5 Big News Stories Overnight - Wedensday, July 15, 2026

Rich Kids Are Getting Richer

Bloomberg reports:

In case you were wondering, the rich are getting richer. A lot richer. And soon, their kids will, too.

An unprecedented transfer of wealth in the coming decades is likely to disproportionately benefit America’s most affluent families, boosting their fortunes by trillions of dollars, a new report from Visa says. Almost three quarters of those expected to inherit from Baby Boomers are already in the top 10% by household net worth.

“This is far from a broad redistribution of wealth,” the report said. “These transfers will be highly uneven, reinforcing pockets of affluence and quietly shaping who benefits most — and how much of this windfall ultimately shows up in spending rather than savings.”

Indeed, high-income households are less likely to spend their inheritances right away than less affluent ones, and that’s good news for Wall Street. Most of the money will go toward savings, investments and property purchases, a shift that is expected to create new opportunities for banks, wealth managers and other financial firms.

New Alzheimer’s drug could stop disease

The Telegraph reports:

An Alzheimer’s drug could prevent dementia before symptoms show, with research suggesting it could clear toxic brain plaques in just three months.

Trontinemab, a medicine given as a monthly infusion, will be offered to about 1,600 people with no memory problems who are at high risk of the disease to see whether it can stave off symptoms.

Scientists said the landmark trial could be a “game changer”, raising the prospect of “statins for the brain” being routinely offered to people in mid-life.

The phase III trial – the final pre-approval testing stage for a new treatment – will use blood tests to identify those most likely to benefit from taking part.

Trump says ‘strikes on Iran will continue until I say enough’

Al Jazeera reports:

US President Donald Trump has said that attacks on Iran “will continue until I say enough”, with potential targets including power plants and bridges.

Iranian media continues to report explosions across its southern cities, as well as on islands off its coast, including in the Strait of Hormuz.

Iran’s Islamic Revolutionary Guard Corps (IRGC) says it targeted US forces in Kuwait, Bahrain and Jordan earlier on Tuesday.

The US reimposed its blockade on Iranian ports, while Trump rolled back a plan to impose a 20 percent tariff on ships transiting the Strait of Hormuz.

Ukraine Sea Drone Sinks Russian Ship Near Compound Said to Be Linked to Putin

The WSJ reports:

Ukraine said one of its naval drones on Tuesday sank a Russian patrol ship docked in the Black Sea resort town of Gelendzhik, close to a luxurious compound allegedly linked to Russian President Vladimir Putin.

At least one domestically produced Sargan-3000 sea drone struck a ship called the Emerald, killing some crew members and injuring others, Ukraine’s navy said in a post on social media. 

The attack is the latest demonstration of the extent to which Ukrainian naval drones have helped Kyiv exercise greater control in the Black Sea.

A 200-foot-long vessel with a helicopter landing pad, the Emerald was operated by Russia’s FSB security service, rather than its regular military, according to the post. The FSB patrols Russia’s borders and has taken a leading role in Putin’s crackdown on domestic dissent. 

Ukraine’s navy said that the Emerald took part in a November 2018 attack on Ukrainian ships in the Kerch strait, the narrow body of water separating the Russian mainland from Crimea peninsula, which Russia occupied and annexed from Ukraine in 2014.

Tech IBM stock craters 25%, the worst day on record, after company issues second-quarter earnings warning

CNBC reports:

International Business Machines shares plummeted 25% on Tuesday after the hardware, software and consulting provider released preliminary second-quarter results that fell short of expectations.

The stock logged its worst day on record, sinking further than its previous worst day of Oct. 19, 1987, when shares fell 23.7%. Records track trading activity back to 1968, though IBM has been a listed company on the New York Stock Exchange since 1916.

The tech company reported adjusted earnings of $2.93 a share on revenue of $17.2 billion, below analysts’ expectations for earnings of $3.01 a share and revenue of $17.86 billion, according to FactSet.

CEO Arvind Krishna blamed the shortfall on weakness in the software and infrastructure business, as clients shifted spending toward hardware purchases such as memory chips.