SpaceX's IPO is set to be the biggest ever and could make Elon Musk a trillionaire
NEW YORK (AP) — SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world’s first trillionaire. The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 each in an initial public offering. The offering would give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more. The estimated proceeds from the SpaceX IPO would easily top the $26 billion raised by oil giant Saudi Aramco in 2019.
US sanctions Iran’s largest digital asset exchange Nobitex and 3 others
WASHINGTON (AP) — The Trump administration has placed sanctions on Iran’s largest digital asset exchange, Nobitex, and three others. This move is part of ongoing efforts to pressure Iran into a deal to end a war with the U.S. and Israel. Treasury says Nobitex processed over 50% of Iran's digital asset income last year and supports sanctions evasion. On Tuesday, Iranian news agencies reported Iran stopped communicating with mediators about a ceasefire extension. President Trump disputes this, saying talks continue. Treasury accuses Nobitex of moving assets to shield regime wealth. The U.S. has also imposed sanctions on Iran's Persian Gulf Strait Authority.
Trump administration seeks new path forward with tariffs after first attempt hit legal roadblocks
WASHINGTON (AP) — President Donald Trump is in a hurry to rebuild the tariff wall the Supreme Court tore down less than four months ago. The administration has proposed slapping double-digit tariffs on products from dozens of major U.S. trading partners after an investigation into imports of goods allegedly made with forced labor. And more tariffs are likely coming. Under the proposal released in Washington late Tuesday, 16 economies — including Canada, Mexico, the European Union, Taiwan and the United Kingdom — would face 10% levies for allegedly failing to enforce bans on forced labor. Another 44 trading partners — including China, Japan, India, South Korea and Switzerland — would be hit with 12.5% import taxes.
Asian shares retreat as US stocks halt their record-breaking rally, while oil prices fall back
Asian shares have retreated following declines on Wall Street that snapped a nine-day winning streak for the S&P 500. Oil prices fell despite the latest threats to the U.S.-Iran ceasefire. On Wednesday, the S&P 500 fell 0.7% from its all-time high. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite sank 0.9%. Oil prices shed about $1 early Thursday after surging as both the United States and Iran said they launched retaliations for earlier attacks or attempted ones. Treasury yields also climbed in the bond market to further crank up the pressure on stocks. The smallest U.S. stocks fell to the sharpest losses.
Ukrainian drones hit St. Petersburg oil terminal before city hosts Russian economic forum
Ukrainian long-range drones have struck an oil terminal in St. Petersburg, setting it ablaze, according to President Volodymyr Zelenskyy. The attack comes as the Russian city hosts a major event for attracting foreign capital. The drones flew over 1,000 kilometers to hit the terminal, a day after Moscow launched a major attack on Kyiv. Russian authorities confirmed the strike but provided few details. The city's airport briefly suspended flights, and mobile internet services were cut off. Both sides have been launching long-range strikes as the war continues with no end in sight.
Trump signs an executive order that invites vetting of top AI models for national security risks
President Donald Trump has signed a new executive order on oversight of artificial intelligence, less than two weeks after postponing a White House ceremony over his concerns that a similar policy could dull America’s edge on AI technology. It was not immediately clear to what extent the order signed Tuesday differed from the one he declined to sign on May 21. The order establishes a framework to vet the national security risks of the most advanced AI systems for up to a month before their public release. The government will be able to work with trusted partners “to promote secure innovation and strengthen the cybersecurity of critical infrastructure,” the order says.
Whither ‘60 Minutes’? As turmoil unspools in public, CBS News show’s ultimate health is debated
NEW YORK (AP) — A stunning week of revelations of discord at “60 Minutes” has raised a host of questions, and left people inside and outside the network wondering about the program's ultimate health. The turmoil began last Thursday when CBS News leader Bari Weiss introduced sweeping changes at "60 Minutes," firing top staff and bringing in a new chief with no TV broadcast experience. Scott Pelley, one of the show's most important faces, is also out after a confrontation with bosses. Some fear the program is crumbling, while others see it as evolving. Former executive producer Jeff Fager worries about losing Pelley, calling his work essential to the broadcast.
Canadian government tells regulator to back off on charging streamers like Netflix more
OTTAWA, Ontario (AP) — Canada's culture minister says the government has directed its television and communications regulator to back down from a recent decision to triple financial contributions required from U.S. streaming services such as Netflix for Canadian content. Instead, Culture Minister Marc Miller said Wednesday that the regulator will invest hundreds of millions of dollars in the sector. The U-turn comes after the Motion Picture Association, the U.S. group representing streamers, called on the Canadian Cabinet to reconsider its approach, and after the U.S. ambassador to Canada called for the policy to be rescinded.
New York City's 9/11 memorial fundraises to educate youth with $25 million match from Mike Bloomberg
NEW YORK (AP) — The 9/11 Memorial and Museum has launched a $75 million fundraising campaign as the nonprofit tries to educate the millions of U.S. youth who don’t remember the terror attacks. Boosting The Never Forget Fund’s latest appeal, announced Wednesday, is Mike Bloomberg. The former New York City mayor is pledging to match the next $25 million in donations through his Bloomberg Philanthropies in honor of the 25th anniversary. Beth Hillman, the memorial's president and CEO, says they need a permanent funding source to reach the roughly 100 million Americans born after the attacks. She tells the Associated Press that “the ongoing importance of remembering 9/11 is to remind people that they can come together even in the face of incredible loss."
Oil prices climb back toward $100, and US stocks halt their record-breaking rally
NEW YORK (AP) — Oil prices rose following the latest threats to the U.S.-Iran ceasefire, and U.S. stocks retreated from their records. The S&P 500 fell 0.7% Wednesday from its all-time high and snapped a nine-day winning streak. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite sank 0.9%. Oil prices rose roughly 2% after both the United States and Iran said they launched retaliations for earlier attacks or attempted ones. Treasury yields also climbed in the bond market to further crank up the pressure on stocks. The smallest U.S. stocks fell to the sharpest losses.
