| The US economy grew at a slightly stronger pace in the second quarter than initially reported, reflecting an upward revision to consumer spending that more than offset weaker activity in other categories. Gross domestic product rose at a 3% annualized rate during the April-June period, up from the previous estimate of 2.8%, according to Bureau of Economic Analysis figures published Thursday. The economy’s main growth engine—personal spending—advanced 2.9%, versus the prior estimate of 2.3%. Growth has cooled so far this year after accelerating in the second half of 2023. Forecasters see further moderation for the remainder of 2024 as high borrowing costs continue to filter through the economy. At the same time, the Federal Reserve is set to begin lowering interest rates next month as inflation continues to slow, which may provide some relief to sectors heavily impacted by borrowing costs like housing and manufacturing. More consumer spending data is set to land on Friday. —David E. Rovella Chris Stansbury may have been the most hated person in the room as he made the rounds at one of Wall Street’s biggest leveraged finance conferences late last year. The Lumen finance chief was in the process of carrying out one of the largest and most controversial distressed-debt exchanges ever, and creditors stuck on the outside looking in were furious. For those at the gathering, nothing captured the tension more than the sight of a man in a buttoned-up suit, backpack slung over his shoulder, appearing to guard Stansbury as he worked the room. Some attendees joked that his presence brought to life the phrase buzzing through the market: “creditor-on-creditor violence.” Fast forward to today, and the deal has become one of the most successful distressed trades of the year, even for those that got left behind. Prospect Capital Chief Executive Officer John F. Barry III lashed out at a Wall Street analyst during a quarterly earnings call, defending the investment firm’s track record and blasting some of the analyst’s questions as “absurd.” The altercation occurred after Wells Fargo’s Finian O’Shea asked under what circumstances Prospect would force the conversion of some of its preferred stock into common shares, a scenario Barry said the firm has no reason to contemplate. “No, we’re not running over and looking at break glass here. I just am amazed at these questions,” Barry said in a heated exchange. “Is the house on fire? Why are we talking about something like that?”  John Barry Photographer: Dania Maxwell/Bloomberg Nokia’s mobile networks assets are said to be drawing preliminary interest from suitors including South Korea-based Samsung amid increasing pressure to find new growth in the troubled telecom equipment sector. Finland-based Nokia has been in discussions with advisers about potential options for its mobile networks business, which has struggled to compete with larger rivals like China’s Huawei. Nokia is said to have considered a number of different scenarios, from selling some or all of the division to spinning it off or combining with a rival. Deliberations are still at an early stage, and there’s no certainty Nokia will decide to pursue any transaction. The entire unit could be valued at roughly $10 billion. The Netherlands plans to limit ASML Holding’s ability to repair and maintain its semiconductor equipment in China, a potentially painful blow to Beijing’s efforts to develop a world-class chip industry. The government of Prime Minister Dick Schoof will likely not renew certain ASML licenses to service and provide spare parts in China when they expire at the end of this year. The decision is expected to cover the company’s top-of-the-line deep ultraviolet lithography machines. Fallout from the clash between Elon Musk and Brazil’s top court justice spread across the right-wing billionaire’s companies as the judge vowed to shut down X, Musk’s embattled social media platform, and blocked Starlink bank accounts in Latin America’s largest economy. Supreme Court Justice Alexandre de Moraes is spearheading efforts to combat fake news and hate speech in Brazil. Musk, with the support of Brazil’s political right including former President Jair Bolsonaro, says the judge is undermining free speech.  Alexandre de Moraes Photographer: Ton Molina/Bloomberg Donald Trump’s use of a restricted section of Arlington National Cemetery as the backdrop for a photo opportunity after reportedly having been warned not to, and a resulting confrontation with cemetery personnel who tried to stop it, escalated Thursday when the US Army confirmed reports that the Republican’s aides shoved aside a female employee trying to prevent them from photographing graves of recently buried US soldiers. The Army, in a rare public rebuke, assailed statements by Trump’s aides attacking the Arlington National Cemetery employee. Trump’s critics have seized on the incident, citing it as only the latest example of the Republican candidate disrespecting US service members. Every six hours, somewhere in the world, a shipment of liquefied natural gas controlled by a Japanese company leaves a port. The vessels—giant, floating thermoses that keep the fuel super-chilled—cross the globe, destined for pipelines in energy-hungry countries in every hemisphere. These tankers, which handle a quarter of all LNG shipments, are only the tip of Japan’s increasingly dominant gas empire. With the enthusiastic backing of the government, corporate Japan now offers a complete package for countries looking to replace aging, and near-unfinanceable, coal power stations with gas: Its engineering firms will provide technology and parts, its utilities some fuel, and the banks will offer financing.  China’s first two-berth LNG terminal in Tianjin, in December 2023 Photographer: VCG/Getty Images Hong Kong’s Kai Tak Airport was legendary among pilots who had to thread their way between high-rises to land, and passengers who gripped their armrests and held their breath as they peered into apartment windows on the way down. After the new airport at Chek Lap Kok opened in 1998, Kai Tak was handed over to developers, who planned to fill the facility and its former runway stretching out into Kowloon Bay with million-dollar condos and upscale shopping. These days, with home prices falling across Hong Kong, growing numbers of homeowners at Kai Tak have underwater mortgages—owing more than they could get by selling the property. It’s a symbol of how far Hong Kong has fallen.  The stadium at Kai Tak has been delayed until next year; the former runway stretches out into Kowloon Bay. Photographer: Eugene Lee Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg’s flagship briefing in your mailbox daily. Bloomberg Tech: Humanity has always relied on technology to drive growth. With the emergence of artificial intelligence, society is being asked to trust tech with economies, media and health like never before. 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