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Asian equities rose on renewed optimism for US-China trade talks, with officials describing previous discussions as "good" and "fruitful." European markets are poised for modest gains, supported by the autos sector, while the US dollar strengthens against most currencies.In commodities, crude oil prices are slightly higher amid improved risk sentiment, though gold faces pressure from dollar strength. UK employment data shows rising unemployment and slowing wage growth, raising concerns for the Bank of England as it considers potential interest rate cuts.
Representatives from the US and China are negotiating in London, with an urgent need for an agreement as trade between the two nations plummeted in May. The DAX is facing uncertainty due to potential tariff policy changes, with a critical support level at 24,212 points that, if breached, could signal a trend reversal.
A US bankruptcy court has approved the sale of Byju’s assets, including the coding platform Tynker for $2.2 million and the children’s learning platform Epic for $95 million, both significantly below their original acquisition costs. This follows Byju’s financial struggles and highlights the broader challenges in the edtech sector, where inflated valuations during the pandemic have led to severe value erosion and increased scrutiny of aggressive acquisition strategies. The company now faces over $1 billion in unpaid debts amid allegations of financial mismanagement.
HR tech startup Nova has raised USD 3.65 million to enhance its AI-powered professional network, with backing from CDP Venture Capital and Doha Tech Angels. Founded in 2020, Nova aims to expand internationally, improve its technology, and develop its LinkedIn-alternative SaaS tool, Nova Recruiter. CEO Andrea Marino highlighted the opportunity in the Middle East's talent market and the need for platforms that address recruiting inefficiencies.
Academic publishers are increasingly turning to AI licensing deals as a vital revenue source amid looming US research funding cuts. Informa’s Taylor & Francis reported $75 million in 2024 from such agreements, while concerns over author compensation and intellectual property rights persist. Publishers are adopting a dual strategy, leveraging AI for internal operations while monetizing content externally to navigate the evolving landscape of academic publishing.
The proposed tightening of "too big to fail" regulations for UBS has sparked mixed reactions, with concerns over generous transition periods and potential cost shifts to the Swiss market. Experts warn that increased capital costs could make UBS a takeover target, while the Financial Market Supervisory Authority (FINMA) is set to gain expanded powers for preventative interventions. This shift may complicate UBS's expansion plans in the U.S. and Asia.
Huawei's Harmony Intelligent Mobility Alliance (HIMA) is launching its fifth EV brand, "Shangjie," in partnership with SAIC Motor. A camouflaged test vehicle, likely a mid-size to large SUV, has been spotted, with the first model expected to target the mainstream market priced between 150,000 to 250,000 yuan.The "Shangjie" will feature advanced technologies, including Huawei's HarmonyOS and Qiankun ADS for intelligent driving, and will offer both range-extended and pure electric options. The model is set to debut in fall 2025, supported by a significant investment from SAIC.
UBS has firmly rejected proposed increases in capital requirements by Swiss regulators, arguing they are excessive and misaligned with international standards. If implemented, UBS would need to hold an additional USD 24 billion in CET1 capital, on top of USD 18 billion required from the Crédit Suisse acquisition, totaling around USD 42 billion. The bank is concerned these demands could hinder shareholder returns, including a planned 10% dividend increase and a USD 2 billion share repurchase.
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Gold prices fell on Tuesday, impacted by a rise in the US dollar as traders awaited updates from ongoing US-China trade talks. Spot gold decreased by 0.6% to $3,307.72 an ounce, while US gold futures dropped 0.8% to $3,327.50. The dollar index's 0.3% increase made gold pricier for holders of other currencies, with market sentiment remaining cautious until progress is made in negotiations between the two economic powers.
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