The Indonesian rupiah recovered from a historic low, trading at 17,762 to the US dollar. The Indonesia Composite Index also rallied 5% after significant market turbulence. Analysts attribute the recovery to Bank Indonesia's aggressive monetary policy, including rate hikes.
A judge described the 1MDB scandal's plunder as so vast it made Attila the Hun look like a choirboy, in his 809-page judgment convicting former Malaysian PM Najib Razak. Najib is already jailed for a separate case linked to the fund.
Donald Trump's administration prioritizes AI growth over regulation, evidenced by executive orders and discussions of government stakes in AI firms. Meanwhile, Anthropic advocates for a pause in AI development while pursuing an IPO, raising questions about its safety-first posture.
At least one company from Kazakhstan's sovereign wealth fund will list on the Hong Kong stock exchange this year, according to Frederick Ma Si-hang, head of the city's Trade Development Council. Kazakhstan is seeking to privatize state-owned firms, and Hong Kong's capital market is seen as an ideal location.
Senator Bernie Sanders has introduced the American AI Sovereign Wealth Fund Act, proposing a one-time 50% tax on the stock of major AI firms to create a public fund. The bill aims to give Americans direct ownership and representation in AI companies, arguing their success is built on 'stolen' public data.
The 2026 Esports World Cup, featuring a $75M prize pool, has moved from Riyadh to Paris due to Middle East conflict concerns. French President Macron welcomed the decision, anticipating a tourism boost.
AI titans seek stable bases for data centers in Australia. The article proposes an "AI sovereign wealth fund" modeled on Norway's oil fund, demanding a share in profits from AI models trained in Australia to benefit creators and displaced workers.
Jho Low, the fugitive Malaysian financier accused by the United States of being the mastermind of one of the largest financial frauds in history, has asked US President Donald Trump for a pardon. Low, who was charged in 2018 but has evaded arrest, submitted a pardon application to the US Justice Department this year, according to a notice on the DOJ’s website. He is accused of being the architect of a scheme that siphoned at least US$4.5 billion from Malaysia’s sovereign wealth fund, 1Malaysia...
Jack Selby, managing director of Peter Thiel's family office Thiel Capital, warns that a potential pullback by Middle East sovereign wealth funds could drain hundreds of billions from AI investments. Middle East investors account for about 25% of global AI investments committed over the next five years. If the Iran war continues and UAE/Saudi divert funds to rebuilding, data centers and tech companies could face significant impact. Oracle, Nvidia and Cisco are building a 5-gigawatt OpenAI campus in the UAE, while Microsoft plans $15 billion in UAE investment by 2029. Selby compares the AI boom to the dot-com bubble, warning it could be orders of magnitude larger when it busts.
Tech investor Jack Selby warns that Middle East sovereign wealth funds could withdraw hundreds of billions from AI investments if the Iran war continues, diverting capital to rebuilding efforts. Middle East investors account for roughly a quarter of global AI investments committed over the next five years, with half dedicated to regional data centers and half to global projects. Selby compares the AI boom to the dot-com bubble, predicting the eventual bust could be 10-100x larger in wealth destruction.
United Utilities share price jumped 11% after the water company announced an £800m share placing with Future Fund and Atlas as cornerstone investors. Ofwat's regulatory settlement a year ago has proven more generous than initially thought, particularly for companies not incurring heavy pollution fines. UU now targets 10-11% return on equity and seeks to spend an additional £2.5bn on infrastructure, potentially adding £10 to household bills. Severn Trent rose 7% in sympathy, with both companies at all-time highs.
Prime Minister Mark Carney has announced Canada's first sovereign wealth fund, the Canada Strong Fund, with an initial C$25bn ($18.4bn) contribution. The fund will invest in energy, infrastructure, mining, agriculture and technology, and allow Canadians to invest directly. The move aims to boost Canada's economy amid US tariff threats, with Carney stating Canada must "invest and build at an urgent pace" following changes in the US relationship. Critics including the Montreal Economic Institute and Conservative leader Pierre Poilievre have warned the fund risks limited returns and questioned borrowing to invest.
