Bloomberg News Now July 5, 2025: Dozens Dead in TX Floods, Musk Launches Political Party, More
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Jul 6, 2025 Flash floods in central Texas have claimed dozens of lives, prompting extensive rescue efforts. Elon Musk has launched a new political party, the America Party, stirring discussions about its implications. Internationally, BRICS nations express concerns over unilateral trade actions, while OPEC Plus plans an increase in oil production. The impact of technology on business is highlighted through a UK retailer's major tech failure, with solutions from TeamViewer and support initiatives from PayPal and Thrivent aimed at fostering resilience.
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Tragic Texas Flash Floods
- Central Texas flash floods killed at least 49 people, including 15 children from a local girls camp.
- In 1987, a similar flood in the same area caused the deaths of 10 teenagers at a church camp.
Musk Launches America Party
- Elon Musk launched a new political party on X called the America Party to "give you back your freedom."
- This follows his opposition to a tax and spending bill ending EV tax credits, threatening to unseat supportive lawmakers.
U.S.-Canada Trade Deal Progress
- U.S. and Canada neared a new trade deal with a deadline of July 21, aiming to resolve tariff disputes.
- Both sides are optimistic for a deal that strengthens economic ties.