Amazon is facing a class-action lawsuit alleging its Twitch platform used streamers’ videos to train AI models without permission or proper compensation. Filed by a Connecticut-based streamer, the complaint is brought on behalf of millions of creators seeking damages. It also asks the court to bar Amazon from continuing the alleged practice. Amazon bought Twitch for nearly $1bn (£740m) in 2014 and has made AI a major focus as it competes with Google, Meta and other tech companies.

US long-term borrowing costs eased after the 30-year Treasury yield hit a near 20-year high of 5.34% on Tuesday. The Treasury said it will at least double its buyback operations to $4bn from $2bn, running from 9 September to 4 November. After the announcement, the 30-year yield fell to 5.18%. Analysts said the government is concerned that persistently high long-term yields would raise borrowing costs for both the public and private sectors, while the average 30-year fixed mortgage rate stands at 6.67%.

Target said it received nearly $1bn in tariff refunds from the US government, lifting its latest profit results. The retailer reported a $994 million pretax reimbursement that helped its second-quarter operating income double to $2.6bn from $1.3bn a year earlier.

A jury trial is set to begin on Tuesday in a lawsuit filed in 2023 by 30 U.S. states accusing Meta of violating federal and state children’s privacy laws. The states are seeking upwards of $1 trillion and are asking for product changes on Instagram and Facebook, including ending “like” counts and infinite scroll. A New Mexico judge recently fined Meta a collective $942m and ordered similar changes, and Meta said it would appeal. The states in the broader case represent nearly two-thirds of the U.S. population, and a loss could force significant operational changes; Meta’s market value is about $1.5tn.

US firm Apollo has agreed to acquire UK budget airline EasyJet in a £5.7bn deal, offering £7.15 per share. The transaction has the backing of founder Sir Stelios HajiIoannou after rival bidder Castlelake withdrew from the process. EasyJet employs more than 19,000 people and operates around 1,200 routes across 35 European countries.

BP said its net profit for the second quarter of 2024 rose to $5.73bn, the company’s highest quarterly level since 2022. BP attributed the jump to higher oil prices driven by war in the Middle East, with Brent crude averaging $103.85 a barrel during the period, up 53% from a year earlier. The company also said it will divest its US renewable natural gas business Archaea as it pivots further back toward its core oil and gas operations.

Iran-backed Houthi forces said on 20 July they had imposed a blockade on Saudi Arabia’s Red Sea ports, after mounting multiple attacks on commercial vessels over the past week. Ship traffic through the Strait of Hormuz has fallen to single digits per day from more than 100 a day before the war, a chokepoint that previously carried about 20% of global oil and gas. Brent crude slid as much as 7.3% to $81.55 a barrel and settled at $84.05, down 4.4%. The developments underscore a material geopolitical shock to Middle East maritime energy routes.

The US and Japan’s central banks jointly intervened in foreign-exchange markets last week, buying yen after it slid to a fresh 40-year low against the dollar. The move marked the first coordinated intervention by the two countries since 2011, following the earthquake and tsunami in eastern Japan. The Bank of Japan raised its policy rate to 1% in June, its highest level since September 1995, while the Federal Reserve’s benchmark rate stands at 3.50%–3.75%. The intervention directly targeted the yen’s exchange rate, providing short-term support for the currency.

Sainsbury’s said it will sell its Argos retail brand to newly formed buyer Swift Partners for £120m. After the transaction, Argos will continue operating inside Sainsbury’s stores, selling Habitat products and supporting the Nectar points scheme. Sainsbury’s said operations for customers, staff and suppliers will remain “business as usual”. The deal is expected to complete next February as Sainsbury’s sharpens its focus on its core food business.