SpaceX launches $75B IPO in largest share sale ever
SpaceX launches its IPO on June 12, seeking to raise at least $75 billion at a $1.75 trillion valuation. EchoStar holds 2-3% of SpaceX after selling spectrum for $17 billion in September 2025; its stock has surged 430% since last year, elevating the company to Fortune 500 at number 302. SpaceX's own prospectus shows $18.6 billion in revenue against a $4.9 billion net loss, prompting Morningstar analyst Nicholas Owens to estimate the company's actual value closer to $700 billion.
US Proposes Tariffs on 60 Economies Over Forced Labor
The US Trade Representative proposed tariffs of 10 to 12.5 percent on 60 economies for failing to enforce bans on goods made with forced labor. The measure uses Section 301 of the Trade Act of 1974 to replace a 10 percent global tariff set to expire in July. Countries with existing forced labor bans including Canada, Mexico and the EU would face 10 percent duties, while China, India and Brazil would be subject to 12.5 percent. Legal experts expect immediate challenges, arguing the blanket rates stretch the law beyond congressional intent. China rejected the forced labor allegations.
Trump invokes Cold War law to direct $700m toward coal revival
Trump announced $700 million in federal coal funding Thursday, invoking the Defense Production Act to upgrade 13 existing plants and build the first new coal-fired power stations since 2013. The funding allocates $425 million for plant upgrades, $185 million for new facilities in Alaska, West Virginia and Maryland, and $75 million for an Oakland export terminal. Coal production has fallen to less than half its 2008 levels while 330 plants have retired since 2010. Environmental groups condemned the move, saying it will drive up electricity costs and worsen air pollution.
Xi Jinping to Visit North Korea for First Time Since 2019
Xi Jinping will visit North Korea on Monday and Tuesday, his first trip since 2019. Beijing and Pyongyang are rebuilding ties after years of strain caused by the pandemic, North Korea's frustration with China's denuclearisation stance, and Pyongyang's growing military cooperation with Russia. The visit was confirmed after satellite imagery showed construction in Kim Il Sung Square and Singapore's foreign minister posted a video of preparations.
BOJ signals June rate hike to 1 percent, highest since 1995
Bank of Japan Governor Kazuo Ueda signaled the central bank is ready to raise interest rates if price upside risks outweigh economic downside risks. Markets price in an 80 percent chance of a hike to 1 percent from 0.75 percent at the June 16 policy meeting. Three sources said the BOJ is expected to proceed unless Middle East hostilities, particularly involving Iran, upend markets. A 1 percent rate would be the highest since 1995.
Vaccine-Free Ebola Strain Spreads to Europe as Outbreak Grows
The Ebola outbreak in the Democratic Republic of Congo has killed 60 people among 344 confirmed cases, with additional infections reported in Uganda and Europe. The outbreak involves the Bundibugyo strain, which has no approved vaccines or drugs. WHO Director-General Tedros Adhanom Ghebreyesus warned the outbreak "had a big head start" with only 45 percent of contacts traced against a required 90 percent. The response requires $115 million over three months, but only about 35 percent is funded.
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- Screwworm Fly Detected in Texas for First Time Since 1966. A calf in LaPryor, Texas, has tested positive for the flesh-eating parasitic fly, prompting a 12-mile quarantine and sterile-insect releases along the border. The U.S. had declared the pest eradicated decades ago.
- AI Leaders Urge Congress to Require Synthetic DNA Screening. CEOs from OpenAI, Anthropic, Google DeepMind, Meta, and Microsoft warn that advancing AI systems could lower barriers to bioweapon development, calling for mandatory federal screening and customer verification for synthetic nucleic acid orders.
- Bumblebees pass problem-solving test in surprise for science. Finnish researchers document bees spontaneously solving tasks without prior training, while two other European teams prove bees can judge time and navigate using tiny brains the size of a poppy seed.
- Amazon's Proteus robot can now respond to voice commands. The upgraded AI-powered machine works across entire warehouse floors, moving containers and assisting staff without specialized software. Amazon plans European deployment in the first half of 2027 as part of a €10 billion investment.
- Hormuz Closure Chokes 20% of Global Oil Supply. The vital chokepoint, responsible for a fifth of global crude shipments, has sent gas prices above $4.21 per gallon. Oil executives warn the disruption is straining inventories as a fragile US-Iran ceasefire risks collapse.