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An anonymous bidder shelled out more than $9 million for the chance to dine privately with NBA star Stephen Curry and investment legend Warren Buffett, with the 95-year-old business icon pledging to double the donation so both of their preferred charitable organizations will receive funding.

The eBay bidding concluded Thursday evening as part of an effort to bring back a fundraising tradition that Buffett had maintained for over twenty years, generating $53 million for San Francisco’s GLIDE Foundation, which serves the homeless population. This year’s revival also benefited Curry’s Eat.Learn.Play. Foundation, which he founded alongside his wife, Ayesha.

The unidentified auction winner bid exactly $9,000,100 to secure a private meal with Buffett and the Currys scheduled for next month in Omaha, Nebraska, where the renowned investor makes his home.

“We’re overwhelmed with gratitude for this opportunity, which reflects a shared belief that when different generations and institutions come together with purpose, we can create deeper and more lasting impact for the people who need it most,” the Currys said in a statement.

These charity lunch auctions began in 2000 and ran annually until the pandemic caused a temporary halt. Beginning in 2008, each successful bid to dine with the investment legend exceeded $1 million. Buffett ended the tradition after a record $19 million winning bid in 2022.

An attempt to continue the concept in 2024 featured software executive Marc Benioff and generated $1.5 million, though that iteration didn’t continue.

Earlier this year, Buffett contacted the Currys to invite them to participate in reviving the lunch auction. Curry had been sidelined for 27 games this season before returning to assist the Golden State Warriors in their final stretch.

After six decades at the helm, Buffett stepped away from his role as CEO of Berkshire Hathaway in January, though he continues as chairman. He recently experienced his first annual shareholder meeting as an attendee rather than the event’s leader on stage.

U.S. President Donald Trump announced Friday that China has committed to purchasing 200 Boeing aircraft, with the potential for acquiring up to 750 planes in total, according to statements made to reporters. The President noted that the aircraft would be equipped with General Electric engines.

Should this agreement reach completion, it would represent Boeing’s first significant contract with China in almost ten years. The American aircraft manufacturer has been largely excluded from what is considered the world’s second-largest aviation market due to ongoing trade disputes between Beijing and Washington.

This development would also provide a significant victory for Trump, whose assertive tariff strategies and additional trade measures have not yet substantially reduced the considerable U.S. trade deficit.

The chief executive of Nvidia recently experienced Beijing’s local cuisine firsthand during a culinary adventure through the Chinese capital — with mixed results that caught the attention of onlookers and social media users.

Jensen Huang was photographed by bystanders and news outlets at No. 69 Fangzhuanchang Noodles, where he sampled zhajiangmian, a regional noodle dish topped with a rich soybean-paste sauce combined with vegetables and meat.

“It’s so good,” he commented while eating from the bowl outside the restaurant’s front door, surrounded by curious spectators who recorded videos and snapped pictures of the tech executive.

However, when Huang tried douzhi’er — a traditional fermented soybean beverage with a tart flavor and grayish-green appearance — his facial expression told a different story. Clips showing his reaction became popular content on Weibo, China’s major social networking site, on Friday afternoon. The beverage represents a quintessential Beijing tradition, though it appeals to only certain palates.

Following the challenging drink experience, Huang promptly purchased a sweetened beverage from Mixue Bingcheng, a popular Chinese drink franchise, to cleanse his palate.

The Nvidia leader was exploring Nanluoguxiang, located in Beijing’s eastern section, an area famous for its characteristic traditional single-story residences known as hutongs. This neighborhood combines commercial establishments, dining venues, and residential spaces. While urban development has removed many of these historic structures over time, Beijing has maintained this particular area as a preserved cultural district.

Financial markets are grappling with mounting inflation pressures as ongoing Middle East conflicts continue to push energy prices higher and squeeze bond investors globally.

A highly anticipated meeting between U.S. President Donald Trump and Chinese leader Xi Jinping this week generated significant attention but delivered minimal concrete results. While the leaders exchanged diplomatic pleasantries and shared elaborate meals, substantive agreements remained elusive. The only notable outcomes were the completion of a Boeing contract that fell short of market expectations and discussions about potential agricultural purchases worth billions.

The ongoing Iran conflict, now in its 13th week, remains a critical concern for energy markets. Trump had previously described the month-long ceasefire as being “on life support” before Thursday’s discussions with Xi. Although both nations agreed the Strait of Hormuz should reopen completely and China pledged to avoid sending military equipment to Iran, Beijing stopped short of committing to pressure Tehran regarding the strait’s closure.

Oil prices maintained their position above $100 per barrel throughout the week, climbing approximately 3% by Friday morning as hopes for a swift conflict resolution diminished. Despite the high stakes, market reactions have remained relatively controlled.

The global energy situation has found a precarious equilibrium, with the U.S. and other nations increasing exports to offset Middle Eastern supply shortages. Countries worldwide have reduced their oil reserves while China has decreased its purchases, and Russia has expanded its energy exports to help fill the gap.

However, experts warn this stability may prove temporary as peak summer demand approaches. Recent reports indicate more tankers have been moving through the Strait of Hormuz with Tehran’s apparent approval, though this development may establish an unsustainable precedent that could spark future conflicts.

These energy market dynamics are creating significant headaches for inflation and bond markets worldwide. Both U.S. consumer and producer prices posted their largest increases in years during April, driven by the energy crisis. Even the “trimmed-mean” inflation measurement, which excludes extreme monthly price fluctuations, showed concerning growth.

This inflation trend presents particular challenges for incoming Federal Reserve Chair Kevin Warsh, who received Senate confirmation Wednesday. While he might favor more accommodative monetary policies aligned with President Trump’s preferences, current economic conditions make such moves difficult to justify. Although arguments for interest rate reductions still exist, this week’s inflation data weakened that position considerably.

Market observers now view a rate increase as more probable than a cut over the coming year, as the Fed may need to demonstrate its commitment to fighting inflation to preserve its credibility.

Bond markets worldwide have suffered under these conditions. This week’s 30-year bond auction produced yields of 5.046%, marking the highest level for that duration since August 2007. Short-term borrowing costs are also climbing steadily.

Rising yields extend beyond U.S. borders, affecting all Group of Seven economies as they confront increasing inflation pressures and additional economic stressors.

Britain faces particular vulnerability, with political instability driving long-term borrowing costs to nearly 30-year highs. Prime Minister Keir Starmer confronted resignation demands this week following his Labour Party’s significant losses in Thursday’s local elections. While Starmer has rejected these calls, the possibility of a leadership challenge persists.

Global stock markets largely ignored negative developments for most of the week, supported by continued positive artificial intelligence earnings reports. Major U.S. indices reached new record highs Wednesday, with momentum continuing Thursday amid a technology sector rally led by Nvidia after news that the U.S. had approved approximately 10 Chinese companies to purchase its H200 chips.

Technology-focused Asian markets also gained earlier in the week, with South Korea’s SK Hynix appearing positioned to join Samsung in the trillion-dollar market capitalization category. However, these gains faltered Friday as global bond market turmoil spread.

The sustainability of stock market gains remains questionable, though Nvidia’s upcoming earnings report next week could reignite artificial intelligence enthusiasm and overshadow other market concerns.

An artificial intelligence infrastructure company has announced a massive $2.5 billion partnership to develop one of Europe’s largest independent AI data facilities, according to a Friday announcement.

Argentum AI revealed the partnership with cloud gaming company Boosteroid and real estate firm DL Invest Group will create a 300-megawatt data center somewhere in Europe. The AI infrastructure provider shared details of the agreement with Reuters on Friday.

The arrangement calls for Argentum to install graphics processing unit infrastructure within the data center facility. The company anticipates utilizing tens of thousands of cutting-edge GPUs, with plans to incorporate Nvidia’s Blackwell systems down the road.

This partnership represents one of the region’s most significant independent artificial intelligence infrastructure ventures. The agreement reflects the technology sector’s urgent push to secure computing power as demand continues to skyrocket, creating opportunities for independent infrastructure companies like Argentum.

The three companies plan to make a formal public announcement of their collaboration later Friday.

Boosteroid currently operates dense GPU infrastructure across 29 data centers throughout Europe and the Americas.

Argentum indicated it is working with U.S. financial institutions and international investment banks to arrange large-scale financing options for massive AI infrastructure projects.

A major British investment firm is withdrawing from China’s massive fund management market, marking the first such exit since foreign companies were allowed to operate independently in the country.

Three sources familiar with the situation report that Schroders has struck an agreement to transfer its investment products to Neuberger Berman as part of its departure from Chinese operations. The decision follows shareholder approval last month of a massive 9.9 billion pound ($13.2 billion) sale of the historic London-based investment house to American rival Nuveen, creating what would become one of the globe’s largest active fund management companies.

Neuberger’s Chinese subsidiary will assume control of investment products previously managed by Shanghai-based Schroders Fund Management (China), which began operations in 2023, according to the sources.

The financial terms of the transfer agreement have not been disclosed. Sources indicate that Schroders is also looking for buyers interested in acquiring the fund management unit’s operating license, which would provide immediate access to China’s $5.6 trillion investment market. South Korean company Mirae Asset Financial Group is reportedly among the potential purchasers in discussions.

All sources requested anonymity because they lack authorization to discuss the matter publicly. Representatives from Schroders and Neuberger declined to provide statements, while Mirae did not respond to requests for comment.

Schroders received Chinese regulatory permission to establish its independent mutual fund operation in January 2023, during a period when Beijing was rapidly expanding foreign access to its multi-trillion-dollar financial sector.

The Chinese unit oversaw 1.7 billion yuan ($249.89 million) in mutual fund assets through the end of March, according to recent filings. This represents a small portion of the parent company’s $1.1 trillion in worldwide assets.

The exit will not impact Schroders’ two remaining Chinese partnerships, sources confirmed. These include a wealth management venture with state-owned Bank of Communications where Schroders maintains controlling interest, and a minority stake in Bank of Communications Schroders Fund Management.

China began permitting foreign companies to operate independent fund management businesses in 2020, opening the domestic market to global investment giants including BlackRock and Fidelity International. Schroders becomes the first to withdraw after establishing a wholly-owned operation.

London-traded Schroders shares declined 0.3% by 1020 GMT following the news.

Two major forces shaping the U.S. stock market will face scrutiny next week as semiconductor leader Nvidia and major retailers including Walmart release quarterly earnings reports, offering fresh insights into artificial intelligence growth and consumer spending under inflationary pressure.

Stock markets extended their upward momentum this week, with the benchmark S&P 500 and tech-focused Nasdaq Composite reaching new record highs. According to Allen Bond, portfolio manager at Jensen Investment Management, market movements have been influenced by developments in AI and rising energy costs from the conflict in Iran, operating on “almost parallel tracks.”

“There is not a lot of overlap in the two narratives, but one day to the next, the developments … can really drive the market,” Bond said.

The S&P 500 has surged approximately 18% from its late March yearly low and now shows gains exceeding 9% for 2026.

Following the significant rally, multiple investors indicated the market appeared ready for a pause. Some expressed concern that a relatively small number of stocks have powered recent advances, indicating the upward trend may be less solid than it appears. LSEG data shows only about 20% of S&P 500 companies have beaten the index’s performance since the March 30 low through Thursday morning.

“There are really a smaller set of names driving the overall index returns again,” said Patrick Ryan, chief investment strategist at Madison Investments. “It’s not necessarily a healthy market when you have that many stocks being left behind.”

Nvidia will announce results on Wednesday as an exceptionally robust first quarter for U.S. corporate earnings concludes.

Shares of Nvidia, the world’s largest company by market value, along with other chip manufacturers have pushed indexes higher in recent weeks. Nvidia stock has climbed more than 40% since the March bottom, while the Philadelphia SE semiconductor index has jumped about 70%, driven by intense demand for processors as technology companies invest heavily in data centers and AI-related infrastructure.

Nvidia’s artificial intelligence products have propelled its stock price up over 1,900% since the current bull market started in October 2022.

“What we need to see from Nvidia is evidence that justifies the increase in the stock price and justifies their position and their benefit from this increased spending in data centers,” Bond said. “The results will be looked at … as a signal into the health of the rest of the industry.”

One key question involves whether competitors are cutting into Nvidia’s market dominance, noted Yung-Yu Ma, chief investment strategist at PNC Financial Services Group.

“It’s probably going to be more a story of, is Nvidia able to defend its leadership position as well as it has been able to the past few years?” Ma said.

Next week also provides an update on the retail sector. Walmart, the world’s biggest retailer, releases quarterly figures on Thursday. Additional retailers reporting include Home Depot, Target and TJX Cos.

Investors have grown concerned that conflict-related inflation will begin impacting consumer spending, which represents more than two-thirds of the U.S. economy.

This week’s data revealed elevated monthly figures for both consumer and wholesale prices, with the Producer Price Index for April recording its steepest increase since March 2022. Earlier this month, the U.S. national average gasoline price exceeded $4.50 per gallon for the first time in nearly four years.

Investors will seek retailer perspectives on spending patterns and whether they have shifted in recent weeks, PNC’s Ma explained.

“At some point, these costs are going to catch up with consumers and are going to start to moderate spending,” Ma said. “That is probably what is more at stake for the retail earnings is, how resilient is the consumer?”

WASHINGTON – The newly confirmed Federal Reserve Chairman Kevin Warsh may find his ambitions to reduce the central bank’s market presence hampered by mounting federal debt and declining appeal of U.S. Treasury bonds, financial experts warn.

The U.S. Senate confirmed Warsh on Wednesday to succeed Fed Chair Jerome Powell. He has championed reducing the central bank’s involvement in markets and scaling back interventions as part of returning to traditional monetary policy approaches that he believes can better focus on inflation control while avoiding market distortions.

While appealing conceptually, this strategy might expose weaknesses in Treasury markets that could either drive up long-term borrowing costs – harming businesses, consumers and government finances – or force the Fed to intervene anyway to keep rates manageable, according to Hanno Lustig, a finance professor at Stanford University’s Graduate School of Business. Lustig’s latest research indicates that leading developed economies like the U.S. have lost their “convenience yield” – essentially lower borrowing rates for countries with risk-free status and independent central banks.

Speaking at a Stanford’s Hoover Institution conference, Lustig emphasized the need for transparency if Warsh and fellow Fed officials want to address this issue when bond yields react to fiscal pressures. “In order to have real price discovery in the Treasury market, we need a central bank that will not intervene,” he stated, rather than claiming market disruptions are temporary hiccups requiring Fed bond purchases.

Since his tenure as a Fed governor over ten years ago, Warsh has criticized how the central bank expanded its balance sheet during emergencies or banking stress periods without clear guidelines on which securities to purchase, in what amounts, or how to subsequently reduce holdings.

The Fed’s asset portfolio has fluctuated through a mix of financial experimentation – testing how much liquidity banks require before rates climb – and comprehensive responses to crises like the COVID-19 pandemic or the 2007-2009 recession and financial meltdown. Currently, the Fed maintains approximately $6.7 trillion in assets, reduced from roughly $9 trillion in 2022, though the total is gradually increasing again to maintain adequate bank reserves.

No widespread consensus exists regarding how Fed bond buying, termed “quantitative easing,” impacts the economy.

Typically, the U.S. central bank limits monetary policy actions to adjusting short-term interest rates that affect consumer and business lending costs. Elevated rates reduce spending when inflation accelerates, while lower rates stimulate spending during economic downturns.

When the policy rate reaches zero and cannot decrease further during economic disruptions, the Fed can deploy its theoretically limitless balance sheet – its money creation authority – for intervention. Purchased assets exit the system and are replaced with cash, helping reduce longer-term rates further to encourage spending and stimulate growth.

Fed officials and others generally acknowledge this approach works to some extent.

However, “they’re overdue for a discussion around how they use the balance sheet and under what circumstances,” said Ellen Meade, a former top Fed adviser who now teaches economics at Duke University. “That’s a nine-to-12-month process, with staff memos and briefings, committee discussions and then agreement.”

Attempting to simultaneously reduce holdings and maintain low rates might also require unusually close coordination with the U.S. Treasury, whose debt-issuance choices could affect rates as the Fed cuts its holdings.

In recent analysis, Bill Nelson, a former Fed staffer and current chief economist at the Bank Policy Institute, determined that if the central bank used regulatory and other modifications to shrink its balance sheet by an additional $2 trillion, the impact on policy rates would depend significantly on implementation methods and Treasury Department responses – potentially ranging from a 0.84-percentage-point rate reduction to a possible increase.

Not everyone views a large balance sheet as problematic as Warsh believes.

Fed Governor Christopher Waller, observing that substantial central bank asset holdings primarily provide adequate bank liquidity, called proposals to reduce holdings to levels where financial institutions compete for reserves “extremely inefficient and stupid.” A recent Brookings Institution survey of 29 top Fed and economic analysts found most respondents said the Fed’s balance sheet size “does not currently pose a problem for the growth or financial stability of the U.S. economy.”

Beyond these concerns, broader debt trends could create additional challenges as Warsh assumes leadership. The Congressional Budget Office projects a federal deficit equivalent to 5.8% of gross domestic product for fiscal year 2026 compared to a 50-year average of 3.8%, with increasing interest expenses driving it higher.

St. Louis Fed research also determined that U.S. Treasuries and bonds from other “risk-free” countries are losing their rate advantages. The study by YiLi Chien, an economist and senior policy advisor at the regional Fed bank, and Kevin Bloodworth, a research associate there, discovered that as the central bank began reducing its balance sheet in 2022, the convenience yield dropped approximately 40 basis points, requiring the U.S. to pay investors that much more for borrowing.

Warsh must determine how to offset this effect to further reduce holdings or justify it as the price of large deficits, which would approach the type of “mission creep” into fiscal matters he has opposed.

Jeffrey Lacker, who led the Richmond Fed during Warsh’s governorship, said Warsh’s balance sheet observations “resonates strongly” with those seeking more restrained central banking, but implementation requires discipline extending beyond Fed offices.

“I think for the Fed to back away from things that amount to debt management would clarify market participants’ expectations and would help make the Treasury market more resilient,” Lacker explained. It would also “aid in sort of the general process of the Treasury as it has to … face the music in essence.”

The space exploration company led by Elon Musk is preparing for what could become the largest initial public offering in United States history, with plans to seek a market valuation of approximately $1.75 trillion.

This potential stock market launch would significantly surpass previous record-setting IPOs from major companies like Alibaba, Visa, and Facebook (now known as Meta Platforms). Financial experts suggest this enormous valuation demonstrates the high expectations investors have for the aerospace and satellite business, though meeting those expectations may prove challenging.

Data comparisons show how this planned offering measures against other notable public market entries from recent years based on company valuations and financial fundamentals.

Many of the companies that previously went public had established larger revenue streams and more defined profit margins at the time of their debuts. Market analysts note that the proposed valuation for the rocket company largely represents what investors are willing to pay based on anticipated future expansion.

“All of these companies have had a compelling story for why rapid growth and big future profits might happen. But when a company goes public at such a high valuation, lots of things have to go right,” said Jay Ritter, a University of Florida professor who tracks U.S. IPOs.

“Revenue has to grow enormously, and costs have to grow more slowly. Most of the time, things don’t go according to plan.”

Stock market futures dropped significantly Friday morning as concerns about rising inflation linked to Middle East conflicts sent Treasury yields soaring and threatened to derail the recent technology-driven market surge.

Futures contracts for both the technology-heavy index and the broader market index fell more than 1% in pre-market trading, signaling potential trouble for the artificial intelligence boom that has powered recent gains.

The 10-year Treasury note yield climbed to 4.54%, marking its highest point since early June 2025. This benchmark rate influences borrowing costs worldwide and reflects growing investor anxiety about economic conditions.

Bond yields worldwide rose as mounting evidence of economic harm from the Iran war led traders to expect faster interest rate increases and slower economic growth ahead.

Market data shows the probability of the U.S. Federal Reserve raising rates by 25 basis points in December has more than doubled in the past week, now standing at approximately 40% according to the CMEGroup’s Fedwatch tool.

Oil prices surged nearly 3% to $109 per barrel as the Strait of Hormuz remained blocked, creating fresh worries about global energy supply disruptions.

“The longer the Middle East war drags on, the higher energy prices rise – fuelling inflation expectations and borrowing costs, and increasing the cost of building that extra data center,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

“This is a red flag that many tech investors have been ignoring, blinded by shiny earnings and even shinier earnings expectations.”

Early trading data at 05:38 a.m. ET showed the industrial average futures down 330 points or 0.66%, while the broader market index futures declined 80.75 points or 1.07%. Technology futures dropped 463.25 points or 1.56%.

This downturn comes after another day of record-breaking performance on Wall Street, where both major indexes reached new all-time highs. The industrial average crossed the 50,000 mark again, while the broader index surpassed 7,500 for the first time.

Earlier in the week, markets had seemed to brush aside inflation worries connected to the Iran conflict, with artificial intelligence excitement driving continued gains and keeping major indexes positioned for weekly increases.

Traders also monitored the conclusion of the U.S.-China summit on Friday, which ended without significant progress after talks covering topics including trade, tariffs, Iran and Taiwan.

In pre-market individual stock movement, semiconductor equipment manufacturer Applied Materials dropped 2.8% despite projecting third-quarter revenue and adjusted earnings above analyst expectations.

Medical device company Dexcom rose 2% after announcing plans to add two independent board members and restructure a key committee in partnership with activist investor Elliott Investment Management.

Airline stocks declined broadly as climbing oil prices pressured the industry, with Delta Air Lines, United Airlines and Southwest Airlines falling between 1.3% and 1.5%, while Alaska Air shares dropped 1.8%.

A high-profile gathering of America’s leading corporate executives in Beijing this week yielded limited tangible business results, despite efforts to restore commercial relationships between the two economic superpowers.

The business delegation, which accompanied U.S. President Donald Trump to China’s capital, included top leaders from major corporations such as Tesla, Nvidia, Apple, Meta, Boeing, Cargill and Goldman Sachs. The group participated in a leadership summit featuring elaborate hospitality, photo opportunities and diplomatic dining as they worked to rebuild ties with Chinese counterparts.

However, as Trump departed Beijing on Friday afternoon, concrete achievements for the accompanying business leaders remained unclear.

The participation of such influential American corporate figures highlights China’s continued significance as a market, despite ongoing political tensions surrounding trade disputes, artificial intelligence concerns and broader international relations challenges.

Direct discussions between American executives and Chinese government representatives and policy officials remain essential for understanding regulatory obstacles, securing business agreements and growing operations in the world’s second-largest economy.

This trip differed markedly from Trump’s previous presidential visit to Beijing in 2017, which brought a larger corporate delegation and resulted in agreements and memorandums worth $250 billion. Experts indicated this visit focused more on building political relationships than immediate transactions.

“Beijing never approaches a leadership summit of this sort from a purely transactional perspective,” said Feng Chucheng, founder and partner at Hutong Research, a Beijing-based strategic consultancy. “I wouldn’t use the size of deals to measure the outcome of the summit.”

“Its top priority is to find a mutually agreed ‘floor’ for the bilateral relationship and secure a set of guardrails to avoid uncontrolled, unexpected escalation,” Feng added.

Whether the positive atmosphere will translate into regulatory approvals, improved market access and investment opportunities remains uncertain, as companies confront broader operational difficulties in China beyond simple deal-making.

Several executives planned to stay in China for additional meetings with officials following Trump’s departure, and more business announcements could emerge in coming days.

One apparent agreement, based on Trump’s statements though not yet officially confirmed, involves China purchasing 200 Boeing aircraft. While this represents a concrete outcome, it falls short of the 500 planes originally anticipated and below the 300 aircraft purchased during the 2017 visit.

No progress was reported on China approving sales of Nvidia’s H200 AI chip, which ranks as the company’s second-most advanced artificial intelligence processor. The U.S. has already authorized sales of this chip to certain Chinese companies.

When Reuters repeatedly questioned him about signed deals and the H200 chip situation, Nvidia’s CEO Jensen Huang responded only: “I love China, had a great time.”

Huang was not originally listed on the White House delegation but joined the trip after Trump invited him aboard in Alaska during the journey to Beijing. His addition raised expectations that the visit might advance Nvidia’s stalled efforts to sell AI chips in China.

On Friday, Huang toured picturesque Beijing locations with his team, pausing to observe street performers and visiting a ground-floor establishment he had patronized during an earlier trip to the capital.

“The summit has much more on positive atmospherics than deliverables, or at least on what China will officially acknowledge,” said Han Shen Lin, the Shanghai-based China country director at U.S. consultancy firm The Asia Group.

“Nonetheless, if Beijing doesn’t give Trump enough ‘wins’ to take home, the risk is that in his disappointment, Trump steps back and lets his more hawkish administration drive the bilateral relationship. This will undoubtedly take us on the road to escalation,” Han added.

WASHINGTON — Jerome Powell’s eight-year tenure as Federal Reserve chair began with concerns about sluggish inflation and high unemployment, but ends with the American economy fundamentally changed by pandemic-era price surges and political turbulence.

When Powell assumed leadership of the nation’s central bank eight years ago, economists fretted over persistently low inflation and interest rates, alongside insufficient job creation. Today, as he concludes his chairmanship, the economic landscape bears little resemblance to those earlier concerns.

Following the pandemic, consumer prices skyrocketed and have stayed above the Federal Reserve’s 2% goal for more than five years, frustrating voters and making housing, vehicles, and food increasingly expensive. The central bank’s primary short-term interest rate climbed to its highest point in twenty years during 2023, while joblessness dropped to levels not seen in fifty years.

Throughout this period, Powell weathered continuous personal criticism from President Donald Trump that started just months into his appointment. However, in January, he resisted an unusual legal probe by the Justice Department, establishing himself as among the few senior Washington officials willing to confront the Trump administration.

Powell indicated he plans to remain on the governing board until he feels confident the Fed’s autonomy is fully secured. His effectiveness in shielding the central bank from daily political pressures will define much of his institutional impact.

“It is not an unblemished record, but in an extremely challenging context, he’s performed exceedingly well,” said David Wilcox, a senior fellow at the Peterson Institute for International Economics and director of research at Bloomberg Economics. “And my overall assessment is that the country has been lucky indeed to have him as chair.”

Unlike numerous previous Fed leaders, Powell, 73, lacks formal economics training, having worked as an attorney and in financial services before joining the Fed’s board of governors in 2012. Known for his modest demeanor both publicly and privately, Powell typically introduces himself as “Jay” and would showcase his guitar abilities, developed while busking across Europe as a student, during the Fed’s holiday celebrations.

The post-pandemic inflation explosion will inevitably form a central component of Powell’s historical record, with consumer prices reaching a four-decade peak of 9.1% in June 2022.

Current price levels stand 27% above pre-pandemic figures from six years ago, representing a dramatic shift for a nation accustomed to minimal inflation for decades. Prices increased only 10% during the six years preceding the pandemic. Food costs have risen 30% compared to six years ago, after climbing just 3.6% in the six years before COVID arrived.

Powell and fellow Fed officials — along with most economic experts — initially characterized the inflation spike as “transitory,” attributing it to supply chain disruptions caused by the pandemic, as COVID shuttered manufacturing facilities and delayed port operations worldwide.

Their immediate focus centered on economic crisis support.

Through two March 2020 actions, they reduced their benchmark interest rate by 1.5 percentage points to nearly zero. The Fed additionally purchased substantial quantities of Treasury bonds and government-backed mortgage securities to lower long-term interest rates and implemented other measures to inject money into the financial system, maintaining credit market operations during pandemic upheaval.

In April 2020, Powell stated that the Fed would “continue to use these powers forcefully, proactively, and aggressively until we are confident that we are solidly on the road to recovery.”

Despite inflation surpassing the Fed’s 2% target throughout 2021, the central bank maintained its key interest rate near zero until March 2022, when inflation reached 6.9% according to the Fed’s preferred measurement.

The Fed’s hesitation in raising rates reflected traditional economic thinking that inflation from supply disruptions would prove temporary, and if a central bank increased borrowing costs to combat it, higher rates would simply damage the economy and increase unemployment as supply problems resolved.

Meanwhile, the Trump and Biden administrations injected approximately $5 trillion in government spending into the economy through multiple stimulus payments, small business support, and additional aid. This monetary flow sparked a spending surge precisely when supply chains couldn’t meet demand.

By maintaining its key rate near zero for an extended period, Powell’s detractors argue, the Fed amplified excessive spending and intensified inflation.

“Even though there was all the evidence there in the data that aggregate demand was going through the roof, they still said it was a transitory supply shock,” said Mickey Levy, a former top economist at Bank of America and a visiting fellow at the Hoover Institution. “The Fed contributed to that inflation and completely misread the tea leaves.”

As inflation spread to areas like apartment rentals and surveys revealed growing American concerns about its persistence, Powell changed course and supervised the most aggressive interest rate increases since the early 1980s to counter the price surge.

Nevertheless, many prominent economists, including former Treasury Secretary Larry Summers, feared that conquering inflation would necessitate a recession and sharp unemployment increases. Instead, inflation fell to 2.3% by September 2024, according to the Fed’s preferred measure, nearly achieving its 2% target.

By reducing inflation without severe economic disruption, Powell largely accomplished an elusive “soft landing.” Inflation subsequently rose after Trump implemented comprehensive tariffs last April.

Combating inflation represented a dramatic departure for a Fed chair who began his term emphasizing the Fed’s employment maximization mandate. Before the pandemic, Powell frequently praised the advantages of robust job markets for disadvantaged workers, earning recognition from many progressive economists.

However, some economists contend the Fed’s employment focus contributed to its delayed inflation response. In an August 2021 speech, Powell cited the then-elevated unemployment rate of 5.4% as justification for avoiding premature rate increases.

Many analysts still defend Powell’s employment mandate support. Julia Coronado, president of MacroPolicy Perspectives and a former Fed economist, argued Powell was correct to maintain low rates before the pandemic, even as unemployment steadily decreased, because inflation showed no signs of worsening.

“If you can actually push a little harder for a little longer with no consequences for inflation, then you should damn well do it,” she said. “He was absolutely right about that. He’s still right about that.”

Powell stated in late April that “overweighting the employment market” bore no responsibility for the inflation spike.

“It was a global shock that happened essentially very, very similarly all over the world,” he said.

Last July, in what may prove the most memorable image of his Fed leadership, Powell and Trump appeared before cameras wearing hard hats at the Fed’s extensive $2.5 billion building renovation site, which Trump had criticized as wasteful.

Trump alleged the project would cost even more — $3.1 billion — and presented Powell with a paper detailing the expenses. Powell retrieved his reading glasses and publicly corrected the president by pointing out that he had included a third building already renovated.

This moment exemplified Powell’s readiness to challenge Trump’s unprecedented attacks. Economists have historically supported Fed independence because it enables the central bank to implement difficult measures — such as aggressive interest rate increases to fight inflation — that politicians often resist due to their potential pain.

Powell benefited from extensive congressional relationship-building. Research by University of Maryland economist Thomas Drechsel found that Powell met with senators more than twice as frequently as his two predecessors, with meetings equally distributed between both parties.

During one visit, Powell even charmed North Carolina Republican Sen. Thom Tillis’ dog, a gesture that proved highly beneficial. Tillis essentially prevented Senate confirmation of Kevin Warsh, Trump’s choice to replace Powell, until the building project investigation was abandoned. The Justice Department ultimately discontinued its probe.

Even those who criticize Powell’s policy decisions acknowledge his Fed defense efforts.

“The big plus is the way he has protected central bank independence,” said Don Kohn, a former vice chair of the Fed. “That is the most important thing for the future of the Federal Reserve and for protecting the public interest in having an independent central bank.”

Powell hasn’t announced when he might leave the Fed, though he could continue on the governing board until January 2028.

“You want people to … set interest rates to benefit the general public,” Powell said at his final news conference, “and focus only on that and ignore political considerations. This isn’t bipartisan, this is nonpartisan.”

WASHINGTON — Jerome Powell’s eight-year tenure as Federal Reserve chair began with economists concerned about sluggish inflation, low interest rates, and insufficient employment opportunities for Americans.

As Powell concludes his leadership of the nation’s central bank following eight challenging years, the economic landscape has dramatically shifted: Post-pandemic inflation climbed to levels not seen in decades and has stayed above the Fed’s 2% goal for over five years, frustrating consumers facing higher costs for housing, vehicles, and food. The central bank’s benchmark short-term rate reached its highest point in twenty years during 2023, while joblessness dropped to levels not witnessed in fifty years.

Throughout his tenure, Powell weathered constant personal criticism from President Donald Trump that started just months into his role. However, this past January, he challenged an extraordinary legal probe by the Justice Department, establishing himself as among the few senior Washington officials willing to confront the Trump administration.

Powell stated his intention to remain on the governing board until he feels certain the Fed’s independence has been fully restored. His efforts to shield the central bank from political interference will define much of his tenure.

“It is not an unblemished record, but in an extremely challenging context, he’s performed exceedingly well,” said David Wilcox, a senior fellow at the Peterson Institute for International Economics and director of research at Bloomberg Economics. “And my overall assessment is that the country has been lucky indeed to have him as chair.”

Powell, 73, differs from many previous Fed chairs as he lacks formal economics training, having worked as an attorney and in financial services before joining the Fed’s board of governors in 2012. Known for his modest demeanor both publicly and privately, Powell typically introduces himself as “Jay” and would showcase his guitar abilities, developed during his college years busking across Europe, at the Fed’s annual holiday celebrations.

A defining element of Powell’s leadership will be the inflation surge following the pandemic, when consumer costs jumped to a four-decade peak of 9.1% in June 2022.

Current prices stand 27% above pre-pandemic levels from six years ago, representing a dramatic shift for a nation accustomed to minimal inflation for decades. Costs increased only 10% during the six years preceding the pandemic. Food prices have risen 30% compared to six years ago, after climbing just 3.6% in the six years before COVID arrived.

Powell and fellow Fed officials — along with most economists — initially characterized the inflation spike as “transitory,” attributing it to supply chain disruptions caused by the pandemic as COVID forced factory closures and port delays worldwide.

Despite inflation surging beyond the Fed’s 2% target throughout 2021, the central bank maintained its benchmark rate near zero until March 2022, when inflation reached 6.9% using the Fed’s preferred measurement.

The Fed’s hesitation to increase rates reflected conventional economic thinking that inflation from supply disruptions would be temporary, and raising borrowing costs to combat it would only damage the economy and increase unemployment as supply problems resolved themselves.

Simultaneously, the Trump and Biden administrations injected approximately $5 trillion in government spending through various stimulus payments, small business assistance, and other relief programs. This monetary influx drove a spending surge precisely when supply chains couldn’t meet the increased demand.

By maintaining near-zero rates for an extended period, Powell’s detractors argue, the Fed amplified excessive spending and intensified inflation.

“Even though there was all the evidence there in the data that aggregate demand was going through the roof, they still said it was a transitory supply shock,” said Mickey Levy, a former top economist at Bank of America and a visiting fellow at the Hoover Institution. “The Fed contributed to that inflation and completely misread the tea leaves.”

When inflation began affecting sectors like housing costs and surveys indicated growing public concern about its persistence, Powell changed course and supervised the most aggressive rate increases since the early 1980s to address rising prices.

Nevertheless, many prominent economists, including former Treasury Secretary Larry Summers, feared that conquering inflation would necessitate an economic downturn and substantial unemployment increases. Instead, inflation declined to 2.3% by September 2024 according to the Fed’s preferred gauge, approaching its 2% objective.

Through reducing inflation while avoiding severe economic contraction, Powell essentially accomplished the challenging “soft landing.” Inflation subsequently rose again after Trump implemented extensive tariffs last April.

Combating inflation marked a significant change for a Fed chair who initially prioritized the Fed’s employment mandate. Before the pandemic, Powell frequently praised the advantages of robust job markets for disadvantaged workers, earning recognition from progressive economists.

Some economists contend the Fed’s employment emphasis contributed to its delayed inflation response. During an August 2021 address, Powell cited the then-high unemployment rate of 5.4% as justification for postponing rate increases.

Many analysts still support Powell’s commitment to maximum employment. Julia Coronado, president of MacroPolicy Perspectives and former Fed economist, argued Powell correctly maintained low rates before the pandemic despite declining unemployment, since inflation showed no signs of worsening.

“If you can actually push a little harder for a little longer with no consequences for inflation, then you should damn well do it,” she said. “He was absolutely right about that. He’s still right about that.”

Last July, in what may become the most memorable image from his chairmanship, Powell and Trump appeared before cameras wearing hard hats at the Fed’s ongoing $2.5 billion building renovation site, which Trump had criticized as wasteful.

Trump alleged the project would cost more — $3.1 billion — and presented Powell with documentation of the expenses. Powell retrieved his reading glasses and publicly corrected the president, explaining that Trump had included a third building already completed.

This moment exemplified Powell’s readiness to challenge Trump’s extraordinary criticisms. Economists have historically supported Fed independence because it enables the central bank to implement difficult measures — like substantial rate increases to fight inflation — that politicians often resist due to their potential economic pain.

Powell gained from cultivating strong congressional relationships. Research by University of Maryland economist Thomas Drechsel found Powell met with senators more than double the frequency of his two predecessors, with meetings equally distributed between both parties.

Even those critical of some policy choices acknowledge Powell’s defense of the Fed.

“The big plus is the way he has protected central bank independence,” said Don Kohn, a former vice chair of the Fed. “That is the most important thing for the future of the Federal Reserve and for protecting the public interest in having an independent central bank.”

The world’s leading contract semiconductor manufacturer announced Friday its intention to divest up to 152 million shares of Vanguard International Semiconductor through a block transaction targeting financial institutional investors, thereby decreasing its ownership position in the chipmaker.

The Taiwan-based TSMC stated that the planned divestiture would lower its ownership in Vanguard International Semiconductor, known as VIS, to approximately 19% from its current level of around 27.1% calculated on a fully diluted basis. The semiconductor giant indicated it has no intentions to divest any additional VIS shares in the coming period.

A major healthcare company has finalized a $194 million sustainability-focused loan agreement with Singapore’s largest banking institution, linking portions of the financing to enhanced antibiotic management practices across multiple medical facilities.

IHH Healthcare announced Friday that it completed the S$250 million loan arrangement with DBS, which establishes performance benchmarks for four Singapore medical centers: Mount Elizabeth, Mount Elizabeth Novena, Gleneagles and Parkway East hospitals.

Under the agreement’s terms, these medical facilities must enhance their monitoring procedures to evaluate whether patients require continued antibiotic therapy within 72 hours of beginning treatment.

Both organizations stated that the initiative aims to reduce inappropriate antibiotic usage, which contributes to the development of drug-resistant bacterial strains and creates more challenging treatment scenarios for infections.

IHH Healthcare noted that this program aligns with Singapore’s broader national strategy to combat antimicrobial resistance.

A major Japanese manufacturer of memory chips announced Friday that it projects quarterly operating profits will reach 1.3 trillion yen ($8.20 billion) for the April through June period, as artificial intelligence applications drive unprecedented demand for semiconductor products.

Kioxia, which produces NAND flash memory chips, disclosed that its operating profits climbed 92.7% to 870.4 billion yen during the fiscal year that concluded in March, surpassing analyst projections.

The company revealed plans to offer American depositary shares on a United States stock exchange as part of efforts to expand its pool of investors.

Kioxia’s stock value has increased more than four times this year, pushing the company’s market value above major corporations including Sony and Fast Retailing, which owns the Uniqlo brand.

Other Asian semiconductor companies have also seen dramatic value increases, with South Korean manufacturer Samsung Electronics achieving a market valuation exceeding $1 trillion, while SK Hynix approaches the same benchmark.

The memory chip producer has navigated significant corporate changes in recent years, including its separation from scandal-plagued Toshiba through an acquisition led by Bain Capital, followed by its public listing in Tokyo during late 2024.

Companies in the memory chip sector typically require substantial capital investments and face exposure to unpredictable pricing fluctuations in the market.

International bond markets concluded a difficult week on Friday with widespread declines as mounting signs of economic disruption from the Iran war led investors to expect more aggressive interest rate increases and slower economic growth.

Treasury yields in the United States reached approximately one-year highs as market participants expect the Federal Reserve may need to raise borrowing costs to combat inflation driven by energy price spikes related to the Iran conflict.

European government bonds from Germany, Italy and France faced selling pressure during morning trading sessions, while bond yields in Japan climbed to unprecedented levels.

Italy’s 10-year government bond yields jumped nearly 9 basis points to approximately 3.87%, marking a weekly increase of almost 14 basis points, while Germany’s benchmark Bund yields climbed about 6 basis points to roughly 3.11%.

Economic data released this week demonstrated that consumers and companies are beginning to experience significant price increases due to the conflict, which has driven crude oil prices up more than 50%.

Shorter-term two-year yields, which respond most quickly to shifting expectations about inflation and monetary policy, posted the steepest gains this week, though longer-term bond yields have also begun climbing as investors worry about extended impacts from energy price shocks.

“It’s not just inflation, but also higher deficits that should be the focus,” Jefferies strategist Mohit Kumar said.

“We are likely to see a number of support measures for fuel subsidies announced in the coming months.”

Kumar predicted a steepening pattern in government bond yield curves, describing a market condition where longer-term bond yields increase faster than shorter-term rates.

The benchmark 10-year Treasury note was most recently trading at 4.53%, gaining 7.3 basis points for the session and near its peak since last June.

British government bond yields experienced volatile trading throughout the week, reaching multi-decade highs, as political pressure intensifies on Prime Minister Keir Starmer to step down following his Labour party’s significant defeats in local elections and the emergence of potential leadership rivals.

HONG KONG (AP) — Markets across Asia declined on Friday despite South Korea’s Kospi index achieving a historic peak before surrendering its advances, while investors monitored developments surrounding the Iran conflict and U.S. President Donald Trump’s Beijing summit with Chinese leader Xi Jinping.

American futures declined following Wall Street’s achievement of new record highs.

Japan’s Nikkei 225 dropped 1.2% to 61,880.04 despite earlier gains during the session. South Korea’s Kospi declined 3.2% to 7,727.34 after surpassing the 8,000 threshold for the first time and touching 8,046.78, driven partly by enthusiasm surrounding artificial intelligence developments.

The Hang Seng in Hong Kong decreased 0.9% to 26,145.66, while Shanghai’s Composite index gained 0.1% to 4,183.05.

The S&P/ASX 200 in Australia fell 0.1% to 8,629.70.

Taiwan’s Taiex declined 0.5%, while India’s Sensex rose 0.1%.

Trump is concluding his Chinese visit on Friday following multiple sessions with Xi that addressed topics including bilateral trade, expanded economic partnerships and Taiwan. Market participants are tracking updates on trade agreements covering American agricultural products like soybeans, beef and aircraft.

Despite positive sentiment regarding U.S.-China relations, some experts recommend approaching any agreements with caution. “Headline deals should be looked at with a healthy degree of scepticism,” wrote Leahy Fahy and Julian Evans-Pritchard, China economists at Capital Economics, in a Friday note.

Many of the announced projects and investments from U.S.-China agreements during Trump’s previous China visit in 2017 never came to fruition, they noted, as Washington-Beijing relations deteriorated significantly in subsequent years.

Trump also mentioned in an interview that China could purchase U.S. oil, more than a year after China essentially halted crude oil purchases from the United States following Trump’s implementation of significant trade tariffs last year.

Energy prices rose early Friday as U.S.-Iran negotiations on permanently ending the Iran war reached an impasse, and following the seizure of a vessel anchored near the United Arab Emirates and an attack on another cargo ship close to Oman.

Brent crude, the global benchmark, increased 1.3% to $107.06 per barrel. It was trading around $70 per barrel before the Iranian conflict began in late February.

U.S. benchmark crude rose 1.4% to $102.56 per barrel.

International energy transportation continues to face restrictions with the Strait of Hormuz, vital for worldwide oil and gas movement, remaining mostly blocked and as the U.S. established a naval blockade on Iranian ports since last month. The White House announced Thursday after bilateral discussions between Trump and Xi that both nations agreed the Strait of Hormuz must stay open.

On Thursday, Wall Street equities advanced with the S&P 500 benchmark climbing 0.8% to 7,501.24 and achieving a record high for the second straight day.

The Dow Jones Industrial Average increased more than 0.7% to 50,063.46, marking the first time it finished above 50,000 since the Iran war began. The tech-focused Nasdaq composite advanced 0.9% to 26,635.22.

Technology company Cisco Systems shares surged 13.4% after exceeding earnings expectations and announcing job cuts affecting fewer than 4,000 positions, while Nvidia gained 4.4% as investor optimism increased regarding updates on sales of its advanced H200 chips to Chinese companies as CEO Jensen Huang accompanied Trump to Beijing.

In currency markets, the U.S. dollar strengthened to 158.50 Japanese yen from 158.37 yen. The euro traded at $1.1651, declining from $1.1669.

Crude oil markets experienced significant gains exceeding 1% after President Donald Trump warned his patience with Iran is running short, while shipping concerns continue in the vital Strait of Hormuz waterway.

Brent crude futures climbed $1.32, representing a 1.25% increase to reach $107.04 per barrel by 0425 GMT. Meanwhile, U.S. West Texas Intermediate futures advanced $1.33, or 1.31%, settling at $102.50.

Weekly performance showed strong momentum, with Brent advancing nearly 6% and WTI surging more than 7%, driven by uncertainty surrounding the fragile ceasefire in the Iran conflict.

In a Thursday evening Fox News interview, Trump declared: “I am not going to be much more patient. They should make a deal.”

During a Friday morning Bloomberg interview, U.S. Trade Representative Jamieson Greer noted China’s pragmatic approach regarding Iran involvement, emphasizing China’s interest in maintaining open access through the Strait of Hormuz.

President Trump and China’s President Xi Jinping were scheduled to meet Friday, concluding a two-day state visit marked by ceremonial events and business agreements.

Vandana Hari, founder of oil market analysis provider Vanda Insights, explained: “With the Beijing summit not delivering any breakthrough on Iran, market focus is back on the deadlock and a blockaded Strait, with a tail risk of renewed military escalation.”

Regarding potential deals from the summit, Trump indicated China’s interest in purchasing American oil.

Recent shipping incidents near the Strait of Hormuz included Iranian personnel reportedly seizing a vessel off the United Arab Emirates and directing it toward Iranian waters Thursday. Additionally, an Indian cargo ship transporting livestock from Africa to the UAE sank Wednesday in waters near Oman’s coast.

The White House reported that Trump and Xi reached agreement on maintaining open shipping lanes.

Iran’s Revolutionary Guards reported 30 vessels crossed the Strait of Hormuz since Wednesday evening. While this represents a notable increase if verified, it remains well below the typical pre-war daily traffic of 140 ships.

Haitong Futures analyst Yang An identified supply constraints as the primary oil price driver.

“Oil prices swung several times yesterday but still closed near the day’s high,” he noted.

“Ships passing through the strait eased some market concerns, but not enough to change the strong trend driven by tight supply.”

A comprehensive overview of upcoming trading in European and international markets from Stella Qiu

Are stock market investors finally getting the message? Bond traders have been raising red flags for weeks — unchecked inflation suggests interest rate increases are back on the table.

The technology-driven market surge appears to be losing momentum. While Wall Street reached new record levels, boosted by a 4% surge in Nvidia after CEO Jensen Huang accompanied Trump on his trip to Beijing, Asian markets are showing widespread declines.

Japan’s Nikkei dropped more than 1% following producer price data that showed the largest increase in three years, strengthening expectations that the Bank of Japan will raise rates in June. South Korea’s KOSPI plummeted over 3%. European markets are facing approximately 1% losses at opening.

Adding to the concerns is the situation in the Strait of Hormuz. Iran reports roughly 30 vessels are passing through, but this represents only a fraction of typical pre-conflict shipping volumes. Trump, following discussions with Beijing, appears to be growing impatient with the situation.

Worries are mounting that the strait could remain restricted past June, depleting worldwide reserves and pushing the globe toward a serious energy crisis.

Sophisticated bond market investors appear to be preparing for trouble. Weak U.S. Treasury sales this week served as an early indicator, showing diminished investor interest just as inflation pressures increase.

The most recent 30-year bond auction settled at 5% for the first time since 2007. Yields reached 5.061% on Friday, marking a 10-month high. Even shorter-term bonds aren’t immune, with the two-year climbing to 4.055%, hitting a one-year peak.

With oil prices rising and consumer spending continuing, markets are quickly adjusting expectations for Federal Reserve policy. The likelihood of another rate increase this year has more than doubled within a week to 45%, even with Trump’s Fed leadership choice, Kevin Warsh.

Considering all factors, taking a cautious approach might be wise for investors entering the weekend.

Important developments that may impact markets on Friday:

— Trump scheduled to conclude his official visit to China

Labor representatives at Volkswagen have firmly rejected any possibility of shutting down German manufacturing facilities, maintaining their unwavering stance against plant closures while expressing willingness to consider alternative solutions for underutilized production sites.

The automaker is seeking ways to reduce surplus capacity across its German manufacturing network while avoiding facility shutdowns, which were prohibited under a 2024 restructuring agreement with labor unions. Potential alternatives being explored include defense industry partnerships and collaborative arrangements with Chinese companies.

Three key union figures – works council leader Daniela Cavallo, IG Metall union chief Christiane Benner, and regional union representative Thorsten Groeger – emphasized that the 2024 agreement protecting German facilities remains non-negotiable.

“The fundamental situation has not changed — nor have the red lines set by the employee side,” they stated. “With us as the general works council and IG Metall, there will be no plant closures.”

The German automaker has seen its profit margins decline due to sluggish consumer demand and expensive investments in electric vehicle technology. Additional pressures have mounted from intense Chinese competition, increased tariffs, and Middle Eastern conflicts that have raised operational costs and created market uncertainty.

Following another earnings decline early this year, CEO Oliver Blume intensified efforts to find additional cost savings.

Blume has suggested potential facility-sharing arrangements with Chinese partners to address the overcapacity issue, though no formal discussions have been announced. Meanwhile, negotiations continue regarding a potential sale of Volkswagen’s Osnabrueck facility to a defense contractor.

During a Financial Times conference in London this week, Volkswagen brand leader Thomas Schaefer indicated the company was working to manage excess production volumes and described facility closures as “the second-best option.”

The union representatives expressed openness to considering proposals from within the company or external partners, as long as these initiatives honor the commitments management made in 2024.

Cavallo, Benner and Groeger reiterated their core principles of maintaining quality employment, career advancement opportunities and job stability, vowing to vigorously oppose any measures that contradict these values both currently and going forward.

Larry Culp, the chief executive of GE Aerospace, was observed Friday exiting a meeting at the Beijing offices of China’s National Development and Reform Commission, the country’s influential economic planning body, a Reuters witness reported.

The executive’s meeting at the NDRC facility follows recent statements by U.S. President Donald Trump on Fox News regarding his Thursday discussions with Chinese leader Xi Jinping in Beijing. Trump announced that China had committed to purchasing 200 Boeing aircraft, marking the nation’s first acquisition of American-manufactured commercial planes in almost ten years.

Given GE Aerospace’s role as Boeing’s main engine provider, the company is positioned to benefit from this purchasing deal, though the agreement was smaller than the approximately 500 aircraft that market analysts had anticipated, leading to stock price declines for both firms.

Both Culp and Boeing CEO Kelly Ortberg are participating in a business group consisting of more than twelve American corporate leaders who are traveling with Trump during his initial state visit to China in nearly a decade.

GE Aerospace has not yet provided a response to inquiries about the specific purpose behind Culp’s meeting at the NDRC.

An Australian Federal Court judge delivered a stern rebuke to Tesla on Friday, expressing shock at what he called the electric vehicle manufacturer’s inadequate cooperation in a major class action lawsuit.

Justice Tom Thawley questioned whether the Elon Musk-led company was treating the legal discovery process with appropriate seriousness, cautioning Tesla it could face “a really bad time” if cooperation doesn’t improve.

The sharp criticism came after attorneys representing 10,000 Australian Tesla owners reported that the U.S.-based automaker had delivered only 2,000 documents following eight months of discovery proceedings.

Brisbane law firm JGA Saddler brought the legal action, alleging Tesla deceived Australian buyers regarding phantom braking issues, actual battery range capabilities and autonomous driving features.

Tesla has maintained it does not misrepresent its vehicles’ capabilities.

During Friday’s pre-trial proceedings, JGA Saddler attorney Rebecca Jancauskas explained the case necessitates Tesla providing documentation related to engineering software, computer systems and customer complaints from international markets, but materials received so far have been insufficient.

“From what we’re getting, we can’t brief our experts,” Jancauskas informed the court. “The paucity of discovery is what’s thrown a massive spanner in the works.”

Justice Thawley stated it was reasonable to expect comprehensive documentation from Tesla, noting the company could request redaction of confidential or sensitive materials.

“I find it gobsmacking that only 2,000 documents have been produced and I wonder whether the exercise has been treated seriously,” he said.

The judge added his belief that “one would need to get into engineering drawings and reports that had been made from others, and into investigations that may or may not have been undertaken.”

Tesla’s legal representative Imtiaz Ahmed explained the defense team had manually examined approximately 100,000 documents and still needed to review roughly 75,000 more. He said the automaker had concerns about revealing confidential and sensitive information, including individual names that opposing counsel might contact.

Thawley established a July 31 deadline for Tesla to complete its discovery obligations, warning that “if it’s inadequate, you can expect a really bad time, and I will get into what’s gone on and whether it’s been done appropriately.”

The judge set September 1 for the next case management hearing.

Workers at Samsung Electronics in South Korea announced Friday they will proceed with a planned work stoppage next week, despite the tech giant’s latest attempt to restart salary negotiations without preconditions. The news sent the company’s stock tumbling by as much as 5.9%.

Talks between the labor group and Samsung over compensation and bonus structures fell apart this week with government mediators involved, raising the stakes for a potential strike at the globe’s largest memory chip manufacturer.

Union representatives said Friday they would consider new discussions after June 7, but are moving ahead with their 18-day work stoppage beginning May 21 that threatens to interrupt chip manufacturing operations.

Market experts blamed the stock drop on mounting worries about how a strike might affect production capabilities and Samsung’s capacity to fulfill customer orders.

“There appears to be rising concerns over delivery reliability if the strike takes place and sentiment that rivals could benefit from the uncertainty,” said Ryu Young-ho, a senior analyst at NH Investment & Securities.

The likelihood of a work stoppage seemed to be growing since Samsung had not appeared to offer new proposals to workers, according to Ryu.

Samsung Electronics acknowledged in a public statement that it had proposed talks without conditions, but declined to elaborate further.

South Korea’s Labour Commission has urged both parties to participate in another government-facilitated negotiation session Saturday to prevent the strike from occurring.

The labor organization had previously stated it would only participate in discussions if Samsung presented a comprehensive proposal meeting worker demands by 0100 GMT Friday.

Frustrated by what they describe as a significant disparity in bonus compensation compared to competing chipmaker SK Hynix, union leaders have warned that more than 50,000 employees could leave their positions next week.

High-ranking South Korean officials, including the prime minister and finance minister, have expressed alarm that a Samsung work stoppage must be prevented, cautioning it could create substantial threats to economic expansion, export revenues and financial markets.

South Korean Industry Minister Kim Jung-kwan stated Thursday that a strike would inflict permanent economic harm and that emergency intervention might become necessary.

According to South Korean regulations, only the labour minister possesses emergency arbitration authority. Labour Minister Kim Young-hoon has emphasized the importance of continued dialogue between Samsung and its workers.

Investment bank JPMorgan released analysis suggesting the production consequences of a strike could exceed earlier projections, based on the union’s expectations of widespread worker participation.

JPMorgan calculated potential damage to Samsung’s operating profits at 21 trillion won to 31 trillion won ($14.08 billion to $20.79 billion), with sales losses potentially reaching approximately 4.5 trillion won.

Samsung Electronics stock was down 5.2% at 0305 GMT, while the benchmark KOSPI index fell 3.4%.

Federal authorities have reached a settlement agreement with an Indian energy mogul accused of misleading investors about a massive corruption scheme involving his company’s solar power operations, according to legal documents made public Thursday.

The Securities and Exchange Commission filed charges in late 2024 against Indian billionaire Gautam Adani and his nephew Sagar Adani, who both lead Adani Green Energy Limited. Regulators alleged the pair committed to paying Indian government officials hundreds of millions of dollars worth of bribes in return for energy purchase contracts at artificially high prices.

During this same period, the energy firm raised billions from Wall Street investors who were reportedly told the company maintained strong anti-corruption policies and received guarantees from top executives that no bribes would be paid.

Federal regulators stated these actions breached antifraud sections of U.S. securities regulations.

Settlement documents reveal Gautam Adani has agreed to pay $6 million in civil fines, while his nephew will pay $12 million. The proposed agreement does not require either party to admit wrongdoing.

The Adani Group rejected the accusations when they were first made, describing them as without merit. Legal representatives for both men did not respond to requests for comment Thursday.

Both individuals face criminal charges filed in late 2024 in New York for securities fraud and conspiracy to commit securities and wire fraud. The New York Times and Bloomberg reported Thursday that these criminal charges will likely be dismissed. Federal prosecutors in the Eastern District of New York did not respond to inquiries from The Associated Press.

The decision to dismiss charges appeared to be influenced by developments following President Donald Trump’s election to a second term and Gautam Adani’s public praise of the president.

In March 2025, Trump suspended enforcement of the Foreign Corrupt Practices Act, which prohibits overseas business bribes, leading some in India to believe the Adanis’ legal troubles were severely weakened.

Gautam Adani built his influence in the world’s largest country by developing a coal business empire during the 1990s.

The Adani Group eventually expanded into multiple sectors, making investments in critical areas including renewable energy, defense and agriculture.

Operating under the motto “Growth with Goodness,” the company developed a clean energy portfolio exceeding 20 gigawatts, featuring one of the globe’s largest solar installations in Tamil Nadu state.

The Adani Group previously aimed to become India’s dominant renewable energy company by 2030, planning to spend $70 billion on clean energy developments by 2032.

Adani’s strong connections to the government and Prime Minister Narendra Modi have drawn criticism, while U.S.-based Hindenburg Research has alleged the company engaged in “brazen stock manipulation” and “accounting fraud.”

The Adani Group dismissed these accusations as “a malicious combination of selective misinformation and stale, baseless and discredited allegations.”

Following the announcement of the Brooklyn case, Kenya’s president terminated multimillion-dollar agreements with the Adani Group covering airport upgrades and energy initiatives. Adani Green Energy pulled out of wind energy developments in Sri Lanka after the country requested price renegotiations. A major French oil company also halted new investments.

Industry experts believe a crucial element in Adani’s rapid expansion has been his ability to match his company’s objectives with the Modi administration’s goals. Critics claim he benefits from crony capitalism and receives special government treatment, including in contract awards, which the Adani Group has disputed.

Federal prosecutors are reportedly preparing to abandon criminal fraud charges against Gautam Adani, an Indian billionaire who has committed to a $10 billion investment in American economic projects, according to two individuals with knowledge of the situation.

On Thursday, Adani also settled a corresponding civil fraud case filed by the Securities and Exchange Commission concerning an alleged bribery operation targeting Indian government officials, pending judicial approval.

The potential abandonment of criminal charges follows a presentation by Adani’s attorney, Robert Giuffra, who also represents U.S. President Donald Trump personally. Giuffra informed Justice Department officials last month that Adani could not proceed with the investment while facing prosecution, according to one source.

Following Trump’s 2024 electoral victory, Adani had publicly committed to investing that sum and generating 15,000 American jobs.

According to the source, who requested anonymity, Giuffra devoted most of his 100-page presentation to challenging the case’s strength, arguing jurisdictional problems and insufficient evidence. Giuffra presented similar arguments in court documents for the related SEC case last month.

One source indicated that some prosecutors emphasized the $10 billion investment would not influence their case, though it remains uncertain whether others held different views.

The Justice Department has not yet responded to requests for comment.

Bloomberg News initially reported the Justice Department’s consideration of dismissing Adani’s case.

This represents another instance of Trump’s Justice Department moving to drop a prominent criminal case initiated by federal prosecutors under his Democratic predecessor, Joe Biden.

In November 2024, federal prosecutors in Brooklyn filed charges against Adani regarding an alleged conspiracy where he reportedly agreed to provide approximately $265 million in bribes to Indian government officials to secure approval for developing India’s largest solar energy facility.

Prosecutors alleged that Adani and his suspected accomplices obtained more than $3 billion through loans and bonds while concealing their corruption from financial institutions and investors.

The Adani Group has characterized the allegations as “baseless.”

Adani also confronted a related SEC civil fraud case, which the securities agency settled Thursday pending court approval, according to court documents. Sagar Adani, Gautam Adani’s nephew, also faced SEC civil allegations.

Both Adani and his nephew agreed to pay $18 million in civil penalties without admitting or denying wrongdoing, court records indicate.

Adani Green Energy stated that both individuals and the SEC had submitted documents to a New York court requesting entry of a final judgment, which awaits approval.

Last month, the Adanis’ legal team argued their clients disputed any credible evidence supporting the SEC’s alleged bribery conspiracy.

They contended that the Adanis’ non-involvement in the offering and the lack of fraudulent intent or negligence warranted dismissal.

They also described the SEC allegations as “impermissibly extraterritorial,” noting that the Adanis and all purported misconduct occurred in India, while the bonds never traded on American exchanges.

The 63-year-old Adani possesses a net worth of $82 billion according to Forbes magazine, ranking him among the world’s wealthiest individuals.

Toyota Motor has requested permission to construct a new vehicle assembly facility at its current Texas manufacturing site, with approximately $2 billion in planned investment, according to regulatory documents.

The proposed San Antonio project, which has been given the code name “Project Orca,” is scheduled to break ground by late 2026, with vehicle manufacturing expected to commence in 2030, based on documents submitted to the Texas Comptroller of Public Accounts.

The automaker’s investment plan allocates $1.05 billion toward building construction and facility enhancements, while $950 million will go toward purchasing machinery and equipment.

The expansion is projected to generate 2,000 new employment opportunities between 2028 and 2030.

“We regularly evaluate our manufacturing footprint to ensure we remain competitive and aligned with customer demand. This reflects our long-term commitment of investing in the North American region, local manufacturing/jobs, and suppliers,” Toyota said in a statement to Reuters.