Despite historical efforts, including Obama's administration, to curb income inequality, the US shows a persistent disinterest in redistribution. Factors like public aversion to taxes and wealth accumulation strategies by the ultra-rich contribute to widening disparities, potentially exacerbated by AI.
Former Hong Kong leader Leung Chun-ying stated that Hong Kong is the only city in China capable of replicating SpaceX's market-driven financing model, urging the development of professional services for the aerospace industry.
Claude Guillemot, co-founder of the video game publisher Ubisoft, died Friday in a plane crash in La Baule, France. He was 69. Guillemot helped build Ubisoft into a global gaming company and also chaired the family's hardware business, Guillemot Corp.
Dmitry Medvedev stated that "no rules" apply to Kiev due to escalating attacks on Russian cities, suggesting deliberate destruction of civilians as the only remaining restriction. He also questioned the relevance of the Hague Conventions in modern warfare.
Dmitry Medvedev stated that following the US-Iran deal, Israel, feeling its expectations of Iran's defeat unmet, will seek revenge. He also warned that the Strait of Hormuz has become a 'Persian nuke' that will be used.
PwC's global chairman, Mohamed Kande, stated at VivaTech that companies using AI at scale are hiring more people and seeing wage growth, contrary to "white-collar doom" narratives. However, entry-level roles exposed to AI are stagnating, and the bar for new hires is rising.
Poman Lo Kuok, Executive Vice Chairman and Group Managing Director of Regal Hotels, highlighted Hong Kong's potential for cultural tourism during an interview with the South China Morning Post. She emphasized the city's vibrant international nature combined with its preserved traditional culture, positioning it as a bridge between mainland China and the world.
Alibaba Chairman Joe Tsai outlined the company's "all in" AI strategy at VivaTech in Paris, citing a potential $50 trillion market. He emphasized a "full-stack" investment approach across chips, cloud, models, and applications, believing it's too early to pinpoint AI's biggest profit centers.
Reliance Industries Chairman Mukesh Ambani announced key initiatives at the 49th AGM, including the upcoming Jio IPO, significant AI investments, and expansion in new energy and retail. The company highlighted strong financial performance and commitment to India's growth.
Federal Reserve Chairman Kevin Warsh's strong stance on inflation has led traders to anticipate interest rate hikes sooner than expected. Despite President Trump's calls for lower rates, Warsh emphasized price stability, causing market volatility.
Hong Kong property tycoon Gordon Wu expressed strong optimism about China's future, citing its stability and the hard work of its people. Receiving the Game Changer Award, the 90-year-old founder of Hopewell Holdings stated he has bet on China since 1978 and believes its stability will sustain its rise, contrasting it with the US.
Russian President Vladimir Putin met with Singapore Prime Minister Lawrence Wong and wished Singapore a successful ASEAN chairmanship next year. Putin recalled Singapore as the location where Russia's strategic partnership with ASEAN was proclaimed during a 2018 summit.
ArcelorMittal Executive Chairman Lakshmi Mittal stated India will drive global steel demand due to infrastructure, urbanization, and energy transition investments. He compared India's future role to China's past growth, marking a new phase for the industry.
Markets show cautious optimism driven by conflicting signals: a hawkish tone from the new Fed Chair Kevin Warsh spooked investors, while a peace MOU between the US and Iran, signed by Presidents Trump and Pezeshkian, boosted risk-on sentiment. Oil prices fell on the news.
The US Federal Reserve has decided to keep interest rates unchanged for the fourth time this year, under the new leadership of chair Kevin Warsh. Despite positive news for US borrowers, the ASX is anticipated to open lower following this announcement.
The Dow Jones Industrial Average and Nasdaq experienced declines following the Federal Reserve's decision to maintain interest rates. SpaceX, now publicly traded, saw its shares fall 5%, marking its first drop.
The Federal Reserve kept interest rates unchanged but introduced several surprises, including the absence of Chairman Kevin Warsh's "dot plot" and the formation of five task forces. Markets reacted negatively to the uncertainty, with major averages declining.
Treasury yields rose Wednesday after the Federal Reserve, led by Kevin Warsh, signaled a potential rate hike later this year. The 2-year Treasury note yield climbed 13 basis points to 4.178%, and the 10-year U.S. Treasury note yield rose 4 basis points to 4.465%.
US Treasury yields increased Wednesday after the Federal Reserve, under Kevin Warsh, maintained interest rates and removed language suggesting future cuts. Officials now anticipate potential rate hikes in 2026, with the median estimate for the Fed Funds Rate ending 2026 at 3.8%.
CME Group announced Wednesday that CEO Terry Duffy will step down next year, succeeded by President and CFO Lynne Fitzpatrick. Duffy, who led the company for over 25 years, will become executive chairman. Fitzpatrick, a 20-year veteran, will take over as CEO on March 1, 2027.
China's top military decision-making body concluded an unprecedented training course for senior officers in Beijing, emphasizing ideological transformation and loyalty to the Communist Party. Vice-chairman Zhang Shengmin urged participants to prepare for the PLA's 100th anniversary with a renewed political outlook.
The Federal Reserve kept benchmark interest rates unchanged, with new Chair Kevin Warsh signaling a possible rate hike due to inflation. Consumer prices rose 4.2% year-over-year in May, driven by energy costs from the U.S. war with Iran. Despite this, core inflation remains moderate, and the job market shows signs of improvement.
New Fed Chair Kevin Warsh faces high inflation driven by the U.S. war with Iran. The Fed's tools are limited against supply shocks, and interest rate hikes are unlikely. Warsh prefers less public communication from the Fed, contrasting with his predecessor Bernanke's "98% talk" approach. Jerome Powell remains on the board to protect the Fed's independence from the White House.
Philippines President Ferdinand Marcos Jr. arrived in Kazan to attend the Russia-ASEAN summit. He was met by Rustam Minnikhanov, head of Tatarstan. The Philippines will hold ASEAN's rotating chairmanship in 2026. President Putin is also scheduled to meet with Marcos Jr. on the summit's sidelines.
