Ata mārie and welcome to your Tuesday recap of the top business and political stories making news around the world.
First up, multiple media outlets are providing updates on a new round of talks between economic superpowers the United States and China in London to resolve the trade war.
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer represented US President Donald Trump.
The BBC said the delegation met with Chinese representatives, including Vice Premier He Lifeng at Lancaster House.
Chinese exports of rare earth minerals crucial for technology components, as well as China’s access to US computer chips, were expected to be high on the agenda.
Last month, both countries scaled back their hefty reciprocal trade tariffs, but accused each other of breaching the deal.
Last week, Trump and Chinese President Xi Jinping spoke by phone and agreed to resolve tariff disputes. Trump acknowledged the trade relationship with China had got “a little off track”.
Chinese President Xi Jinping.
Al Jazeera reported that California filed legal action against the Trump administration over the deployment of National Guard troops in Los Angeles because of protests over immigration raids.
California Attorney General Rob Bonta accused Trump of trying to “manufacture chaos and crisis” on the ground.
“Federalising the California National Guard is an abuse of the President’s authority under the law – and not one we take lightly. We’re asking a court to put a stop to the unlawful, unprecedented order.”
Meanwhile, business leaders walked back on fears of an economic recession in the US, which had originally increased after Trump’s tariff announcement, CNBC reported.
In a new survey, fewer than 30% of chief executives predicted a mild or severe recession over the next six months, down from 46% in May, and 62% in April.
In financial news, OpenAI hit US$10 billion in annual recurring revenue, less than three years after launching its ChatGPT chatbot, CNBC reported.
OpenAI targeted US$125b revenue by 2029, according to sources. OpenAI said it supported 500 million weekly active users, while it had three million business users, up from two million in February.
Elsewhere, Bloomberg has an exclusive story that the investment banking arm of Barclays could cut more than 200 jobs to boost profitability.
Sources said staff within investment banking, global markets, and research could be affected by the cuts.
Meanwhile, media giant Warner Bros Discovery has decided to split its business in two publicly traded companies, the Guardian reported.
One company would be focused on streaming and studios, while the other would focus on the legacy television network businesses.
“The separation aims to provide each company with greater strategic flexibility and focus,” WBD said.
The corporate split was expected by mid-2026, CNN reported.
CNN is part of the Warner Bros Discovery stable.
Finally, technology company Apple unveiled a new operating system interface called Liquid Glass at its annual Worldwide Developers Conference, Bloomberg reported.
Executive Alan Dye said the product would operate across its products and described it as the broadest design update in the history of the company.
Meanwhile, Apple also confirmed plans to open its artificial intelligence models to outside developers. That would allow app creators to weave the technology into their own software.
