Trump diagnosed with chronic venous insufficiency; Wall St. gains

Welcome to the end of the working week and your recap of the key international business and political news.

First up, US President Donald Trump asked the Supreme Court to dismiss a challenge to his global trade tariffs by two educational toy manufacturers, Bloomberg reported.

The companies asked the Court to take an unusual shortcut by getting involved before a Federal Appeal Court ruling.

Trump’s tariffs remain in effect despite two court rulings which said many of them exceeded Trump’s powers. Learning Resources and hand2mind said Trump lacked authority to issue the tariffs under the 1977 International Emergency Economic Powers Act.

Judge Rudolph Contreras in Washington agreed, though he limited his ruling to the two companies involved.

Meanwhile, Trump was examined for swelling in his legs and diagnosed with chronic venous insufficiency, CNN reported.

Trump, 79, underwent a comprehensive examination, including diagnostic vascular studies with the White House Medical Unit. Trump’s physician Captain Sean Barbabella noted chronic venous insufficiency was a common condition, particularly in people over the age of 70.

Trump had noticed mild swelling in his lower legs in recent weeks.

Barbabella found no evidence of deep vein thrombosis or arterial disease. Trump also underwent an echocardiogram, which found no signs of heart failure, renal impairment, or systemic illness.

In the Middle East, Israel bombed the only Catholic church in Gaza, killing three people and wounding at least 10 others, as military action continues, Al Jazeera reported.

The Holy Family Church in Gaza City said its priest was wounded. Israeli attacks across Gaza killed at least 32 Palestinians, including 25 in Gaza City alone, on Thursday local time.

“The people in the Holy Family Compound are people who found in the Church a sanctuary – hoping that the horrors of war might at least spare their lives, after their homes, possessions, and dignity had already been stripped away,” a statement said.

Syrian interim president Ahmed al-Sharaa said it was his priority to protect the country's Druze citizens after more than 350 people were killed since clashes between Druze militias and Bedouin tribes on Sunday local time, the BBC reported.

Government forces were accused of killings, and the military was withdrawing from the Suweida area under a ceasefire agreement with Druze leaders.

Over the Ditch, Australian unemployment rose to 4.3% in June, leading to criticism of the RBA’s decision to keep interest rates on hold last week, the ABC reported.

The number of officially unemployed people jumped by 33,600 last month.

"The sharp rise in unemployment in June makes the RBA's decision to leave rates on hold earlier this month look like a policy error," Capital Economics senior Asia-Pacific economist Abhijit Surya said.

Oxford Economics Australia head of economic research Harry Murphy Cruise said the data suggested the RBA should "get a wriggle on" with another rate cut.

"Looking ahead, the labour market has a number of challenges nipping at its heels. First and foremost, President Trump's tariffs are weighing on business investment and prompting some firms to rethink hiring plans.

“Even though Aussie businesses are largely out of the direct line of tariff fire, global uncertainty is lapping at our shores.”

Elsewhere, Samsung boss Lee Jae-yong was cleared of fraud charges, concluding a long legal battle over his role in a 2015 merger deal, the BBC reported.

Lee, the grandson of Samsung's founder, had been accused of using stock and accounting fraud to try to gain control of the firm. In its final verdict, the Supreme Court upheld a not guilty verdict, after Lee was acquitted of all charges in two earlier trials.

"Today, the Supreme Court has clearly confirmed through its final ruling that the merger of Samsung C&T and the accounting treatment of Samsung Biologics were lawful," said Samsung's lawyers.

"We sincerely thank the court for its wise judgment following a thorough five-year trial process."

On Wall Street, stocks rose after fresh economic data and a series of corporate earnings releases.

Earlier, the Dow Jones gained more than 200 points. Pepsi shares jumped more than 5% after better-than-expected earnings, while United Airlines gained 6% after the airline beat earnings estimates, CNBC reported.

The Labor Department said jobless claims for the week ended July 12 were 221,000, down 7000 from the previous week. Retail sales also jumped more than expected last month.

Finally, media platform Substack just announced a US$100 million Series C funding round to help grow. Co-founder Hamish McKenzie is a New Zealander.

“We’ll invest in better tools, broader reach, and deeper support for the writers and creators driving Substack’s ecosystem. Already, hundreds of millions of dollars flow from audiences to creators there every year. Millions use the app weekly and pay for the work they discover. But this is just the beginning.

“The model is working – across writing, audio, video, and communities – and this funding lets us go further.”