Trump loses bid on taxes: A federal appeals court has ruled the Internal Revenue Service must hand over former President Trump”™s tax returns to a House of Representatives committee, dismissing Trump”™s argument that the request was unconstitutional and a violation of his privacy. The unanimous ruling by a three-judge panel the D.C. Circuit Court of Appeals sided with the House Ways and Means Committee and the Biden administration, which supported turning over Trump”™s tax records for congressional review. The committee sought the tax records as part of its oversight of the IRS”™ presidential audit program. Trump has the option of appealing the ruling to the U.S. Supreme Court.
Cryptocurrency”™s Coinbase lost $1.1B in Q2: The cryptocurrency sector was rocked by the disastrous second quarter earnings report published by Coinbase Global Inc., the nation”™s largest crypto exchange. The company recorded a $1.1 billion loss in the second quarter, compared with a profit of $1.6 billion one year ago. Coinbase”™s second quarter revenue of $808 million was down from $2.2 billion in the previous year. Coinbase”™s quarterly losses followed the report of losses by two other publicly traded crypto companies, Galaxy Digital Holdings Ltd. and Marathon Digital Holdings, earlier this week.
Russia launches Iranian satellite into space: A Russian rocket launched an Iranian satellite into orbit on Tuesday. The satellite carries a high-resolution camera that the Iranian government said will be used for environmental monitoring, although the Associated Press reported there have been allegations that Iran will use the satellite to monitor Israel and its Middle Eastern enemies and to help Russia by providing surveillance of Ukrainian military positions. Iran operates two space programs, one for civilian use and one for military use.
Ford hikes price on electric F-150: Anyone planning to purchase a 2023 F-150 Lightning electric truck from Ford Motor Co. will need to open their wallet wider. Ford announced it was raising the price on the vehicle from between $6,000 and $8,500, depending on the model. The price hikes were blamed on rising inflation and commodity costs related to the manufacturing of the F-150. Customers who have already ordered the vehicle and are awaiting delivery will not be impacted by the price change.
Serena Williams to step away from tennis: Serena Williams, the 23-time Grand Slam tennis champion, has announced plans to step away from her sport. Williams told a Vogue interviewer that she will leave tennis after the upcoming U.S. Open in New York later this summer. Williams refused to call her action a retirement, preferring instead to define it as a transition and an evolution. She will spend much of her post-tennis career focusing on Serena Ventures, her venture capital firm, and on starting a family.
