SK Hynix Inc. said it would buy back 40 trillion won ($28.6 billion) worth of shares as part of a shareholder return plan.

The company’s shareholder return plans have been keenly awaited by investors as a new defense against the inevitable cooling of the chip boom. The company said it would buy back up to 24 million treasury shares between Aug. 20 and Nov. 19, according a regulatory filing Wednesday.

Colombia partially resumed coffee exports through Buenaventura port, on the country’s the Pacific coast, after the earthquake, according to the Gustavo Gómez, head of the country’s coffee exporters association, Asoexport.

UK Treasury officials are concerned that the prime minister’s talk of using “flexibility” within the fiscal rules to ramp up investment could backfire by destabilizing financial markets, according to people familiar with the thinking.

Andy Burnham said on July 20, the day he became Britain’s premier, that he would stick to his predecessor’s rules on the public finances but would “use obviously any flexibility within them.”

As the Democratic Socialists of America bash the Senate, calling for its abolition, many Republicans and conservatives are bashing the DSA, for daring to question James Madison’s constitutional design. Surprisingly, both are partly right.

Madison certainly planned for a Senate to be composed of the wisest and most nonpartisan men the United States could produce. But he expected the Senate to be apportioned based on the population of each state, the way the House of Representatives is. He viewed a Senate that gave the voters of tiny states wildly disproportionate power over voters from big states as a distortion of republicanism.

BNP Paribas SA has been asked by the European Central Bank to explain its plans for a smooth management transition when it replaces long-term Chief Executive Officer Jean-Laurent Bonnafe.

The ECB has sought information on the process as part of its regular annual exercise to set BNP Paribas’ capital requirements, according to people familiar with the matter. The query was also about filling other top leadership roles including the chairmanship, currently held by Jean Lemierre, they said.

A proposed merger of three crypto firms has been scrapped, with one of their leaders stepping down and another consolidating power across the Tether-backed franchise.

Twenty One Capital, Strike and Elektron Energy no longer plan to combine, according to details the companies shared with Bloomberg News. Jack Mallers — the chief executive officer of Twenty One Capital and Strike, and a prominent name in crypto circles — has stepped down from his role at Twenty One Capital, while Elektron CEO Raphael Zagury is taking over that position

SK Hynix Inc. shares declined in Seoul on Monday after the memory chipmaker’s highly anticipated US trading debut.

The stock fell 10% on Korea Exchange, weighing on the benchmark Kospi. That came after its American depositary receipts climbed 13% Friday, on follow-on demand following the largest first-time share sale by a foreign company in history.

Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I’m David Westin, and this week we told the story of what it means for the rest of us that Elon Musk was briefly a trillionaire and why some investors are balking at his control over the future of SpaceX. If you’re not yet a subscriber, sign up here for this newsletter. If you’re not yet a subscriber, sign up here for this newsletter.

Elon Musk made history last month, not just in floating the largest IPO in history in the form of SpaceX, but also in becoming the first person ever to be worth a trillion dollars. He’s now worth about $947 billion, according to the Bloomberg Billionaires Index, but he’s still the world’s wealthiest person.

Australia and the wider world are likely to see more supply shocks such as the energy crisis sparked by the Iran war, a senior Reserve Bank official said, reinforcing the need to aim for low and stable inflation.

Sarah Hunter, assistant governor in charge of economic forecasting, said more frequent supply shocks may intensify the trade-offs for both central banks and the broader economy. That makes it even more important that such episodes are well understood, prepared for, and responded to in a way that minimizes the risk of persistent inflation while supporting sustainable activity, she said.

China test-fired a ballistic missile from a nuclear submarine in the Pacific Ocean, underscoring its efforts to project power in the region.

A nuclear submarine conducted the launch with a dummy warhead at 12:01 p.m. Beijing time, the official Xinhua News Agency reported Monday. This test was “a routine arrangement that has been communicated to relevant countries in advance,” and “is not directed against any specific country or target,” the report added.

Asia’s loan market is heading into the second half of the year with little sign of a rebound, according to bankers, as the fallout from the Iran war continues to suppress confidence among lenders and borrowers.

Loan issuance in dollars, euros and yen across Asia Pacific ex-Japan dropped 15% from a year earlier to $69 billion in the first six months, the weakest first-half performance in 16 years, according to data compiled by Bloomberg.

Next-generation AI factories are forcing power equipment firms to rethink their portfolios in the race to profit from a market expected to be worth more than $200 billion a year.

Artificial intelligence players are working toward a new type of data center — more powerful, more compact and more energy efficient. That’s forcing companies like Schneider Electric SE and Siemens AG, which provide the electrical equipment integral to server farms, to future-proof their offerings.

The European Union and China set an October deadline to make progress on trade disagreements, as tensions rise between the two economic powers.

“Not everything will be solved, not everything will be fixed, but we think that between now and October, our teams have sufficient time to deliver the tangible results,” EU trade chief Maros Sefcovic told reporters Brussels on Monday after meeting with Chinese Commerce Minister Wang Wentao.

The UK government is currently doing one of the things it does best: running two contradictory policies.

The first is to make the UK an almost comically unattractive place to invest. There is the endless political chaos — what Bloomberg Opinion columnist Adrian Wooldridge calls ruling by “emotional spasm.” There are the seemingly relentless rises in regulation and business taxes; specific investment taxes — the UK has the world’s second-highest financial transaction tax (stamp duty on equity trading); and, right now, the leaks about what just might come next.

Investors should switch their focus to defensive sectors if the artificial intelligence trade starts to unravel, according to Sebastian Raedler, head of European equity strategy at Bank of America Corp.

Raedler questioned whether AI will ever become a high-margin business capable of justifying its hefty capital expenditure. He suggested investors should look at “left-behind” sectors such as consumer staples and pharma, where underlying business logic still functions well, to protect themselves from downside risk.

The growing threat posed by a so-called “super El Niño” to global food supplies is spurring the creation of a new commodities fund.

Hedge fund Moreton Capital Partners is targeting $500 million for a special-purpose vehicle to trade multiple commodities that stand to be impacted by the weather phenomenon, including South African corn, Malaysian palm oil and Australian wheat. The markets are underestimating risks, according to Moreton’s co-founder Les Finemore.

One morning last November, Amber Salamon went to deal with the mess of Weetabix her young son had smeared all over the kitchen. “I was just about to clear everything up, turned the tap on, and there was no water,” she recalls.

It was the first of many days without running water for Salamon’s family and about 60,000 other residents in the town of Tunbridge Wells in Kent, England. When the water returned five days later, it wasn’t clean enough to drink. In January the water cut out again, returning only temporarily each day. Local businesses were forced to close. Alex Greig, the owner of Fuggles Beer Cafe, estimates the outage cost him more than £10,000 ($13,400) in profit. “We’re in this situation where we can’t rely on one of the most essential services,” he says.

Jio Platforms Ltd. plans to use part of the proceeds from its proposed initial share sale to repay its telecom unit’s external commercial borrowings of almost $3 billion, a draft IPO document showed.

Jio, a crown jewel of billionaire Mukesh Ambani’s oil-to-retail conglomerate, filed the draft documents on Friday for an IPO that includes the issuance of as many as 270 million new shares, kick-starting a long-awaited process of unlocking shareholder value.

Ships can consider transiting the Strait of Hormuz along the southern route, day or night, with their transponder signals on, a key naval information group has said.

Vessels that choose to do so also aren’t required to coordinate with the US naval unit that’s supporting the region, though they are encouraged to do so, the Joint Maritime Information Center said in an advisory published Saturday, referring to American Naval Cooperation and Guidance for Shipping or NCAGS.

Brookfield Asset Management Ltd. is emerging as the frontrunner to acquire a controlling stake in telecom tycoon Patrick Drahi’s French fiber optic company XpFibre, according to people with knowledge of the matter.

The New York-based investment firm has pulled ahead of rival bidders and is in advanced negotiations on terms of a potential deal, the people said. It could reach an agreement as soon as the coming weeks, according to the people, who asked not to be identified because the information is private.

Supertankers laden with almost 80 million barrels of oil are sitting in the Persian Gulf and ready to cross the Strait of Hormuz at a moment’s notice, if traders and shipowners give the go-ahead.

This non-sanctioned crude from Persian Gulf producers excluding Iran is on 40 very large crude carriers in the gulf, data from Vortexa compiled by Bloomberg show. The volume of crude in the gulf is likely to be higher if smaller tankers are added to the tally. Last year, about 15 million barrels a day of oil from the region was delivered to Asia.

The judge who convicted former Malaysian Prime Minister Najib Razak over the 1MDB scandal said the plunder of the sovereign wealth fund was so vast that it eclipsed the exploits of Attila the Hun, one of history’s most notorious conquerors.

“The scale of the plunder that took place (financially speaking, of course) made Attila the Hun look like a choirboy in comparison,” Collin Lawrence Sequerah said in the introduction to his 809-page grounds of judgement.

When Eli Ben-Sasson helped create the Zcash cryptocurrency nearly a decade ago, the cryptographer worried about human adversaries. He didn’t expect that machine intelligence would one day expose a flaw that had eluded years of expert human judgment.

That reality rattled investors recently after a security researcher working with Zcash used Anthropic’s Claude Opus 4.8 to uncover a critical vulnerability that had gone undetected for more than four years. After Zcash disclosed the flaw on June 4, the token — which traded at far higher levels just weeks earlier — tumbled about 50% as traders reassessed the security of one of crypto’s most prominent privacy networks.

A California real estate investor whose firm was accused by Western Alliance Bancorp of an almost $100 million fraud was criminally charged by the US, the latest fallout from a portfolio of commercial properties that sparked credit concerns at several banks last year.

Mahender Makhijani, 44, was charged Wednesday with bank fraud for allegedly falsifying documents to get a loan, according to a statement issued by the US attorney in Los Angeles.

Germany will undertake a strategic effort to become a global leader in aviation over the next 15 years, with focused investment in military aircraft manufacturing, sustainable fuels and top technology.

Chancellor Friedrich Merz’s cabinet will approve the plan on Wednesday, which aims to bolster the country’s competitiveness in aviation as well as strategic sovereignty, according to a draft seen by Bloomberg News. It foresees some €2 billion ($2.3 billion) to ramp up research for sustainable aviation fuels from 2030 to 2039.

WestJet Airlines Ltd. condemned the Canadian government’s offer of loans to help carriers hit by high jet fuel costs in the wake of the closing of the Strait of Hormuz.

The Calgary-based company “strongly opposes” Canada’s plan to lend as much as C$150 million ($108 million) to blunt the effect of high airline fuel prices, it said in an emailed statement Monday.

Austria lost its last top credit score from a major assessor because of persistently high budget deficits, ending a decades-long streak as one of Europe’s best-rated issuers.

Morningstar DBRS lowered Austria to AA (high) from AAA because of deteriorating debt metrics, according to an update published late Friday. The outlook is now stable.

President Donald Trump signed an executive order Wednesday stripping job security from nearly 8,000 federal positions, expanding his authority to fire career employees who work on policy matters and accelerating a civil-service overhaul that’s drawn legal and political pushback.

The move was more restrained than expected. The Office of Personnel Management had initially estimated the new job classification could apply to as many as 50,000 federal employees. Still, the directive will transform the upper echelons of the civil service, allowing the president to fire at will staffers who fail to implement and advocate for his policies.

Yen traders face a heightened risk of intervention over the next two weeks after Japan’s currency defied historic attempts to prop it up.

The currency underperformed all its Group-of-10 peers in May despite record spending by Japan. That puts it in danger of weakening to 160 against the dollar well before any support comes from the Bank of Japan in the form of an expected interest hike on June 16.

President Luiz Inácio Lula da Silva blasted a US decision to label two major Brazilian criminal groups as terrorist organizations, calling it a threat to the nation’s sovereignty that won’t help its fight against drug trafficking.

“We refuse to be treated like children, as if this were some kind of banana republic,” Lula said at an event in Sergipe state Friday.

• 

  New Zealand 2026 Budget: Who Are the Winners and Losers

Welcome to the inaugural edition of On Books, a new subscriber-only newsletter from Bloomberg Weekend.

We’re bringing you a fresh take on the new (and sometimes old!) books dominating the world’s cultural, social and economic conversations. Our reviews and expert recommendations will keep you up to date on ideas from around the Bloomberg newsroom and beyond.

• 

  What Happens When Someone You Love Changes Their Face

The yield on the US Treasury’s long-dated bond rose to the highest in almost three years as investor concern over accelerating inflation fueled a selloff in global debt.

The 30-year rate increased as much as four basis points to 5.16% after oil extended gains as US President Donald Trump renewed pressure on Tehran to come to a deal to end the Iran war. That’s the highest level since October 2023.

No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than two months.

Iran has throttled traffic through the strait since being attacked by the US and Israel in late February, and has refused to reopen the vital shipping route until the US lifts a naval blockade imposed on Iranian ports. It’s expanded its claimed area of control and announced new rules for vessels seeking to transit the waterway.

Alphabet Inc.’s C$8.5 billion ($6.24 billion) bond deal is driving corporate and provincial spreads wider in Canada as investors’ enthusiasm for the hyperscaler’s debt tests the market’s ability to absorb it.

The Google parent is selling the debt in four-parts of loonie-denominated bonds maturing from five to 30 years. It’s Alphabet’s first loonie-denominated debt deal and the biggest Canadian bond market offering on record. Order books had grown to around C$19 billion to C$20 billion by mid-morning, according to people familiar with the matter, who asked not to be identified discussing private matters.

A group of 13 Swiss lawmakers will meet in Bern on Monday to kickstart the legislative process that will shape the future of UBS Group AG.

The closed-door hearing of the Upper House’s Economic Affairs and Taxation Committee, which begins at 10:15 a.m. local time, will help set the terms of the debate in the parliamentary chamber that will vote on the bill first, potentially as early as June.

Billionaire Gautam Adani’s conglomerate unveiled plans to overhaul its operating model, in an effort to cut decision-making time as it pushes for accelerated growth across businesses.

The Adani Group will introduce a three-layer organizational structure with fewer decision-makers, and have greater focus on liquidity and access to capital, Adani said in an internal memo to employees on Labor Day, without giving the specifics.

The London Stock Exchange Group Plc has converted £1.4 billion ($1.9 billion) of bonds into a new format designed to make corporate debt more accessible to retail investors.

It’s the first use of the UK’s so-called “Plain Vanilla Listed Bonds” conversion under a new framework introduced at the start of this year. That’s designed to broaden access to the UK corporate bond market by enabling smaller denominations and simpler structures.

A proposed law to legalize assisted dying in England and Wales fell by the wayside on Friday when the bill ran out of legislative time after becoming snarled in the House of Lords.

The legislation passed the House of Commons last June, before being saddled with more than 1000 proposed amendments in the upper chamber, the House of Lords. Only seven of the bill’s 59 clauses have been discussed in almost 120 hours of debate, according to a letter written by peers who support it.

Deutsche Lufthansa AG will scrub 20,000 uneconomic short-haul flights from its European summer schedule to save on jet fuel, which has doubled in price since the start of the Iran war.

The cuts will amount to 1% of available seat-kilometers and save around 40,000 tons of jet fuel, Europe’s largest airline group said in a statement late Tuesday. The move comes after the carrier last week announced the shut down of its Cityline regional unit and the grounding of 27 older, fuel-guzzling aircraft.

• 

  Bulgaria’s Former President Seeks to Turn Popularity Into Power

Japan’s largest labor union group reported that workers under its umbrella secured an average pay increase exceeding 5% in this year’s wage talks even after results from smaller firms were factored into the tally, an outcome that will keep the Bank of Japan on track for a near-term interest rate hike.

Unions under the federation known as Rengo have so far won an average wage gain of 5.08%, according to an updated tally released Friday. While down from an initial 5.26%, the overall figure stayed above the group’s 5% target for a third straight year.

Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories.

Exceptional. A word rarely heard in company statements. That is how BP has described its oil trading so far this year.

The Philippines said Chinese forces fired flares directly at its coast guard aircraft over the Spratly Islands in the disputed South China Sea, calling the incident “a clear and deliberate act of bullying.”

The Philippine Coast Guard was conducting routine monitoring over Mischief Reef and Subi Reef on Thursday when Chinese forces fired the flares, according to its spokesman, Rear Admiral Jay Tarriela. The Chinese also issued radio transmissions, claiming “indisputable sovereignty” over the areas, he said.

“These reckless and aggressive actions by China represent yet another escalation in their campaign of intimidation and harrassment,” Tarriela said in a post on X. China’s embassy in Manila didn’t immediately respond to a request for comment.

The Philippines and China have overlapping claims in the South China Sea, a strategic waterway believed to be rich in natural resources. The Southeast Asian nation has bolstered military ties with the US to help safeguard its claims in the disputed sea, leading to repeated clashes between Chinese and Philippine ships.

In an interview with Bloomberg Television last month, Philippine President Ferdinand Marcos Jr. signaled he’s open to restarting talks with Beijing on a joint oil and gas project in the disputed seas, saying the war in Iran may provide the impetus for a breakthrough.

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