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BlackRock's iShares Bitcoin Trust has emerged as the world's largest fund for the main cryptocurrency, with roughly $20 billion in total assets since its January US launch, Bloomberg News reported on Wednesday. As of Tuesday, the exchange-traded fund (ETF) had $19.68 billion in tokens, topping the Grayscale Bitcoin Trust's $19.65 billion, according to Bloomberg statistics.

The debut of nine new ETFs in January, including the iShares Bitcoin Trust, had a substantial impact on market dynamics. Grayscale's fund had assets totalling around $29 billion at the time. The US Securities and Exchange Commission (SEC), which had previously been sceptical of spot bitcoin ETFs due to market manipulation concerns, approved these new products in January following Grayscale Investments' successful legal appeal last year.

Despite its initial edge, Grayscale has seen a steady outflow since its ETF conversion began trading on January 11. Market watchers have closely watched the movement of assets between BlackRock's ETF and Grayscale Bitcoin Trust.&nbsp;

BlackRock's quick rise in the extremely competitive spot bitcoin ETF market demonstrates that being first to market does not ensure long-term supremacy, according to Aniket Ullal, CFRA's head of ETF statistics and analytics. Ullal emphasised that early entrants may face legacy disadvantages.

Grayscale has faced issues such as selling pressure and a 1.5 per cent management fee, which is much more than the about 0.25 per cent average cost charged by its newer competitors, like Fidelity Investments and ARK Investments.&nbsp;

In contrast, BlackRock has used its enormous distribution network to reach independent financial advisors and wealth managers. Jay Jacobs, BlackRock's US head of thematic and active ETFs, told Reuters on Tuesday that the ETF has seen significant inflows from both the wealth management community and private advisors.&nbsp;

"A lot of early movers went from direct ownership of digital assets to IBIT," Jacobs explained, noting that some of these accounts held millions of dollars in cryptocurrency.

While several hedge funds reported large stakes in the new ETFs by the end of the first quarter, other institutional investors were more cautious. Jacobs admitted that garnering institutional support will be a slow process that may take years.

As the competitive environment for bitcoin ETFs shifts, BlackRock's iShares Bitcoin Trust has emerged as a key competitor, highlighting the potential for new entrants to redefine market leadership in the cryptocurrency investing industry.

(With inputs from Reuters)

BlackRock's iShares Bitcoin Trust has emerged as the world's largest fund for the main cryptocurrency, with roughly $20 billion in total assets since its January US launch, Bloomberg News reported on Wednesday.

BlackRock's iShares Bitcoin Trust has emerged as the world's largest fund for the main cryptocurrency, with roughly $20 billion in total assets since its January US launch, Bloomberg News reported on Wednesday. As of Tuesday, the exchange-traded fund (ETF) had $19.68 billion in tokens, topping the Grayscale Bitcoin Trust's $19.65 billion, according to Bloomberg statistics. The debut of nine new ETFs in January, including the iShares Bitcoin Trust, had a substantial impact on market dynamics. Grayscale's fund had assets totalling around $29 billion at the time. The US Securities and Exchange Commission (SEC), which had previously been sceptical of spot bitcoin ETFs due to market manipulation concerns, approved these new products in January following Grayscale Investments' successful legal appeal last year. Despite its initial edge, Grayscale has seen a steady outflow since its ETF conversion began trading on January 11. Market watchers have closely watched the movement of assets between BlackRock's ETF and Grayscale Bitcoin Trust. BlackRock's quick rise in the extremely competitive spot bitcoin ETF market demonstrates that being first to market does not ensure long-term supremacy, according to Aniket Ullal, CFRA's head of ETF statistics and analytics. Ullal emphasised that early entrants may face legacy disadvantages. Grayscale has faced issues such as selling pressure and a 1.5 per cent management fee, which is much more than the about 0.25 per cent average cost charged by its newer competitors, like Fidelity Investments and ARK Investments. In contrast, BlackRock has used its enormous distribution network to reach independent financial advisors and wealth managers. Jay Jacobs, BlackRock's US head of thematic and active ETFs, told Reuters on Tuesday that the ETF has seen significant inflows from both the wealth management community and private advisors. "A lot of early movers went from direct ownership of digital assets to IBIT," Jacobs explained, noting that some of these accounts held millions of dollars in cryptocurrency. While several hedge funds reported large stakes in the new ETFs by the end of the first quarter, other institutional investors were more cautious. Jacobs admitted that garnering institutional support will be a slow process that may take years. As the competitive environment for bitcoin ETFs shifts, BlackRock's iShares Bitcoin Trust has emerged as a key competitor, highlighting the potential for new entrants to redefine market leadership in the cryptocurrency investing industry. (With inputs from Reuters)

BlackRock's iShares Bitcoin Trust becomes the world's largest cryptocurrency fund

Brazilian airline Gol's parent business has started negotiations with competitor Azul to "explore opportunities," both airlines stated on Monday. This development comes after prior media reports hinted at a probable merger.

In a securities filing, Azul stated that no new agreements for a business combination with Gol have been signed or finalised. Gol is controlled by Abra Group, a Latin American airline holding firm founded in 2022 to combine Gol and Colombia's Avianca into a single holding corporation co-managed by both airlines' key shareholders.

Gol and Azul's announcement of a codeshare agreement last week fuelled speculation about a merger. This agreement connects their networks and frequent flyer programs, fuelling speculation that Brazilian carriers may merge.

Gol filed for bankruptcy in the United States earlier this year, citing enormous debt obligations and Boeing aircraft delivery delays. Abra Group, Gol's largest secured creditor, is actively participating in the restructuring process. However, any hypothetical deal between Abra Group and Azul "would not be binding for Gol," the airline declared in a Monday securities filing, without providing any further details.

Azul stated in its filing that it is in "independent talks" with the Abra Group.

In addition, Gol announced intentions to launch a competitive procedure in June to consider bids for financing its escape from bankruptcy. Gol stated that this approach will consider "opportunities presented by potential sources of equity and debt capital."

According to measurements from Brazil's aviation authority ANAC, Gol and Azul are the country's second and third-largest airlines in terms of passenger volume. Chile's LATAM is now leading the Brazilian market.

(With inputs from Reuters)

Brazilian airline Gol's parent business has started negotiations with competitor Azul to "explore opportunities," both airlines stated on Monday. This development comes after prior media reports hinted at a probable merger.

Brazilian airline Gol's parent business has started negotiations with competitor Azul to "explore opportunities," both airlines stated on Monday. This development comes after prior media reports hinted at a probable merger. In a securities filing, Azul stated that no new agreements for a business combination with Gol have been signed or finalised. Gol is controlled by Abra Group, a Latin American airline holding firm founded in 2022 to combine Gol and Colombia's Avianca into a single holding corporation co-managed by both airlines' key shareholders. Gol and Azul's announcement of a codeshare agreement last week fuelled speculation about a merger. This agreement connects their networks and frequent flyer programs, fuelling speculation that Brazilian carriers may merge. Gol filed for bankruptcy in the United States earlier this year, citing enormous debt obligations and Boeing aircraft delivery delays. Abra Group, Gol's largest secured creditor, is actively participating in the restructuring process. However, any hypothetical deal between Abra Group and Azul "would not be binding for Gol," the airline declared in a Monday securities filing, without providing any further details. Azul stated in its filing that it is in "independent talks" with the Abra Group. In addition, Gol announced intentions to launch a competitive procedure in June to consider bids for financing its escape from bankruptcy. Gol stated that this approach will consider "opportunities presented by potential sources of equity and debt capital." According to measurements from Brazil's aviation authority ANAC, Gol and Azul are the country's second and third-largest airlines in terms of passenger volume. Chile's LATAM is now leading the Brazilian market. (With inputs from Reuters)

Brazil's Gol Airlines begins talks with rival Azul to explore opportunities

Slain actor Johny Wactor's ex-fiancee broke down in tears in a video begging the authorities to track down the actor's killers. Wactor, who featured in the show General Hospital, was shot dead during a botched robbery in Los Angeles.&nbsp;

In a video posted on Instagram and TikTok, Hollywood actress Tessa Farrell sobbed as she said the suspects “shot the wrong guy” and hit out at crime rates in California. 
 
“If the person who did this, if you’re watching, I’m sorry, but you shot the wrong guy,” she says through tears.

“You can get a real job. I know the job market’s hard but we’re all in it together. You don’t have to steal, especially take a life over it.”

The actress went on to say “human life is disregarded too easy”, saying it is time we “make changes as a community” and “support each other”.

“Maybe that’s what Johnny’s gift is for us, maybe he’s gifting that to all of us,” she said.

Farrell appealed to fans for help to “find these killers.”

“These criminals can’t keep being on the street and they can’t keep being sent back and have no repercussions for their actions,” she added.&nbsp;

“It’s not ok, this can’t keep happening. So many lives are being lost, just us not being smart - we have to be smarter as a community.”

In the video, she also called for tougher laws to tackle crime in Los Angeles.

“Do you want better laws to reduce the escalating crime and theft rates in California?” she wrote in the Instagram post caption.

“If you’d like to help raise awareness for stricter crime and theft laws in California, please use hashtag #justiceforjohnny.”

Wactor was shot dead at around 3am on Saturday while protecting a female co-worker during a suspected robbery in Los Angeles.

The Los Angeles police department said that three men were trying to steal the catalytic converter from a vehicle.

The 37-year-old actor was reportedly escorting his colleague to her car after their shift at a rooftop bar when they came across the thieves.

Wactor's brother Grant told The Daily mail that his brother believed the suspects were just towing his truck. “So he said something to the guys, like, ‘Hey, are you towing?” he said. 
“And then once he turned around, he saw what was happening and he put his coworker behind him. And that’s when they shot him.”

The suspects fled in a vehicle. No arrests have yet been made, no suspects have been named and the investigation is ongoing.

Slain actor Johny Wactor's ex-fiancee broke down in tears in a video begging the authorities to track down the actor's killers. Wactor, who featured in the show General Hospital, was shot dead during a botched robbery in Los Angeles.

Slain actor Johny Wactor's ex-fiancee broke down in tears in a video begging the authorities to track down the actor's killers. Wactor, who featured in the show General Hospital, was shot dead during a botched robbery in Los Angeles. In a video posted on Instagram and TikTok, Hollywood actress Tessa Farrell sobbed as she said the suspects “shot the wrong guy” and hit out at crime rates in California. “If the person who did this, if you’re watching, I’m sorry, but you shot the wrong guy,” she says through tears. “You can get a real job. I know the job market’s hard but we’re all in it together. You don’t have to steal, especially take a life over it.” The actress went on to say “human life is disregarded too easy”, saying it is time we “make changes as a community” and “support each other”. “Maybe that’s what Johnny’s gift is for us, maybe he’s gifting that to all of us,” she said. Farrell appealed to fans for help to “find these killers.” “These criminals can’t keep being on the street and they can’t keep being sent back and have no repercussions for their actions,” she added. “It’s not ok, this can’t keep happening. So many lives are being lost, just us not being smart - we have to be smarter as a community.” In the video, she also called for tougher laws to tackle crime in Los Angeles. “Do you want better laws to reduce the escalating crime and theft rates in California?” she wrote in the Instagram post caption. “If you’d like to help raise awareness for stricter crime and theft laws in California, please use hashtag #justiceforjohnny.” Wactor was shot dead at around 3am on Saturday while protecting a female co-worker during a suspected robbery in Los Angeles. The Los Angeles police department said that three men were trying to steal the catalytic converter from a vehicle. The 37-year-old actor was reportedly escorting his colleague to her car after their shift at a rooftop bar when they came across the thieves. Wactor's brother Grant told The Daily mail that his brother believed the suspects were just towing his truck. “So he said something to the guys, like, ‘Hey, are you towing?” he said. “And then once he turned around, he saw what was happening and he put his coworker behind him. And that’s when they shot him.” The suspects fled in a vehicle. No arrests have yet been made, no suspects have been named and the investigation is ongoing.

US judge rejects Amazon's bid to dismiss FTC lawsuit over Prime enrolments

US energy giant&nbsp;ConocoPhillips&nbsp;announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change.

The all-stock transaction combines two familiar Houston-based oil players, expanding the larger&nbsp;ConocoPhillips' US holdings and potentially providing massive cost savings.

The acquisition "further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory,"&nbsp;ConocoPhillips&nbsp;chairman and chief executive officer Ryan Lance said in a company statement.

The deal, which includes the assumption of $5.4 billion in Marathon debt, is the latest in a series of acquisitions in the US oil sector, extending the lifespan of petroleum at a time when climate change advocates are pressuring producers to transition to carbon-free energy.

It will enable&nbsp;ConocoPhillips&nbsp;to strengthen its position in shale oil and gas-rich regions such as the Bakken Basin in the northern United States, the Eagle Ford fields in Texas and the Permian Basin in Texas and New Mexico.

A company presentation highlighted the proximity of Marathon's acreage in these regions to&nbsp;ConocoPhillips' holdings, creating potential economies of scale.

The deal should see&nbsp;ConocoPhillips&nbsp;achieve savings of $500 million in the year after completion, according to a&nbsp;ConocoPhillips&nbsp;press release, largely due to reduced administrative and production costs.&nbsp;

ConocoPhillips&nbsp;pledged to return excess cash to shareholders, saying it plans to boost its dividend by 34 per cent and expects more than $20 billion in share repurchases over the next three years.

The deal, which is expected to close in the fourth quarter of this year, gives Marathon Oil shareholders 0.255 shares of&nbsp;ConocoPhillips&nbsp;common stock for each share of Marathon Oil common stock.

That represents a 14.7 per cent premium over Marathon Oil's closing price on Tuesday.

A note from JPMorgan Chase said the takeover solves a challenging outlook for Marathon, which has done "an excellent job in the field" but would have needed to do more "to address inventory renewal over time."

The 15 per cent premium was an "attractive alternative", said the JPMorgan note.

Shares of Marathon jumped 9.1 per cent in morning trading, while&nbsp;ConocoPhillips&nbsp;fell 3.1 per cent.

<h2>- Chevron deal speed-bump -</h2>

ConcoPhillips is the third biggest US oil company by market capitalisation after ExxonMobil and Chevron, both which announced major petroleum-focused takeovers last year.

The deals have come in spite of rising global recognition of climate change, resulting in a landmark agreement at December climate talks in which nearly 200 countries agreed that the world will be "transitioning away from fossil fuels" in order to achieve net-zero emissions by 2050.

However, while US oil companies have faced pressure from climate-focused NGOs and investors to accelerate climate-friendly investments, demand for conventional petroleum has remained firm.

The&nbsp;ConocoPhillips&nbsp;deal follows ExxonMobil's $60 billion takeover of Pioneer Natural Resources, which closed earlier this month.

Chevron's proposed $53 billion takeover of Hess cleared one hurdle on Monday after Hess shareholders voted to approve the transaction.

However, the Hess deal hit a speed-bump earlier this year due to a challenge by ExxonMobil over the transaction's effect on ExxonMobil's holdings in Guyana.

Chevron has indicated it could walk away from the deal if arbitration is unsuccessful.

US energy giant ConocoPhillips announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change.

US energy giant ConocoPhillips announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change. The all-stock transaction combines two familiar Houston-based oil players, expanding the larger ConocoPhillips' US holdings and potentially providing massive cost savings. The acquisition "further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory," ConocoPhillips chairman and chief executive officer Ryan Lance said in a company statement. The deal, which includes the assumption of $5.4 billion in Marathon debt, is the latest in a series of acquisitions in the US oil sector, extending the lifespan of petroleum at a time when climate change advocates are pressuring producers to transition to carbon-free energy. It will enable ConocoPhillips to strengthen its position in shale oil and gas-rich regions such as the Bakken Basin in the northern United States, the Eagle Ford fields in Texas and the Permian Basin in Texas and New Mexico. A company presentation highlighted the proximity of Marathon's acreage in these regions to ConocoPhillips' holdings, creating potential economies of scale. The deal should see ConocoPhillips achieve savings of $500 million in the year after completion, according to a ConocoPhillips press release, largely due to reduced administrative and production costs. ConocoPhillips pledged to return excess cash to shareholders, saying it plans to boost its dividend by 34 per cent and expects more than $20 billion in share repurchases over the next three years. The deal, which is expected to close in the fourth quarter of this year, gives Marathon Oil shareholders 0.255 shares of ConocoPhillips common stock for each share of Marathon Oil common stock. That represents a 14.7 per cent premium over Marathon Oil's closing price on Tuesday. A note from JPMorgan Chase said the takeover solves a challenging outlook for Marathon, which has done "an excellent job in the field" but would have needed to do more "to address inventory renewal over time." The 15 per cent premium was an "attractive alternative", said the JPMorgan note. Shares of Marathon jumped 9.1 per cent in morning trading, while ConocoPhillips fell 3.1 per cent. - Chevron deal speed-bump - ConcoPhillips is the third biggest US oil company by market capitalisation after ExxonMobil and Chevron, both which announced major petroleum-focused takeovers last year. The deals have come in spite of rising global recognition of climate change, resulting in a landmark agreement at December climate talks in which nearly 200 countries agreed that the world will be "transitioning away from fossil fuels" in order to achieve net-zero emissions by 2050. However, while US oil companies have faced pressure from climate-focused NGOs and investors to accelerate climate-friendly investments, demand for conventional petroleum has remained firm. The ConocoPhillips deal follows ExxonMobil's $60 billion takeover of Pioneer Natural Resources, which closed earlier this month. Chevron's proposed $53 billion takeover of Hess cleared one hurdle on Monday after Hess shareholders voted to approve the transaction. However, the Hess deal hit a speed-bump earlier this year due to a challenge by ExxonMobil over the transaction's effect on ExxonMobil's holdings in Guyana. Chevron has indicated it could walk away from the deal if arbitration is unsuccessful.

ConocoPhillips to buy Marathon for $22.5 billion in latest big oil deal

On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds.<o:p></o:p>

The shareholder approval eliminates a significant barrier, but the transaction still requires regulatory approval and must resolve a protracted arbitration dispute with Exxon Mobil and CNOOC, Hess's Guyana partners. According to Frederic Boucher, a risk arbitrage analyst at Susquehanna Financial Group, regulatory clearance could be granted next month, which coincides with the Federal Trade Commission's (FTC) recent approval of Exxon's acquisition of Pioneer Natural Resources.<o:p></o:p>

The most important remaining hurdle is to resolve the lawsuit launched by Exxon and CNOOC, who claim first refusal on any sale of Hess's Guyana holdings. The purchase required a majority of the 308 million outstanding Hess shares to be approved, and preliminary results indicate support, though Hess has yet to release the vote total.<o:p></o:p>

This decision represents a big triumph for CEO John Hess, who has put his reputation and the heritage of his father's company at stake by pursuing this merger. The outcome alleviates demands from some shareholders seeking more compensation for the sale's delay. Exxon's arbitration proceedings could push the deal's closing date into 2025.<o:p></o:p>

"We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," Hess stated in a statement.<o:p></o:p>

Following the decision, Hess stock jumped marginally to $152.05, while Chevron stock rose by less than 1 per cent to $159.04.<o:p></o:p>

"Assuming Chevron wins the arbitration against Exxon or reaches a settlement, the transaction will now proceed," said Mark Kelly, an analyst with MKP Advisors. The merger has substantial consequences for both companies. Chevron’s acquisition of the lucrative Guyana oilfields from Hess could help minimise geopolitical concerns linked with the TengizChevroil project in Kazakhstan, which predominantly delivers oil through Russia to the Black Sea.<o:p></o:p>

Additionally, this acquisition could counterbalance the cost overruns at Chevron's Australian liquefied natural gas (LNG) projects, which have been plagued by labour and operational concerns. Acquiring Hess' Guyana holdings would increase Chevron's oil and gas reserves while also providing a new growth path beyond its present activities in the United States and Central Asia, according to Morningstar analyst Allen Good.<o:p></o:p>

Hess shareholders will control approximately 15 per cent of the larger Chevron corporation and will be eligible to receive its dividend, which is four times more than Hess' present payout.<o:p></o:p>

The shareholder vote boosts Hess's negotiating stance with Exxon. While Exxon has expressed no interest in acquiring Hess as a whole, it has not ruled out the prospect of bidding for Hess' Guyana assets.<o:p></o:p>

"It's beneficial that Chevron cleared this hurdle amid uncertainty over the Guyana arbitration," said Good. "However, I don't think it will affect the outcome of Exxon's claim."<o:p></o:p>

A spokesperson for Chevron stated that the company intends to complete the FTC regulatory procedure in the coming weeks. "We are confident our position on the preemption right will be affirmed in arbitration," the organisation stated.<o:p></o:p>

Exxon is the sole producer in Guyana, with 45 per cent ownership in the Stabroek Block and CNOOC holding a 25 per cent interest. Both corporations claim first refusal on any sale of Hess's 30 per cent interest.<o:p></o:p>

Institutional Shareholder Services, a proxy consulting firm, had advised shareholders to abstain and encouraged Hess to offer incentives considering the deal's delays. According to sources familiar with the situation, John Hess spent the previous month lobbying significant shareholders for support, personally visiting, or calling more than 30 companies.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds.

On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds. The shareholder approval eliminates a significant barrier, but the transaction still requires regulatory approval and must resolve a protracted arbitration dispute with Exxon Mobil and CNOOC, Hess's Guyana partners. According to Frederic Boucher, a risk arbitrage analyst at Susquehanna Financial Group, regulatory clearance could be granted next month, which coincides with the Federal Trade Commission's (FTC) recent approval of Exxon's acquisition of Pioneer Natural Resources. The most important remaining hurdle is to resolve the lawsuit launched by Exxon and CNOOC, who claim first refusal on any sale of Hess's Guyana holdings. The purchase required a majority of the 308 million outstanding Hess shares to be approved, and preliminary results indicate support, though Hess has yet to release the vote total. This decision represents a big triumph for CEO John Hess, who has put his reputation and the heritage of his father's company at stake by pursuing this merger. The outcome alleviates demands from some shareholders seeking more compensation for the sale's delay. Exxon's arbitration proceedings could push the deal's closing date into 2025. "We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," Hess stated in a statement. Following the decision, Hess stock jumped marginally to $152.05, while Chevron stock rose by less than 1 per cent to $159.04. "Assuming Chevron wins the arbitration against Exxon or reaches a settlement, the transaction will now proceed," said Mark Kelly, an analyst with MKP Advisors. The merger has substantial consequences for both companies. Chevron’s acquisition of the lucrative Guyana oilfields from Hess could help minimise geopolitical concerns linked with the TengizChevroil project in Kazakhstan, which predominantly delivers oil through Russia to the Black Sea. Additionally, this acquisition could counterbalance the cost overruns at Chevron's Australian liquefied natural gas (LNG) projects, which have been plagued by labour and operational concerns. Acquiring Hess' Guyana holdings would increase Chevron's oil and gas reserves while also providing a new growth path beyond its present activities in the United States and Central Asia, according to Morningstar analyst Allen Good. Hess shareholders will control approximately 15 per cent of the larger Chevron corporation and will be eligible to receive its dividend, which is four times more than Hess' present payout. The shareholder vote boosts Hess's negotiating stance with Exxon. While Exxon has expressed no interest in acquiring Hess as a whole, it has not ruled out the prospect of bidding for Hess' Guyana assets. "It's beneficial that Chevron cleared this hurdle amid uncertainty over the Guyana arbitration," said Good. "However, I don't think it will affect the outcome of Exxon's claim." A spokesperson for Chevron stated that the company intends to complete the FTC regulatory procedure in the coming weeks. "We are confident our position on the preemption right will be affirmed in arbitration," the organisation stated. Exxon is the sole producer in Guyana, with 45 per cent ownership in the Stabroek Block and CNOOC holding a 25 per cent interest. Both corporations claim first refusal on any sale of Hess's 30 per cent interest. Institutional Shareholder Services, a proxy consulting firm, had advised shareholders to abstain and encouraged Hess to offer incentives considering the deal's delays. According to sources familiar with the situation, John Hess spent the previous month lobbying significant shareholders for support, personally visiting, or calling more than 30 companies. (With inputs from Reuters)

Hess shareholders approve $53 billion merger with Chevron

Ryan Salame, the former co-CEO of FTX's Bahamian company, was sentenced to 90 months in jail on Tuesday by a US federal court. Salame pleaded guilty in September to making tens of millions of dollars in illegal campaign payments to groups supported by his former boss, Sam Bankman-Fried, the operator of the now-defunct cryptocurrency exchange.

The 30-year-old's sentence exceeds the prosecutors' recommendation of five to seven years. In addition to the prison sentence, Salame was sentenced to three years of supervised release and forced to pay nearly $6 million in forfeiture and more than $5 million in restitution.

Salame, Bankman-Fried, and former FTX engineering chief Nishad Singh are accused of using FTX customer funds to support political politicians who support crypto-friendly laws. Salame's counsel contended that he was deceived into believing the company was reputable and financially healthy. "He was duped, as was everyone else, into believing that the companies were legitimate, solvent, and wildly profitable," they said in a filing before the sentencing earlier this month.

Salame made significant political contributions to Republican politicians and groups totalling more than $24 million during the 2022 election season, making him one of the year's top donors, according to Federal Election Commission records. He pleaded guilty to one count of conspiracy to make illegal political contributions and one count of conspiracy to run an unregistered money-transmitting company.

According to US Attorney Damian Williams of the Southern District of New York, Salame's involvement in two severe federal crimes harmed public trust in American democracy and the integrity of the financial system.

Salame's imprisonment comes after Bankman-Fried was sentenced to 25 years in jail for stealing $8 billion from FTX consumers. Bankman-Fried was found guilty in November of seven charges of fraud and conspiracy in connection with FTX's collapse in 2022, a financial calamity described by prosecutors as one of the greatest frauds in US history.

(With inputs from Reuters)

Ryan Salame, the former co-CEO of FTX's Bahamian company, was sentenced to 90 months in jail on Tuesday by a US federal court. Salame pleaded guilty in September to making tens of millions of dollars in illegal campaign payments to groups supported by his former boss, Sam Bankman-Fried, the operator of the now-defunct cryptocurrency exchange.

Ryan Salame, the former co-CEO of FTX's Bahamian company, was sentenced to 90 months in jail on Tuesday by a US federal court. Salame pleaded guilty in September to making tens of millions of dollars in illegal campaign payments to groups supported by his former boss, Sam Bankman-Fried, the operator of the now-defunct cryptocurrency exchange. The 30-year-old's sentence exceeds the prosecutors' recommendation of five to seven years. In addition to the prison sentence, Salame was sentenced to three years of supervised release and forced to pay nearly $6 million in forfeiture and more than $5 million in restitution. Salame, Bankman-Fried, and former FTX engineering chief Nishad Singh are accused of using FTX customer funds to support political politicians who support crypto-friendly laws. Salame's counsel contended that he was deceived into believing the company was reputable and financially healthy. "He was duped, as was everyone else, into believing that the companies were legitimate, solvent, and wildly profitable," they said in a filing before the sentencing earlier this month. Salame made significant political contributions to Republican politicians and groups totalling more than $24 million during the 2022 election season, making him one of the year's top donors, according to Federal Election Commission records. He pleaded guilty to one count of conspiracy to make illegal political contributions and one count of conspiracy to run an unregistered money-transmitting company. According to US Attorney Damian Williams of the Southern District of New York, Salame's involvement in two severe federal crimes harmed public trust in American democracy and the integrity of the financial system. Salame's imprisonment comes after Bankman-Fried was sentenced to 25 years in jail for stealing $8 billion from FTX consumers. Bankman-Fried was found guilty in November of seven charges of fraud and conspiracy in connection with FTX's collapse in 2022, a financial calamity described by prosecutors as one of the greatest frauds in US history. (With inputs from Reuters)

Former FTX executive Ryan Salame sentenced to 90 months in prison for illegal campaign donations

Robinhood Markets, a trading app, unveiled on Tuesday its first-ever share buyback plan, aiming to repurchase $1 billion in stock as the business strives to demonstrate maturity and appeal to investors. The buyback, which will take place over a two to three-year period beginning in the third quarter, underlines Robinhood's aim to expand beyond its startup phase.

Robinhood is best recognised as the go-to app for retail traders, but it has been adding new features to meet user demand for more sophisticated products. The share repurchase plan is a tactic commonly linked with older, more established companies, and it is intended to reassure potential investors about Robinhood's stability and growth potential.

Following the announcement, Robinhood's shares surged 4.3 per cent to $21.34 in after-hours trading, putting them on track to open at their highest level since December 2021 if the gains continue. Companies frequently engage in buybacks when they believe their stock is undervalued. Despite a roughly 61 per cent increase in Robinhood shares this year as of Tuesday's close, they are still 58 per cent behind their top in August 2021.

In recent months, Robinhood has dramatically increased its product offerings. Earlier in May, the business announced that over one million consumers had joined the waitlist for a new credit card launched in March for its premium gold subscribers. Robinhood also introduced a retirement account in late 2022 and expects to start trading futures and index options later this year.

Robinhood's main trading business is showing signs of resurgence, fuelled by increasing investor confidence as the US economy prepares for a soft landing. This optimism has prompted people to return to riskier investments such as stocks and cryptocurrency. LSEG data show that the company's earnings have consistently exceeded market forecasts for the past eight quarters.

Robinhood's share buyback plan aims not merely to increase stock value, but also to establish its position as a mature leader in the financial technology sector capable of long-term growth and innovation.

(With inputs from Reuters)

Robinhood Markets, a trading app, unveiled on Tuesday its first-ever share buyback plan, aiming to repurchase $1 billion in stock as the business strives to demonstrate maturity and appeal to investors.

Robinhood Markets, a trading app, unveiled on Tuesday its first-ever share buyback plan, aiming to repurchase $1 billion in stock as the business strives to demonstrate maturity and appeal to investors. The buyback, which will take place over a two to three-year period beginning in the third quarter, underlines Robinhood's aim to expand beyond its startup phase. Robinhood is best recognised as the go-to app for retail traders, but it has been adding new features to meet user demand for more sophisticated products. The share repurchase plan is a tactic commonly linked with older, more established companies, and it is intended to reassure potential investors about Robinhood's stability and growth potential. Following the announcement, Robinhood's shares surged 4.3 per cent to $21.34 in after-hours trading, putting them on track to open at their highest level since December 2021 if the gains continue. Companies frequently engage in buybacks when they believe their stock is undervalued. Despite a roughly 61 per cent increase in Robinhood shares this year as of Tuesday's close, they are still 58 per cent behind their top in August 2021. In recent months, Robinhood has dramatically increased its product offerings. Earlier in May, the business announced that over one million consumers had joined the waitlist for a new credit card launched in March for its premium gold subscribers. Robinhood also introduced a retirement account in late 2022 and expects to start trading futures and index options later this year. Robinhood's main trading business is showing signs of resurgence, fuelled by increasing investor confidence as the US economy prepares for a soft landing. This optimism has prompted people to return to riskier investments such as stocks and cryptocurrency. LSEG data show that the company's earnings have consistently exceeded market forecasts for the past eight quarters. Robinhood's share buyback plan aims not merely to increase stock value, but also to establish its position as a mature leader in the financial technology sector capable of long-term growth and innovation. (With inputs from Reuters)

Robinhood Markets launch $1 billion share buyback plan amid expansion efforts

A major union representing tens of thousands of people at South Korean tech giant Samsung Electronics said Wednesday that workers will go on strike for the first time ever, potentially threatening key global semiconductor supply chains.

"We can't stand persecution against labour unions anymore. We are declaring a strike in the face of the company's neglect of labourers," the union said at a live-streamed press conference.

"We have tried to solve the issue through dialogue," said the union, which reportedly represents about 20 percent of the company's workforce, around 28,000 people.

"Responsibility for all collective action from now lies squarely on the company. We are declaring our stance in the face of the company's neglect and interference in our peaceful struggle so far," the National Samsung Electronics Union added.

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Samsung Electronics is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy.

The firm's management has been locked in negotiations with the union since January over wages, but the two sides have failed to narrow their differences.

If the strike goes ahead, it would be the first-ever walkout by workers at the South Korean tech giant.

Samsung Electronics is one of the world's largest smartphone makers and also one of the only companies globally to produce high-end memory chips used for generative AI.

The firm is the world's biggest producer of memory chips, including versions used in top-of-the-line AI hardware from industry leaders such as Nvidia.

Semiconductors are the lifeblood of the global economy, used in everything from kitchen appliances and mobile phones to cars and weapons.

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And demand for the advanced chips that power AI systems has skyrocketed thanks to the success of ChatGPT and other generative AI products.

The use of AI has exploded in recent years in a wide range of disciplines and industries, including medical care, and firms around the world are investing heavily to incorporate it into their products.

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Semiconductors are South Korea's leading export and hit $11.7 billion in March, their highest level in almost two years, accounting for a fifth of South Korea's total exports, according to figures released by the trade ministry.

South Korean chipmakers, led by Samsung, enjoyed record profits in recent years as prices for their products soared, but a global economic slowdown dealt a blow to memory chip sales.

However, the semiconductor market had been predicted to recover this year and grow 11.8 percent, according to industry monitor World Semiconductor Trade Statistics. 
&nbsp;

A major union representing tens of thousands of people at South Korean tech giant Samsung Electronics said Wednesday that workers will go on strike for the first time ever, potentially threatening key global semiconductor supply chains.

A major union representing tens of thousands of people at South Korean tech giant Samsung Electronics said Wednesday that workers will go on strike for the first time ever, potentially threatening key global semiconductor supply chains. "We can't stand persecution against labour unions anymore. We are declaring a strike in the face of the company's neglect of labourers," the union said at a live-streamed press conference. "We have tried to solve the issue through dialogue," said the union, which reportedly represents about 20 percent of the company's workforce, around 28,000 people. "Responsibility for all collective action from now lies squarely on the company. We are declaring our stance in the face of the company's neglect and interference in our peaceful struggle so far," the National Samsung Electronics Union added. Also Read | US' F-35 fighter jet crashes near Albuquerque int'l airport, pilot sustains 'serious injuries' Samsung Electronics is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy. The firm's management has been locked in negotiations with the union since January over wages, but the two sides have failed to narrow their differences. If the strike goes ahead, it would be the first-ever walkout by workers at the South Korean tech giant. Samsung Electronics is one of the world's largest smartphone makers and also one of the only companies globally to produce high-end memory chips used for generative AI. The firm is the world's biggest producer of memory chips, including versions used in top-of-the-line AI hardware from industry leaders such as Nvidia. Semiconductors are the lifeblood of the global economy, used in everything from kitchen appliances and mobile phones to cars and weapons. Also Read | Trump hush money trial day 21: Key points as closing arguments come to end And demand for the advanced chips that power AI systems has skyrocketed thanks to the success of ChatGPT and other generative AI products. The use of AI has exploded in recent years in a wide range of disciplines and industries, including medical care, and firms around the world are investing heavily to incorporate it into their products. Watch | US: Donald Trump's hush money trial: Prosecution delivers closing argument × Semiconductors are South Korea's leading export and hit $11.7 billion in March, their highest level in almost two years, accounting for a fifth of South Korea's total exports, according to figures released by the trade ministry. South Korean chipmakers, led by Samsung, enjoyed record profits in recent years as prices for their products soared, but a global economic slowdown dealt a blow to memory chip sales. However, the semiconductor market had been predicted to recover this year and grow 11.8 percent, according to industry monitor World Semiconductor Trade Statistics.

Samsung Electronics union announces first-ever strike that could disrupt global chip supply chain

Nvidia's stock jumped 6 per cent to a record high on Tuesday, bringing the AI chipmaker's stock market value to $2.8 trillion, just $100 billion short of surpassing Apple in a huge reshuffle among Wall Street's biggest players.

Trading at $1,128, Nvidia's market capitalisation reached new heights, compared to Apple's $2.9 trillion, making Apple the second-most valuable corporation on Wall Street after Microsoft. During the session, Nvidia's stock rose as much as 8 per cent to an intra-day record high of $1,149.39, while Apple's shares fell 0.2 per cent in afternoon trade.

Nvidia's shares have risen over 13 per cent since it forecasted second-quarter sales beyond Wall Street expectations and announced a stock split last week, reflecting investor interest in the company. "The market has struggled to keep up with the company's steadily increasing growth trajectory. At a mid-thirties forward earnings multiple, this still does not feel like bubble territory," said Derren Nathan, head of equities analysis at Hargreaves Lansdown. According to LSEG statistics, Nvidia recently traded at 36 times projected profit expectations, versus 38 for Advanced Micro Devices and 21 for Intel. Nvidia's stock has more than doubled this year, after more than tripling last year.

Nvidia, a major benefactor of the AI boom, reported a fivefold gain in sales from its data centre division last week as clients demanded its high-performance chips. Alphabet, Microsoft, and Amazon.com are fighting for Nvidia's limited supply of high-end chips in the quest to dominate AI computation. "Business is thriving, there are numerous chances for expansion, and the AI theme remains strong. When the song is so catchy, investors want to keep humming it all day," said Dan Coatsworth, an investment analyst at AJ Bell.

While Nvidia's stock skyrockets, Apple has struggled, underperforming other major technology companies in recent months, and falling 2 per cent this year owing to sluggish iPhone demand and intense competition in China. Microsoft, which eclipsed Apple as the world's most valuable corporation earlier this year, benefited from early investments in AI throughout its cloud services, contributing to its current market worth of $3.1 trillion despite a 0.4 per cent decline in share price on Tuesday.

Apple has also been slower to implement generative AI than competitors such as Microsoft and Google, which are integrating AI into their products more quickly.

Nvidia's rise highlights the increasing importance of AI technology in the market, with investors depending heavily on its sustained growth and profitability.

(With inputs from Reuters)

Nvidia's stock jumped 6 per cent to a record high on Tuesday, bringing the AI chipmaker's stock market value to $2.8 trillion, just $100 billion short of surpassing Apple in a huge reshuffle among Wall Street's biggest players.

Nvidia's stock jumped 6 per cent to a record high on Tuesday, bringing the AI chipmaker's stock market value to $2.8 trillion, just $100 billion short of surpassing Apple in a huge reshuffle among Wall Street's biggest players. Trading at $1,128, Nvidia's market capitalisation reached new heights, compared to Apple's $2.9 trillion, making Apple the second-most valuable corporation on Wall Street after Microsoft. During the session, Nvidia's stock rose as much as 8 per cent to an intra-day record high of $1,149.39, while Apple's shares fell 0.2 per cent in afternoon trade. Nvidia's shares have risen over 13 per cent since it forecasted second-quarter sales beyond Wall Street expectations and announced a stock split last week, reflecting investor interest in the company. "The market has struggled to keep up with the company's steadily increasing growth trajectory. At a mid-thirties forward earnings multiple, this still does not feel like bubble territory," said Derren Nathan, head of equities analysis at Hargreaves Lansdown. According to LSEG statistics, Nvidia recently traded at 36 times projected profit expectations, versus 38 for Advanced Micro Devices and 21 for Intel. Nvidia's stock has more than doubled this year, after more than tripling last year. Nvidia, a major benefactor of the AI boom, reported a fivefold gain in sales from its data centre division last week as clients demanded its high-performance chips. Alphabet, Microsoft, and Amazon.com are fighting for Nvidia's limited supply of high-end chips in the quest to dominate AI computation. "Business is thriving, there are numerous chances for expansion, and the AI theme remains strong. When the song is so catchy, investors want to keep humming it all day," said Dan Coatsworth, an investment analyst at AJ Bell. While Nvidia's stock skyrockets, Apple has struggled, underperforming other major technology companies in recent months, and falling 2 per cent this year owing to sluggish iPhone demand and intense competition in China. Microsoft, which eclipsed Apple as the world's most valuable corporation earlier this year, benefited from early investments in AI throughout its cloud services, contributing to its current market worth of $3.1 trillion despite a 0.4 per cent decline in share price on Tuesday. Apple has also been slower to implement generative AI than competitors such as Microsoft and Google, which are integrating AI into their products more quickly. Nvidia's rise highlights the increasing importance of AI technology in the market, with investors depending heavily on its sustained growth and profitability. (With inputs from Reuters)

Nvidia shares surge to record high, edging closer to Apple in market value

Nokia and Portuguese telecom provider MEO are set to collaborate on the sale of 5G radio equipment. This is a significant shift compared to China's Huawei, which has been MEO's exclusive supplier of 2G, 3G, and 4G Radio Access Network (RAN) equipment. The details released in an internal Nokia blog post regarding this development were confirmed by two persons with knowledge of the circumstances.

The sources claim that although the deal has been agreed upon, it has not yet been signed. An official announcement could come as soon as next month. Currently owned by French company Altice, MEO, formerly Telecom Portugal, is one of Portugal's top mobile operators.

"In recent years, MEO...has been delivered in RAN exclusively by Huawei. In other words, Huawei has a 100 percent market share in 2G/3G/4G. We have now been chosen to replace Huawei in some of the key markets in Portugal," Tommi Uitto, president of Nokia's mobile networks, wrote in an internal blog by Reuters.

Huawei, Nokia, and its Swedish rival Ericsson all make a large amount of their telecom sales from RAN equipment. However, a drop in demand for new equipment from telecom carriers since last year has harmed both Nokia and Ericsson, resulting in significant job losses.

According to Dell'Oro, the worldwide RAN market is expected to decline by 5-8 per cent in 2024. Despite being banned in the United States and numerous European nations because of security concerns, Huawei maintains a considerable foothold in Europe and a sizable share of China's booming telecom industry.

The potential agreement with MEO represents Nokia's comeback to Portugal's RAN market, which has been missing for several years after losing its market share to Huawei. This contract has the potential to reestablish Nokia as a major participant in the Portuguese telecom scene.

(With inputs from Reuters)

Nokia and Portuguese telecom provider MEO are set to collaborate on the sale of 5G radio equipment. This is a significant shift compared to China's Huawei, which has been MEO's exclusive supplier of 2G, 3G, and 4G Radio Access Network (RAN) equipment.

Nokia and Portuguese telecom provider MEO are set to collaborate on the sale of 5G radio equipment. This is a significant shift compared to China's Huawei, which has been MEO's exclusive supplier of 2G, 3G, and 4G Radio Access Network (RAN) equipment. The details released in an internal Nokia blog post regarding this development were confirmed by two persons with knowledge of the circumstances. The sources claim that although the deal has been agreed upon, it has not yet been signed. An official announcement could come as soon as next month. Currently owned by French company Altice, MEO, formerly Telecom Portugal, is one of Portugal's top mobile operators. "In recent years, MEO...has been delivered in RAN exclusively by Huawei. In other words, Huawei has a 100 percent market share in 2G/3G/4G. We have now been chosen to replace Huawei in some of the key markets in Portugal," Tommi Uitto, president of Nokia's mobile networks, wrote in an internal blog by Reuters. Huawei, Nokia, and its Swedish rival Ericsson all make a large amount of their telecom sales from RAN equipment. However, a drop in demand for new equipment from telecom carriers since last year has harmed both Nokia and Ericsson, resulting in significant job losses. According to Dell'Oro, the worldwide RAN market is expected to decline by 5-8 per cent in 2024. Despite being banned in the United States and numerous European nations because of security concerns, Huawei maintains a considerable foothold in Europe and a sizable share of China's booming telecom industry. The potential agreement with MEO represents Nokia's comeback to Portugal's RAN market, which has been missing for several years after losing its market share to Huawei. This contract has the potential to reestablish Nokia as a major participant in the Portuguese telecom scene. (With inputs from Reuters)

Nokia set to win 5G radio equipment contract with Portugal’s MEO

Amazon Web Services (AWS) is in talks with the Italian government about considerably expanding its data centre operations in the country, according to four people familiar with the situation. This move is part of AWS's broader goal to expand its cloud computing capabilities all over Europe.<o:p></o:p>

The conversations are ongoing, and the specifics of the investment's magnitude and potential sites have yet to be determined. According to one insider, AWS is considering either expanding its current facility in Milan or building a new site entirely. Both AWS and a representative from Italy's cabinet office's digital transition section declined to comment. The Italian Industry Ministry was not immediately available for comment.<o:p></o:p>

AWS launched its first cloud region in Italy in 2020, with plans to invest €2 billion ($2.175 billion) by 2029. Its Italian clients include well-known firms like luxury manufacturer Ferrari and insurer Assicurazioni Generali.<o:p></o:p>

This potential investment in Italy follows AWS's recent announcement of a €15.7 billion ($17.08 billion) data centre investment in Spain's Aragon region, which represents a significant increase from the €2.5 billion ($2.72 billion) plan announced in 2021. Despite the considerable volume of the Spanish investment, one source claimed that AWS's commitment in Italy might not be as large.<o:p></o:p>

AWS has committed to investing €7.8 billion ($8.49 billion) in Germany by 2040. Furthermore, AWS is constructing infrastructure to serve telecom services, which require significant resources. Earlier this month, it signed its first telecom client, Telefonica Deutschland, with intentions to shift one million users to the AWS cloud.<o:p></o:p>

Last year, AWS announced plans to house data on servers in the European Union to protect the privacy of governmental and regulated business clients. This initiative is part of a larger trend among major firms to recommence cloud computing spending, fuelled by a growing interest in artificial intelligence, which is reviving development in the $270 billion global cloud infrastructure market.<o:p></o:p>

Competitors including Alphabet and Microsoft are also increasing their cloud footprints in Italy. Alphabet invested €1 billion ($1.09 billion) to construct cloud regions for Italy's largest bank, Intesa Sanpaolo, while Microsoft announced the establishment of its first cloud region in Italy as part of a $1.5 billion investment plan revealed in 2020.<o:p></o:p>

As AWS continues to negotiate with Italy, the IT behemoth's actions reflect a deliberate push to strengthen its cloud service offerings across Europe, catering to rising demand driven by technical breakthroughs and the changing needs of enterprise customers.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon Web Services (AWS) is in talks with the Italian government about considerably expanding its data centre operations in the country, according to four people familiar with the situation.

Amazon Web Services (AWS) is in talks with the Italian government about considerably expanding its data centre operations in the country, according to four people familiar with the situation. This move is part of AWS's broader goal to expand its cloud computing capabilities all over Europe. The conversations are ongoing, and the specifics of the investment's magnitude and potential sites have yet to be determined. According to one insider, AWS is considering either expanding its current facility in Milan or building a new site entirely. Both AWS and a representative from Italy's cabinet office's digital transition section declined to comment. The Italian Industry Ministry was not immediately available for comment. AWS launched its first cloud region in Italy in 2020, with plans to invest €2 billion ($2.175 billion) by 2029. Its Italian clients include well-known firms like luxury manufacturer Ferrari and insurer Assicurazioni Generali. This potential investment in Italy follows AWS's recent announcement of a €15.7 billion ($17.08 billion) data centre investment in Spain's Aragon region, which represents a significant increase from the €2.5 billion ($2.72 billion) plan announced in 2021. Despite the considerable volume of the Spanish investment, one source claimed that AWS's commitment in Italy might not be as large. AWS has committed to investing €7.8 billion ($8.49 billion) in Germany by 2040. Furthermore, AWS is constructing infrastructure to serve telecom services, which require significant resources. Earlier this month, it signed its first telecom client, Telefonica Deutschland, with intentions to shift one million users to the AWS cloud. Last year, AWS announced plans to house data on servers in the European Union to protect the privacy of governmental and regulated business clients. This initiative is part of a larger trend among major firms to recommence cloud computing spending, fuelled by a growing interest in artificial intelligence, which is reviving development in the $270 billion global cloud infrastructure market. Competitors including Alphabet and Microsoft are also increasing their cloud footprints in Italy. Alphabet invested €1 billion ($1.09 billion) to construct cloud regions for Italy's largest bank, Intesa Sanpaolo, while Microsoft announced the establishment of its first cloud region in Italy as part of a $1.5 billion investment plan revealed in 2020. As AWS continues to negotiate with Italy, the IT behemoth's actions reflect a deliberate push to strengthen its cloud service offerings across Europe, catering to rising demand driven by technical breakthroughs and the changing needs of enterprise customers. (With inputs from Reuters)

Amazon in talks with Italy for major AWS data centre expansion

French Prime Minister Gabriel Attal has announced significant cuts to France's unemployment benefits to support President Emmanuel Macron’s economic reform agenda.<o:p></o:p>

The proposed changes, detailed by Attal in an interview with La Tribune, include reducing the maximum duration of jobless benefits from 18 months to 15 months. <o:p></o:p>

Additionally, the period required for work to qualify for these benefits will be extended. <o:p></o:p>

The government plans to implement these changes by December 1.<o:p></o:p>

Prime Minister Attal noted that the reform is not primarily a cost-cutting measure but is designed to increase employment and thereby sustain the benefits system through higher workforce participation. <o:p></o:p>

An adviser to Attal projected that these changes could save up to €3.6 billion ($3.9 billion) annually and increase the workforce by 90,000 individuals.<o:p></o:p>

Furthermore, the reforms will redefine the age at which workers are considered "senior," lowering it to 57 years, allowing them to qualify for improved, albeit less generous, benefits. <o:p></o:p>

This adjustment aims to balance the benefits provided to older workers with the need to encourage longer participation in the labour market.<o:p></o:p>

These measures follow a stern warning from the International Monetary Fund regarding France's escalating debt and a call for stronger efforts to control budget deficits. <o:p></o:p>

The French fiscal watchdog has also criticised current plans, labelling them as lacking in credibility and coherence.<o:p></o:p>

French Finance Minister Bruno Le Maire reaffirmed that the government would continue to make efforts towards&nbsp;reducing the budget deficit, pledging to meet the European Union's deficit limit of 3 per cent of GDP by 2027. <o:p></o:p>

This fiscal responsibility is seen as crucial in maintaining economic stability and credibility within the EU.<o:p></o:p>

The timing of these announcements is particularly noteworthy, coming just two weeks before the European Parliament elections. <o:p></o:p>

Polls suggest a possible victory for Marine Le Pen’s far-right National Rally party, which has vocally opposed Macron’s labour reforms, arguing that they unfairly disadvantage workers.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

French Prime Minister Gabriel Attal has announced significant cuts to France's unemployment benefits to support President Emmanuel Macron’s economic reform agenda.

French Prime Minister Gabriel Attal has announced significant cuts to France's unemployment benefits to support President Emmanuel Macron’s economic reform agenda. The proposed changes, detailed by Attal in an interview with La Tribune, include reducing the maximum duration of jobless benefits from 18 months to 15 months. Additionally, the period required for work to qualify for these benefits will be extended. The government plans to implement these changes by December 1. Prime Minister Attal noted that the reform is not primarily a cost-cutting measure but is designed to increase employment and thereby sustain the benefits system through higher workforce participation. An adviser to Attal projected that these changes could save up to €3.6 billion ($3.9 billion) annually and increase the workforce by 90,000 individuals. Furthermore, the reforms will redefine the age at which workers are considered "senior," lowering it to 57 years, allowing them to qualify for improved, albeit less generous, benefits. This adjustment aims to balance the benefits provided to older workers with the need to encourage longer participation in the labour market. These measures follow a stern warning from the International Monetary Fund regarding France's escalating debt and a call for stronger efforts to control budget deficits. The French fiscal watchdog has also criticised current plans, labelling them as lacking in credibility and coherence. French Finance Minister Bruno Le Maire reaffirmed that the government would continue to make efforts towards reducing the budget deficit, pledging to meet the European Union's deficit limit of 3 per cent of GDP by 2027. This fiscal responsibility is seen as crucial in maintaining economic stability and credibility within the EU. The timing of these announcements is particularly noteworthy, coming just two weeks before the European Parliament elections. Polls suggest a possible victory for Marine Le Pen’s far-right National Rally party, which has vocally opposed Macron’s labour reforms, arguing that they unfairly disadvantage workers. (With inputs from Bloomberg)

France to slash jobless benefits amid mounting debt concerns

Starbucks is facing severe competition in China as low-cost rivals lose their market share, putting the coffee giant into a pricing conflict it wants to avoid. Starbucks is facing rising investor pressure as sales in its two main regions, the United States and China, fall.<o:p></o:p>

In 2023, Luckin Coffee surpassed Starbucks in yearly sales in China for the first time, posing a substantial challenge to the Seattle-based corporation. Despite this, Starbucks management argues that a pricing war is unnecessary. "We are not interested in entering the price war," stated Starbucks China CEO Belinda Wong in January. Founder Howard Schultz echoed these remarks during a March visit to Shanghai, emphasizing the importance of profitable, long-term growth.<o:p></o:p>

However, industry analysts and Chinese customers note an increase in discount coupons provided by Starbucks via mini-programs, Douyin livestreams, and third-party delivery services. These discounts, which are commonly 30 per cent off or two-for-one vouchers, indicate that Starbucks is becoming more reliant on promotions to entice customers rather than formally decreasing pricing.<o:p></o:p>

While the scope of Starbucks' increased discounting is unknown, these tactics were unusual for the corporation until recently. They have become commonplace by 2024. Walker Shen, a 38-year-old Shanghai office worker, saw more frequent push alerts from Starbucks offering 30 per cent off promotions. "I think fewer people are drinking Starbucks now," Shen said, adding that many customers are unwilling to pay a premium for the company's quality.<o:p></o:p>

The price battle in China's coffee industry comes with a deflationary economy and low consumer attitude, providing further obstacles to Starbucks. According to Jason Yu, Greater China managing director at Kantar Worldpanel, Starbucks has little choice but to compete on price in a market where low-cost battles have become "the new normal." He noted that preserving market share requires strengthening promotional offers and growing social media activity.<o:p></o:p>

Starbucks' second-quarter data in early May revealed an 11 per cent loss in same-store sales in China, prompting a fall in the company's annual sales projection. According to Daxue Consulting, the company's market share in China's cafe and bar sector was 13.6 per cent in 2022. China's roast coffee industry was valued at $11.7 billion in 2023, with estimates of $13.25 billion by 2025.<o:p></o:p>

Despite the competition, Starbucks' discounting approach remains selective, according to Zhu Danpeng, an independent food and beverage analyst. Promotions are limited to specific periods or items. Starbucks China CEO Wong emphasised the importance of "Deep Brew," the company's AI data analytics engine, in efficiently targeting discounts, but declined to comment on the company's present strategy.<o:p></o:p>

Competitors such as Luckin Coffee, which routinely provides lattes at considerably lower prices, and Cotti, a chain founded by former Luckin Chairman Charles Lu, exacerbate the pricing pressure. Luckin's quick expansion, with over 18,590 locations compared to Starbucks' targeted 9,000 by 2025, poses yet another challenge to Starbucks.<o:p></o:p>

According to Kantar's Yu, Starbucks should continue to differentiate itself through its premium in-store experience. "Starbucks needs to compete on price but not only compete on price," according to him. "They need to lead in innovation, lead in the coffee conversation, and create emotional value for consumers, or they will lose out more to local competition."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Starbucks is facing severe competition in China as low-cost rivals lose their market share, putting the coffee giant into a pricing conflict it wants to avoid. Starbucks is facing rising investor pressure as sales in its two main regions, the United States and China, fall.

Starbucks is facing severe competition in China as low-cost rivals lose their market share, putting the coffee giant into a pricing conflict it wants to avoid. Starbucks is facing rising investor pressure as sales in its two main regions, the United States and China, fall. In 2023, Luckin Coffee surpassed Starbucks in yearly sales in China for the first time, posing a substantial challenge to the Seattle-based corporation. Despite this, Starbucks management argues that a pricing war is unnecessary. "We are not interested in entering the price war," stated Starbucks China CEO Belinda Wong in January. Founder Howard Schultz echoed these remarks during a March visit to Shanghai, emphasizing the importance of profitable, long-term growth. However, industry analysts and Chinese customers note an increase in discount coupons provided by Starbucks via mini-programs, Douyin livestreams, and third-party delivery services. These discounts, which are commonly 30 per cent off or two-for-one vouchers, indicate that Starbucks is becoming more reliant on promotions to entice customers rather than formally decreasing pricing. While the scope of Starbucks' increased discounting is unknown, these tactics were unusual for the corporation until recently. They have become commonplace by 2024. Walker Shen, a 38-year-old Shanghai office worker, saw more frequent push alerts from Starbucks offering 30 per cent off promotions. "I think fewer people are drinking Starbucks now," Shen said, adding that many customers are unwilling to pay a premium for the company's quality. The price battle in China's coffee industry comes with a deflationary economy and low consumer attitude, providing further obstacles to Starbucks. According to Jason Yu, Greater China managing director at Kantar Worldpanel, Starbucks has little choice but to compete on price in a market where low-cost battles have become "the new normal." He noted that preserving market share requires strengthening promotional offers and growing social media activity. Starbucks' second-quarter data in early May revealed an 11 per cent loss in same-store sales in China, prompting a fall in the company's annual sales projection. According to Daxue Consulting, the company's market share in China's cafe and bar sector was 13.6 per cent in 2022. China's roast coffee industry was valued at $11.7 billion in 2023, with estimates of $13.25 billion by 2025. Despite the competition, Starbucks' discounting approach remains selective, according to Zhu Danpeng, an independent food and beverage analyst. Promotions are limited to specific periods or items. Starbucks China CEO Wong emphasised the importance of "Deep Brew," the company's AI data analytics engine, in efficiently targeting discounts, but declined to comment on the company's present strategy. Competitors such as Luckin Coffee, which routinely provides lattes at considerably lower prices, and Cotti, a chain founded by former Luckin Chairman Charles Lu, exacerbate the pricing pressure. Luckin's quick expansion, with over 18,590 locations compared to Starbucks' targeted 9,000 by 2025, poses yet another challenge to Starbucks. According to Kantar's Yu, Starbucks should continue to differentiate itself through its premium in-store experience. "Starbucks needs to compete on price but not only compete on price," according to him. "They need to lead in innovation, lead in the coffee conversation, and create emotional value for consumers, or they will lose out more to local competition." (With inputs from Reuters)

Starbucks faces intensifying competition in China amid price war fears

Chinese Premier Li Qiang has extended an invitation to Samsung Chairman Jay Y. Lee for increased investment in China, signalling a strong desire for deepened economic ties despite the prevailing geopolitical tensions. <o:p></o:p>

This message was conveyed during a meeting in Seoul, as reported by state news agency Xinhua.<o:p></o:p>

Premier Li's meeting with the Samsung executive occurred in the lead-up to a trilateral summit involving South Korea, Japan, and China, marking the first such talks between the three Asian nations in over four years. <o:p></o:p>

The summit highlights regional cooperation amid complex international dynamics.<o:p></o:p>

Over the past six years, Samsung Electronics has invested approximately $24 billion in the Chinese market, reflecting its major footprint in the region. <o:p></o:p>

However, the company has faced increasing challenges due to the escalating US-China trade tensions, particularly as Washington implements export controls aimed at limiting China’s access to advanced semiconductor technology.<o:p></o:p>

During the bilateral discussions, Premier Li reiterated his earlier statements made in a meeting with South Korean President Yoon Suk Yeol. <o:p></o:p>

He encouraged more Korean companies to enhance their investment and business operations in China. <o:p></o:p>

Li emphasised the importance of collaboration between Beijing and Seoul to ensure the stability of industrial supply chains, a critical component in maintaining economic resilience amid global uncertainties.<o:p></o:p>

Samsung's investments in China highlights that the company must steer through pressures from US policies and Chinese market expectations. <o:p></o:p>

The invitation from Premier Li could be seen as an attempt to strengthen economic ties and offer reassurances to foreign businesses operating in China.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chinese Premier Li Qiang has extended an invitation to Samsung Chairman Jay Y. Lee for increased investment in China, signalling a strong desire for deepened economic ties despite the prevailing geopolitical tensions.

Chinese Premier Li Qiang has extended an invitation to Samsung Chairman Jay Y. Lee for increased investment in China, signalling a strong desire for deepened economic ties despite the prevailing geopolitical tensions. This message was conveyed during a meeting in Seoul, as reported by state news agency Xinhua. Premier Li's meeting with the Samsung executive occurred in the lead-up to a trilateral summit involving South Korea, Japan, and China, marking the first such talks between the three Asian nations in over four years. The summit highlights regional cooperation amid complex international dynamics. Over the past six years, Samsung Electronics has invested approximately $24 billion in the Chinese market, reflecting its major footprint in the region. However, the company has faced increasing challenges due to the escalating US-China trade tensions, particularly as Washington implements export controls aimed at limiting China’s access to advanced semiconductor technology. During the bilateral discussions, Premier Li reiterated his earlier statements made in a meeting with South Korean President Yoon Suk Yeol. He encouraged more Korean companies to enhance their investment and business operations in China. Li emphasised the importance of collaboration between Beijing and Seoul to ensure the stability of industrial supply chains, a critical component in maintaining economic resilience amid global uncertainties. Samsung's investments in China highlights that the company must steer through pressures from US policies and Chinese market expectations. The invitation from Premier Li could be seen as an attempt to strengthen economic ties and offer reassurances to foreign businesses operating in China. (With inputs from Reuters)

China invites more investments from Samsung amid geopolitical strains, says Premier Li Qiang

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against CEO Elon Musk's proposed $56 billion compensation package, the largest ever proposed for a corporate executive in the United States. <o:p></o:p>

This recommendation could heavily impact the upcoming shareholder meeting.<o:p></o:p>

Glass Lewis cited several concerns, including the sheer size of the pay package, its potential dilutive effect, and the concentration of ownership it would further solidify. <o:p></o:p>

The advisory firm also pointed out Musk's numerous demanding ventures, which now include managing Twitter, rebranded as X, as a reason for their opposition.<o:p></o:p>

The controversial pay package, put forward by Tesla's board of directors, has been a focal point of criticism due to the board's perceived close relationship with Musk. <o:p></o:p>

The package includes no salary or cash bonuses but ties rewards to the company's market value, which must increase to $650 billion within a decade starting from 2018. <o:p></o:p>

As of now, Tesla's market value stands at approximately $571.6 billion.<o:p></o:p>

In January, Delaware's Court of Chancery Judge Kathaleen McCormick annulled the original pay deal, prompting Musk to consider relocating Tesla's state of incorporation from Delaware to Texas. <o:p></o:p>

Glass Lewis criticised this potential move, warning it could bring uncertain benefits and additional risks for shareholders.<o:p></o:p>

Despite the advisory firm's recommendations, Tesla continues to advocate for the approval of Musk's compensation package. <o:p></o:p>

Robyn Denholm, Tesla's board chair, recently defended the pay package in an interview with the Financial Times, arguing that Musk's leadership has been instrumental in achieving significant milestones in revenue and stock price.<o:p></o:p>

Since taking the helm as CEO in 2008, Musk has overseen Tesla's transformation from a company posting a $2.2 billion loss in 2018 to generating a $15 billion profit. <o:p></o:p>

Under his leadership, vehicle production has increased sevenfold, according to a campaign website supporting the pay package, Vote Tesla.<o:p></o:p>

In addition to the compensation package, Glass Lewis also recommended shareholders vote against the re-election of board member Kimbal Musk, Elon Musk's brother. <o:p></o:p>

However, the firm supported the re-election of former 21st Century Fox CEO James Murdoch to the board.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against CEO Elon Musk's proposed $56 billion compensation package, the largest ever proposed for a corporate executive in the United States.

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against CEO Elon Musk's proposed $56 billion compensation package, the largest ever proposed for a corporate executive in the United States. This recommendation could heavily impact the upcoming shareholder meeting. Glass Lewis cited several concerns, including the sheer size of the pay package, its potential dilutive effect, and the concentration of ownership it would further solidify. The advisory firm also pointed out Musk's numerous demanding ventures, which now include managing Twitter, rebranded as X, as a reason for their opposition. The controversial pay package, put forward by Tesla's board of directors, has been a focal point of criticism due to the board's perceived close relationship with Musk. The package includes no salary or cash bonuses but ties rewards to the company's market value, which must increase to $650 billion within a decade starting from 2018. As of now, Tesla's market value stands at approximately $571.6 billion. In January, Delaware's Court of Chancery Judge Kathaleen McCormick annulled the original pay deal, prompting Musk to consider relocating Tesla's state of incorporation from Delaware to Texas. Glass Lewis criticised this potential move, warning it could bring uncertain benefits and additional risks for shareholders. Despite the advisory firm's recommendations, Tesla continues to advocate for the approval of Musk's compensation package. Robyn Denholm, Tesla's board chair, recently defended the pay package in an interview with the Financial Times, arguing that Musk's leadership has been instrumental in achieving significant milestones in revenue and stock price. Since taking the helm as CEO in 2008, Musk has overseen Tesla's transformation from a company posting a $2.2 billion loss in 2018 to generating a $15 billion profit. Under his leadership, vehicle production has increased sevenfold, according to a campaign website supporting the pay package, Vote Tesla. In addition to the compensation package, Glass Lewis also recommended shareholders vote against the re-election of board member Kimbal Musk, Elon Musk's brother. However, the firm supported the re-election of former 21st Century Fox CEO James Murdoch to the board. (With inputs from Reuters)

Proxy firm urges Tesla shareholders to reject Musk's $56 bn pay package

During the recent Group of Seven (G7) finance leaders' summit in Italy, Japan intensified its efforts to reverse the yen's excessive depreciation, following a jump in bond yields to a 12-year high that has failed to halt the currency's slide.<o:p></o:p>

The Japanese government and central bank's coordinated effort underlines policymakers' dilemma: halting steep yen depreciation that harms&nbsp;consumption while keeping borrowing costs low to help a shaky economy. Following Japan's lobbying, G7 finance ministers restated their resolve to avoid excessive volatility in foreign currency rates in a communiqué issued following the meeting on Saturday.<o:p></o:p>

Masato Kanda, Japan's senior currency diplomat, underscored the likelihood of renewed currency-market intervention, saying Tokyo is prepared to act "any time" to fight excessive yen moves. "If there are excessively volatile moves that hurt the economy, we need to take action, and doing so would be justified," Kanda explained.<o:p></o:p>

Bank of Japan (BOJ) Governor Kazuo Ueda, who also attended the G7 summit, said that neither inadequate consumption nor rising bond yields would impede monetary policy normalisation. Despite a first-quarter GDP slump, Ueda believes Japan's economy is on track for a gradual recovery, with experts expecting an interest rate hike if the economy meets expectations.<o:p></o:p>

Ueda refrained from commenting&nbsp;on the recent spike in the 10-year bond yield to a 12-year high, which was fuelled by market expectations of a tapering of bond purchases. "Our basic stance is for long-term interest rates to be set by markets," Ueda declared on Saturday.<o:p></o:p>

The BOJ's recent hawkish signals have fuelled market expectations for a near-term interest rate hike or a cut in asset purchases. Although Ueda has ruled out using monetary policy to affect currency movements, he is concerned about the weak yen's impact on inflation, following the government's suspected yen-buying actions in late April and early May.<o:p></o:p>

According to a Reuters survey, many economists expect the BOJ to raise interest rates in the third or fourth quarter this year. Ueda also hinted at gradual interest rate increases if inflation reaches the BOJ's 2 per cent target in the coming years. However, poor consumption and stagnating pay increases put this prognosis into question.<o:p></o:p>

Service-sector inflation, which is a key indication for the BOJ, remains flat. "Services inflation probably peaked," said Junichi Makino, chief economist at SMBC Nikko Securities. "It doesn't seem like underlying inflation will accelerate towards 2 per cent."<o:p></o:p>

Given these economic concerns, some analysts are wondering whether the BOJ may reduce its bond-buying operations to slow the yen's slide. Despite ruling out bond purchases as a monetary policy instrument, markets are closely monitoring the BOJ's activities for signs of tapering.<o:p></o:p>

Some analysts believe the BOJ will announce a cut in bond purchases as soon as the next policy meeting in June. On Friday, market expectations of a near-term tapering drove the benchmark 10-year Japanese government bond yield to a 12-year high of 1.005 per cent. However, this yield increase has not considerably boosted the yen, which stood at 156.98 to the US dollar on Friday.<o:p></o:p>

"While markets appear excited about the possibility of a policy shift, the BOJ is probably cool-headed about everything," said Daiwa Securities chief market analyst Mari Iwashita, who doubts a taper decision in June. "Besides, there's no guarantee such action could stop the yen's fall."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

During the recent Group of Seven (G7) finance leaders' summit in Italy, Japan intensified its efforts to reverse the yen's excessive depreciation, following a jump in bond yields to a 12-year high that has failed to halt the currency's slide.

During the recent Group of Seven (G7) finance leaders' summit in Italy, Japan intensified its efforts to reverse the yen's excessive depreciation, following a jump in bond yields to a 12-year high that has failed to halt the currency's slide. The Japanese government and central bank's coordinated effort underlines policymakers' dilemma: halting steep yen depreciation that harms consumption while keeping borrowing costs low to help a shaky economy. Following Japan's lobbying, G7 finance ministers restated their resolve to avoid excessive volatility in foreign currency rates in a communiqué issued following the meeting on Saturday. Masato Kanda, Japan's senior currency diplomat, underscored the likelihood of renewed currency-market intervention, saying Tokyo is prepared to act "any time" to fight excessive yen moves. "If there are excessively volatile moves that hurt the economy, we need to take action, and doing so would be justified," Kanda explained. Bank of Japan (BOJ) Governor Kazuo Ueda, who also attended the G7 summit, said that neither inadequate consumption nor rising bond yields would impede monetary policy normalisation. Despite a first-quarter GDP slump, Ueda believes Japan's economy is on track for a gradual recovery, with experts expecting an interest rate hike if the economy meets expectations. Ueda refrained from commenting on the recent spike in the 10-year bond yield to a 12-year high, which was fuelled by market expectations of a tapering of bond purchases. "Our basic stance is for long-term interest rates to be set by markets," Ueda declared on Saturday. The BOJ's recent hawkish signals have fuelled market expectations for a near-term interest rate hike or a cut in asset purchases. Although Ueda has ruled out using monetary policy to affect currency movements, he is concerned about the weak yen's impact on inflation, following the government's suspected yen-buying actions in late April and early May. According to a Reuters survey, many economists expect the BOJ to raise interest rates in the third or fourth quarter this year. Ueda also hinted at gradual interest rate increases if inflation reaches the BOJ's 2 per cent target in the coming years. However, poor consumption and stagnating pay increases put this prognosis into question. Service-sector inflation, which is a key indication for the BOJ, remains flat. "Services inflation probably peaked," said Junichi Makino, chief economist at SMBC Nikko Securities. "It doesn't seem like underlying inflation will accelerate towards 2 per cent." Given these economic concerns, some analysts are wondering whether the BOJ may reduce its bond-buying operations to slow the yen's slide. Despite ruling out bond purchases as a monetary policy instrument, markets are closely monitoring the BOJ's activities for signs of tapering. Some analysts believe the BOJ will announce a cut in bond purchases as soon as the next policy meeting in June. On Friday, market expectations of a near-term tapering drove the benchmark 10-year Japanese government bond yield to a 12-year high of 1.005 per cent. However, this yield increase has not considerably boosted the yen, which stood at 156.98 to the US dollar on Friday. "While markets appear excited about the possibility of a policy shift, the BOJ is probably cool-headed about everything," said Daiwa Securities chief market analyst Mari Iwashita, who doubts a taper decision in June. "Besides, there's no guarantee such action could stop the yen's fall." (With inputs from Reuters)

Japan pushes to counter Yen decline amid G7 talks

Saudi Arabia is preparing to launch a major share sale in its state-owned energy giant, Aramco, potentially raising around $10 billion, Reuters reported citing sources familiar with the matter. <o:p></o:p>

This move, anticipated to happen as soon as June, could mark one of the region's largest stock deals in recent years.<o:p></o:p>

The proposed share sale will involve a fully marketed offering on the Riyadh stock exchange, rather than a rapid sale over a few days. <o:p></o:p>

Sources indicated that the final details of the sale are still being finalised and could change.<o:p></o:p>

When approached for comment, an Aramco spokesperson stated, "Decisions about share sales are matters for our shareholders and are not something we are able to comment on." <o:p></o:p>

The Saudi government's communication office did not immediately respond to requests for comments.<o:p></o:p>

Major international banks, including Citigroup, Goldman Sachs, and HSBC, had previously been selected to manage the sale, underlining the global financial community's involvement in this transaction.<o:p></o:p>

This share sale aligns with Saudi Arabia's ambitious Vision 2030 initiative, which aims to diversify the nation's economy and reduce its dependence on oil revenue. <o:p></o:p>

The Saudi government, holding a dominant 90 per cent stake in Aramco, relies heavily on the company's financial contributions as it crosses this economic transformation.<o:p></o:p>

Despite reporting lower earnings in the first quarter due to reduced oil prices and sales volumes, Aramco remains a crucial financial asset for the kingdom. <o:p></o:p>

The company recently announced plans to distribute $31 billion in dividends, indicating its continued profitability and importance to Saudi Arabia's fiscal health.<o:p></o:p>

Since its record-breaking initial public offering in 2019, where Aramco's shares debuted at 32 riyals, the stock has experienced fluctuations, reaching a peak of 38.64 riyals last year. <o:p></o:p>

As of the latest trading session, Aramco shares closed at 29.95 riyals.<o:p></o:p>

This planned share sale represents not only a significant financial manoeuvre but also a step towards achieving the broader objectives of Vision 2030, positioning Saudi Arabia for a more diversified and sustainable economic future.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Saudi Arabia is preparing to launch a major share sale in its state-owned energy giant, Aramco, potentially raising around $10 billion, Reuters reported citing sources familiar with the matter.

Saudi Arabia is preparing to launch a major share sale in its state-owned energy giant, Aramco, potentially raising around $10 billion, Reuters reported citing sources familiar with the matter. This move, anticipated to happen as soon as June, could mark one of the region's largest stock deals in recent years. The proposed share sale will involve a fully marketed offering on the Riyadh stock exchange, rather than a rapid sale over a few days. Sources indicated that the final details of the sale are still being finalised and could change. When approached for comment, an Aramco spokesperson stated, "Decisions about share sales are matters for our shareholders and are not something we are able to comment on." The Saudi government's communication office did not immediately respond to requests for comments. Major international banks, including Citigroup, Goldman Sachs, and HSBC, had previously been selected to manage the sale, underlining the global financial community's involvement in this transaction. This share sale aligns with Saudi Arabia's ambitious Vision 2030 initiative, which aims to diversify the nation's economy and reduce its dependence on oil revenue. The Saudi government, holding a dominant 90 per cent stake in Aramco, relies heavily on the company's financial contributions as it crosses this economic transformation. Despite reporting lower earnings in the first quarter due to reduced oil prices and sales volumes, Aramco remains a crucial financial asset for the kingdom. The company recently announced plans to distribute $31 billion in dividends, indicating its continued profitability and importance to Saudi Arabia's fiscal health. Since its record-breaking initial public offering in 2019, where Aramco's shares debuted at 32 riyals, the stock has experienced fluctuations, reaching a peak of 38.64 riyals last year. As of the latest trading session, Aramco shares closed at 29.95 riyals. This planned share sale represents not only a significant financial manoeuvre but also a step towards achieving the broader objectives of Vision 2030, positioning Saudi Arabia for a more diversified and sustainable economic future. (With inputs from Reuters)

Saudi Arabia eyes multi-billion-dollar Aramco share sale in June

Chinese Premier Li Qiang hailed what he called a "restart" in relations with Japan and South Korea as he met with their leaders on Monday for the first three-way discussions in four years, intending to revive&nbsp;trade and security exchanges stalled by global tension.<o:p></o:p>

According to Seoul officials, Li, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida will issue a joint statement on six issues, including the economy and trade, science and technology, people-to-people exchanges, health, and the aging population. Japanese media stated that they may also agree to restart talks on a three-party free trade agreement (FTA) that has been deadlocked since 2019.<o:p></o:p>

Li urged for a thorough resumption of trilateral cooperation with an open and transparent attitude at the summit, according to China's official Xinhua news agency. He remarked on the three countries' consistent relations in the face of considerable global change. "Our meeting today, the first in more than four years, is both a restart and a new beginning," Li said, according to a post on X by China's foreign ministry.<o:p></o:p>

China, along with US allies South Korea and Japan, is attempting to manage developing hostility amid rivalries between Beijing and Washington, as well as tensions over Taiwan, which China claims as its territory.<o:p></o:p>

Yoon and Kishida have recently deepened connections with each other and with Washington, embarking on unprecedented three-way cooperation with the US on military and other issues. The summit comes after the leaders conducted bilateral talks on Sunday.<o:p></o:p>

During the bilateral discussions, Li and Yoon agreed to continue diplomatic and security dialogue, as well as free trade talks, while Kishida and Li discussed Taiwan and decided to hold a fresh round of bilateral high-level economic dialogue. Yoon also asked China to play a constructive role in confronting North Korea's growing nuclear and missile capabilities, despite UN Security Council resolutions. The Japan Coast Guard announced on Monday that North Korea intends to launch a rocket carrying a space satellite between May 27 and June 4.<o:p></o:p>

In response to the notice, officials from the United States, Japan, and South Korea called each other and urged that North Korea postpone the launch, which they claimed would deploy ballistic missile technology in violation of UN resolutions, according to Japan's Foreign Ministry. China, South Korea, and Japan's economic partnerships have grown more competitive during the last decade.<o:p></o:p>

These connections have been stretched further by the United States' desire for its allies to transfer supply chains for crucial products, such as semiconductors, away from China. Officials and diplomats from South Korea and Japan have set a low standard for the summit, expressing concern about major announcements but underlining that simply gathering will help renew and rejuvenate their frayed ties. The three leaders are also set to attend a meeting with leading business executives.<o:p></o:p>

Since 2012, South Korea, Japan, and China have undertaken 16 rounds of official negotiations on a three-way free trade agreement. At their most recent meeting in November 2019, the three countries agreed on a level of liberalisation greater than that of the Regional Comprehensive Economic Partnership (RCEP), of which they are all members, encompassing areas such as trade in goods and services, investment, customs, competition, and e-commerce.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chinese Premier Li Qiang hailed what he called a "restart" in relations with Japan and South Korea as he met with their leaders on Monday for the first three-way discussions in four years, intending to revive trade and security exchanges stalled by global tension.

Chinese Premier Li Qiang hailed what he called a "restart" in relations with Japan and South Korea as he met with their leaders on Monday for the first three-way discussions in four years, intending to revive trade and security exchanges stalled by global tension. According to Seoul officials, Li, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida will issue a joint statement on six issues, including the economy and trade, science and technology, people-to-people exchanges, health, and the aging population. Japanese media stated that they may also agree to restart talks on a three-party free trade agreement (FTA) that has been deadlocked since 2019. Li urged for a thorough resumption of trilateral cooperation with an open and transparent attitude at the summit, according to China's official Xinhua news agency. He remarked on the three countries' consistent relations in the face of considerable global change. "Our meeting today, the first in more than four years, is both a restart and a new beginning," Li said, according to a post on X by China's foreign ministry. China, along with US allies South Korea and Japan, is attempting to manage developing hostility amid rivalries between Beijing and Washington, as well as tensions over Taiwan, which China claims as its territory. Yoon and Kishida have recently deepened connections with each other and with Washington, embarking on unprecedented three-way cooperation with the US on military and other issues. The summit comes after the leaders conducted bilateral talks on Sunday. During the bilateral discussions, Li and Yoon agreed to continue diplomatic and security dialogue, as well as free trade talks, while Kishida and Li discussed Taiwan and decided to hold a fresh round of bilateral high-level economic dialogue. Yoon also asked China to play a constructive role in confronting North Korea's growing nuclear and missile capabilities, despite UN Security Council resolutions. The Japan Coast Guard announced on Monday that North Korea intends to launch a rocket carrying a space satellite between May 27 and June 4. In response to the notice, officials from the United States, Japan, and South Korea called each other and urged that North Korea postpone the launch, which they claimed would deploy ballistic missile technology in violation of UN resolutions, according to Japan's Foreign Ministry. China, South Korea, and Japan's economic partnerships have grown more competitive during the last decade. These connections have been stretched further by the United States' desire for its allies to transfer supply chains for crucial products, such as semiconductors, away from China. Officials and diplomats from South Korea and Japan have set a low standard for the summit, expressing concern about major announcements but underlining that simply gathering will help renew and rejuvenate their frayed ties. The three leaders are also set to attend a meeting with leading business executives. Since 2012, South Korea, Japan, and China have undertaken 16 rounds of official negotiations on a three-way free trade agreement. At their most recent meeting in November 2019, the three countries agreed on a level of liberalisation greater than that of the Regional Comprehensive Economic Partnership (RCEP), of which they are all members, encompassing areas such as trade in goods and services, investment, customs, competition, and e-commerce. (With inputs from Reuters)

Chinese Premier Li Qiang hails 'restart' in relations with Japan and South Korea

Fidelity International and BlackRock Investment Institute have reported that emerging nations with strong population growth, such as India and Indonesia, are becoming more appealing to investors as demographic concerns begin to impact investment decisions.

Investment in these two growing Asian countries is encouraged by anticipated increases in infrastructure spending, which are expected to revitalise their economies. Recent elections in India and Indonesia have underlined their ambitions to become major economic powers, with their dynamic populations serving as a critical strength.

Among the rapidly ageing regional peers, China, India, and Indonesia stand out. India surpassed China as the world's most populated country in mid-2023, prompting a rush to find prospective South Asian stock market winners.

According to BlackRock's data, there is a favourable association between a country's working-age population growth and share price valuations. Fidelity sees the financial sector as a big benefit, with rising credit demand from both firms and consumers.

"India and Indonesia's labour forces are young, with demographic dividends that far outweigh some of the region's largest economies," said Ian Samson, a portfolio manager at Fidelity in Singapore. "All businesses, large and small, require capital. This helps to explain why bank equities tend to correspond with GDP growth in emerging markets.”

According to World Bank estimates, India and Indonesia are forecast to witness population rises of at least 10 per cent between this year and 2040, while China is expected to see a roughly 4 per cent fall. More importantly, India's working-age population (those aged 15 to 64) is growing, and the country has the youngest demographic of any major economy.

In March, BlackRock Investment Institute strategists led by Jean Boivin noted that a faster rise in the working-age population frequently correlates to stronger future profit growth. They also identified migration, increased labour-force participation, and automation as key drivers.

The demographic dividend, coupled with other distinct characteristics such as favourable election results, is one of the primary drivers of gains in both countries' stock markets. The Nifty 50 Index, which is trading at record highs, is on track to extend its nine-year winning streak. Similarly, in March, the Jakarta Composite Index achieved a record high.

Analysts argue that structural reforms aimed at cutting regulatory red tape, increasing job market flexibility, and allowing foreign investment are vital for capitalising on the demographic advantage.

"Ultimately, the growth equation is employment times productivity," Fidelity's Samson explained. "The substantial structural reforms in both India and Indonesia will support sufficient job creation to benefit from the demographic dividend."

Despite improvement, more action is needed. Investors are paying special attention to whether Indian state governments would execute national-level labour, land, and policy changes. Indonesia's President-elect Prabowo Subianto, who will take office in October, has ambitious aspirations of achieving 8 per cent yearly GDP growth, despite the country's historically low performance.

For sovereign debt investors, the age-dependency ratio, which indicates the fraction of those who are too elderly or young to work, and the fiscal burden are critical long-term investment indicators.

According to Bloomberg data, global investors have invested $5.5 billion in Indian bonds this year, boosted by chances for index inclusion. India's interim budget, unveiled in February, prioritised infrastructure spending above populist initiatives ahead of the general election.

In contrast, international investors have withdrawn $1.8 billion from Indonesian bonds, citing concerns about the country's fiscal health because of the incoming administration's increased spending commitments.

"Aging populations increase the cost of healthcare and pensions, with developed-market economies providing more comprehensive social benefits than most emerging markets," said Sanjay Shah, director of fixed income at HSBC Global Asset Management. "In emerging markets, pension plans may be more staggered and less fixed-benefit oriented," Shah added, thereby lowering the public financial load.

(With inputs from Bloomberg)

Fidelity International and BlackRock Investment Institute have reported that emerging nations with strong population growth, such as India and Indonesia, are becoming more appealing to investors as demographic concerns begin to impact investment decisions.

Fidelity International and BlackRock Investment Institute have reported that emerging nations with strong population growth, such as India and Indonesia, are becoming more appealing to investors as demographic concerns begin to impact investment decisions. Investment in these two growing Asian countries is encouraged by anticipated increases in infrastructure spending, which are expected to revitalise their economies. Recent elections in India and Indonesia have underlined their ambitions to become major economic powers, with their dynamic populations serving as a critical strength. Among the rapidly ageing regional peers, China, India, and Indonesia stand out. India surpassed China as the world's most populated country in mid-2023, prompting a rush to find prospective South Asian stock market winners. According to BlackRock's data, there is a favourable association between a country's working-age population growth and share price valuations. Fidelity sees the financial sector as a big benefit, with rising credit demand from both firms and consumers. "India and Indonesia's labour forces are young, with demographic dividends that far outweigh some of the region's largest economies," said Ian Samson, a portfolio manager at Fidelity in Singapore. "All businesses, large and small, require capital. This helps to explain why bank equities tend to correspond with GDP growth in emerging markets.” According to World Bank estimates, India and Indonesia are forecast to witness population rises of at least 10 per cent between this year and 2040, while China is expected to see a roughly 4 per cent fall. More importantly, India's working-age population (those aged 15 to 64) is growing, and the country has the youngest demographic of any major economy. In March, BlackRock Investment Institute strategists led by Jean Boivin noted that a faster rise in the working-age population frequently correlates to stronger future profit growth. They also identified migration, increased labour-force participation, and automation as key drivers. The demographic dividend, coupled with other distinct characteristics such as favourable election results, is one of the primary drivers of gains in both countries' stock markets. The Nifty 50 Index, which is trading at record highs, is on track to extend its nine-year winning streak. Similarly, in March, the Jakarta Composite Index achieved a record high. Analysts argue that structural reforms aimed at cutting regulatory red tape, increasing job market flexibility, and allowing foreign investment are vital for capitalising on the demographic advantage. "Ultimately, the growth equation is employment times productivity," Fidelity's Samson explained. "The substantial structural reforms in both India and Indonesia will support sufficient job creation to benefit from the demographic dividend." Despite improvement, more action is needed. Investors are paying special attention to whether Indian state governments would execute national-level labour, land, and policy changes. Indonesia's President-elect Prabowo Subianto, who will take office in October, has ambitious aspirations of achieving 8 per cent yearly GDP growth, despite the country's historically low performance. For sovereign debt investors, the age-dependency ratio, which indicates the fraction of those who are too elderly or young to work, and the fiscal burden are critical long-term investment indicators. According to Bloomberg data, global investors have invested $5.5 billion in Indian bonds this year, boosted by chances for index inclusion. India's interim budget, unveiled in February, prioritised infrastructure spending above populist initiatives ahead of the general election. In contrast, international investors have withdrawn $1.8 billion from Indonesian bonds, citing concerns about the country's fiscal health because of the incoming administration's increased spending commitments. "Aging populations increase the cost of healthcare and pensions, with developed-market economies providing more comprehensive social benefits than most emerging markets," said Sanjay Shah, director of fixed income at HSBC Global Asset Management. "In emerging markets, pension plans may be more staggered and less fixed-benefit oriented," Shah added, thereby lowering the public financial load. (With inputs from Bloomberg)

Emerging markets India and Indonesia gain favour as demographics drive investment strategies

A scarcity of low-risk assets in China's financial industry is impeding the central bank's plans to expand its monetary policy arsenal by returning to the government bond market after a 17-year absence. Following a mandate from President Xi Jinping's speech in October 2023, the People's Bank of China (PBOC) has committed to restoring treasury bond trading to fix its increasingly weak monetary policy transmission mechanisms.<o:p></o:p>

The PBOC's bond trading effort aims to strengthen the bond market by increasing liquidity and decreasing volatility. This approach aims to attract additional issuers and investors, allowing businesses and other entities to lessen their reliance on inefficient bank loans. However, in the past, the central government has used riskier local government issuers to fund investment projects, resulting in unsustainable debts while maintaining a light balance sheet. As a result, there are currently insufficient liquid benchmarks to support a vibrant bond market.<o:p></o:p>

"Using treasury bond trading as the main market operation tool would greatly improve the PBOC's monetary policy framework, especially interest rate transmission," said a policy consultant who requested to remain anonymous owing to the sensitive nature of the subject. "But the conditions are not right. We have an asset famine."<o:p></o:p>

The PBOC did not immediately respond to a request for comment. In a statement to Reuters on May 8, it stated that bond trading "can be used as a liquidity management method and a reserve of monetary policy tools," highlighting that the trade would be "two-way."<o:p></o:p>

Distortions in the Chinese bond market were underlined last week with the release of the first batch of ultra-long government notes this year, where prices jumped 20 per cent on illiquid platforms, pushing yields below central bank policy rates and causing trading suspensions. More issuance is anticipated through November, totalling 1 trillion yuan ($138 billion), or approximately 0.8 per cent of GDP.<o:p></o:p>

In April, state media quoted an unidentified central bank official as saying that government bond issuance needed to be large and consistent to avoid significant interest rate fluctuation. The prevalence of credit in the Chinese economy, which is primarily controlled by state institutions, has generated worries about capital misallocation. Repeated rate cuts and liquidity injections by the central bank have failed to alleviate deflationary concerns.<o:p></o:p>

Analysts point out that cheap finance continues to flow to state-owned enterprises with large production capabilities, regardless of project quality, whilst private firms receive less favourable loan conditions due to perceived increased risks. According to the central bank, significant amounts of money sit idle in the financial sector rather than moving into the real economy.<o:p></o:p>

The analysts at Rhodium Group pointed out that "what corporates in China seem to be doing is taking cheap 2-3 per cent bank loans and channelling the money back into banks' wealth management products, long-term time deposits, or other investment products." According to China bond data, Chinese businesses are the world's second-largest bond issuers after the United States, with bonds worth approximately 106 trillion yuan, accounting for 84 per cent of GDP. This includes roughly 30 trillion yuan in treasury bonds, which are typically issued by local governments and policy banks and held by banks until they mature.<o:p></o:p>

The PBOC last purchased bonds in 2007 to form the sovereign wealth fund China Investment Corp. Its current holdings are 1.52 trillion yuan or around 3.5 per cent of its total assets. Low turnover makes it difficult to use these holdings to increase liquidity in secondary markets and effectively manage the yield curve. Selling could raise yields, tightening financial conditions amid a hard 5 per cent growth objective, whilst purchasing could push yields too low and deepen the already negative 200 basis point spread with US benchmarks, creating capital outflow concerns, and depressing the yuan currency.<o:p></o:p>

To proceed, the PBOC may need to wait for more issues to enter the market, limit its purchases to tiny amounts, and carefully time any purchases to prevent impressions of deficit monetisation. Shuang Ding, Standard Chartered's head economist for Greater China and North Asia, predicts the PBOC would "initially buy a small amount, and trade both ways." He points out that it will take a "relatively long period" for PBOC trading to "serve as a tool to inject liquidity."<o:p></o:p>

Ting Lu, Nomura's senior China economist, believes the PBOC will launch bond trading "perhaps within the next six months, though the timing is highly uncertain." He suggests that the PBOC might choose a period of volatile interbank rates to stabilise the market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A scarcity of low-risk assets in China's financial industry is impeding the central bank's plans to expand its monetary policy arsenal by returning to the government bond market after a 17-year absence.

A scarcity of low-risk assets in China's financial industry is impeding the central bank's plans to expand its monetary policy arsenal by returning to the government bond market after a 17-year absence. Following a mandate from President Xi Jinping's speech in October 2023, the People's Bank of China (PBOC) has committed to restoring treasury bond trading to fix its increasingly weak monetary policy transmission mechanisms. The PBOC's bond trading effort aims to strengthen the bond market by increasing liquidity and decreasing volatility. This approach aims to attract additional issuers and investors, allowing businesses and other entities to lessen their reliance on inefficient bank loans. However, in the past, the central government has used riskier local government issuers to fund investment projects, resulting in unsustainable debts while maintaining a light balance sheet. As a result, there are currently insufficient liquid benchmarks to support a vibrant bond market. "Using treasury bond trading as the main market operation tool would greatly improve the PBOC's monetary policy framework, especially interest rate transmission," said a policy consultant who requested to remain anonymous owing to the sensitive nature of the subject. "But the conditions are not right. We have an asset famine." The PBOC did not immediately respond to a request for comment. In a statement to Reuters on May 8, it stated that bond trading "can be used as a liquidity management method and a reserve of monetary policy tools," highlighting that the trade would be "two-way." Distortions in the Chinese bond market were underlined last week with the release of the first batch of ultra-long government notes this year, where prices jumped 20 per cent on illiquid platforms, pushing yields below central bank policy rates and causing trading suspensions. More issuance is anticipated through November, totalling 1 trillion yuan ($138 billion), or approximately 0.8 per cent of GDP. In April, state media quoted an unidentified central bank official as saying that government bond issuance needed to be large and consistent to avoid significant interest rate fluctuation. The prevalence of credit in the Chinese economy, which is primarily controlled by state institutions, has generated worries about capital misallocation. Repeated rate cuts and liquidity injections by the central bank have failed to alleviate deflationary concerns. Analysts point out that cheap finance continues to flow to state-owned enterprises with large production capabilities, regardless of project quality, whilst private firms receive less favourable loan conditions due to perceived increased risks. According to the central bank, significant amounts of money sit idle in the financial sector rather than moving into the real economy. The analysts at Rhodium Group pointed out that "what corporates in China seem to be doing is taking cheap 2-3 per cent bank loans and channelling the money back into banks' wealth management products, long-term time deposits, or other investment products." According to China bond data, Chinese businesses are the world's second-largest bond issuers after the United States, with bonds worth approximately 106 trillion yuan, accounting for 84 per cent of GDP. This includes roughly 30 trillion yuan in treasury bonds, which are typically issued by local governments and policy banks and held by banks until they mature. The PBOC last purchased bonds in 2007 to form the sovereign wealth fund China Investment Corp. Its current holdings are 1.52 trillion yuan or around 3.5 per cent of its total assets. Low turnover makes it difficult to use these holdings to increase liquidity in secondary markets and effectively manage the yield curve. Selling could raise yields, tightening financial conditions amid a hard 5 per cent growth objective, whilst purchasing could push yields too low and deepen the already negative 200 basis point spread with US benchmarks, creating capital outflow concerns, and depressing the yuan currency. To proceed, the PBOC may need to wait for more issues to enter the market, limit its purchases to tiny amounts, and carefully time any purchases to prevent impressions of deficit monetisation. Shuang Ding, Standard Chartered's head economist for Greater China and North Asia, predicts the PBOC would "initially buy a small amount, and trade both ways." He points out that it will take a "relatively long period" for PBOC trading to "serve as a tool to inject liquidity." Ting Lu, Nomura's senior China economist, believes the PBOC will launch bond trading "perhaps within the next six months, though the timing is highly uncertain." He suggests that the PBOC might choose a period of volatile interbank rates to stabilise the market. (With inputs from Reuters)

China's scarcity of low-risk assets hinders the central bank’s treasury bond market plans

Shares of China Evergrande New Energy Vehicle Group soared dramatically on Monday, more than doubling in value as trading resumed following an announcement that liquidators had arranged for a significant stake sale in the electric vehicle (EV) maker. <o:p></o:p>

This surge marks a notable recovery for the embattled unit amid ongoing financial troubles for its parent company, China Evergrande Group.

The EV unit's shares jumped as much as 113 per cent, reaching HK$0.81, their highest level since September 22, making them the top gainers on the Hong Kong stock exchange. By the end of the session, shares were still up by 79 per cent, reflecting investor optimism after a trading halt that began on May 17.<o:p></o:p>

This price surge follows a non-binding agreement facilitated by liquidators on behalf of China Evergrande Group, Evergrande Health Industry, and Acelin Global. The deal involves a third-party buyer taking a 29 per cent stake in the EV unit, with an option to acquire an additional 29.5 per cent. Together, these entities currently hold 58.5 per cent of the EV unit, which halted production at its Tianjin factory at the start of 2024 due to financial constraints.<o:p></o:p>

In addition to the stake sale, the term sheet indicates that the prospective purchaser would provide a line of credit to support the EV unit's operations and business development, offering a much-needed financial lifeline.<o:p></o:p>

This development comes on the heels of a demand from local administrative bodies for the EV unit to repay 1.9 billion yuan ($262 million) in subsidies and incentives, highlighting the financial pressures the company faces. Earlier this year, China Evergrande, the world’s most indebted property developer, was ordered to be liquidated after failing to present a viable restructuring plan more than two years post-default on its offshore debt.<o:p></o:p>

The agreement to sell a stake in the EV unit represents a strategic move to alleviate some of the financial burdens and revive the business. Investors reacted positively to the news, signalling a potential turning point for the beleaguered automaker.<o:p></o:p>

As the situation unfolds, the successful completion of this stake sale and the infusion of credit could stabilise the EV unit's finances, enabling it to resume production and expand its market presence.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Shares of China Evergrande New Energy Vehicle Group soared dramatically on Monday, more than doubling in value as trading resumed following an announcement that liquidators had arranged for a significant stake sale in the electric vehicle (EV) maker.

Shares of China Evergrande New Energy Vehicle Group soared dramatically on Monday, more than doubling in value as trading resumed following an announcement that liquidators had arranged for a significant stake sale in the electric vehicle (EV) maker. This surge marks a notable recovery for the embattled unit amid ongoing financial troubles for its parent company, China Evergrande Group. The EV unit's shares jumped as much as 113 per cent, reaching HK$0.81, their highest level since September 22, making them the top gainers on the Hong Kong stock exchange. By the end of the session, shares were still up by 79 per cent, reflecting investor optimism after a trading halt that began on May 17. This price surge follows a non-binding agreement facilitated by liquidators on behalf of China Evergrande Group, Evergrande Health Industry, and Acelin Global. The deal involves a third-party buyer taking a 29 per cent stake in the EV unit, with an option to acquire an additional 29.5 per cent. Together, these entities currently hold 58.5 per cent of the EV unit, which halted production at its Tianjin factory at the start of 2024 due to financial constraints. In addition to the stake sale, the term sheet indicates that the prospective purchaser would provide a line of credit to support the EV unit's operations and business development, offering a much-needed financial lifeline. This development comes on the heels of a demand from local administrative bodies for the EV unit to repay 1.9 billion yuan ($262 million) in subsidies and incentives, highlighting the financial pressures the company faces. Earlier this year, China Evergrande, the world’s most indebted property developer, was ordered to be liquidated after failing to present a viable restructuring plan more than two years post-default on its offshore debt. The agreement to sell a stake in the EV unit represents a strategic move to alleviate some of the financial burdens and revive the business. Investors reacted positively to the news, signalling a potential turning point for the beleaguered automaker. As the situation unfolds, the successful completion of this stake sale and the infusion of credit could stabilise the EV unit's finances, enabling it to resume production and expand its market presence. (With inputs from Reuters)

China’s Evergrande EV unit shares skyrocket after liquidators secure stake sale deal

Russia is intensifying its control over the grain industry, seeking to dominate the export market amid rising global wheat prices and concerns about supply disruptions. <o:p></o:p>

According to a report by Bloomberg News, this consolidation comes as major Western grain merchants withdraw from Russia, leaving the market increasingly controlled by firms with connections to the Kremlin.<o:p></o:p>

Following the exodus of key Western players like Cargill Inc. and Viterra due to government pressures, Russia's top private grain trader, now known as Rodnie Polya LLC, is also facing challenges from the state. <o:p></o:p>

This shift has concentrated the market, with only four firms now responsible for 75 per cent of grain exports from Russia's Black Sea terminals, up from 45 per cent six years ago.<o:p></o:p>

The consolidation has accelerated since President Vladimir Putin's invasion of Ukraine, allowing Moscow to exert more influence over global wheat supplies. <o:p></o:p>

This control is crucial as poor weather conditions threaten Russia’s wheat crop, adding to market anxieties. <o:p></o:p>

"Russia’s desires to control the commodity world are real, and their influence on grains is growing," stated Dan Basse, president of AgResource, a Chicago-based consulting firm.<o:p></o:p>

The private sector is feeling the pinch as well. <o:p></o:p>

Rodnie Polya, formerly TD Rif, has seen its operations hampered by regulatory issues, with accusations from owner Petr Khodykin that government actions are forcing him to sell the company. <o:p></o:p>

Export volumes for Rodnie Polya plummeted by 40 per cent in April compared to the previous year, highlighting the severe impact of state intervention.<o:p></o:p>

Russia's strategy extends beyond grains. <o:p></o:p>

Since the Ukraine conflict began, Moscow has increasingly targeted assets owned by local oligarchs and foreign companies for nationalisation or sale to Kremlin-favoured entities. <o:p></o:p>

This includes sectors as varied as pasta production and dairy, reflecting a broader trend of state intervention in the economy.<o:p></o:p>

Western traders, though still active in buying Russian grain, face significant challenges in accessing reliable data on crop volumes, stockpiles, and export conditions. <o:p></o:p>

The US Department of Agriculture, for instance, now relies more on satellite images for its crop forecasts due to the absence of on-the-ground staff in Russia, adding a layer of uncertainty to global agricultural outlooks.<o:p></o:p>

Global wheat prices have surged recently, driven by concerns over reduced Russian output due to adverse weather. Analysts have sharply cut production estimates, with the International Grains Council predicting a 6 per cent drop in Russia’s wheat harvest this year. <o:p></o:p>

Despite the recent rally, wheat prices remain about 50 per cent below the peak reached in 2022 when the war first disrupted Black Sea trade routes.<o:p></o:p>

Russia is already attempting to enforce an unofficial minimum price for its grain exports, a move that could further consolidate its market influence. <o:p></o:p>

However, despite these manoeuvres, there are no signs that Russia will disrupt its grain supplies in the same manner it did with natural gas supplies to Europe following the Ukraine invasion. <o:p></o:p>

Much of Russia's grain exports continue to flow to politically allied countries.<o:p></o:p>

The rapid consolidation of Russia’s grain market under a few key players highlights the shifting undercurrents of global agricultural trade and raises questions about future supply stability. <o:p></o:p>

As Dmitry Rylko, director of Moscow-based consultancy IKAR, noted, "We have seen pretty dramatic market consolidation in the hands of a very limited number of players".<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Russia is intensifying its control over the grain industry, seeking to dominate the export market amid rising global wheat prices and concerns about supply disruptions.

Russia is intensifying its control over the grain industry, seeking to dominate the export market amid rising global wheat prices and concerns about supply disruptions. According to a report by Bloomberg News, this consolidation comes as major Western grain merchants withdraw from Russia, leaving the market increasingly controlled by firms with connections to the Kremlin. Following the exodus of key Western players like Cargill Inc. and Viterra due to government pressures, Russia's top private grain trader, now known as Rodnie Polya LLC, is also facing challenges from the state. This shift has concentrated the market, with only four firms now responsible for 75 per cent of grain exports from Russia's Black Sea terminals, up from 45 per cent six years ago. The consolidation has accelerated since President Vladimir Putin's invasion of Ukraine, allowing Moscow to exert more influence over global wheat supplies. This control is crucial as poor weather conditions threaten Russia’s wheat crop, adding to market anxieties. "Russia’s desires to control the commodity world are real, and their influence on grains is growing," stated Dan Basse, president of AgResource, a Chicago-based consulting firm. The private sector is feeling the pinch as well. Rodnie Polya, formerly TD Rif, has seen its operations hampered by regulatory issues, with accusations from owner Petr Khodykin that government actions are forcing him to sell the company. Export volumes for Rodnie Polya plummeted by 40 per cent in April compared to the previous year, highlighting the severe impact of state intervention. Russia's strategy extends beyond grains. Since the Ukraine conflict began, Moscow has increasingly targeted assets owned by local oligarchs and foreign companies for nationalisation or sale to Kremlin-favoured entities. This includes sectors as varied as pasta production and dairy, reflecting a broader trend of state intervention in the economy. Western traders, though still active in buying Russian grain, face significant challenges in accessing reliable data on crop volumes, stockpiles, and export conditions. The US Department of Agriculture, for instance, now relies more on satellite images for its crop forecasts due to the absence of on-the-ground staff in Russia, adding a layer of uncertainty to global agricultural outlooks. Global wheat prices have surged recently, driven by concerns over reduced Russian output due to adverse weather. Analysts have sharply cut production estimates, with the International Grains Council predicting a 6 per cent drop in Russia’s wheat harvest this year. Despite the recent rally, wheat prices remain about 50 per cent below the peak reached in 2022 when the war first disrupted Black Sea trade routes. Russia is already attempting to enforce an unofficial minimum price for its grain exports, a move that could further consolidate its market influence. However, despite these manoeuvres, there are no signs that Russia will disrupt its grain supplies in the same manner it did with natural gas supplies to Europe following the Ukraine invasion. Much of Russia's grain exports continue to flow to politically allied countries. The rapid consolidation of Russia’s grain market under a few key players highlights the shifting undercurrents of global agricultural trade and raises questions about future supply stability. As Dmitry Rylko, director of Moscow-based consultancy IKAR, noted, "We have seen pretty dramatic market consolidation in the hands of a very limited number of players". (With inputs from Bloomberg)

Russia tightens grip on grain exports as global wheat prices surge

Tesla Inc. CEO Elon Musk expressed opposition to US tariffs on Chinese electric cars (EVs) on Thursday, reversing his past cautions about the importance of trade barriers. Speaking to tech investors via video link at the Viva Technology conference in Paris, Musk emphasised his support for an open market.

"I was surprised when these tariffs were announced," Musk stated. "Neither Tesla nor I requested these taxes. Things that restrict free commerce or distort the market are not desirable.”

Musk's comments follow US President Joe Biden's recent imposition of new tariffs on a variety of Chinese goods, including EVs, in a bid to boost American industry. The Biden administration has upheld and enhanced various tariffs imposed by previous President Donald Trump, including quadrupling taxes on Chinese EVs to more than 100%. These sanctions now affect $18 billion worth of Chinese imports.

The Tesla CEO's comments contrast sharply with his attitude in January when he warned that if no trade obstacles were implemented, Chinese automakers may outperform global competitors. "If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk stated during a post-earnings analyst call at the start of the year.

Musk's most recent pronouncements underscore Tesla's competitive position in China without the need for tariffs or special treatment. "Tesla competes successfully in the Chinese market, which has no tariffs or preferential treatment. I am in favour of no tariffs," he stated at the conference.

This year's annual VivaTech conference in Paris drew top industry leaders and politicians, including former Google CEO Eric Schmidt and former US climate ambassador John Kerry. Linda Yaccarino, CEO of Musk's social media platform X, will participate in a panel discussion on the future of content on Friday.

(With inputs from Reuters)

Tesla Inc. CEO Elon Musk expressed opposition to US tariffs on Chinese electric cars (EVs) on Thursday, reversing his past cautions about the importance of trade barriers.

Tesla Inc. CEO Elon Musk expressed opposition to US tariffs on Chinese electric cars (EVs) on Thursday, reversing his past cautions about the importance of trade barriers. Speaking to tech investors via video link at the Viva Technology conference in Paris, Musk emphasised his support for an open market. "I was surprised when these tariffs were announced," Musk stated. "Neither Tesla nor I requested these taxes. Things that restrict free commerce or distort the market are not desirable.” Musk's comments follow US President Joe Biden's recent imposition of new tariffs on a variety of Chinese goods, including EVs, in a bid to boost American industry. The Biden administration has upheld and enhanced various tariffs imposed by previous President Donald Trump, including quadrupling taxes on Chinese EVs to more than 100%. These sanctions now affect $18 billion worth of Chinese imports. The Tesla CEO's comments contrast sharply with his attitude in January when he warned that if no trade obstacles were implemented, Chinese automakers may outperform global competitors. "If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk stated during a post-earnings analyst call at the start of the year. Musk's most recent pronouncements underscore Tesla's competitive position in China without the need for tariffs or special treatment. "Tesla competes successfully in the Chinese market, which has no tariffs or preferential treatment. I am in favour of no tariffs," he stated at the conference. This year's annual VivaTech conference in Paris drew top industry leaders and politicians, including former Google CEO Eric Schmidt and former US climate ambassador John Kerry. Linda Yaccarino, CEO of Musk's social media platform X, will participate in a panel discussion on the future of content on Friday. (With inputs from Reuters)

Tesla's Musk opposes new US tariffs on Chinese EVs, reverses previous stance

OpenAI's newest developments in artificial intelligence have stirred controversy in Hollywood, with actress Scarlett Johansson accusing the business of using her vocal resemblance without her permission. This debate has revived industry anxieties about AI's existential danger, even as studios investigate new technologies and prospective collaborations with OpenAI.

Johansson alleges that OpenAI's demonstrations of the most recent version of ChatGPT included a voice "eerily similar" to her role in Spike Jonze's film "Her." Despite failing to reach an agreement with Johansson, OpenAI used a voice that sounded extremely like hers, inciting outrage among industry executives. "This seemed to strike a real chord," said an industry executive. "It puts a human face on it. A well-known technology corporation did something to someone we know."

OpenAI, which surprised the world in February with its text-to-video tool Sora, has since been in talks with Hollywood executives about potential creative collaborations. Johansson's public criticism of OpenAI has complicated these negotiations, with some executives now seeing the tech behemoth's activities as disrespectful and arrogant. According to one studio executive, "It sure doesn't set up a respectful collaboration between content creators and tech giants."

OpenAI CEO Sam Altman defended the business, saying, "The voice is not Scarlett Johansson's, and it was never designed to sound like hers. We cast the voice actor behind Sky's voice before contacting Ms. Johansson." However, the corporation has not commented on its connection with Hollywood since the dispute.

The dispute has also brought attention to larger issues about AI and copyright. Some agencies and executives have voiced worry that OpenAI's models, which are trained on publicly available copyrighted works, would pose significant issues for directors and filmmakers who may be hesitant to use tools created without explicit agreement.

Despite these concerns, entertainment industry technologists regard Sora as having the potential to improve the film and television production process, particularly in terms of expediting digital effects. Fox already uses OpenAI's ChatGPT to recommend content for its Tubi streaming service.

OpenAI argues that it will preserve copyrights by preventing the creation of videos starring well-known characters or performers. Nonetheless, the Johansson controversy raises concerns about protecting lesser-known performers. Johansson may claim that OpenAI infringed her right to publicity, which empowers people to govern commercial use of their name, image, or likeness. Legal precedents, such as Bette Midler's successful 1987 lawsuit against Ford's advertising agency and Tom Waits' 1988 lawsuit against Frito-Lay, may support Johansson's claim.

Mark Lemley, director of Stanford's Program in Law, Science, and Technology, observes that, while Johansson's case is less clear-cut, the effort to duplicate her voice, together with Altman's outreach efforts and a tweet citing "Her," bolster her case.

Jeffrey Bennett, general counsel for the SAG-AFTRA performers' organization, has advocated for a federal right of publicity to protect voice and likeness, like copyright protections. "We're thrilled that there's now this huge dialogue about it," Bennett stated. "We've been trying to use the bullhorn and shout about it for quite some time now...We've been discussing the proliferation of 'deep fakes', and it is about to hit everyone. Now it is truly a conversation. There must be a federal solution."

As Hollywood navigates the convergence of creativity and technology, the Johansson case highlights the importance of clear boundaries and protections in the age of AI.

(With inputs from Reuters)

OpenAI's newest developments in artificial intelligence have stirred controversy in Hollywood, with actress Scarlett Johansson accusing the business of using her vocal resemblance without her permission.

OpenAI's newest developments in artificial intelligence have stirred controversy in Hollywood, with actress Scarlett Johansson accusing the business of using her vocal resemblance without her permission. This debate has revived industry anxieties about AI's existential danger, even as studios investigate new technologies and prospective collaborations with OpenAI. Johansson alleges that OpenAI's demonstrations of the most recent version of ChatGPT included a voice "eerily similar" to her role in Spike Jonze's film "Her." Despite failing to reach an agreement with Johansson, OpenAI used a voice that sounded extremely like hers, inciting outrage among industry executives. "This seemed to strike a real chord," said an industry executive. "It puts a human face on it. A well-known technology corporation did something to someone we know." OpenAI, which surprised the world in February with its text-to-video tool Sora, has since been in talks with Hollywood executives about potential creative collaborations. Johansson's public criticism of OpenAI has complicated these negotiations, with some executives now seeing the tech behemoth's activities as disrespectful and arrogant. According to one studio executive, "It sure doesn't set up a respectful collaboration between content creators and tech giants." OpenAI CEO Sam Altman defended the business, saying, "The voice is not Scarlett Johansson's, and it was never designed to sound like hers. We cast the voice actor behind Sky's voice before contacting Ms. Johansson." However, the corporation has not commented on its connection with Hollywood since the dispute. The dispute has also brought attention to larger issues about AI and copyright. Some agencies and executives have voiced worry that OpenAI's models, which are trained on publicly available copyrighted works, would pose significant issues for directors and filmmakers who may be hesitant to use tools created without explicit agreement. Despite these concerns, entertainment industry technologists regard Sora as having the potential to improve the film and television production process, particularly in terms of expediting digital effects. Fox already uses OpenAI's ChatGPT to recommend content for its Tubi streaming service. OpenAI argues that it will preserve copyrights by preventing the creation of videos starring well-known characters or performers. Nonetheless, the Johansson controversy raises concerns about protecting lesser-known performers. Johansson may claim that OpenAI infringed her right to publicity, which empowers people to govern commercial use of their name, image, or likeness. Legal precedents, such as Bette Midler's successful 1987 lawsuit against Ford's advertising agency and Tom Waits' 1988 lawsuit against Frito-Lay, may support Johansson's claim. Mark Lemley, director of Stanford's Program in Law, Science, and Technology, observes that, while Johansson's case is less clear-cut, the effort to duplicate her voice, together with Altman's outreach efforts and a tweet citing "Her," bolster her case. Jeffrey Bennett, general counsel for the SAG-AFTRA performers' organization, has advocated for a federal right of publicity to protect voice and likeness, like copyright protections. "We're thrilled that there's now this huge dialogue about it," Bennett stated. "We've been trying to use the bullhorn and shout about it for quite some time now...We've been discussing the proliferation of 'deep fakes', and it is about to hit everyone. Now it is truly a conversation. There must be a federal solution." As Hollywood navigates the convergence of creativity and technology, the Johansson case highlights the importance of clear boundaries and protections in the age of AI. (With inputs from Reuters)

OpenAI faces backlash over alleged homage to Scarlett Johansson's 'Her' performance

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh.

The strategic move by Goldman Sachs follows the Saudi cabinet's recent ratification of new legislation aimed at increasing foreign investment in the kingdom. Under the new regulations, organizations that do not establish a regional headquarters in Saudi Arabia risk losing access to lucrative government contracts. Firms that set up shop in the kingdom, on the other hand, qualify for tax breaks.

The decision is consistent with Crown Prince Mohammed bin Salman's ambitious Vision 2030 strategy, which aims to diversify the Saudi economy away from its reliance on oil. Attracting big financial firms such as Goldman Sachs is an important part of this approach.

The move taken by Goldman Sachs highlights Riyadh's growing importance as a financial hub in the Middle East. Goldman Sachs is preparing to capitalise on the kingdom's economic changes and increasing investment prospects by establishing a regional headquarters in Saudi Arabia.

(With inputs from Reuters)

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh.

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh. The strategic move by Goldman Sachs follows the Saudi cabinet's recent ratification of new legislation aimed at increasing foreign investment in the kingdom. Under the new regulations, organizations that do not establish a regional headquarters in Saudi Arabia risk losing access to lucrative government contracts. Firms that set up shop in the kingdom, on the other hand, qualify for tax breaks. The decision is consistent with Crown Prince Mohammed bin Salman's ambitious Vision 2030 strategy, which aims to diversify the Saudi economy away from its reliance on oil. Attracting big financial firms such as Goldman Sachs is an important part of this approach. The move taken by Goldman Sachs highlights Riyadh's growing importance as a financial hub in the Middle East. Goldman Sachs is preparing to capitalise on the kingdom's economic changes and increasing investment prospects by establishing a regional headquarters in Saudi Arabia. (With inputs from Reuters)

Goldman Sachs receives license to establish regional headquarters in Riyadh

Burger King, which is owned by Restaurant Brands International, plans to revive its $5 "Your Way Meal" to entice customers in the face of a competitive fast-food landscape and rising cost-of-living pressure. A corporate representative confirmed the start on Thursday, citing an April agreement with franchisees.

As economic constraints force consumers to opt for more home-cooked meals, the fast-food industry is stepping up its attempts to entice them back. Burger King's new deal will launch ahead of a similar campaign by rival McDonald's. The meal bargain, which includes a choice of three sandwiches, nuggets, fries, and a drink, is set to last many months.

Burger King's approach comes at a vital time&nbsp;since McDonald's is preparing a comparable $5 meal offer that will last around four weeks. Furthermore, Burger King is looking into two other value platforms that could come in the second half of the year.

The competitive push for discount packages is not limited to Burger King and McDonald's. Wendy's recently launched a $ 3-morning&nbsp;meal deal, highlighting the industry's trend toward low-cost promotional offers.

This aggressive price plan comes after McDonald's missed earnings targets for the first time in two years, citing greater consumer caution in spending. In contrast, Restaurant Brands International has outperformed Wall Street projections, boosted by increased demand at Burger King locations.

As fast-food restaurants compete for customer loyalty despite economic difficulties, the development of value meals such as Burger King's $5 "Your Way Meal" demonstrates a deliberate emphasis on price and consumer appeal.

(With inputs from Reuters)

Burger King, which is owned by Restaurant Brands International, plans to revive its $5 "Your Way Meal" to entice customers in the face of a competitive fast-food landscape and rising cost-of-living pressure.

Burger King, which is owned by Restaurant Brands International, plans to revive its $5 "Your Way Meal" to entice customers in the face of a competitive fast-food landscape and rising cost-of-living pressure. A corporate representative confirmed the start on Thursday, citing an April agreement with franchisees. As economic constraints force consumers to opt for more home-cooked meals, the fast-food industry is stepping up its attempts to entice them back. Burger King's new deal will launch ahead of a similar campaign by rival McDonald's. The meal bargain, which includes a choice of three sandwiches, nuggets, fries, and a drink, is set to last many months. Burger King's approach comes at a vital time since McDonald's is preparing a comparable $5 meal offer that will last around four weeks. Furthermore, Burger King is looking into two other value platforms that could come in the second half of the year. The competitive push for discount packages is not limited to Burger King and McDonald's. Wendy's recently launched a $ 3-morning meal deal, highlighting the industry's trend toward low-cost promotional offers. This aggressive price plan comes after McDonald's missed earnings targets for the first time in two years, citing greater consumer caution in spending. In contrast, Restaurant Brands International has outperformed Wall Street projections, boosted by increased demand at Burger King locations. As fast-food restaurants compete for customer loyalty despite economic difficulties, the development of value meals such as Burger King's $5 "Your Way Meal" demonstrates a deliberate emphasis on price and consumer appeal. (With inputs from Reuters)

Burger King to launch $5 meal deal amid fast-food value war