Technology stocks have returned to attractive levels for investors willing to play the long game after a pullback from last year’s record highs, according to veteran strategist Ed Yardeni.

Uncertainty around the impact of artificial intelligence on software businesses, coupled with the effects of the war on Iran, have pushed information technology stocks down 13% since the sector reached an all-time closing high in October. During that period, earnings estimates for the sector have accelerated, pushing its price-to-earnings multiple to 20.6. This is almost in line with the multiple of 19.6 for the S&P 500 Index.

#TechStocks #StockMarket #Investing #EdYardeni #AI #MarketDip #BuyTheDip #WallStreet #S&P500 #LongTermInvesting

For years, airlines in the US and Europe have gawked at the rise of Middle East carriers funneling ever more passengers through their gleaming hubs in Dubai and Doha at competitive prices with the latest jets.

Emirates, Qatar Airways and Etihad Airways offered a viable alternative in the Gulf, leveraging a perfect position between three continents – Europe, Africa and Asia.

Traders added to wagers that UK interest rates will rise this year, sending gilts lower, just a day after Bank of England Governor Andrew Bailey said markets were getting ahead of themselves in pricing tighter monetary policy.

While the drop was largely in line with Thursday’s losses elsewhere in global bonds — in contrast to much of the past month when gilts have often significantly underperformed — market participants said it was too soon to say whether Bailey’s comments to Reuters would have much of an impact.

Months after he stepped down as chair of the Federal Reserve in January 2006, Alan Greenspan visited the Bloomberg News office in Washington, DC. Looking back over the previous decade or so, he explained what was behind that period’s extraordinary slowdown in US inflation. One indicator in particular was key, he said.

Having read up on Greenspan’s analysis before the event, I couldn’t help interjecting. “The import price of Chinese goods!” I blurted out. Greenspan looked over at me and asked whether I cared to deliver the rest of the presentation. I quickly apologized and, of course, deferred to the maestro. While I regret that moment of rudeness on my part, the exchange served to ingrain Greenspan’s point in my mind. And it’s one that rips a hole in a narrative now propagated by President Donald Trump’s economic team.

#AI #AIBoom #Economy #Greenspan #MacroEconomics #TechTrends #Innovation #GlobalEconomy #AIImpact #FutureTech

Iran has started charging transit fees on some commercial vessels passing through the Strait of Hormuz, another sign of Tehran’s control over the world’s most important maritime energy channel.

Payments of as much as $2 million per voyage are being sought on an adhoc basis, effectively creating an informal toll on the waterway, according to people familiar with the matter, who requested anonymity to discuss sensitive dealings. Some vessels have made the payment, though the mechanism wasn’t immediately clear — including the currency used — and it doesn’t appear to be systematic, the people said.

#Iran #Hormuz #OilMarket #EnergyCrisis #OilSupply #GlobalTrade #Geopolitics #Shipping #EnergyNews #OilPrices

Democratic Republic of Congo and Rwanda agreed to “de-escalate tensions” and implement a peace agreement reached with the help of US President Donald Trump last year.

Officials from both nations agreed on “concrete steps” toward lasting peace in the war-torn eastern Congo during talks held on March 17-18 in Washington, according to a statement by the Department of State.

“These efforts include a mutual commitment to specific measures to support each other’s sovereignty and territorial integrity, the scheduled disengagement of forces/lifting of defensive measures by Rwanda in defined areas in DRC territory,” according to the statement.

The agreement comes days after the US sanctioned Rwanda’s army and four of its top officials for backing the M23 rebel group that’s created an autonomously governed region in eastern Congo. Rwanda said the sanctions had unjustly targeted only one party of the Washington Accords signed in December.

Read More on the Congo, Rwanda Tensions:
US Sanctions Rwandan Army for Backing M23 Rebels in Congo

Trump Aides Urged Sale of Congo Lithium Claim to a US Company

Congo State Miner Proposes Deal for Cobalt Producer Prized by US

The government in Kinshasa on its part has continued to coordinate with FDLR rebels to fight the M23, despite pledges in Washington that it would neutralize the group, according to a UN experts’ report.

In addition, Congo agreed to intensify efforts to neutralize the Democratic Forces for the Liberation of Rwanda, a rebel militia better known as FDLR, and protect all civilians.

#Congo #Rwanda #PeaceTalks #AfricaNews #Geopolitics #GlobalNews #Diplomacy #ConflictResolution #WorldPolitics #BreakingNews

Delivery Hero SE has downsized and widened the price of its loan offering to gauge investor interest, after the food delivery platform struggled to gain traction in the primary market in recent days amid market turmoil, according to a person familiar with the matter.

The JPMorgan Chase & Co.-led $1.4 billion loan is being offered at an interest of 5% over the Secured Overnight Financing Rate, and a discounted price of 96.5 cents on the dollar, said the person familiar, who requested anonymity to discuss a private transaction. The loan rate was first indicated in the 4.5% to 4.75% range over SOFR and a discounted price of 99 cents, while the principal amount was $100 million larger. A spokesperson for JPMorgan declined to comment, while a spokesperson for Delivery Hero did not respond to a request for comment.

#DeliveryHero #JPMorgan #LoanMarket #CorporateDebt #MarketVolatility #GlobalMarkets #FinanceNews #DebtDeal #Investing #BusinessNews

• 

  Sánchez Faces First Regional Vote After Iran War What to Watch

The European Union’s financial support for Rwandan troops helping to fight an Islamic State-linked insurgency in Mozambique expires in May and there are no plans to extend it, according to people familiar with the matter.

The bloc in 2024 approved €20 million ($23 million) of assistance for the Rwanda Defence Force operating in Mozambique’s gas-rich Cabo Delgado province, matching the amount it agreed to provide almost two years earlier. The funding, under the European Peace Facility, was allocated to cover the cost of personal equipment and logistics, the European Council said.

After two decades of dithering and about-turns, Britain is finally moving ahead with plans for a third runway at London’s Heathrow airport. Look at the usage data, and it’s hard to doubt the economic case for expansion: Europe’s busiest airport carries far more passengers relative to its size or number of runways than rival hubs. Yet the proposal has already turned into a dogfight between airlines and the airport’s owners over costs. Given the UK’s checkered record with infrastructure mega-projects, anxieties are justified.

The positives of an enlarged Heathrow are easy to see. Leaving aside the objections of environmental campaigners and local communities that stand to be disrupted, it’s clear that the demand is there. Heathrow’s capacity constraints have resulted in some of the world’s highest airport charges, with carriers willing to pay tens of millions of dollars for slots. The Iran War may further burnish the appeal of relatively stable Western Europe over competing Gulf hubs. Increasing the number of flights by more than half will inject competition, give more airlines a foothold and broaden the range of destinations. In the future, passengers may be able to fly direct to countries such as Indonesia, the Philippines and Peru that aren’t currently served, and to more secondary cities in China and India. What’s not to like?

The price, perhaps. Heathrow Airport Ltd., or HAL, has put forward a proposal for a third runway, new terminal building and associated modernization works at an estimated cost of £49 billion ($65 billion). Its plans include demolishing Terminal 3, the airport’s oldest, and so will mean consigning to history the arrivals hall that featured in Love Actually (arguably a piece of critical UK emotional infrastructure). They also involve diverting the M25, the London ring road that is Britain’s busiest motorway (particularly around Heathrow), which will have to run through a tunnel under the third runway. That won’t be cheap.

The project’s scope and expense are generating resistance. HAL puts the cost at about £15 per passenger in additional charges, spread over more than a decade. Heathrow Reimagined, a campaign group formed last year by businesses including British Airways owner IAG SA and Virgin Atlantic Airways Ltd., reckons it will be more like £30 — potentially adding £240 to the cost of a holiday for a family of four.1 Willie Walsh, director general of the International Air Transport Association, and Chris Sununu, chief executive officer of Airlines for America, are among the industry officials who have expressed concern about the impact of higher costs on ticket prices and traffic, according to the Times.

To some extent, this may be rhetorical theater. Airlines want a project that’s delivered as cheaply as possible, offering growth opportunities without eroding margins; HAL, owned by an investment group led by French private equity firm Ardian and the Qatar Investment Authority, has an incentive to spend — because that’s how the company is compensated, with returns tied to its allowed investment, known as the regulated asset base. These conflicting interests mean there’s an inevitable tug-of-war going on, with competing research and narratives — such as the “world’s most expensive car park” — representing attempts to shape the debate as regulator the Civil Aviation Authority considers changes to the framework that will govern the expansion.

Fears of a cost blowout aren’t without foundation. That, after all, is the history of Britain’s attempts to undertake major infrastructure developments. Every mega-project since 1980 has been over budget and the majority have been delivered later than planned, the Office for Value for Money, a Treasury unit, said in a June 2025 report. Some have done better than others. But the archetypal example of failure is HS2, the high-speed rail project that was forecast to cost £35 billion in 2010, and is now likely to come it at more than £100 billion, as well as at least seven years late, despite having been repeatedly cut back in length.

There are key differences between the two — most notably, the Heathrow expansion won’t be publicly funded. Indeed, HAL says this will be the largest privately financed infrastructure project in Europe. Even so, there are parallels and cautionary lessons to draw from HS2. One is to beware of optimism bias: Cost estimates are worth little before detailed design and planning work has been done. And in any case, they only go up.

Another is the danger of speed. Chancellor of the Exchequer Rachel Reeves, in a hurry for economic growth catalysts, has set a target of securing planning approval by 2029 and having the new runway in operation by 2035. That schedule is “highly optimistic,” according to a report by Paul Mansell, an infrastructure adviser to the Treasury who predicted HS2’s cost overruns before parliament approved the project.

Moving ahead too quickly before budgets and designs are mature risks more cost escalation down the line. Taking the time to build political consensus and create optimal regulatory incentives is likely to yield dividends later. “Think slow, act fast” is the maxim of Bent Flyvbjerg, a Danish academic and author of books on how to manage mega-projects.

Private financing, meanwhile, is no guarantee against disaster. Infrastructure owners rely heavily on debt, and HAL, with £17.6 billion of net debt at the end of last year, is more leveraged than most peers. The runway expansion would “require a substantial amount of debt be added to the airport’s already indebted capital structure,” S&P Global Inc. said in August. Heathrow is critical national infrastructure, however it’s funded. If financing falters, the state may have no choice but to pick up the pieces, a reality underlined by the crisis at Thames Water.

Heathrow’s third runway was always going to be expensive, given the UK’s high embedded cost structure and the constraints of a site that’s hemmed in by motorways and houses. That should be reason for greater caution and scrutiny. (Is it really necessary to knock down one terminal complex to build another? Does the airport really need to erect Britain’s largest car park?) The airport expansion promises significant economic benefits to the UK and should go ahead. But not at any price

#Heathrow #London #UK #AirportExpansion #ThirdRunway #Aviation #AirTravel #Infrastructure #MegaProject #UKeconomy #AirportNews #Airlines #TravelNews #GlobalTravel #Transport #Runway #EuropeTravel #AviationNews #TravelIndustry #HeathrowExpansion

The headquarters of Kuwait’s Public Institution for Social Security was on fire after an overnight Iranian attack on the Gulf state that also targeted the country’s main airport for the second time since the conflict began.

PIFSS said it would continue operating from alternative sites and that all data had been backed up, state-
run KUNA reported on Sunday

#Kuwait #Iran #DroneAttack #MiddleEast #BreakingNews #WarNews #GulfRegion #AirportAttack #Geopolitics #WorldNews

Israel unleashed a wave of airstrikes on Beirut’s southern suburbs and expanded its ground presence inside Lebanon, stepping up a campaign against the Iran-aligned militant group Hezbollah.

The Israel Defense Forces said it struck command centers and multi-story buildings and completed what it said was a “broad-scale wave of strikes.” Its jets also struck Tripoli, a predominantly Sunni Muslim town in north Lebanon and killed a Hamas commander.

South Korea’s equity benchmark is on track to enter a correction, as risk-off sentiment spurred by the Middle East conflict drives a steep selloff in one of the world’s hottest stock markets.

The Kospi fell as much as 6.1% Wednesday, taking the decline from its Feb. 26 record high to more than 10%. Chip heavyweights Samsung Electronics Co. and SK Hynix Inc. dropped more than 6% each, among the biggest drags on the gauge.

The artificial intelligence boom had helped drive big gains in Korean stocks, pushing the Kospi up nearly 50% this year at its peak. With surging oil prices on the Iran war threatening the outlook for Federal Reserve easing, investors are rethinking overheated equity bets.

“This reads like a positioning unwind more than a Korea-specific fundamental break,” said Dave Mazza, chief executive officer at Roundhill Investments. “When global risk appetite turns and energy and foreign exchange volatility jump, you get fast de-risking in the biggest, most liquid index names.”

President Donald Trump told NBC News that reports of Iran’s supreme leader Ayatollah Ali Khamenei’s death appear to be a “correct story.”

Several outlets, including Reuters and Axios, reported Khamenei was killed in US and Israeli strikes on Saturday, citing Israeli officials. Trump later told ABC News that he wasn’t ready to definitely declare the Iranian leaders dead, but “we believe he is.”

The US and Japan still need to do a lot of work to hammer the funding details for three projects announced as part of a US-Japan trade deal, according to the head of a Tokyo-backed bank involved in the negotiations.

“We believe these projects have become bankable, but there is still a lot of work that remains,” Nobumitsu Hayashi, the chief of the Japan Bank for International Cooperation, said Thursday during a news conference held in Tokyo.

Hayashi said that Prime Minister Sanae Takaichi’s upcoming trip to the US to meet with President Donald Trump in March is a timeline that the bank is conscious of as they work to push forward investments.

The initial batch of investment projects, announced earlier this month, includes outlays for a data infrastructure project, a deep sea oil terminal and a facility to manufacture synthetic diamonds used for semiconductors.

Read more: Japan, US Reach $36 Billion of Gas, Mineral Deals in Trump Pact

JBIC, a government-backed bank, has become a crucial player in the US-Japan trade deal as it takes on some of the funding of the $550 billion investment initiative alongside private companies and banks with a combination of loans and investments.

“We may want to progress in a certain way, but the question of whether the US will respond in kind remains. They may also have different ideas,” he said, adding that he couldn’t say at this point how negotiations will progress.

“Of course, we have in mind the 45 day time frame and the US-Japan leadership summit,” he added, referring to a clause in the trade agreement that indicates Japan will provide the funding for projects within 45 days of Trump selecting the project or risk a potential increase in tariffs.

The comments came after Trump instated a fresh 10% levy on Tuesday in response to the Supreme court’s decision last week to strike down an initial round of so-called reciprocal tariffs as illegal. Japan agreed in July to create the $550 billion investment vehicle in exchange for securing a lower reciprocal tariff rate and lower duties on auto exports.

Japan’s government has said it will continue to work on implementing the investment deal, even though the tariffs that had formed the basis for that agreement had been ruled illegal.

“We will continue to work on implementing the trade deal steadily and surely, and we will continue to seek the US to do so as well,” Chief Cabinet Secretary Minoru Kihara said at a regular press briefing held Tuesday.

The Trump administration is likely to face legal obstacles if it argues against refunds for the tariffs struck down by the US Supreme Court — thanks to statements by Justice Department lawyers.

In a 6-3 decision last week, the justices declared President Donald Trump’s use of an economic emergency powers law illegal. The majority was silent on whether the companies that paid more than $170 billion in contested duties will get their money back, sending the issue to lower court to sort out. Justice Brett Kavanaugh warned in a dissent that a refund process was “likely to be a ‘mess.’”

The Trump administration is likely to face legal obstacles if it argues against refunds for the tariffs struck down by the US Supreme Court — thanks to statements by Justice Department lawyers.

In a 6-3 decision last week, the justices declared President Donald Trump’s use of an economic emergency powers law illegal. The majority was silent on whether the companies that paid more than $170 billion in contested duties will get their money back, sending the issue to lower court to sort out. Justice Brett Kavanaugh warned in a dissent that a refund process was “likely to be a ‘mess.’”

• 

  Reports from Iran’s semi-official news agency indicate that the United States has accepted key conditions for Iran to continue enriching uranium. The recent negotiations in Geneva did not aim for Iran to cease its entire program, but rather focused on discussing technical details. The key issues concern the level of uranium concentration, the number and location of centrifuges. This stance reflects a more conciliatory approach than a direct confrontation. However, there was no discussion about relocating nuclear material out of the country. Or the creation of a regional agreement at this stage. This progress may alleviate short-term diplomatic pressure. But the long-term direction still depends on the details and trust between the two sides.

Hello from New Delhi, where the Indian government has just finished hosting the world’s fourth annual AI summit, and the first held in the Global South. I’m Erik Schatzker, editorial director of Bloomberg New Economy, bringing you a special edition of the Saturday newsletter.

The weeklong AI summit, a sprawling affair with tens of thousands of delegates, hundreds of participating companies and keynote speeches by everyone from Sam Altman and Demis Hassabis to Emmanuel Macron, sent a clear message to the rest of the world: India has grand ambitions in artificial intelligence and the convening power to match them.

On a blustery Sunday morning in January, an animated crowd of fans gathered outside Sanrio Co.’s Puroland theme park in western Tokyo. Beneath the pastel turrets at the entrance, tourists in pink headbands and Hello Kitty T-shirts jostled for the perfect selfie. Nearby, a gaggle of schoolgirls, their acrylic nails glittering with tiny feline decals, compared bag charms fresh from the gift shop. From every direction, impatient children tugged at windswept parents, eager to meet a character that has become a ubiquitous global export, appearing on everything from stationery to commercial jets across the world.

Hello Kitty mania offers a window into Japan’s growing, global and resurgent soft power: a vast pop-culture economy spanning games, film, fashion, food and travel that has surged since the pandemic. Over the past couple of years, a record influx of foreign visitors, helped along by a historically weak yen, and renewed government efforts to promote “Cool Japan” have propelled the nation’s content exports past semiconductors in value. Only automobiles generate more overseas revenue.

That cultural pull has hardened into a formidable wealth-creation engine. As global obsession scales, mascots and manga have turned into billion-dollar businesses that have minted fortunes for the executives, founders and heirs who control the rights to its most coveted symbols.

“Japan knows how to personify a product, and has been producing characters and IP at an astounding pace,” said Kohei Okazaki, chief market economist at Nomura Securities Co. “Nostalgic characters that adults loved when they were children are getting a new lease of life with the next generation.”

The boom has been a windfall for those positioned to profit from it. Shintaro Tsuji, founder of Hello Kitty licensor Sanrio, is among a group of Japanese business moguls who have crossed $1 billion in net worth on the country’s rising soft-power appeal. Their wealth rides on everything from blockbuster films and video game franchises to footwear sales and live-experience tourism.

In Bloomberg’s first rich list from Japan, we focus on soft power, spotlighting ten tycoons and families whose combined net worth exceeds $24 billion, based on fresh calculations by the Bloomberg Billionaires Index. Together, they illustrate the growing economic heft of culture — and how Japan has turned its global influence into one of its most lucrative exports.

Some companies did not respond to requests for comment. Others declined.

South Africa’s once-thriving film industry says it’s on the verge of collapse because the government has withheld financial support for the past two years, leaving thousands of actors, producers, writers and support staff struggling to find work.

The number of films and documentaries made in the country soared in part due to the introduction of the South African Film and Television Production Incentive, which provides rebates of up to 40% of costs to production companies that meet certain requirements, including that they are locally registered and utilize South African directors.

The UK government abandoned plans to cancel local elections scheduled for May in 30 areas, after the move sparked a fierce backlash including a lawsuit from Nigel Farage’s populist Reform UK party.

“Following legal advice, the government has withdrawn its original decision to postpone 30 local elections in May,” the Ministry for Housing, Communities and Local Government said on Monday in a statement. “Providing certainty to councils about their local elections is now the most crucial thing and all local elections will now go ahead in May 2026.”

Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up.

As around a dozen EU Commissioners, including President Ursula von der Leyen, head to Bavaria for the annual Munich Security Conference, it’s clear things have changed. For the first time since the end of the Cold War, European capitals are discussing how to develop their own nuclear deterrent, our team reports today.

Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up.

Can Europe rise to the moment and tackle its competitiveness problem? That’s the question looming over two days of meetings that kick off with an Industrial Summit in Antwerp today and a retreat for EU leaders at the 16th-century Alden Biesen castle east of Brussels tomorrow.

In an interview with Bloomberg TV, European Council President Antonio Costa urged leaders to seize the moment. He cited a “clear sense of urgency” among EU decisionmakers, stressing that “now we need effectively to take decisions with an impact.”

The US Supreme Court cleared California to use its new congressional map that favors Democrats during this year’s midterm election, giving the party a pathway to neutralize anticipated Republican gains in the House due to new districts in Texas.

The justices on Wednesday denied a request from the California Republican party and the US Department of Justice to prevent the state from using its new voter-approved map on the grounds that it was racially gerrymandered and therefore illegal. California leaders have maintained that the new map was drawn purely to counteract the Republican redistricting in Texas and that race was not a factor.

There are announcements, keeping in line with past cabinet announcements – connecting far-out towns and cities to major transit hubs. It is part of the Modi government’s agenda on reconnecting every part of India and ensuring last-mile connectivity.

The finance minister moves to infrastructure initiatives in her speech. She is focusing on developing infrastructure in tier-2/3 cities which are responsible for growth. The outlay has been increased by 12.2 trillion rupees, along with a risk guarantee fund. This will give lenders some confidence.

MSMEs being a major contributors of India’s GDP have been reeling under pressure after trade tensions with the US. The finance minister has laid out measures to boost cheaper financing and credit guarantees for them.

Who could forget those heady days when Microsoft Corp. Chief Executive Officer Satya Nadella looked like the smartest man in tech? When ChatGPT emerged in late 2022, his decision to back OpenAI put Nadella’s company at the forefront of the AI boom. The top AI models would be embedded in its software and available on its cloud platform exclusively.

But more recently, the relationship has cooled and with it the perceived value of Nadella’s foresight. Microsoft has now invested in Anthropic and looked to incorporate its capabilities into its products. And OpenAI, hungry for computing power, has turned to Oracle Corp., Alphabet Inc.’s Google and Amazon.com Inc.

Zambia’s stock market is preparing to host several new stock listings this year, as well as a gold-linked ETF that aims to tap into the precious metals rally.

The bourse, Africa’s top performer this year, also plans to simplify some rules to ease market access, and attract a broader base of issuers and investors, according to Nicholas Kabaso, chief executive officer of the Lusaka Securities Exchange Plc.

Bond investors who have spent months wagering that Federal Reserve Chair Jerome Powell’s successor will push for interest-rate cuts face a stress test of those bets with President Donald Trump’s choice expected any day.

Yields on short-term US notes have consistently outperformed those on longer-maturity debt over the past year on the assumption that all four finalists for the job would seek the lower borrowing costs Trump has repeatedly sought.

• 

  Global Chip Stocks Soar as Huang Helps Fuel AI Euphoria at Davos

• 

  Central Bankers Stand With Powell Amid Trump’s Pressure Campaign

Let’s resolve to have the courage to speak up more in 2026. I realize this is easy for me to say; I’m a columnist. But I live in Florida, where I have many friends who have been Trump supporters and who are privately queasy about what they see as brazen corruption coming from President Donald Trump and his administration. While there is widespread support for the ouster of Venezuelan President Nicolás Maduro, many wanted more transparency about the threat to our national interest. Yet, they don’t feel right calling out Trump for this or his other transgressions, so they dance around it — often trying to find some equivalent outrage under a Democratic administration.

But there is no equivalence. We are a year into the president’s four-year term and we have seen a cascade of self-enriching deals, the firing of Justice Department watchdogs, the sweeping use of the president’s pardon power to free his allies — regardless of the seriousness of their crimes — and the frightening near-abandonment of the rule of law.

Read more: https://www.bloomberg.com/opinion/articles/2026-01-11/what-some-trump-supporting-republicans-won-t-say?taid=6963a964445b5f000183c8b2&utm_campaign=trueanthem&utm_content=view&utm_medium=social&utm_source=twitter

Beneath the calm surface of the US corporate bond market, there are worrying signs about companies that could lose their investment-grade status.

The first full week of the year has been one of the busiest for US corporate debt sales on record, and risk premiums stayed low even amid heavy issuance. But the amount of bonds teetering on the brink of junk surged last year, according to JPMorgan Chase & Co.

European Central Bank Chief Economist Philip Lane said he expects the euro to play a bigger role in investors’ portfolios as US President Donald Trump’s economic policies lead them to rethink their dollar holdings.

A more “domestically oriented” US economy suggests that the greenback will offer less of a hedge against global risk, Lane said in a speech on Friday. That should lead to a bigger “home bias” for European investors, and global market participants might choose the euro as the “next best” international currency, he said.

UK-based biotechnology company Engitix Ltd. has raised a further $25 million from billionaire Michael Platt to help develop its therapies for cancer and fibrosis.

Engitix plans to use the funds for preclinical development across its pipeline in solid tumors and fibrosis, and to expand its platform, it said in a statement Thursday. The company develops drugs targeting the extracellular matrix, known as ECM, which surrounds and supports cells and tissues in the body.

US oil companies rallied in premarket trading on Monday after President Donald Trump said the US plans to “run” Venezuela after ousting Nicolás Maduro over the weekend.

Chevron Corp. gained as much as 10%, while ConocoPhillips was up 8.7% and Exxon Mobil Corp. gained 3.4% as of 4:10 a.m. in New York.

OPEC+ stuck with plans to pause supply increases in the first quarter at a meeting on Sunday, as global markets face a surplus and the group awaits clarity on whether the shock US capture of Venezuela leader Nicolas Maduro will impact supplies.

Key members led by Saudi Arabia and Russia will maintain collective production levels through the end of March. As has been the case with recent online gatherings, this meeting was brief, lasting under 10 minutes.

President Volodymyr Zelenskiy proposed a trusted ally and technology booster to serve as Ukraine’s defense minister, saying his task will be to strengthen wartime drone capabilities.

First Deputy Prime Minister Mykhailo Fedorov, who also has a key cabinet role as minister for digital transformation, has been deeply involved in developing military technology, Zelenskiy said in a video announcement on Telegram.

Zelenskiy’s choice of Fedorov, 34, extends a government shakeup after the resignation of Andriy Yermak, the president’s chief of staff and right-hand man for more than five years. More staff changes will follow on Saturday, Zelenskiy said.

Denys Shmyhal, who has been defense minister, will remain in the government team, Zelenskiy said. He didn’t elaborate on Smyhal’s next job, while praising his contribution to Ukraine’s defense.

The Palestinian Authority has for years taken care of the families of any West Bank or Gaza Palestinian killed, hurt or imprisoned by Israelis — whether a murderer or an innocent shepherd. The monthly stipends embodied the belief that such individuals were part of the national struggle.

Under international pressure to stop the practice — including from the US and European Union — that social contract is being rewritten. Across refugee camps and urban centers, payments to families have been cut off, and protests have erupted in several West Bank cities in recent days.

China’s top financial envoy in Hong Kong is set to leave after just over a year in the role, concluding a tenure closely watched by the sector, according to people familiar with the matter.

Qi Bin, 57, sent farewell messages to close contacts in Hong Kong’s financial circle about his imminent redeployment, according to the people who asked not to be identified because the information is private.

Saroj Kanwar Deora lives in a two-room brick house in Jodhpur, a city of 2.2 million about 15 hours north of Mumbai by train. She quit school after fifth grade. Now in her late 40s (she’s not sure of her age), she’s spent most of her adult life as a seamstress and cooking carryout meals for laborers working nearby. She haggles with street vendors over even a few rupees.

Her one indulgence is gold. She has necklaces, headbands, bracelets, rings and more, a few stashed in her house in places she won’t reveal, but most held in a safe-deposit box at a local bank. “It started with my mother’s wedding gifts,” she says, showing off her latest purchases in a small bedroom adjacent to her kitchen. “She was poor, but she managed to give me gold earrings and anklets.”

Five people died in a helicopter crash on Tanzania’s Mount Kilimanjaro, a popular tourist destination, aviation authorities said.

The accident involving a privately-operated Airbus helicopter operated by Kilimedair, a Tanzanian company that provides medical evacuations and charter flights, occurred on Barafu Camp on Wednesday. The camp on Africa’s highest peak serves as a resting place for climbers before their final push to the summit.

Pets at Home has appointed James Bailey as its new CEO, starting the gig on March 30.

He most recently spent five years as the managing director of grocer Waitrose. When he joins current Executive Chairman Ian Burke will revert to being non-executive chair.

Previous CEO Lyssa McGowan left in September following a second profit warning in a matter of months for the retailer, which has seen sales struggle recently as pet owners cut back on discretionary purchases.

Uber Technologies Inc. said it’s teaming up with Baidu Inc. to trial driverless taxis in the UK, following the lead of American self-driving technology company Waymo, which started tests in London this month.

A pilot program using Baidu’s Apollo Go RT6 robotaxis in London will start in the first half of 2026, Uber said Monday. Services should be available in the city before the end of next year, Uber said.

The suspected shooter in last Saturday’s Brown University attack, also the suspected murderer of a Massachusetts Institute of Technology professor killed on Monday, has been found dead. The discovery won’t bring back the victims, but it will allow parents in Providence —
many of whom had been keeping their children home from school — to breathe a little easier. At least until the next school shooting.

Because we know there will be another one. Whatever your personal opinions on the right to bear arms, one conclusion seems unavoidable: We have failed our children. School shootings in America have become so routine that two students at Brown had already survived one.

New Mountain Capital’s Matt Holt has left the firm and is in talks to buy five of its portfolio companies in a deal valued at more than $30 billion, according to people familiar with the matter.

Holt plans to create a new company called Thoreau, which would provide a health-care technology platform that plans to use artificial intelligence to help lower health-care costs, the people said. Holt’s plans are backed by alternative asset manager ICG Plc, said the people, who asked not to be identified because the information was confidential.

Global assets in the sprawling shadow banking sector have crossed the $250 trillion mark for the first time, new data from the Financial Stability Board shows, fueling fears of mounting systemic risks from less regulated corners of the financial sector.

The FSB’s annual global financial monitor shows non bank financial institutions — a group that spans hedge funds, insurers, investment funds and others — had a record $256.8 trillion of assets at the end of 2024, up 9.4% year-on-year. The group now accounts for 51% of total financial assets, similar to its pre-pandemic share.

Sweden’s krona looks set for a strong 2026 after beating all major currencies this year, as the country’s economy is enjoying a renaissance.

The krona has climbed more than 5% against the euro, its best performance since 2010, and its near 20% gain against the dollar is the most in over two decades. The likes of JPMorgan Chase & Co. and Bank of America Corp. see that run continuing next year, albeit at a more modest pace.

China is buying its first cargo of Argentine wheat in decades at a time when farmers on the Pampas are harvesting a record crop and President Javier Milei is trimming tariffs on shipments in a bid to boost exports.

State-owned Cofco International Ltd. is loading the shipment at its Timbues facility in Argentina’s export hub on the Parana River, which would become the first such cargo since the 1990s. The vessel will then acquire an additional 65,000 metric tons of wheat at an Atlantic port and sail for China.

Two US Army soldiers and a civilian US interpreter were killed in an attack in Syria Saturday that also wounded three others, US Central Command said in a statement posted on social media.

The statement said the people were ambushed by a lone gunman who they said was a Islamic State militant and was killed. The attack occurred in the city of Palmyra while the soldiers were conducting counter-terrorism operations in the region, Pentagon spokesman Sean Parnell said in a separate statement.