Alphabet’s self-driving unit Waymo has won approval from California regulators to significantly expand service across 18 counties around Los Angeles and the San Francisco Bay Area, more than tripling its coverage. Waymo’s driverless fleet has logged more than 220 million miles without a safety driver. Company data show its vehicles are involved in an estimated 94% fewer collisions that cause serious injuries than human drivers. Tesla, by contrast, continues to face safety and operational issues in robotaxis.

PayPal has received a joint acquisition offer from Stripe and private equity firm Advent International at $60.50 per share, valuing the company at about $53 billion. The bid implies a premium to the current share price and comes as PayPal posted second-quarter adjusted EPS of $1.38, beating expectations, sending the stock up 4%. Separately, PayPal is pressing ahead with cost cuts, including plans to eliminate about 4,500 jobs over the next two to three years. The potential deal is seen as a classic M&A catalyst for a listed company, directly influencing PayPal’s valuation and trading narrative.

Jingye Group has formally sought compensation after the U.K. government took over British Steel on July 17, triggering talks under a bilateral investment treaty while reserving the right to pursue international arbitration. The company said the move undermined the U.K. government’s credibility and investor confidence, and China’s Foreign Ministry said the handling of the case would directly shape how Chinese investors assess the U.K. investment environment. British Steel is the U.K.’s only operating site producing “virgin steel” from raw materials, based in Scunthorpe, England, and employs about 2,700 people.

After tensions between the United States and Iran escalated, President Trump said the latest exchanges would not lead to “long-term” military action, helping to lift risk sentiment. Brent crude fell 2.2% to $76.30 a barrel, while the average U.S. price of regular gasoline rose 5 cents overnight to $3.85 a gallon, according to AAA. U.S. stocks rebounded, with the S&P 500 up 0.8%, the Dow up 0.3% and the Nasdaq up 1.3%.

Luigi Lavazza SpA Chairman Giuseppe Lavazza said confirmed El Niño conditions are bringing hotter, drier weather during Brazil’s arabica flowering season, putting yields under pressure. He added that global inventories remain low and would require at least two strong harvests to rebuild stability, according to the Italian roaster. New York arabica futures logged their biggest intraday jump in 26 years, and prices are up about 30% from before El Niño was declared. Markets are now expecting coffee prices to be unlikely to fall over the next two years.

Persistent heat and limited rainfall across the U.S. Midwest and parts of Europe are fueling fears of yield losses as corn enters pollination and soybeans move through key growth stages. Preliminary French government estimates put potential damage at nearly a third of the country’s corn crop, while Brazil’s corn harvest faces an unusual cold front that could bring rain and strong winds that raise lodging risks. Chicago futures for the most-active soybeans and corn contracts jumped more than 3% in a single session, setting multi-week highs and moving above their 100-day moving averages. Wheat also strengthened alongside soy byproducts including soymeal and soyoil.

U.S. employers added 57,000 jobs in June, well below the 100,000 forecast, reinforcing expectations that the Federal Reserve will hold rates steady. Fed funds futures now imply an 82% chance of no hike at the central bank’s meeting later this month, according to CME Group data. At the same time, a sharp slide in AI chip stocks—Micron down 5.5%, Lam Research down 10.2% and Nvidia down 1.4%—helped push the Nasdaq down 0.8% even as the Dow rose 1.1% to a record and the S&P 500 was little changed. Brent crude settled at $71.80 a barrel, down from its pre-war high.

Comcast said it will spin off its NBCUniversal media and entertainment assets into a separately traded company, a transaction it expects to complete in 2025 while retaining a 19% stake. The new entity would include NBC, Telemundo, Peacock, Universal’s film and TV studios, theme parks and Sky, while Comcast focuses on pay-TV distribution, broadband and wireless. Comcast shares rose more than 7% on the announcement, though the stock remains near its 52-week low. The spinoff marks the company’s second major separation in two years as it responds to investor concerns about sluggish growth in its core business.

Freeform has raised $67 million in a Series B round to expand manufacturing and push further into full-stack automation for metal 3D printing in aerospace and defense. Machina Labs also closed a $124 million Series C to build out smart-factory capacity, including a new 200,000-square-foot facility. First Resonance, which sells AI-driven manufacturing compliance software, said it serves nearly 100 aerospace, defense, and hard-tech customers. The developments underscore growing use of AI-enabled hardware and industrial automation across defense supply chains, without indicating any change to NVIDIA’s own financial or product guidance.