US Corporate Donations Hit Record High as Trade Dispute Escalates
US corporate political donations hit a record $646 million in the 18 months leading up to midterms, according to watchdog group Public Citizen. This is 40% higher than total corporate spending during the entire 2024 presidential election cycle.
The amount of money donated by US companies to political campaigns has increased significantly ahead of the November 2026 midterm elections. Major spenders include manufacturing conglomerate Koch Inc. and online sports betting companies, which have contributed around $76 million to candidates from both parties.
Meanwhile, a diplomatic dispute between the US and Canada has escalated over Lake Ontario's name, with President Donald Trump signing an executive order renaming it 'Lake America'. The move follows his earlier threats to rename the lake amid worsening US-Canada trade relations. Canadian Prime Minister Mark Carney rejected the name change, stating that Lake Ontario has been known by its current name for over 400 years.
In other news, Iran has set conditions for reopening the Strait of Hormuz, one of the world's most important energy shipping routes, including an end to regional war, removal of US sanctions, and compensation for losses. The Strait of Hormuz is crucial to global energy markets, with disruptions sharply reducing shipping and contributing to higher global energy prices.
Rwanda has secured a $190 million loan from the World Bank Group, marking its first government borrowing denominated partly in Japanese yen. The funding will support infrastructure, health, education, agriculture, and other economic sectors in Rwanda.