Fortune

“We want you to tax us. We can afford it." While some of the ultra-rich are fleeing their hometowns to protect their wealth in sunny locales with lower tax burdens, a growing group of U.K. millionaires are staying put and demanding to pay more. Now, 120 wealthy Britons have signed an open letter to England’s new prime minister Andy Burnham, asking for their taxes to be raised. The “Proud to Pay” campaign, organized by Patriotic Millionaires UK, has drawn support from some of the country’s biggest stars—including the likes of former footballer Gary Lineker, and legendary music producer Brian Eno. Read more: https://lnkd.in/e8ggtEx4

Progress in reopening the Strait of Hormuz should lower oil prices just as the Fed has sounded more hawkish on inflation ahead of its meeting, and the rate decision will also feed into the AI trade. Microsoft and Meta report on Wednesday, with Apple and Amazon on Thursday. https://bit.ly/44RTF0r

"What I encourage my staff to to do is be true to yourself." In a 2024 interview at the Fortune Innovation Forum, Yum China CEO Joey Wat shared advice for young women leaders: Be true to yourself. As we count down to the reveal of the 2026 #Global500 list, publishing July 28, we’re spotlighting founders and business leaders from the world’s largest companies. 🔗 Learn more here: https://lnkd.in/emx9JitW

Chinese models now dominate much of the activity on OpenRouter, a popular marketplace where developers can access different models and providers through a single interface. At one point in mid-July, six of the top 10 models—and all of the top five—came from Chinese companies. https://bit.ly/4vU9yia

There's now fighting across key parts of the oil-producing world, in the Persian Gulf, Red Sea and Black Sea. “So it’s really tightening the products market as well as the crude market.” https://bit.ly/4gZ5l94

Blackstone may manage more than $1.3 trillion in assets, but president Jon Gray doesn’t want the firm’s newest class of Gen Z analysts thinking like stereotypical employees at a Wall Street giant. To succeed, he says, they should approach their jobs like they’re working at a startup. “Think about wherever you’re working, whatever capacity in our firm or elsewhere, how you can be an agent of change, how you can make things better, how you can serve clients in a better way,” Gray said in a recent address to Blackstone’s newest class of analysts, adding they should focus on “this idea of being entrepreneurial.” Gray has spent 34 years at Blackstone and has seen that philosophy play out firsthand. He credits the firm’s rise to becoming the world’s largest alternative asset manager to preserving the culture it had as a small business when it was founded by Peter Peterson and Stephen Schwarzman in 1985. Read more: https://lnkd.in/eP4ZvTRU

There is no consolidated ledger of the government’s holdings, which are scattered across at least four agencies: 17 deals through the Commerce Department, seven through the Defense Department, six through the Development Finance Corporation, two through the Energy Department. https://bit.ly/45nGHrp

Manhattan’s median apartment listing price per square foot was $1,489 in May vs. Miami-Dade County’s $465. But Miami’s prices have climbed further, relative to what the average Miami resident earns, compared to how New York’s prices have climbed relative to earnings. https://bit.ly/3TnD4PF

Young women are falling behind young men in the entry-level job market — but it’s not primarily artificial intelligence that’s to blame, according to the researchers behind one of the country’s most closely watched labor-market trackers. The finding comes from new data shared exclusively with Fortune. The data comes from an update to the “Canaries Dashboard,” a joint project of the Stanford Digital Economy Lab and ADP Research, led by Erik Brynjolfsson and Nela Richardson that documents how generative AI is reshaping entry-level hiring. Read more: https://lnkd.in/eVY4mJqr

Hannah Williams, creator and host of Salary Transparent Street, has been breaking open the conversation gatekept by social norms that treat discussing pay as impolite. And the inspiration came from her own experience trying to get what she’s worth. https://bit.ly/3RipwV4