The Information reports Oracle (ORCL.N)'s data center project is facing unexpected cost overruns of several bln dollars.

The Wall Street Journal reports nearly 2 million Americans have been unemployed for at least six months. U.S. Labor Department data show June long-term unemployment (27 weeks+) accounted for 27.3% of total unemployed, up 4 percentage points year-on-year and near the highest level since late 2021. Overall unemployment remains low, so the stock of long-term unemployed is not yet large enough to materially hit the economy, but analysts warn spillovers are accumulating. Employ America senior economist Preston Mui said: "We haven't seen large-scale layoffs in recent years, so short-term unemployment has stayed relatively stable. At the same time hiring activity has fallen off noticeably. Even if some long-term unemployed find jobs, the weak hiring environment means more people keep joining the long-term unemployed pool, keeping the count elevated."

According to a statement, Hungary's president has signed a constitutional amendment that ends his tenure as head of state.