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AI-related gains push S&P 500 second-quarter earnings growth estimate to 52%
With the S&P 500’s second-quarter reporting season nearing its end, a surge in profits tied to AI-related companies has lifted expected year-over-year earnings growth for index constituents to 52%. Technology-sector profits are estimated to have jumped 74%. Excluding gains from stakes in AI companies, second-quarter profit growth would be about 33%, versus 22.3% in the first quarter on the same basis.
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SiTration and BHP start Arizona pilots to test copper recovery at historic Copper Cities mine site
MIT spinout SiTration and BHP, the world’s largest copper producer, have launched two pilots at the historic Copper Cities site in Arizona to test copper recovery technology. The mine produced nearly 400,000 tonnes of copper between the 1950s and the early 1980s. The projects aim to use existing resources to strengthen domestic supply chains while producing copper at the bottom of the global cost curve. Global copper demand is projected to rise by around 70% by 2050, driven by energy infrastructure and data-center buildouts.
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Australia imposes a 2.5% levy on major platforms with A$250mn+ ad revenue, regardless of news content
Australia has formally implemented a digital platform news bargaining law that levies a 2.5% charge on platforms earning more than A$250mn in annual advertising revenue, whether or not they carry news. Meta, Google, TikTok and LinkedIn fall within the scope, with LinkedIn added in early August. The rate was lifted from an initial 2.25%, while deals with large publishers can be credited at 150% and agreements with small and medium-sized outlets at 200%, subject to a cap of 25% of total liability per deal.
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OCC gives preliminary approval to World Liberty Trust in Florida while barring any WLFI token activity
The Office of the Comptroller of the Currency has granted preliminary approval for World Liberty Trust Company to form a national trust charter in Florida, but it does not provide full banking powers and it explicitly walls off the WLFI token. The approval is not a final license, and the OCC can change or withdraw it if circumstances shift. The trust must maintain at least $20 million in Tier 1 capital, including at least $10 million in eligible liquid assets. The preliminary approval will lapse if capital is not raised within 12 months or the trust does not open within 18 months.
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