion-dollar Golden Dome missile shield, our JOE GOULD and JACK DETSCH report. It follows new rules from the Pentagon that ban personnel from participating in think tank and research organization events. Hegseth's public affairs office told organizers of the Space and Missile Defense Symposium to keep the Golden Dome off the agenda. The Pentagon, when asked for comment, pointed to a July announcement about the creation of an office to oversee the missile shield's development. What We're Reading A Terrible Five Days for the Truth (The Atlantic's David A. Graham) 'Unlike Anything We've Seen': The Energy Industry is Counting on the AI Boom (POLITICO's Debra Kahn) A Look Inside Jeffrey Epstein's Manhattan Lair (NYT's David Enrich, Matthew Goldstein, Jessica Silver-Greenberg and Steve Eder) POTUS PUZZLER ANSWER President ABRAHAM LINCOLN signed the first federal income tax into law on this date in 1861 in a rush to finance the Civil War. Lincoln's tax imposed a 3 percent tax on annual incomes over $800.

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