Trump threatens to 'blow up' Oman over Strait of Hormuz talks
Trump threatened to "blow up" Oman if it interferes with Strait of Hormuz negotiations, saying the vital energy corridor must remain open to all nations. "Oman will behave just like everybody else or we'll have to blow them up," he said. The White House dismissed Iranian state television reports of a draft agreement on lifting the naval blockade as "a complete fabrication." Secretary of State Marco Rubio said there had been "some progress" while retaining "other options" if diplomacy fails. Trump rejected proposals for Russia or China to take custody of Iran's enriched uranium.
SpaceX targets record $2 trillion IPO
SpaceX has filed for a Nasdaq listing under the ticker SPCX, targeting a valuation between $1.75 trillion and $2 trillion in what could become the largest public offering in human history. The company posted combined losses exceeding $9 billion across 2025 and early 2026 despite generating $18.7 billion in 2025 revenue, with Starlink accounting for roughly 60 percent of that total. Elon Musk will retain voting control through a dual-class share structure. Taiwanese battery maker ProLogium Technology separately agreed to a $3.8 billion merger to list on Nasdaq as PRLG.
China certifies AI chips for government use in tech swap
China released its first official certifications for AI training and inference chips through its "secure and reliable" technology assessments, creating a new procurement category under the Xinchuang initiative. The three-year certifications from two state evaluation centres serve as the definitive guide for government agencies and state enterprises. The move targets foreign AI chip suppliers including Nvidia, gaining urgency after successive US export controls restricted Chinese access to advanced graphics processing units. A separate study revealed Chongqing University researchers developed an AI system capable of autonomously designing mechanical components, highlighting the military industrial applications of China's AI development push.
Hong Kong overtakes Switzerland as world's largest wealth hub
Hong Kong has overtaken Switzerland as the world's largest cross-border wealth hub, with offshore assets booked in the city rising 10.7 percent to US$2.9 trillion in 2025. Single-family offices expanded 25 percent to 3,384 by end of 2025, with over 1,000 managing more than US$100 million each, driven by mainland Chinese capital and an equity market revival. Hong Kong has simultaneously completed its regulatory framework for digital asset firms, requiring up to HK$5 million in paid-up capital, as the government extends tax concessions to attract more Middle Eastern ultra-wealthy investors.
Russia lets banks arm staff to shoot down Ukrainian drones
Russia's parliament approved a law allowing the central bank, Sberbank and major financial institutions to deploy anti-drone systems and arm employees to shoot down incoming Ukrainian drones without waiting for security services. These institutions must cover the costs of electronic jamming equipment, staff training and destroying unmanned aircraft threatening their facilities. Ukraine launched a Moscow drone attack on Sunday that killed three people and wounded 15, while an attack on a student residence in Lugansk the previous week killed 21 people. The bill must still pass the Federation Council and receive President Putin's signature before becoming law.
White House denies Iran peace deal report as talks falter
The White House rejected Iranian state media reports of a draft peace deal as "a complete fabrication," hours after Tehran announced a proposed memorandum of understanding. Oil prices fell more than 5 percent following the Iranian report before retreating after the denial. The US military has approximately 15,000 troops enforcing the blockade of Iran, with thousands more stationed at bases throughout the Gulf region. US officials have insisted that dismantling Iran's nuclear programme is the primary objective of the conflict.
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- BofA raises South Korea 2026 GDP forecast to 3.1% on AI boom. Bank of America sharply upgraded its outlook after DRAM prices rose 48 percent and exports climbed 41 percent, with Samsung and SK hynix collectively expected to contribute over 100 trillion won in tax revenue this year.
- YouTube to spot and flag AI-generated videos. The platform is deploying systems to identify undisclosed AI content and making labels impossible to miss, placing them below the player for long-form videos and as overlays on Shorts.
- ECB Warns of Danger From Market Complacency. ECB Vice President Luis de Guindos flagged geopolitical tensions, elevated stock valuations, and AI sector concentration as key vulnerabilities, saying markets are underestimating risks while discounting a quick resolution to the Middle East conflict.
- Sánchez meets Pope Leo XIV amid Spain political storm. The Vatican meeting comes days before the Pope's first visit to Spain, amid political turmoil over corruption charges against a former prime minister and Sánchez's own family legal woes.
- Police search Spain's ruling party in funding probe. Guardia Civil officers arrived at Ferraz headquarters as opposition parties pressed PM Sanchez's vice presidents to defend the government. The operation coincides with former president Zapatero's judicial imputation in a separate case.