Global Market developments include xAI funding, US markets shifting to T+1 settlement, ECB examining rate cut in June, and China launching a semiconductor investment fund.
Elon Musk secures $6 billion funding for xAI, US markets shift to T+1 settlement cycle, Ether bets surge, ECB eyes rate cut, BOJ adopts cautious stance, China launches semiconductor investment fund.
Elon Musk’s xAI has raised $6 billion
Elon Musk’s xAI has raised $6 billion, increasing its valuation to $24 billion. Investors included Sequoia Capital, Andreesen Horowitz, and Saudi Prince Alwaleed Bin Talal. Musk previously had a valuation of $18 billion.
Fast T+1 settlement
US financial markets will transition from T+2 settlement cycle to quicker T+1 cycle starting Tuesday, aiming to enhance market efficiency and reduce risks associated with securities trading.
Ether Elevation
US regulatory shift towards ETFs for Ether has sparked a 26% increase in the second-largest token in seven days, the biggest weekly advance since the 2021 crypto bull market, despite concerns about demand.
ECB is expected to cut interest rates
The European Central Bank (ECB) is expected to cut interest rates from historic highs at its June 6 meeting, according to chief economist Philip Lane. Investors are betting on a quarter percentage point decrease.
BOJ’s approach
The Bank of Japan (BOJ) will approach inflation-targeting frameworks cautiously, citing unique challenges after years of ultra-easy monetary policy. Ueda said Japan has made progress in lifting inflation expectations and will proceed cautiously.
China has launched its third state-backed investment fund
China has launched its third state-backed investment fund, with a registered capital of 344 billion yuan ($47.5 billion), to strengthen its semiconductor industry, a move prompted by US export control measures and concerns over military capabilities.
UBS Group’s layoffs
UBS Group’s Asia Pacific president, Edmund Koh, announced that most job cuts in the region have been completed, with most positions optimized in terms of business lines and geography, with UBS operating in 13 locations.
Global Commerce
China urges Japan and South Korea to reject “protectionism” and uphold free trade during a trilateral summit in Seoul, stating he opposes turning economic and trade issues into political games or security matters.
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Glass Lewis has urged Tesla shareholders to reject a $56 billion pay package for CEO Elon Musk, citing concerns about the package’s excessive size, dilutive effect on exercise, concentration of ownership, and Musk’s time-consuming projects.
Glass Lewis has urged Tesla shareholders to reject a $56 billion pay package for CEO Elon Musk, citing concerns about the package’s excessive size, dilutive effect on exercise, concentration of ownership, and Musk’s time-consuming projects.
Glass Lewis has urged Tesla shareholders to reject a $56 billion pay package for CEO Elon Musk, citing concerns about the package’s excessive size, dilutive effect on exercise, concentration of ownership, and Musk’s time-consuming projects.
Glass Lewis has urged Tesla shareholders to reject a $56 billion pay package for CEO Elon Musk, citing concerns about the package’s excessive size, dilutive effect on exercise, concentration of ownership, and Musk’s time-consuming projects. Former OpenAI board members Helen Toner and Tasha McCauley argue that artificial intelligence companies cannot govern themselves and require third-party regulation. They maintain their decision to remove founder Sam Altman due to allegations of psychological abuse.
Former OpenAI board members Helen Toner and Tasha McCauley argue that artificial intelligence companies cannot govern themselves and require third-party regulation. They maintain their decision to remove founder Sam Altman due to allegations of psychological abuse.GlFormer OpenAI board members Helen Toner and Tasha McCauley argue that artificial intelligence companies cannot govern themselves and require third-party regulation. They maintain their decision to remove founder Sam Altman due to allegations of psychological abuse.obal Market Global Market Global Market
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