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China Envoy Sends Letter to UN Chief Over Japan’s Taiwan Remark China sent a letter to the United Nations vowing resolute self-defense if Japan “dared to intervene militarily in the Taiwan Strait,” as Beijing tries to rally international support for its position on the spiraling spat. China’s Permanent Representative to the United Nations Fu Cong delivered the message to Secretary-General Antonio Guterres on Friday, according to the state-run Xinhua News Agency. The letter will be distributed to all UN members, according to the report. “If Japan dares to intervene militarily in the Taiwan Strait situation, it will constitute an act of aggression,” Fu wrote. “China will resolutely exercise its right of self-defense under the UN Charter and international law, safeguarding its national sovereignty and territorial integrity.” Japanese President Sanae Takaichi earlier this month became the first sitting Japanese leader to publicly link a Taiwan Strait crisis with the possible deployment of Japanese troops. Beijing responded by unleashing a flurry of economic reprisals and repeated demands for Japan’s new leader to recant her remarks. So far, she’s refused, creating a standoff with Japan’s biggest trade partner. China deems self-ruled Taiwan its territory to be claimed one day, by force if necessary, and considers the issue a red line in its diplomatic relationships. All previous Japanese leaders have deflected on the question of what would be a “survival threatening situation” to Japan, maintaining strategic ambiguity and saying they’d make a decision based on the circumstances at the time. While Takaichi has said in parliament she’s learned her lesson and will refrain from specifying a possible scenario in which Japan could deploy troops, she’s also maintained that Tokyo hasn’t changed its policy.
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The Fed’s New Patience Recognizes Reality Investors’ certainty that the Federal Reserve would follow its recent interest-rate cut with another in December has evaporated. Treasuries dropped by the most in nearly five months after Chair Jerome Powell — departing from his previous messaging — said with heavy emphasis that another cut by the end of the year was “not a foregone conclusion.” This adjustment was both wise and consequential. Amid much economic uncertainty, and with essential data unavailable due to the government shutdown, the central bank needs to be — and be seen to be — open-minded. That investors were previously all but certain of another cut proves that the Fed’s earlier messaging had gone astray.
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ECB’s Position on Rates Is Good But Not Fixed, Villeroy Says The European Central Bank’s monetary policy is well positioned but could yet shift as officials grapple with risks including those emanating from financial markets, Governing Council member Francois Villeroy de Galhau said. The remarks follow the ECB’s decision to leave its deposit rate at 2% for a third straight meeting, with President Christine Lagarde saying she and her colleagues “will do whatever is needed to make sure that we stay in a good place.”
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While Nintendo seeks to cash in on existing fans with growing forays into cinema and theme parks, the rest of the industry is investing in new IP and luring consumers to subscription platforms that are fundamentally changing how gamers spend their time and money. “There’s an absolute oversupply of content, on every single platform,” Tokyo-based industry analyst Serkan Toto said. “You have the forever games, Fortnite, Minecraft, Roblox. And things like Netflix and TikTok, these weren’t around 10 years ago.” Inside Nintendo, that’s seen as all the more reason to keep focusing on creativity over trends and technology. Former Wii engineer Tamaki says he still remembers Iwata emphasizing to him and other young developers the importance of doing things differently and taking on risks. “It’s usually the other way around: Young people are full of energy and ideas, and middle management or executives tend to shut them down,” he said. “But at Nintendo, when we’d look around and say things like, ‘Sony is doing this, maybe we should too?’ the vibe from executives would be, ‘let them do their thing — we’re doing ours.’”
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While Nintendo seeks to cash in on existing fans with growing forays into cinema and theme parks, the rest of the industry is investing in new IP and luring consumers to subscription platforms that are fundamentally changing how gamers spend their time and money. “There’s an absolute oversupply of content, on every single platform,” Tokyo-based industry analyst Serkan Toto said. “You have the forever games, Fortnite, Minecraft, Roblox. And things like Netflix and TikTok, these weren’t around 10 years ago.” Inside Nintendo, that’s seen as all the more reason to keep focusing on creativity over trends and technology. Former Wii engineer Tamaki says he still remembers Iwata emphasizing to him and other young developers the importance of doing things differently and taking on risks. “It’s usually the other way around: Young people are full of energy and ideas, and middle management or executives tend to shut them down,” he said. “But at Nintendo, when we’d look around and say things like, ‘Sony is doing this, maybe we should too?’ the vibe from executives would be, ‘let them do their thing — we’re doing ours.’”
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While Nintendo seeks to cash in on existing fans with growing forays into cinema and theme parks, the rest of the industry is investing in new IP and luring consumers to subscription platforms that are fundamentally changing how gamers spend their time and money. “There’s an absolute oversupply of content, on every single platform,” Tokyo-based industry analyst Serkan Toto said. “You have the forever games, Fortnite, Minecraft, Roblox. And things like Netflix and TikTok, these weren’t around 10 years ago.” Inside Nintendo, that’s seen as all the more reason to keep focusing on creativity over trends and technology. Former Wii engineer Tamaki says he still remembers Iwata emphasizing to him and other young developers the importance of doing things differently and taking on risks. “It’s usually the other way around: Young people are full of energy and ideas, and middle management or executives tend to shut them down,” he said. “But at Nintendo, when we’d look around and say things like, ‘Sony is doing this, maybe we should too?’ the vibe from executives would be, ‘let them do their thing — we’re doing ours.’”
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While Nintendo seeks to cash in on existing fans with growing forays into cinema and theme parks, the rest of the industry is investing in new IP and luring consumers to subscription platforms that are fundamentally changing how gamers spend their time and money. “There’s an absolute oversupply of content, on every single platform,” Tokyo-based industry analyst Serkan Toto said. “You have the forever games, Fortnite, Minecraft, Roblox. And things like Netflix and TikTok, these weren’t around 10 years ago.” Inside Nintendo, that’s seen as all the more reason to keep focusing on creativity over trends and technology. Former Wii engineer Tamaki says he still remembers Iwata emphasizing to him and other young developers the importance of doing things differently and taking on risks. “It’s usually the other way around: Young people are full of energy and ideas, and middle management or executives tend to shut them down,” he said. “But at Nintendo, when we’d look around and say things like, ‘Sony is doing this, maybe we should too?’ the vibe from executives would be, ‘let them do their thing — we’re doing ours.’”
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Thai Princess Being Treated for Severe Infection, Bureau Says Thai Princess Bajrakitiyabha Narendira Debyavati, who has been unconscious for nearly three years after collapsing due to a heart condition, is now being treated for a severe infection, the Bureau of the Royal Household said. Doctors treating the 46-year-old princess, the oldest of King Maha Vajiralongkorn’s seven children, detected an infection in her bloodstream on Aug. 9, the bureau said in a statement Friday. She’s been administered different types of antibiotics and other medication to stabilize her blood pressure levels, it said.
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Southern Water Brings Pound Debt Market’s Biggest Deal of Year UK utility Southern Water Ltd. is selling the biggest sterling corporate bond in nearly 18 months as it seeks to shore up its finances. The company is raising £750 million ($993 million) of seven-year senior secured notes, according to a person with knowledge of the sale, who asked not to be identified as the information is private. It’s the biggest deal in the currency from a non-financial borrower since UK film studio Pinewood priced a same-sized deal in March 2024, data compiled by Bloomberg show.
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High-Risk Currency Trading Is the New Meme Stock for This Retail Crowd A growing band of mom-and-pop investors are dabbling in FX trading — and their billions in collective wagers are beginning to worry finance veterans Samantha Greer is definitely not your stereotypical day trader. She’s a 46-year-old lawyer in Nottingham, England, who begins her day at 5 a.m. poring over market trend charts and punching in trades — maybe £1,000 ($1,350) a pop if she feels confident; just a couple hundred if she doesn’t — before whipping up breakfast for her son, dropping him at school and rushing into the office to start her legal job at 10 a.m.
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Singapore Luxury Condo’s Early Flop Shows Property Boom’s Limits An artist impression of the W Residences Marina View.Source: IOI Properties Group Berhad A large-scale luxury development in Singapore sold only a tiny fraction of units when it started accepting bookings, reflecting the struggles of the priciest segment in the city-state’s otherwise stratospheric property market. The W Residences Marina View condominium began pre-sales last Saturday, and buyers booked only two of its 683 units over the weekend, according to people familiar with the matter who asked not to be identified sharing private information. The complex is located in the heart of the country’s central business district, a short walk from skyscrapers that house global financial institutions and multinational companies.
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Crypto Week Cranks Up in Congress With Stablecoin Vote This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Every Monday, Bloomberg Intelligence senior analyst Nathan Dean gives his insights into what’s been happening and what’s coming up in the nooks and crannies of government and markets. Sign up here and follow us at @bpolitics. Email our editors here. Framework For the last two weeks, my family and I have been running around Finland – saunas, midnight-sun hiking, eating too much of the lovely cinnamon bread called Korvapuusti – but at the same time, I’ve been preparing for what comes next now that the “One Big Beautiful Bill” has passed. Let’s first talk crypto. Years of lobbying and legislative efforts will likely pay off as Congress kicks off “crypto week.” Most significant to us is the GENIUS Act, a bill that would allow stablecoin issuers like Circle to operate under a regulatory framework. Here’s Bloomberg News’ Yash Roy with more on the expected House vote. Since it already passed the Senate, this bill should reach President Donald Trump’s desk this week. Yet I can’t say the same for a broader crypto market structure bill called the CLARITY Act. This bill, important for platforms like Robinhood and Coinbase, would also bring regulatory clarity. But while there was bipartisan agreement on stablecoins, as I write here on the Bloomberg terminal, this bill needs more time to cook. It’ll pass the House, but the Senate may need more time. It looks to me that passage is feasible in the first half of 2026. We should also talk about deregulation. Like I’ve said before, there’s no magic wand here. There’s a process. And that process will largely kick off in the second half of 2025 now that leaders like Fed Vice Chair for Supervision Michelle Bowman are confirmed. So whether it’s the leverage ratio for banks or relaxing of broadcaster caps, deregulation is coming. Here’s our most recent “Votes & Verdicts” podcast where my colleagues and I discuss what rules and regulations you should have on your radar for the rest of the year. Tidbits If your kids are like mine, they are averaging an ice cream once a day between camps and family desserts. But changes are coming to the industry, as Kristina Peterson writes here: “Ice Cream Makers Pledge to Remove Artificial Colors by 2028.” Now, I think Washington is hot enough in the summer, but I know of several friends heading down to Florida to check out the amusement parks. Here’s Daryl Austin with “All the Ways to Skip the Lines at Florida Theme Parks This Summer.” One question I got when I was in Europe was whether Elon Musk’s call for a third party could actually take hold. Call me skeptical, but here’s Bill Allison with “Why Elon Musk’s Third Party Plans Face Big Hurdles.” Don’t Miss Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine, while pledging fresh weapons supplies for Kyiv. The president will announce $70 billion in artificial intelligence and energy investments tomorrow in Pennsylvania, the latest White House push to speed up development of the emerging technology. Trump indicated he is open to more trade negotiations, including with the European Union, even as he insisted that his letters threatening new tariff rates are “the deals” for US trading partners. Economists have long been warning of a tariff-driven boost to US inflation. The next report on consumer prices, which comes out tomorrow, will put their conviction to the test. Federal Reserve Chair Jerome Powell has requested that the central bank’s inspector general review its $2.5 billion building renovation, which has come under attack from Trump and his allies. A divided Supreme Court let Trump resume dismantling the Department of Education, lifting a lower court order that required the reinstatement of as many as 1,400 workers. Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually. Attorney General Pam Bondi has fired the Justice Department's top official responsible for counseling senior political appointees on ethics matters, including financial disclosures and conflicts of interest. The ink is barely dry on Trump’s $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn. Trump’s head of the Federal Trade Commission, Andrew Ferguson, had echoed the tough-cop message of his controversial predecessor Lina Khan, but his approach in office is more nuanced. Cuba’s crucial and struggling tourism industry was hit with more US sanctions, as the Trump administration ratchets up pressure on the communist-run island and its top officials. Watch & Listen Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Joe Mathieu and Kailey Leinz interviewed retired Rear Admiral Mark Montgomery about US plans to ramp up arms sales to Ukraine and Russia's continued attacks on the country. On the Big Take podcast, host Sarah Holder and Bloomberg’s Kara Carlson examine what the disaster in Kerr County, Texas, reveals about the growing risk of flooding across the country as the climate changes — and the difficult economic choices facing communities grappling with these new risks. Listen on iHeart, Apple Podcasts and Spotify.
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GoTo Shares Are Tipped for Rebound After $2.2 Billion Selloff Tokopedia mascot Toped at the Tokopedia Tower in Jakarta.Photographer: Dimas Ardian/Bloomberg Southeast Asia’s worst-performing tech stock this year is poised to rebound as it makes strides toward sustained profits and its fintech business provides plenty of upside potential, analysts say. The beaten-down shares of Indonesia’s PT GoTo Gojek Tokopedia fail to reflect its ongoing profitability turnaround, according to JPMorgan Chase & Co. and Aletheia Capital. The e-commerce firm’s financial discipline and buybacks also point toward the prospect of an upward re-rating, SGMC Capital says.
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Commerzbank Plans to Sell SRT Tied to €2 Billion of Loans Commerzbank AG plans to sell a significant risk transfer tied to a portfolio of corporate loans, according to people familiar with the matter, as the German lender moves to free up capital to fend off a potential takeover bid from UniCredit SpA. Frankfurt-based Commerzbank aims to issue an SRT tied to €2 billion ($2.4 billion) of loans, according to the people, who asked not to be named. The size of the SRT would be around 6.9% of the reference portfolio or about €140 million, they added. A representative for Commerzbank declined to comment.
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Gold Edges Higher on US Rate-Cut Bets and Dollar Weakness Gold rose for a second day on optimism the Federal Reserve will resume rate cuts later this year, while investors continued to monitor US trade talks ahead of a July 9 US tariff deadline. Bullion traded near $3,310 an ounce, after rising 0.9% on Monday as traders priced in higher odds of at least two US rate reductions in 2025. A jobs report on Thursday also looms as a potential catalyst for a drop in yields on Treasuries — a scenario that typically tends to benefit gold.
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Musk Rages as Trump Tax Bill Slashes Electric Vehicle Credits Elon Musk in the Oval Office of the White House on May 30. Elon Musk slammed the US Senate’s latest version of President Donald Trump’s multi-trillion dollar tax bill Saturday, raging online that the cuts to electric vehicle and other clean energy credits would be “incredibly destructive” to the country. Musk, the chief executive officer of Tesla Inc. and SpaceX, posted on his social media platform X about the bill, which the Senate was planning to put to an initial vote on Saturday. Musk recently left Trump’s side after working for several months as the head of Trump’s so-called Department of Government Efficiency.
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Musk Rages as Trump Tax Bill Slashes Electric Vehicle Credits Elon Musk in the Oval Office of the White House on May 30. Elon Musk slammed the US Senate’s latest version of President Donald Trump’s multi-trillion dollar tax bill Saturday, raging online that the cuts to electric vehicle and other clean energy credits would be “incredibly destructive” to the country. Musk, the chief executive officer of Tesla Inc. and SpaceX, posted on his social media platform X about the bill, which the Senate was planning to put to an initial vote on Saturday. Musk recently left Trump’s side after working for several months as the head of Trump’s so-called Department of Government Efficiency.
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Stocks Are Defying the Naysayers. They Can Keep Going. There are plenty of tail risks, and you might think that investors are being cavalier. But don’t forget about the upside risks. The S&P 500 Index just rallied back to all-time highs, brushing off the April tariff shock, the conflict with Iran and the insidious and persistent increase in US continuing jobless claims. A growing chorus of bears thinks traders are whistling past the graveyard, and they’re far from crazy to think so. But then again, index highs almost always feel like this. Consider August 2020, when the Covid-19 pandemic was still in full swing. The government data had put unemployment at over 10%, and yet blended forward price-earnings ratios were in the 99th percentile of the previous two decades. There was some general optimism about the prospects for a vaccine, but clinical trials were still ongoing and a summer surge of Sun Belt cases had dashed hopes for a quick resolution to the pandemic disruptions. Meanwhile, a popular narrative posited that “dumb money” retail traders were driving the stock rally. How did that turn out? Even after the Aug. 18 high, the index returned another 11.5% in 2020 and 28.7% in 2021. Not too shabby.
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China Credit ETFs to Almost Double as Funds Rush to Tech Bonds The number of corporate bond exchange-traded funds in China is set to almost double to 21 as a growing number of money managers draw up strategies to invest in the fledgling tech-related bond market. Ten Chinese firms including E Fund Management Co., China Southern Asset Management Co. and Invesco Great Wall Fund Management Co., have submitted applications to the securities regulator to set up ETFs that will invest in notes that fund technology businesses, state media reported last week. Brokerage Huaxi Securities Co. says there are currently 11 corporate bond ETFs in China.
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China Opens First Offshore Gold Vault and Contracts in Hong Kong The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the roll out of two new contracts and a bullion vault in Hong Kong. The launch serves a number of purposes, from broadening the Shanghai exchange’s international reach, to strengthening China’s clout in commodity and currency markets and Hong Kong’s status as a financial center.
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Carney Energy Chief Seeks Indigenous Equity in Major Projects As Prime Minister Mark Carney’s government prepares to plow forward on major new energy and infrastructure projects, his natural resources minister says he wants Indigenous groups to pursue large ownership stakes in them. “If we are serious about retooling our economy, then economic reconciliation must be front and center,” said Energy Minister Tim Hodgson in prepared remarks to the Toronto Regional Board of Trade.
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Crypto Firm BitGo’s Assets in Custody Jump to Top $100 Billion Crypto custody firm BitGo Inc. has seen its assets under custody soar from $60 billion to $100 billion in the first half of 2025, Abel Seow, managing director for Asia-Pacific at the firm said in an interview. The jump is driven by rising crypto adoption flowing from greater regulatory clarity globally, Seow said. Of the total assets looked after by the firm, half are tied to staking — a process that involves investors pledging cryptocurrencies to help validate transactions on blockchains, which in turn helps them earn more tokens.
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LIVE NOW: What are the geopolitical and market impacts of the US’s involvement in the Israel-Iran conflict?
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US ‘Obliterated’ Iran Nuclear Facilities, Trump Says in Address Donald Trump speaks in the East Room of the White House on June 21.Photographer: Bloomberg/Bloomberg Economics US President Donald Trump said US strikes on Iran’s three main nuclear facilities had “completely and totally obliterated” them, and threatened further military action if Tehran did not make peace with Israel. “Remember, there are many targets left,” Trump said Saturday in a three-minute address from the White House. “Tonight’s was the most difficult of them all, by far, and perhaps the most lethal. But if peace does not come quickly, we will go after those other targets with precision, speed and skill.”
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Why Taxing the UK’s Rich Less May Make Sense Merryn Somerset Webb Demonstrators at a “No More Austerity 2.0” march in central London on June 7. Photographer: Henry Nicholls/AFP The Laffer Curve does exist. You may not want it to, but it does. The UK’s political class is in the process of learning this lesson. One of the first things Chancellor of the Exchequer Rachel Reeves did was to make the global assets of those living in the UK but domiciled elsewhere for tax purposes (the “non-doms”) subject to UK inheritance tax. Those people have responded to that incentive exactly as one might expect. They are leaving. Exact numbers aren’t available, but many financial advisers will tell you of their fast-vanishing high-net worth clients—heading for the United Arab Emirates, Italy, Spain, Switzerland, Malta and maybe even the US (there are some 70,000 applications for information on the new “gold Trump card” visa, apparently). Henley and Partners, a global relocation company, backs this up. It reports that inquiries on how to become a resident elsewhere were three times higher in the first three months of 2025 than the same period in 2024.
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EU’s Dombrovskis Says ‘Making Progress’ in Trade Talks With US EU Economy Commissioner Valdis Dombrovskis speaks during a news conference following a Eurogroup meeting in Luxembourg on June 19. Photographer: Simon Wohlfahrt/Bloomberg The European Union is continuing intensive trade talks with the US ahead of a July 9 tariff deadline set by President Donald Trump and is “making progress,” according to EU Economy Commissioner Valdis Dombrovskis. “Our preference is to find a mutually acceptable solution and in a sense to park those trade tensions,” he told a news conference after a meeting of euro-area finance ministers in Luxembourg on Thursday.
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StanChart Faces RBI Scrutiny Over Lapses in Derivatives Sales Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Standard Chartered Plc is facing regulatory scrutiny in India after lapses were spotted in the sale of derivatives and problems identified in the bank’s risk controls, according to people familiar with the matter.
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Scale AI’s Wang Brings Meta Knowledge of What Everyone Else is Doing Ellen HuetJune 16, 2025 at 1:15 PM EDT Scale AI co-founder Alexandr Wang is such an enthusiastic networker that his former roommate — OpenAI Chief Executive Officer Sam Altman — once jokingly told him to tone it down a bit. Fortunately for Wang, he ignored the advice. Last week, the 28-year-old parlayed his ability to cultivate influential relationships into a $14.3 billion investment from Meta in Scale, and a new job for himself in Meta’s “superintelligence” group, reporting to CEO Mark Zuckerberg. His own cash and equity in the deal is worth more than $5 billion, according to the Bloomberg Billionaires Index. What Meta is buying: the one guy who knows what everyone else in the AI industry is doing.
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Hungary Nominates Palotai as Central Bank Deputy Governor Hungary nominated Daniel Palotai to become the fourth deputy governor of the central bank, a position created this month after Parliament passed an overhaul of the institution’s leadership. A parliamentary committee hearing will be held on Monday to confirm the nominee, put forth by Prime Minister Viktor Orban. The fourth deputy governor will be tasked with issues relating to developments in international economy in a unified portfolio, Governor Mihaly Varga said in May.
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Meat Giant JBS Eyes Deeper Pockets as It Starts New York Trading The JBS Greeley meatpacking facility in Greeley, Colorado. JBS NV shares started trading in New York, giving the world’s largest meat producer a market value of about $15 billion as it culminated a years-long effort to reach a broader pool of investors. Shares of the Brazilian company opened at $13.65 apiece on the New York Stock Exchange. On Thursday, Brazilian depository receipts of JBS NV closed at $13.70 per unit in Sao Paulo.
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Trump’s FAA Pick Vows to Hold Boeing Accountable on Quality Bryan Bedford, administrator of the Federal Aviation Administration (FAA) nominee for US President Donald Trump, during a confirmation hearing in Washington on June 11. President Donald Trump’s nominee to lead the Federal Aviation Administration vowed to hold Boeing Co. accountable for the quality of its jets as the US planemaker works to produce its cash cow 737 Max aircraft at higher rates. If confirmed, airline executive Bryan Bedford will be tasked with making decisions on how to proceed with Boeing, which the FAA is still closely monitoring following a midair mishap last year that exposed quality lapses at the company’s factories.
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Trump Says He ‘Would’ Arrest Newsom, Heightening Tensions By Hadriana Lowenkron and Tyler Kendall President Donald Trump suggested California Governor Gavin Newsom should be arrested over his handling of unrest in Los Angeles, escalating his attacks on the state’s leaders. Trump on Monday was asked by a reporter about a back-and-forth between Newsom and White House border czar Tom Homan, who threatened arrest for anyone who obstructed immigration enforcement efforts, including the governor and Los Angeles Mayor Karen Bass.
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Iran Claims Access to Cache of Sensitive Israeli Nuclear Files Iran’s state television said on Saturday the country obtained a large trove of sensitive Israeli nuclear information. The Islamic Republic’s intelligence services have acquired “thousands of files related to that regime’s nuclear projects and facilities,” according to the broadcaster.
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Trump Signs Order to Boost Drone Security Before World Cup By Allyson Versprille and Hadriana Lowenkron President Donald Trump signed executive orders Friday to boost US drone capabilities, including strengthening counter-drone tools ahead of major sporting events such as the 2026 FIFA World Cup and the 2028 Summer Olympics that will be hosted in the country. “Taking action on airspace security has never been timelier,” Michael Kratsios, the director of White House’s Office of Science and Technology Policy, told reporters Friday, citing the upcoming events that are expected to draw millions of fans to the US. “The administration is cracking down on unlawful drone use, ordering a federal task force to ensure US control over American skies and prioritizing the detection and identification of drones in real time.” The aim of the three orders, according to officials, is to boost US manufacturing and innovation while decreasing reliance on foreign adversaries, such as China, which dominates the commercial drone market. The administration is also seeking to combat malicious actors, particularly following a public outcry last year over increased drone sightings in New Jersey. The recent use of unmanned aerial weapons in Russia’s war on Ukraine, which saw Ukrainian forces launch a daring drone attack within Russia has also drawn attention to the advancements — and threats — the technology poses. One executive order to improve counter-drone capabilities calls for actions including the creation of a federal task force to review current regulatory frameworks and develop solutions to possible threats, according to a senior White House official who discussed the action on condition of anonymity before it was publicly announced. The order also directs the Federal Bureau of Investigation to provide training to state and local authorities, and instructs the US Federal Aviation Administration to expedite a rule that would allow people to petition the agency to prohibit or restrict drone usage near certain facilities, including critical infrastructure, oil refineries, chemical plants and amusement parks, the official said. The proposed regulation is already being reviewed by the White House’s Office of Information and Regulatory Affairs. “Drones are a disruptive technology,” said Sebastian Gorka, deputy assistant to the president. “They have an amazing potential for both good and ill.” A second executive order is intended to promote the US market for new technologies. It directs the FAA to speed up another rule under White House review that would allow companies to fly drones beyond a remote pilot’s direct line of sight without having to obtain individual waivers and exemptions. Companies, such as those using drones to deliver packages, have said the rules will make it easier for them to scale up their businesses and expand to more locations. Officials said the order is also meant to reduce reliance on technology from other countries. While it doesn’t ban any specific companies, such as China’s Da Jiang Innovations — the world leader in commercial drone sales — it does direct the Commerce Department to launch investigations and regulatory reviews to safeguard the US drone supply chain. That could result in a company being placed on a list that would bar new drones from being able to access US networks, one of the officials said. The National Defense Authorization Act enacted at the end of 2024 mandated reviews of both DJI and Autel Robotics, another Chinese firm, to determine if they pose a national security risk. The Trump administration has expanded restrictions on the transfer of advanced technology to China, including artificial intelligence and jet engine parts — moves that are a key point in trade discussions between the world’s two largest economies. According to the Atlantic Council, China controls 90% of the commercial drone market in the US and 80% globally. American companies have struggled to compete, which the Association for Uncrewed Vehicle Systems International has said is partially because Beijing subsidizes its domestic companies, allowing them to offer products at prices significantly lower than US counterparts. The third executive order is meant to promote supersonic technology in the US, in part by repealing certain regulations that officials cast as impeding development.
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Trump Said He Fired the National Portrait Gallery Director. She’s Still There. The museum director targeted in a social media post by President Donald Trump still holds her position, according to the Smithsonian Institution. Kriston CappsJune 6, 2025 at 3:10 AM GMT+7 Kim Sajet is still doing her job as director of the Smithsonian National Portrait Gallery, although President Donald Trump said she was fired on Friday. Photographer: Shannon Finney/Getty Images North America On Friday, President Donald Trump took to social media to fire Kim Sajet, the director of the National Portrait Gallery, creating a firestorm of controversy at the Smithsonian Institution and beyond. Describing her as a “highly partisan person” and “strong supporter of DEI,” Trump posted on May 30 on Truth Social that he had removed Sajet from her role at the portraiture museum in downtown Washington, DC. The post indicated that her replacement would be named shortly. As of June 5, though, Sajet is still reporting to work, a spokesperson for the Smithsonian confirmed. The stakes for any decision are high: If the president succeeds in firing Sajet, Trump will have exerted control over staffing decisions for the Smithsonian, which is not part of the executive branch, potentially gaining sweeping powers over its 21 museums. Leaders at America’s cultural treasury are entrenched in a closely held debate about what to do next, as the president seeks to assume authority over the Smithsonian using both budget pressure and blunt force. Democratic lawmakers have argued that Trump did not have the authority to fire Sajet because the Smithsonian is independent from the White House. When Congress first authorized the Smithsonian in 1846, it delegated authority over the institution, which is structured as a trust instrumentality, to a board of regents. The board’s 17 members include the vice president of the US, the chief justice of the Supreme Court, members of both the House and Senate and US citizens appointed by Congress. Members of this board assembled on June 2 for an emergency meeting. The only agenda item: “confidential personnel matters.” At the same time, the White House has significant say over the federal funds on which the Smithsonian relies for much of its budget. A photo of President Donald Trump displayed in the America's Presidents exhibition at the National Portrait Gallery on June 1, 2025.Photographer: Kevin Carter/Getty Images North America The White House has meanwhile drafted a laundry list of complaints about Sajet, compiling pages of quotes she’s given over the years about the ways that portraiture reflects society. Chief among the listed complaints are Sajet’s doctorate in “Liberal Studies” from Georgetown University, her political donations — she’s given $3,982.40 to various Democratic officials and liberal causes, including Joe Biden’s presidential campaign — and the caption that hangs below the portrait of Trump on view at the Portrait Gallery. “Impeached twice, on charges of abuse of power and incitement of insurrection after supporters attacked the US Capitol on January 6, 2021, he was acquitted by the Senate in both trials,” the caption reads. “After losing to Joe Biden in 2020, Trump mounted a historic comeback in the 2024 election. He is the only president aside from Grover Cleveland (1837–1908) to have won a nonconsecutive term.” The president signed an executive order in March targeting the Smithsonian for its “divisive, race-centered ideology” and pledging that Vice President JD Vance, as regent, would be responsible for changing the culture. The March 27 order mentioned two museums by name — the Smithsonian American Art Museum and the National Museum of African American History and Culture — detailing a sculpture exhibit and historic materials that the administration finds objectionable. The same day that Trump posted on Truth Social, the White House told the Smithsonian that the president’s budget request to Congress slashed the Smithsonian’s funding by $131.2 million — a 12% reduction from FY 2025 levels, according to an email from Smithsonian Secretary Lonnie G. Bunch III to staff obtained by Bloomberg CityLab. The budget also zeroes out funding for the Anacostia Community Museum, an urban arts center located in DC’s Ward 8 neighborhood, which will be rolled up into the National Museum of African American History and Culture if the budget passes. A forthcoming National Museum of the American Latino would be eliminated entirely, as first reported by The Washington Post. Bunch’s email described the current budget as “one of the most challenging financial moments in the Institution's history.” Neither the Castle nor the Portrait Gallery has issued any formal statement about Trump’s post. The board meets for its next regularly scheduled meeting on June 9. (A spokesperson for Vance didn’t respond to questions about his attendance this week or next.) Trump’s post came as a shock to museum directors and other senior leaders, according to staffers, in part because the Portrait Gallery has so rarely been a site of controversy. One of the museum’s wings is devoted to a gallery of portraits of American presidents, including Gilbert Stuart’s 1796 “Lansdowne” portrait of George Washington. The Portrait Gallery’s paintings of President Barack Obama and First Lady Michelle Obama drew massive crowds in 2018 and traveled on tour to museums in seven cities. The Portrait Gallery’s programming has grown more adventurous over the years, however. In 2010, an exhibit featuring LGBTQ artworks drew the ire of conservative media, setting off a rare scandal after Smithsonian Secretary G. Wayne Clough removed a video work by artist David Wojnarowicz that included a depiction of a crucifix. Under Sajet, who joined the museum in 2013, the Portrait Gallery has mounted exhibits by Ken Gonzales-Day, Titus Kaphar and Felix Gonzalez-Torres, artists who challenge the traditional boundaries of portraiture in terms of both its form and content. Portraiture in America, Sajet said at the Atlantic Festival in 2018, “has never been only about meritocracy but also social access, racial inequality, gender difference, religious preference and political power” — comments that were recirculated by the White House this week. Trump pays close attention to his official likenesses: In March he complained that a portrait of himself hanging in the state capitol in Colorado was unflattering, prompting the legislature to remove it. And on June 2, just days after he posted the notice about Sajet, the White House unveiled a new official presidential portrait.
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Columbia Student Loans Are Threatened by Trump’s ‘Secret Weapon’ Graduates outside Low Library at Columbia University. The Trump administration escalated its fight against top American colleges by targeting Columbia University’s access to federal student loans — a new tactic in the White House’s drive to wield power over academia and key financial streams. The Education Department said Wednesday that Columbia no longer meets standards for accreditation, citing its leadership’s “deliberate indifference” to the harassment of Jewish students. It called for the school’s accreditor — which determines if institutions are eligible for federal student aid — to ensure the university’s compliance with anti-discrimination laws.
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Trump’s ‘Revenge’ Tax Could See Dollar Dive 5%, Allianz CIO Says A foreign tax provision in US President Donald Trump’s massive fiscal package could trigger a 5% plunge in the dollar and send equities reeling if it takes effect, according to Allianz SE’s chief investment officer Ludovic Subran. The item, introduced in legislation that passed the US House in May as Section 899, is “exactly what people don’t spend enough time on,” Subran said in an interview on Bloomberg TV on Tuesday. The provision would increase tax rates for individuals and companies from countries whose tax policies the US deems “discriminatory.”
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Circle, Backers Seek $896 Million After Boosting IPO Size Circle Internet Group Inc. and its shareholders have increased the size and price of the company’s initial public offering, suggesting strong investor demand for the stock. The company and some of its backers are now offering 32 million shares at a price range of $27 to $28 a pop, according to a filing Monday with the US Securities and Exchange Commission. Circle and the selling shareholders were previously offering 24 million shares at a range of $24 to $26 each. The offering had received orders for multiple times the shares available, Bloomberg News reported last week.
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Stanley Fischer, Who Spread the Macroeconomic Gospel, Dies at 81 Stanley FischerPhotographer: Andrew Harrer/Bloomberg Stanley Fischer, a professor and practitioner of macroeconomics who helped guide central banks in two countries, Israel and the US, and mentored a younger generation of economic decision-makers, has died. He was 81. He died on Saturday, the Bank of Israel said in a statement, expressing condolences.
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SEC Dropping Enforcement Case Against Binance Crypto Exchange The US Securities and Exchange Commission moved to end its legal battle against crypto exchange Binance Holdings Ltd., the latest sign of the regulator’s dramatic shift in how it polices cryptocurrency. The regulator and the exchange’s co-founder Changpeng Zhao filed a joint motion on Thursday to stay the case in the US District Court for the District of Columbia. The move follows a joint request in February to pause the lawsuit for 60 days.
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Nvidia CEO Warns That Chinese AI Rivals Have Become ‘Formidable’ Nvidia Corp. Chief Executive Officer Jensen Huang said that Chinese AI rivals are filling the void left by the departure of US companies from that market, and their technology is becoming more powerful. “The Chinese competitors have evolved,” he said Wednesday in an interview with Bloomberg Television. Huawei Technologies Co., a Chinese tech company blacklisted by the US government, has become “quite formidable,” he said.
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BlackRock Is Said to Plan to Buy Shares in Circle Internet IPO BlackRock Inc. plans to acquire about 10% of the shares offered in Circle Internet Group Inc.’s initial public offering, according to people familiar with the matter, as the worlds of traditional finance and cryptocurrency continue to deepen their ties. The stablecoin issuer and some of its shareholders including co-founder and Chief Executive Officer Jeremy Allaire are seeking to raise as much as $624 million in the offering, according to a US Securities and Exchange Commission filing Tuesday. Cathie Wood’s Ark Investment Management has indicated an interest in buying as much as $150 million of shares in the offering, the filing shows.
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Revenge Tax’: US Bill Hits Allies That Have Tax Rules Trump Doesn’t Like The office of US House Speaker Mike Johnson President Donald Trump’s signature tax bill narrowly passed the House on May 22, overcoming fierce Republican infighting. Photographer: Annabelle Gordon/Bloomberg Investors in nations with tax regimes that the US deems unfair would face higher tax rates on income earned in the US if the tax bill that’s making its way to the Senate becomes law. A section of the bill, which passed the House of Representatives on May 22, takes aim at countries including Canada, the UK, France and Australia that impose “digital services taxes” on large technology companies such as Meta Platforms Inc. It also targets countries using provisions in a multicountry deal for minimum corporate taxes.
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OpenAI to Set Up Shop in South Korea to Spur Further Growth OpenAI has established a legal entity in South Korea, seeking to propel further adoption of its artificial intelligence technologies. The ChatGPT-maker plans to open an office in Seoul in coming months and is hiring staff to support partnerships with companies and policymakers, it said in a release Monday.
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Pakistan Allocates 2,000-MW Capacity to Power Bitcoin Mining Pakistan has allocated 2,000 megawatts of electricity in the first phase of a national push to support Bitcoin mining and AI data centers, as the country moves to legalize cryptocurrency and attract foreign investments. The initiative, led by the Pakistan Crypto Council, will also help monetize surplus energy and create high-tech jobs, the finance ministry said in a statement. Coal-based power projects like Sahiwal, China Hub, and Port Qasim, currently operating at 15% capacity, are among those expected to be repurposed for this effort, the ministry said.
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Crypto’s Trumpian Embrace Is Leaving Bitcoin’s Big Rival Behind Ethereum is still the second biggest cryptocurrency, with all outstanding Ether worth some $225 billion. Photographer: Angel Garcia/Bloomberg Vitalik Buterin was long viewed as the wunderkind of the cryptocurrency world. The gawky, playful founder of Ethereum — known for his rainbow-colored, animal-themed shirts — created the biggest competitor to Bitcoin and offered a techno-utopian vision that was supposed to change the financial system and our everyday digital lives.
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Saylor’s Strategy Buys More Bitcoin After Preferred Shares Sale Dave Liedtka Michael Saylor at a Bitcoin conference in Nashville. Michael Saylor’s Strategy bought $584.1 million of Bitcoin after raising more than $700 million last week through the sale of so-called perpetual strife preferred stock. The purchase, the latest in a series of almost weekly acquisitions since late October, increased the dot-com-era software maker turned leveraged Bitcoin proxy’s holding of the cryptocurrency to around $44.3 billion.
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Kraken to Acquire Futures Platform NinjaTrader for $1.5 Billion Kraken is acquiring retail futures trading platform NinjaTrader for $1.5 billion, allowing the crypto exchange to offer crypto futures and derivatives in the US for the first time and to expand into more traditional markets. NinjaTrader, which is majority-backed by Long Ridge Equity Partners, is registered as a Futures Commission Merchant with the US Commodity Futures Trading Commission, Kraken said in a statement Thursday. The transaction is subject to certain purchase price adjustments.
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Crypto Exchange OKX Suspends DeFi Service That Drew EU Scrutiny Digital-asset exchange OKX has suspended a service used by hackers to launder proceeds from a $1.5 billion heist on trading platform Bybit, after drawing scrutiny from European watchdogs. “After consulting with regulators, we made the proactive decision to temporarily suspend our DEX aggregator services,” OKX said in a statement on Monday. “This move allows us to implement additional upgrades to prevent further misuse.”
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Wall Street Goes All In on Great Crypto Comeback Fueled by Trump It was only three years ago that a dispute between an infamous crypto billionaire and a titan of the financial establishment became the center of attention at an annual event known as the Davos of the derivatives market. The dust up between FTX founder Sam Bankman-Fried and Terry Duffy, the boss of the US’s largest futures and options exchange, was emblematic of Wall Street’s skepticism then about a new generation promoting digital assets and the crypto bigwig’s plans to change the way derivatives trade.
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