Falling job-growth numbers drive more people to the gig economy to supplement their income.
The preliminary and seasonally adjusted job-growth numbers for July issued by the U.S. Bureau of Labor Statistics on August 7, paint a picture of a continuing slowing economy, as the agency reported an overall loss of 23,000 non-farm jobs over the month.
The numbers come on the heels of the Bureau’s revised May and June numbers, which reduced the total number of jobs by 103,000, resulting in 63,000 and 20,000 added jobs, respectively.
“The three-month average payroll gain collapsed by more than a third,” wrote Frances Donal, chief economist at RBC, and Mike Reid, head of US economics at RBC, in an analysis note released before the BLS report. “Net revisions to the prior two months subtracted more jobs than were created in June.”
Financial activities lost 14,000 jobs, with credit intermediation and related activities losing 9,000, while insurance carriers and related activities lost 7,000. The sub-sector for securities, commodity contracts, funds, trusts, other financial vehicles, investments, and related activities added a modest 1,000 jobs over the same period.
Healthcare was a standout in July, adding 22,000 jobs.
Once again, there is little correlation between the employment data issued by the Bureau and that published in the ADP National Employment Report for the month, which is slightly more optimistic.
Using its own methodology developed with the Stanford Digital Economy Lab, the authors of the ADP report estimated a gain of 44,000 in U.S. private employment in July, with financial activities gaining 10,000 jobs. Only education and health services beat that gain by adding an estimated 36,000 new jobs. Professional and business services experienced the third-largest gain, adding 9,000 jobs last month.
Findings of the Bank of America Institute’s Employment Report for July, based on anonymized client data, suggest that what job growth occurred in July came from lower-income households, which saw an estimated 2% year-on-year growth, up from 1.7% in June. Higher-income households saw approximately a third of the job growth of lower-income households, while middle-income households saw jobs contract by less than 1%.
The report’s authors noted that the share of fully employed clients active in the gig economy, which has continued to grow over the past three years, is not abating.
The authors conclude that some households are using gig work to “top up” their regular paychecks. In June, nearly half of the gig workers earned income from gig work for only one month in the past 12 months, while 74% of gig workers earned income for three months over the same timeframe.
The gig work that has seen the greatest growth in participation since 2024 is “social commerce,” as thrifting becomes increasingly important to households, the authors write. The number of households seeking to make a little extra via ridesharing, food delivery, content creation, and vacation rentals has returned to close to 2024 levels, with little change.
Rob Daly covers fintech and the economy. Contact him at rdaly@gfmag.com.
The United States and Japan last week staged a coordinated intervention to halt the slide of the yen after the Japanese currency fell to a 40-year low against the US dollar.
While it is unusual for authorities to intervene to help prop up another country’s currency, the yen has an important role in international finance as the world’s third-most-traded currency, meaning its depreciation has repercussions far beyond Japan.
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Here is everything you need to know about the currency intervention:
A currency intervention occurs when a government or central bank buys or sells large quantities of foreign currency to help stabilise the value of its own currency.
In this case, the US and Japan coordinated an intervention to lift the value of the yen after it slid to 163 against the dollar for the first time since 1986.
The intervention began on July 31 when the US Treasury began selling euros for yen, while Japanese authorities also bought yen.
In the days after the intervention, the yen began to rise and reached 157 to the dollar on Wednesday.
The US last staged a currency intervention with Japan in 2011 when the yen began appreciating rapidly following the Tohoku earthquake and tsunami.
It also stepped in to support the Japanese currency during the Asian Financial Crisis in 1998.
The yen’s collapse is the result of longstanding economic challenges combined with new pressures from the US-Israel war on Iran.
Japan has struggled with economic stagnation since the early 1990s.
The Bank of Japan has for decades attempted to stimulate growth with ultra-low and even negative interest rates, a policy that has exerted downward pressure on the yen.
While Japan’s weak currency has helped draw record numbers of tourists and kept exports cheap, it has also placed a strain on households by raising the cost of imported goods.
Tokyo has spent tens of billions of dollars since 2022 trying to defend the yen, but the economic policies of successive Japanese leaders, including current Prime Minister Sanae Takaichi, have partly offset these efforts.
“Takaichi wants it all: Growth, loose fiscal policy, loose monetary policy and a stable yen – but their policy mix is leading to a weak yen, which is causing an inflation problem,” Chris Turner, global head of markets at ING, told Al Jazeera.
While Japan is a close US ally, Washington stepped in for its own benefit as much as Tokyo’s, said Masahiko Loo, a senior fixed income strategist at State Street Investment Management in Tokyo.
“Washington isn’t trying to strengthen the yen for Japan’s sake. It’s trying to prevent a disorderly decline that could spill over into Treasury markets, global funding conditions, and broader financial stability,” Loo told Al Jazeera.
“A free-falling yen isn’t just Japan’s problem. At some point it becomes a global liquidity and financial stability issue, which is why Washington stepped in.”
The yen is the most traded currency after the US dollar and the euro, which means dramatic changes in its value can have ripple effects across the global financial system.
One of Washington’s biggest concerns is the prospect of Japan selling off its holdings of US Treasury securities, which were valued at $1.114 trillion in May.
If the yen continued to fall, Tokyo would be encouraged to sell large quantities of US Treasuries to raise cash it can use to defend the currency.
That would put upward pressure on interest rates in the US, raising the cost of servicing the country’s rapidly growing national debt, which already exceeds $39 trillion.
“The financial cost of intervention for the US is low and, given that President Donald Trump favours a weaker US dollar, the domestic political cost is minimal,” Shigeto Nagai, head of Japan economics at Oxford Economics, wrote in a research briefing on Monday.
“Coordinated intervention is a cost-effective method as it allows the US to do a significant favour for Japan, a precious loyal ally in Asia, and take some pressure off US interest rates.”
While the joint intervention has provided short-term support for the yen, Japan will need to take more fundamental measures, such as raising interest rates, to raise the value of the currency in the long term, according to experts.
Japan’s benchmark interest rate currently stands at 1.0 percent, its highest since 1995 but far lower than other advanced economies, including the US.
The large gap between interest rates in the US and Japan is a primary driver of the yen’s persistent weakness.
Without a change in Japan’s low-interest-rate environment, the latest currency intervention is just “throwing good money after bad,” said Derek Tang, an economist and CEO of Monetary Policy Analytics, a US research advisory firm.
“Ultimately… the gravitational force of economic fundamentals will overwhelm intervention efforts,” Tang told Al Jazeera.
“Nevertheless, Japan seems very reluctant to tighten monetary policy to raise its own interest rates and allow the currency to appreciate in that manner,” Tang said.
“So this situation will persist for the time being.”
Oil prices fall as US officials tout progress in talks to reopen critical waterway.
Published On 5 Aug 20265 Aug 2026
The US stock market has hit an all-time high amid growing hopes for a deal to reopen the Strait of Hormuz and a flurry of bumper corporate earnings results.
The S&P 500, the most popular gauge of US stocks, surged 1.8 percent on Tuesday to top 7,700 for the first time, blasting past its previous record of 7,620.90 set on June 2.
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Wall Street’s benchmark index has risen 12.80 percent so far this year, comfortably beating its historical average of about 10.5 percent.
Palantir Technologies, a data analytics company closely tied to the US and Israeli defence sectors, was among the biggest gainers, with its shares soaring 29.5 percent on the back of forecasting-busting second-quarter revenue of $1.94 bn.
The Dow Jones Industrial Average, which tracks 30 blue-chip companies, set a new record for a second straight day, climbing 1.7 percent to 54,085.88.
The rally continued in Asia on Wednesday morning, with key indexes in Japan and South Korea making major gains.
Tokyo’s benchmark Nikkei 225 was up 3 percent as of 01:00 GMT, while the Kospi in Seoul was up 4.6 percent.
Brent crude, the primary international benchmark for oil prices, edged lower after falling about 5 percent overnight on hopes for an end to the months-long disruption to shipping in the Strait of Hormuz, a conduit for about one-fifth of global oil supplies before the start of the US-Israel war on Iran in late February.
Brent futures for October delivery stood at $79.11 per barrel as of 01:00 GMT, down about 13 percent from the previous week.
The growing market optimism came as both US and Iranian officials touted progress in talks between Iran and Oman aimed at restoring shipping in the strait.
US Secretary of State Marco Rubio said on Tuesday that while an agreement had yet to be reached, he hoped that a deal would “happen very shortly”.
US Treasury Secretary Scott Bessent said in an interview with CNBC that an agreement on the strait could be reached as soon as Tuesday or Wednesday.
Iran’s Foreign Ministry spokesperson, Esmaeil Baghaei, said talks with Omani officials on designating safe routes for vessels have been “positive”.
Maritime traffic in the Gulf has been severely constrained since the start of the war amid the threat of Iranian attacks on vessels in and around the strait, as well as a US blockade of Iranian ports.
Just nine vessels transited the critical waterway on Sunday, according to ship-tracking platform MarineTraffic, compared with roughly 130 daily crossings before the start of the war.
The US military said on Tuesday that the strait was “free and open” to all commercial vessels despite Tehran’s repeated insistence that it has the right to control the movement of traffic in the waterway.
“Over the past three months, US forces have assisted more than 1,000 vessels in successfully transiting the strait despite unwarranted Iranian aggression, and these transits continue today,” US Central Command said in a post on social media.
KATIE Price has suffered more financial woe – she’s closed down her horse-riding clobber brand and dissolved the firm, we can reveal.
Her KP Equestrian Ltd firm sold items including riding leggings, body warmers and a range of T-shirts and other tops for women, men and kids.
The outfit company was removed from the register at Companies House this week.
Katie had previously been spotted flogging the £34 hoodies on stalls set up at horse riding events.
But she’s now stopped selling the gear and shut the firm’s website – which until recently had ex-lover Carl Woods modelling clothes.
The brand’s Instagram page hasn’t been updated for two years and a link to the company website is now dead.
She launched the venture – designed to “dazzle in the saddle” – after it was revealed she owed more than £3 million.
Latest books for KP Equestrian Ltd filed to Companies House show the outfit company had just £1,000 in its bank balance and was worth a total of £15,000.
In 2022, it was worth £26,269.
This comes as Katie’s husband, Lee Andrews faces mounting prison fines and financial demands exceeding £100,000 to £120,000 from his detentions in Dubai’s Al-Awir prison.
Katie made it clear in an interview with us that she would not cover the cost.
She stated to us in a chat with our very own Clemmie Moodie: “There’s nothing I can do. I’m not here to pay anything for anyone.
“I’ve got my own life. Even though he’s part of my life.”
Back to her clothing brand, Katie told would-be buyers on her website: “Horses have always been a big part of my life since I was a little girl.
“I used to spend hours at the yard when I was a teenager grooming, mucking out, learning to ride, trimming, practising my plaiting, hanging out with friends, grooming again and just being around the horses.
“As my life got busier and more hectic, I always made time for the horses, as it’s the only place where I could fully switch off and just enjoy my hobby.
“Horses are my happy place and where I can take time out and calm my soul. I love their company, feel, presence and even their smell.
“There’s nothing quite like the feeling when you turn up to the yard.
“With horses having been such a large part of my life for so long I’ve focused on getting my KP Equestrian range ready for you all, as it means so much to me.
“So you too can Dazzle in the Saddle and we can all share in our riding experiences.
“Our clothing has been developed with the comfort & style of riders in mind.
“Kids, menswear & horsewear to follow soon.
“It’s a process I have really loved. Designing the products that I have always wanted with my own sparkle added.”
But the enterprise has failed to dazzle customers.
CHARLOTTE Crosby has been forced to sell clothes for just £6 as she announced she’s closing her fashion brand amid financial woes.
The 36-year-old started Pepper Girls Club nine years ago, but in an emotional post on Tuesday night, she revealed she’s saying goodbye to her beloved company.
Taking to her Instagram stories, she penned: “After 9 incredible years, it’s time to say goodbye to @peppergirlsclub.
“This has been one of the hardest decisions I’ve ever had to make.
“To everyone who believed in Pepper Girls Club, supported every launch, placed an order, shared our posts, wore our clothes or simply cheered us on from the sidelines.. thank you.
“You made this dream possible and I will never be able to fully express just how grateful I am.
READ MORE ON CHARLOTTE CROSBY
“The reality is that the current climate has become one of the hardest times for small businesses to survive and I’ve reached the point where I have to prioritise my family, growing my family and my future projects.”
The former Geordie Shore star revealed that this will be the final restock of some of their sold out products as she announced a closing down sale.
“While this chapter is coming to an end, it’s taught me resilience and determination like no other and the lessons I have learnt will stay with me forever,” she continued.
“Pepper Girls Club will always hold a very special place in my heart and I’ll forever be proud of everything we achieved and built together.”
Charlotte concluded her emotional post by thanking her mum Letitia for helping her with the brand over the years.
The reality star has been forced to slash her prices, with some items being sold for as little as £5.99.
T-shirts that are usually £19.00 have been reduced to even more than half price as she attempts to flog her remaining stock.
The news comes after Charlotte closed down another one of her businesses last month.
She had announced that Studio Yours, which was a creative space for content creation in the North East, was being closed.
Her post read: “After an incredible couple of years, we’ve made the difficult decision to close Studio Yours.
“We want to say a huge thank you to every single person & business who booked in to use our creative space.
“It has been a privilege to welcome so many amazing businesses, creatives, families and brands through our doors, and we’re so grateful for the memories we’ve made together.”
The post continued: “We will be selling furniture & production equipment so if you’ve had your eye on anything, or would be interested in purchasing items from the studio, please send us a message for more information.
“Thank you again for all of your support from the North East, Studio Yours wouldn’t have been what it was without you.”
The Celebrity Big Brother winner first revealed her financial woes in September last year.
She admitted that she put £300,000 into Pepper Girls Club but hadn’t seen a penny back.
Speaking in a behind-the-scenes video to share the secrets of her company, she admitted her financial struggles have been the hardest part of running her company.
Charlotte said: “I have literally put so much money into this business. That is no word of a lie.
“I’ve put about £300,000 into this business over the last eight years. “I haven’t received a penny of that back.”
She added: “The company is only in debt to me which is fine. “I would love to get it to the point where I can start to get some of that money back. But it is just not there yet.”
Charlotte further revealed that she had campaigned to get investment from others to help the business but had been cruelly dismissed by potential lenders.
She recalled how one even said to her: “Their accountant told me that Pepper Girls Club would do good the day that pigs fly.”
The business empire of Dodgers and Lakers owner Mark Walter reportedly is being probed by the U.S. Attorney’s Office and securities regulators over $16 billion in possibly fraudulent loans.
The loans by two Delaware life insurers that Walter owns were made to companies tied to him or his TWG Global holding company but were not disclosed as “related party” transactions as required, the Wall Street Journal reported Sunday. Related party transactions made by insurers are required to be reported to limit conflicts of interest and protect policyholders, who have an interest in the financial strength of their insurers.
Walter, 66, chief executive of Chicago investment firm Guggenheim Partners, led a group that included Todd Boehly — another Guggenheim executive — and Magic Johnson in acquiring the Dodgers for $2.15 billion in 2012, a record for a pro sports team at the time. Last year, Walter and TWG acquired a controlling stake in the Lakers at a $10 billion valuation, a new record. Walter also owns the Chelsea soccer team in the English Premier League.
Last week, the financial and sports mogul celebrated the Dodgers’ World Series victory at the White House. It was the second time in two years, following back-to-back World Series wins.
The majority of the money used to buy the Dodgers — more than $1 billion — came from insurance companies managed by Guggenheim Partners and controlled by Walter, the Times has reported.
A number of state insurance regulators investigated the purchase in 2014 and found no irregularities, the Wall Street Journal reported in 2020.
Guggenheim Partners got into the insurance business after America’s 2008 financial crisis, spotting investment opportunities. Walter figured he could increase the returns insurers got on their typical purchases of corporate bonds by connecting them to his deal pipeline, according to the Wall Street Journal, which found that five insurers had provided more than $10 billion in deal funding over the years.
The current probe began after an internal whistleblower filed a complaint questioning the way Walter’s asset-management firm, Guggenheim Investments, booked revenue associated with insurers, the Journal reported this week, and FBI agents seized at least one cellphone related to that probe.
The investigation then spread to examining $16 billion in loans, which were passed through a third party before being received by the companies tied to Walter or TWG, the Journal reported, adding that authorities are trying to determine whether that amounted to fraud, citing an unnamed source.
The insurers, Delaware Life Insurance and its affiliate Clear Spring Life and Annuity, disclosed the investigations in June regulatory filings. Delaware Life, which earlier had stated affiliated investments amounted to only about $1 billion, or 3% of its portfolio, increased that number to $16 billion.
Delaware Life executives told one credit rating firm they were unaware the loans were made to entities tied to Walter, the Journal reported. The companies said they received grand jury subpoenas in February related to an investigation by federal prosecutors in the Southern District of New York and that the Securities and Exchange Commission also is conducting a parallel investigation.
Investigations conducted by prosecutors and securities regulators often result in no action.
The Dodgers, TWG and Guggenheim did not immediately respond to messages for comment.
A TWG spokesperson told the Journal that “Mark Walter and TWG have always acted in good faith,” are cooperating with authorities and are “confident these matters will be resolved favorably.”
After conducting an internal investigation, Delaware Life said it would restructure some related-party loans, address its internal control deficiencies and moderate its business plan, according to S&P Global. While the ratings agency is maintaining its “A-” financial strength and credit ratings of Delaware Life, it reduced its outlook to “negative” because of possible higher credit risk following changes to the insurer’s portfolio.
“In addition, such outcomes could weaken Delaware Life’s regulatory relationships and damage its reputation, which could erode its competitive position,” S&P said.
“Our capital position and liquidity remain strong, and our financial strength ratings are unchanged,” Group 1001, the insurers’ parent company, said in a statement.
“We remain focused on delivering exceptional value and service to our contract and policyholders and their financial representatives,” the statement added.
Bloomberg News contributed to this report.
Hana Financial Group Chairman Ham Young-joo speaks during a recent industry event in Seoul. Photo by Hana Financial Group
SEOUL, July 27 (UPI) — South Korea’s Hana Financial Group said Friday it posted record earnings for the first half of this year, driven by its banking and brokerage businesses.
The Seoul-based financial conglomerate noted its net profit amounted to $1.6 billion during the first six months of 2026, up 4.4% from a year earlier. Its flagship subsidiary, Hana Bank, made the largest contribution, with a bottom line of $1.45 billion.
Non-banking affiliates also delivered robust results. Hana Securities, one of the country’s major brokerages, more than doubled its net income to $186 million year-on-year during the January-June period.
During the third quarter, Hana Financial said it would spend $171 million on share buybacks and cancellations, bringing the annual total to $478 million. It also plans to increase 2026 dividends payments by 26.5% from a year ago.
The company expects overall cash dividends for this year to reach $820 million, up more than 10% from 2025.
Hana Financial CFO Park Jong-moo said that the group would raise its target for return on equity, or ROE, to 12% from the previous goal of 10%. The group’s ROE stood at 10.62% in the first half.
ROE measures how efficiently a company generates profit from the shareholders’ equity. In other words, Hana Financial aims to earn 12 cents of yearly net profit for every dollar of shareholders’ equity.
“We will create a virtuous cycle in which higher ROE leads to greater shareholder returns and enhanced corporate value,” Park told an earnings call. “We have raised our ROE target to 12% and set our shareholder payout ratio at 50% or higher.”
Hana Financial shares rose 1.46% on the Seoul bourse Friday before falling 1.36% Monday.
Earnings Call Insights: SB Financial Group (SBFG) Q2 2026
“The second quarter of 2026 represented a period of strong execution across our franchise, reflecting the consistency and resilience of our diversified revenue operating model,” said Mark Klein (Chairman, President & CEO), highlighting “high-quality organic loan growth, stable
Seeking Alpha’s Disclaimer: This article was automatically generated by an AI tool based on content available on the Seeking Alpha website, and has not been curated or reviewed by humans. Due to inherent limitations in using AI-based tools, the accuracy, completeness, or timeliness of such articles cannot be guaranteed. This article is intended for informational purposes only. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.
The 16 host cities across the US, Canada and Mexico have been welcoming an influx of fans and tourists boosting hospitality, hotels and local businesses.
But while the Scots drank Boston dry and have won the heart of the city and its people, experts say the long-term economic benefits are minimal.
Fifa estimated some $41bn would be added to the global economy, of which $17bn would boost the US economy alone, with 185,000 jobs created, mostly in hospitality and accommodation.
But Alexander Budzier, a fellow in management practice at Oxford University and chief executive of project management company Oxford Global Projects, says the long-term economic benefits of hosting such a big sporting event just do not materialise.
Host cities actually typically see a big drop in visitors, he says, as many seek to avoid the tournament chaos.
And while there may be a spike in hiring, he argues it is typically only for lower-paid jobs in hospitality. “It creates jobs, but it does not create wealth,” he says.
Official figures show that hiring in US pubs, bars and restaurants ramped up ahead of the tournament in May, but the boom was short-lived.
The only “worthwhile” economic benefit, Budzier argues, is the regeneration projects that can be done, such as the redevelopment and housing built in Stratford in London following the 2012 Olympic Games.
But due to much of this World Cup using existing stadia, hotels, training complexes and travel infrastructure, “there won’t be any economic benefits from development”.
Alan Greenspan, former US Federal Reserve chairman, dies at 100
Alan Greenspan, one of the most influential economic policymakers in modern US history, has died aged 100. Greenspan led the Federal Reserve for nearly two decades under four presidents, overseeing a long period of economic growth but also faced criticism linked to the 2008 financial crisis.
Published On 23 Jun 202623 Jun 2026
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WASHINGTON — It is no secret that a lack of job creation has emerged as a pivotal election issue. But a new Los Angeles Times Poll suggests that Americans’ pocketbook concerns extend well beyond the labor market, and the public thinks that Democratic presidential candidate John F. Kerry would better look out for their financial futures than would President Bush.
Asked to name the candidate who would be “best at protecting the financial security of the average American,” 47% named Kerry, while 34% picked Bush.
Among independents, a group that could play a crucial role in determining the winner of the presidential election in November, the gap was even wider: 49% for Kerry and 26% for Bush.
Those polled also view the Bush White House as much more aligned with business interests than the interests of ordinary workers, and they express widespread doubts about the integrity of corporate America.
A 63% majority said the president was more concerned about corporations, while 21% said he was more concerned about workers. The view that the president sides with big business over rank-and-file workers has become more prevalent over time. In an August 2002 Times Poll, 55% felt that way.
The results suggest that the economic battleground in the presidential election campaign is taking an untraditional shape that transcends meat-and-potatoes issues such as employment and price levels. These days, people are also concerned about corporate scandal and the integrity of the financial markets — and the way their leaders are dealing with these matters.
“This poll tells me that Bush’s economic troubles are of the new post-inflation, post-unemployment form,” said Samuel L. Popkin, a UC San Diego political scientist and a Democrat.
It further indicates that “Bush hasn’t been able to convert military security into financial security,” he added.
The Times Poll of 1,616 adults nationwide was conducted between March 27 and March 30. The margin of sampling error is plus or minus 3 percentage points.
In the survey, 69% of those earning less than $50,000 a year saw the president as more concerned with corporations. That figure dipped to 56% among those earning $50,000 or more.
Follow-up interviews with some of those surveyed underscore that Americans have mixed feelings about Bush’s approach to corporate America and the economy.
Greg Voorhees, a registered independent from Bradenton, Fla., feels the economy has changed for the worse, with corporations aiming only for the bottom line, deserting employees for cheap labor overseas and paying top executives “millions and millions while their workers barely get the minimum wage.”
The Bush administration, he is convinced, has been too quick to craft policies that benefit corporate interests at the expense of the public. Ordinary Americans, the 51-year-old said, are not informed of the real agenda on matters ranging from energy policy to drugs and Medicare: The White House, he said, is “hiding something.”
But others disagree. Curtis Blevins, a warehouse worker in northeast Ohio, said he believed the president was helping regular employees by responding to the needs of large corporations.
“Ordinary people work for big business,” said Blevins, 38. “If he doesn’t help big business, ordinary people are out on their duff…. I’m an ordinary person. I work for a big company. The more he helps the big companies, the more we get to hire. The easier our jobs become.”
The poll suggests, however, that many Americans harbor strikingly negative feelings about big companies and those who run them.
Revelations of phony bookkeeping at Enron Corp., WorldCom Inc. and other companies first grabbed public attention more than two years ago. Since then, news of financial scandal has remained highly visible — most recently centering on the trials of Tyco International Ltd. executives accused of looting their company and of Martha Stewart, who was convicted of lying to investigators about her stock dealings.
Half of those polled said they would describe corporate fraud as “a widespread problem” in a system that is failing; 40% said only “a few corrupt individuals” engaged in such behavior. Three out of four Americans said they could trust executives “only some of the time” or “hardly ever.” Slightly fewer than 1 in 4 said they could trust executives most of the time.
Revelations of fraud also have affected personal behavior. Thirty-seven percent said they were less willing to invest in the stock market in light of the corporate scandals, while 31% said the revelations had not affected their willingness to invest. Many of the rest said they did not own stock.
Almost half of those surveyed — 45% — ranked economic issues as the most important problem facing the nation, about the same percentage that put security concerns at the top.
Democrats contend that the ongoing attention to corporate scandal aggravates public worries about financial security, in part because the series of high-profile frauds rattled the stock market and eroded long-term savings accounts for college and retirement. The scandals also raise questions about whether a greedy business elite operates on a different ethical playing field from the rest of society.
“Every day there’s a new scandal on television that makes our point,” said Jenny Backus, a Democratic strategist. “You want to have somebody looking out for the economy that makes sure that corporations play by the rules and stockholders are protected.”
But Republicans maintain that corporate corruption is not an issue that will harm Bush. They often point out that the president has supported Justice Department prosecutions of white-collar criminals and ultimately endorsed sweeping legislation for corporate reform.
“Voters don’t hold the commander in chief in a position of corporate leadership,” said Scott Reed, a Republican consultant. “It’s very difficult for Kerry in his campaign to tie this knot around Bush’s neck.”
Reed asserted that strong economic growth, combined with Bush’s “optimistic message of hope,” presents a winning case for the president when it comes to financial security.
*
(BEGIN TEXT OF INFOBOX)
Financial assessment
Q: ‘He would be the best at protecting the financial security of the average American’: Does this apply more to George W. Bush or more to John Kerry?
Neither 9%
Bush 34%
Kerry 47%
Both equal 2%
Don’t know 8%
Q: Do you think George W. Bush cares more about protecting the interests of ordinary working people, or more about protecting the interests of large business corporations?
Ordinary people 21%
Large corporations 63%
Both 8%
Don’t know 8%
Q: Have corporate scandals in this country made you more willing or less willing to invest in the stock market, or have corporate scandals not played a role in your investing in the stock market one way or the other?
Don’t invest 23%
More willing 6%
Less willing 37%
No role 31%
Don’t know 3%
*
How the Poll Was Conducted
The Times Poll contacted 1,616 adults nationwide by telephone March 27 through 30, 2004. Telephone numbers were chosen from a list of all exchanges in the nation and random digit dialing techniques were used to allow listed and unlisted numbers to be contacted. The entire sample of adults was weighted slightly to conform with census figures for sex, race, age and education. The margin of sampling error is 3 percentage points in either direction. For certain subgroups the error margin may be somewhat higher. Poll results may also be affected by factors such as question wording and the order in which questions are presented.
Source: Times Poll
Jeremy Clarkson and Kaleb Cooper bid farewell to an iconic member of Diddly Squat Farm.
Season five of Clarkson’s Farm saw Jeremy selling off the fan-favourite Lambo tractor after it wasn’t getting much use, following his purchase of the AgBot in the new series.
The AgBot, a fully autonomous, driverless tractor, was busy ploughing the fields of Diddly Squat Farm and sowing seeds.
Jeremy and Kaleb could monitor the tractor’s progress on their computer while they got on with other things on the farm, which meant the 2016 Deutz-Fahr tractor wasn’t getting much use.
The veteran broadcaster decided to sell it off, explaining in voiceover: “”The green Lambo hadn’t turned a wheel in weeks, so I decided to sell it, which meant getting it valued by an agricultural auctioneer.”
The valuation on the prized piece of agricultural kit from Oliver Godfrey left Jeremy somewhat surprised and dismayed.
Oliver responded: “It’s not the easiest thing to sell in the world, I’ll be honest, but I would look somewhere in the region of between £50,000 and £60,000.”
Jeremy revealed that the valuation was “quite a lot less” than he’d initially paid for it when he bought it for £80,000.
On the day of the auction, Jeremy didn’t appear too hopeful about his Lambo’s prospects and said: “Here it is. There’s going to be a frenzy of bidding…”
However, the bidding did start to pick up as people put in their offers for the green tractor that Jeremy had customised and adorned with Lamborghini badges.
As the offers went up, Jeremy remarked: “We are actually getting closer to the £80,000 that I had paid for it.”
Despite the valuation, both Jeremy and Kaleb were left astonished and rather relieved when the Lambo ended up getting snapped up for the sum of £70,500.
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Once the hammer went down, Jeremy said: “Well, it was a financial hit, but it wasn’t a financial kick in the nuts.”
The auction comes ahead of tomorrow’s Clarkson’s Farm season five finale, when audiences will get the final two episodes titled Sickening and Reaping – referring to the TB outbreak and the harvest at Diddly Squat.
Clarkson’s Farm season 5 concludes tomorrow on Prime Video
Benchmark S&P 500 rises 1.7 percent, while tech-heavy Nasdaq jumps 3.1 percent.
Published On 16 Jun 202616 Jun 2026
US stocks have rallied on hopes that the tentative deal to end the US-Israel war on Iran will restore stability to energy supply chains roiled by months of disruption in the Strait of Hormuz.
The S&P 500 rose 1.7 percent on Monday, taking the benchmark index within touching distance of its all-time high.
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The tech-focused Nasdaq Composite jumped 3.1 percent, aided by a 19.6 percent gain by SpaceX, which on Friday made the biggest market debut in history and minted the world’s first trillionaire in Elon Musk.
The blue-chip Dow Jones Industrial Average climbed 0.9 percent, closing at a record high.
Brent crude futures, the primary benchmark for global oil prices, fell nearly 5 percent to just above $83 a barrel, the lowest price since the first week of the conflict.
Asian stock markets were largely flat on Monday morning, after surging the previous day on the back of US President Donald Trump’s announcement of his deal with Tehran.
As of 01:30 GMT, Japan’s benchmark Nikkei 225 was 0.01 percent lower, while South Korea’s Kospi, the best-performing major index this year, was down 0.06 percent.
In Taiwan, the TAIEX was up 0.2 percent.
Hong Kong’s Hang Seng Index was down 0.07 percent.
Jay Goldberg, a senior analyst for tech-related equities at the Chicago-based Seaport Research Partners, said the announcement of the US-Iran deal had tilted investors’ risk balancing act towards buying into the market.
“To oversimplify, the debate has been: AI spending is strong, but there’s a war going on,” Goldberg told Al Jazeera.
“The war is over, it seems, so that side of the argument falls away. Investors are now feeling better about taking on more risk,” Goldberg said.
While Washington and Tehran’s framework has raised hopes for a return to stability in global energy markets, it is expected to take months before energy flows fully return to normal, due to the massive backlog of vessels around the Strait of Hormuz and the need to ensure the waterway is safe from Iranian naval mines.
According to the International Shipping Chamber, about 500 ships are still waiting to pass through the strait, which normally carries about one-fifth of global supplies of oil and liquefied natural gas.
Labs are rethinking banking, as AI remains king, but human insight directs banking improvements.
So, the robot banker remains a long way off. But S&P Global estimates that up to 59% of financial institutions worldwide were actively using artificial intelligence in 2025. Beyond simply relying on technology for research (“Summarize new anti-money laundering mandates for me”), financial institutions have begun operationalizing AI processes.
This is a significant advancement. Instead of using AI like an intelligent chatbot, banks now direct systems to perform complex, multi-step tasks—saving untold human hours while both speeding up and improving operations.
How does this newer type of AI (called “agentic AI”) work?
Consider loan processing as an example. Someone applies for a loan. AI agents retrieve credit reports, verify income, calculate debt-to-income ratios, apply underwriting rules, approve or reject applications (or forward them to a human underwriter for approval), and generate documentation. In compliance monitoring, agents can read regulatory texts, map new mandates to internal policies and processes, identify where the financial institution (FI) falls short, generate remediation tasks, and track progress.
For proof of the increased operationalization of AI, look at some of the innovations germinated in the world’s best fintech labs, incubators, and accelerators.
At inovabra, a lab hosted by Banco Bradesco, innovators have developed an AI product that can generate initial drafts of legal pleadings. The Bank of Georgia’s AI Research Lab has launched Software Developer: Powered by Code2Doc.
This software can write other software. And Garanti BBVA Partners has nurtured Skymod, an AI-orchestration platform that enables financial institutions to securely delegate operational workflows to intelligent AI agents.
Then there’s TD Lab. TD Lab is now experimenting with Physical AI, or AI-embedded machines (think robots, drones, and smart devices) capable of interacting with the physical world.
“Physical AI is about convergence,” said Chris Halabecki, senior manager and lab leader. “It’s about combining AI with objects that can sense or maneuver through the real world. As a lab team, we’re exploring how we can use physical AI to integrate more intelligence into everyday scenarios to better serve our colleagues and clients today and in the future.”
The lab has already developed proprietary software for a quadruped (robotic dog) device. Using LiDAR (Light Detection and Ranging), which is a sensing technology that uses pulsed laser light to measure distances, and AI together, the quadruped can detect and learn about objects in the surrounding area, then follow commands linked to those objects. Halabecki provided examples such as “Walk to the white couch” and “Go find Evan.”
Future use cases for these technologies may include robots that can count, sort, and verify cash.
One day, robotic relationship managers may recognize when a customer walks into a branch and guide them in making investment decisions. In the field, physical AI may be able to conduct home appraisals and complete other tasks.
With the much-ballyhooed capabilities of artificial intelligence, it’s a little surprising to hear Kadry Boutaina, chief of innovation for the digital transformation lab of Morocco’s Attijariwafa bank, say, “Sometimes, the answer is not AI.”
That doesn’t mean the lab, called Wenov, isn’t driving technological advancements. It works with external startups to offer “more and more digital services for our customers — both retail and business.” Boutaina notes that Attijariwafa faces significant competition in this field, from both established banks and newcomers — notably neobanks entering the Moroccan and broader West African markets.
But providing digital services does not always entail a wholesale AI revolution.
The Moroccan Ministry of Economy and Finance recently formalized laws governing crowdfunding in the country. The first regulated platform of this kind is being provided by Kiwi Collecte, a fintech company. Under Moroccan law, Kiwi Collecte may not directly hold or move funds. It must partner with a licensed Moroccan bank for those tasks. A partnership with Attijariwafa empowers the bank to hold and safeguard funds, process payments, and disburse money to beneficiaries.
Fraud prevention is ever important. Sandbox CAIXA has found an old-school way to fight it. Sandbox CAIXA is the innovation lab of Caixa Econômica Federal, a major state-owned bank in Brazil. Lucas Zaccaro, Sandbox CAIXA manager, said that in his country, technologically unsophisticated people are often victimized by scammers. When the bank is closed, thieves stand near ATMs. They then offer to help patrons who are unsure how to use the machines. These criminals “help” by tricking users into revealing their PINs, then stealing their cards.
A “really great idea” from a rank-and-file Caixa employee led the bank to broadcast recorded messages at 10 of these ATMs, warning patrons about the scam. Theft at those banks has stopped.
Zaccaro says that this fraud-prevention idea was submitted through an established process designed to encourage rank-and-file employees to submit innovative ideas. Employees use Microsoft Copilot to refine their concepts and submit them to Sandbox CAIXA for review and potential testing. The lab will now assess the feasibility of rolling out its scam warning across the ATM network—potentially using cameras to detect when people are at the ATM and triggering automated messages.
At the Banking and Financial Institutions Association of Colombia (Asobancaria), the focus is less on rapidly advancing technologies and more on meeting existing societal needs. One development from the Asobancaria Social Innovation Lab is a reference framework for identifying, classifying, and reporting on the banking sector’s social portfolios. This proposal—the second of its kind in Latin America after Guatemala’s Social Taxonomy—was developed through multiple sessions of analysis, technical feedback, and sector-wide validation with member institutions. To create this framework, Asobancaria worked closely with the Global Green Growth Institute (GGGI), which develops social-portfolio standards aligned with the United Nations Sustainable Development Goals.
Andrea Guzmán, GGGI’s sustainable finance officer, said the problem with sustainability reporting among Asobancaria member banks was a lack of alignment on standards, with each bank setting its own measures of success for its social portfolios.
The framework addresses issues such as financial inclusion, social infrastructure, affordable housing, and services for small and medium-size businesses. A single framework to which all member banks agree “improves transparency,” Guzmán says. “It supports better decision-making by investors and helps mobilize more resources for our social sector. It’s a framework we can base bonds on. It’s a framework that helps banks avoid accusations of greenwashing.”
Consider the framework for sustainable and affordable housing. Guzmán notes that in rural Columbia, many houses lack access to water and may have only dirt floors. Therefore, a bank could claim success in affordable housing if it funded units with wood floors, fully plumbed and connected to the electrical grid. But what if those apartments are so far from public transportation that no one can get to work or school? Guzmán said that under the framework, banks agree that any affordable housing projects they fund would have access to the nation’s external infrastructure and social services.
Here’s a closer look at some of the world’s best fintech labs and the innovations they’re nurturing.
Meet the Winners
SpaceX lands on public markets as the sixth largest US company by market value.
Published On 12 Jun 202612 Jun 2026
SpaceX has debuted on US markets with a market valuation of more than $2 trillion, minting CEO Elon Musk as the world’s first trillionaire.
Shares are set to open on Friday at $150 per share, marking a 6.6 percent increase from the initial public offering (IPO) price, valuing the company at $1.96 trillion putting the aerospace company on track to become the sixth-largest company in the United States.
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The company sold $75bn in shares, immediately valuing it at $1.77 trillion. The IPO was oversubscribed four times higher than was otherwise expected, according to the Reuters news agency.
Of the institutional investors allocated, according to Bloomberg News, as much as 70 percent went to what are called long-only investments — a strategy in which holders buy assets based on the expectation that their value will grow over time — and sovereign wealth funds, including those from Saudi Arabia and Kuwait as well.
SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq MarketSite in New York City opening bell at 9:30am local time as US markets opened.
On Thursday, protesters gathered outside the MarketSite to protest the IPO amid continued allegations that Grok, part of xAI, a subsidiary of SpaceX, allowed users to create non-consensual deepfake sexualised images before the IPO debut.
Shares of SpaceX did not trade until the middle of the trading day as the exchange collected buy and sell orders and underwriters delayed trading until supply and demand were balanced.
“We would expect SpaceX to see an immediate pop in trading due to the hype around the deal, north of 20 percent perhaps,” said Samuel Kerr, global head of equity capital markets at Mergermarket. “Anything lower would actually make me nervous.”
Exchanges and trading firms are eager to avoid the technical mishaps that marred Meta’s 2012 debut. With SpaceX widely viewed as a dress rehearsal for a new generation of mega-listings, market participants will also be watching for signals on investor appetite in advance of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.
The landmark listing cemented Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the world’s most valuable companies — even though the firm posted a loss of nearly $5bn last year and generated only a fraction of the revenue brought in by similarly valued tech giants.
The surge comes amid growth driven by its Starlink subsidiary, which drives as much as 80 percent of its revenue.
On Friday, SpaceX launched its Falcon 9 rocket with 29 satellites into space from Cape Canaveral in Florida.
Wall Street and Asian markets rally on hopes for an end to the US-Israel war on Iran.
Published On 12 Jun 202612 Jun 2026
Stock markets have surged following US President Donald Trump’s announcement that he called off planned strikes against Iran and a peace deal with Tehran is imminent.
Wall Street’s benchmark S&P500 index finished nearly 1.8 percent higher on Thursday, ending a three-day streak of losses for the biggest single-day gain since April.
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The tech-focused Nasdaq Composite jumped 2.5 percent, while the older, blue-chip Dow Jones Industrial Average gained about 1.9 percent.
The rally continued in the Asia Pacific on Friday, with markets in Japan, South Korea, Taiwan, Hong Kong, and Australia racking up gains.
South Korea’s Kospi, the best-performing major index this year, surged more than 8 percent in morning trading, while Japan’s benchmark Nikkei 225 rose as much as 4 percent.
Taiwan’s TAIEX gained about 2.4 percent, and Australia’s ASX 200 rose about 1.8 percent.
In Hong Kong, the Hang Seng Index was up more than 1 percent.
Brent crude, the primary international benchmark for oil prices, fell about 1 percent to below $89.50 a barrel on hopes for a return to normality in the Strait of Hormuz, which in peacetime carries about one-fifth of global energy supplies.
The market rebound came after Trump on Thursday suggested that a deal to end the war on Iran could be signed as soon as this weekend.
“We just made a great settlement of the war with Iran… subject to finalisation of documents,” Trump told reporters in the Oval Office of the White House.
Iran has not publicly confirmed Trump’s claims, but a Ministry of Foreign Affairs spokesman told reporters a memorandum of understanding with the US is “under consideration”.
“For the rally to be sustained, investors will want to not only see the actual deal being signed, but a complete reopening of the Strait of Hormuz,” Khoon Goh, head of Asia research for ANZ Bank, told Al Jazeera.
“Only then will we see the gains extend.”
Fabien Yip, a market analyst at the online broker IG Group in Sydney, Australia, said the rally reflected a “meaningful easing of geopolitical risk”, as well as anticipation over Friday’s market debut of SpaceX, set to be the largest of its kind in history.
“The broader read on today’s Asian follow-through is that dip-buying interest remains genuine,” Yip told Al Jazeera.
“That matters for how you characterise what’s happened over the past week.
“This looks less like a structural break in the bull market and more like a healthy reset after a rapid, near-straight-line advance, the kind of consolidation that can potentially extend a rally’s longevity.”
GEMMA Collins spent years convincing the world she was living her best diva life – but behind the designer handbags and larger-than-life personality, there was a time when the empire she had worked so hard to build started crumbling around her.
Incredibly, the GC pulled herself back from the brink and banked more than £1.4 million last year. But friends say the feat would have been nearly impossible without the help of one very special man.
Those closest to Gemma have revealed the secret to the Romford-born star’s success is her dad, Alan, who is credited as the only person who can keep Gemma grounded.
A source tells us: “People see Gemma as this unstoppable force of nature, but behind the scenes, Alan has always been her rock.
“When things got difficult financially, he stepped in and took control.
“Gemma trusts him completely. There aren’t many people she would hand that responsibility to.”
For years, Gemma has openly admitted that Alan is effectively the gatekeeper to her fortune.
In one interview, she confessed: “My dad controls all my money. Seriously, I have to ask him if I want to upgrade my car.”
It’s a remarkable admission for a woman who has built a reported £4million fortune and can command up to £75,000 for a single sponsored Instagram post.
But those who know the family say it perfectly sums up their relationship.
Another source tells us: “Alan has always kept Gemma grounded.
“She’s the star, but he’s the sensible head behind the scenes.
“When she gets excited about a new project, he’s often the person asking the difficult questions.”
The latest figures suggest that the approach is paying off.
Accounts for her personal brand, Gemma Collins Ltd, show the company landed profits of around £1.4 million last year.
For fans who remember the financial turmoil of previous years, this is a huge turnaround.
Back in 2017, Gemma Collins Boutique Ltd was forced into liquidation owing around £88,000 to creditors.
The problems continued when she was disqualified from acting as a company director for three years in 2020 after repeatedly failing to meet VAT return deadlines, with HMRC pursuing claims worth more than £71,000.
A separate clothing business was later voluntarily dissolved, while her cosmetics venture, GemmaCollagen Ltd, survived for just a matter of months before disappearing altogether.
One insider tells us: “There was a period where it felt like every business venture came with a headache.
“Gemma never stopped working, but there were definitely lessons learned.
“That’s when Alan became more involved.”
It is perhaps fitting that Gemma’s biggest supporter is also somebody who understands business himself.
Alan built a successful career in shipping and has long been regarded as one of the most influential figures in his daughter’s life.
Fans caught a glimpse of their bond on her reality shows, where Alan frequently offered advice, not just about money but about life itself.
During one emotional conversation about her turbulent romance with James Argent, he told her: “You’ve just got to find some stability in your life when you find the right person.
“As much as we all like Arg, you’ve got to decide if he’s the right person.”
He later added: “For my daughter, I want somebody who’s top dollar.”
Those close to the family say that attitude explains exactly why Gemma places so much trust in him.
One source tells us: “Alan isn’t interested in celebrity.
“He cares about Gemma being secure and looked after. That’s always been his focus.”
Their relationship has only strengthened in recent years.
Gemma has spoken emotionally about her father’s devastating battle with Covid in 2020, when he spent weeks fighting for his life in intensive care.
She has also supported both Alan and mum Joan through a series of serious health scares, including Joan’s breast cancer diagnosis and terrifying hospitalisation last year after she stopped breathing.
The ordeal brought the family even closer together.
These days, Alan and Joan live with Gemma in her £1.3 million Essex home alongside fiancé Rami.
Speaking previously, Gemma said: “They live with me now. They’ve moved into my home, so we’re like one big Irish family.”
And remarkably, there appears to be very little tension under the roof.
Previously speaking to The Sun, Gemma explained: “Rami was absolutely fine with it.
“He loves my parents. They get on really well.
“You’ve got to remember, Rami has been in my family for nearly 15 years.”
The happy family dynamic comes as Gemma prepares for what insiders believe could be one of the biggest chapters of her career.
Later this year, she will return to screens with a new Sky reality series, Four Weddings and a Baby, which follows her wedding plans with Rami and her hopes of starting a family.
One insider tells us: “This show is incredibly important to Gemma because it’s the most personal thing she’s ever done.
“People know The GC, but this is about the woman behind the character.
“She’s genuinely in a really happy place.”
And for Gemma, that happiness feels hard-earned.
Perhaps that’s why those closest to her believe the latest financial success means far more than a healthy bank balance.
It’s proof that after all the setbacks, Gemma Collins is finally enjoying the stability she spent years chasing.
And standing beside her through every twist and turn has been the same man all along.
A financial adviser has revealed the best time to book your 2026 holiday (stock)(Image: Ralf Hahn via Getty Images)
If you are yet to book a getaway this year and are wondering when the ideal moment might be to do so, a financial expert has identified precisely when you should – and shouldn’t – make your move. Abs Mechial turned to TikTok to reveal that not only are certain days preferable for booking, but specific times of day matter too.
“When is the worst time to book a holiday and when is it actually cheapest? he asked his followers in a video. Surprisingly, according to research, Abs claimed there is a one-hour window in each day when holidays can cost you significantly more money to book.” he asked his followers.
“According to the data, the most expensive time to book is between 9am and 10am,” he explained. “Bookings in that window came in around 30 per cent more than the cheapest time of the day – so no more booking holidays as soon as you log in for the day.”
As for the most economical time of day, Abs warned that you might need to set your alarm. “Early… and I mean really early,” he said. “Between 4am and 5am – and the logic does make sense.”
Abs highlighted that overnight, demand “drops off” and consequently prices “reset” to their baseline.
He elaborated: “Then as the day goes on, the more searches and more clicks result in prices starting to creep back up again.”
For those reluctant to wake up before sunrise, however, Abs provided guidance for anyone wanting to book during “more realistic hours”.
“Late evening, around 8pm to 10pm tends to be noticeably cheaper than the morning rush,” he enthused. “But if you want to go even further and want the exact moment – not just the hour, but the minute – according to the data, the single cheapest minute to book a holiday is 2:48am.”
Surprisingly, bookings made at that precise time worked out up to 60 per cent cheaper on average, according to Abs.
He concluded with a word of caution, however: “Now, definitely take that with a pinch of salt – booking at 2:48am isn’t going to make every holiday 60 per cent cheaper, but the pattern is clear – if you want to save money, avoid peak booking hours because timing, just like everything else with money, makes a massive difference.”
Responding in the comments, one TikTok user offered their own unverified tip: “Best to search in private browser so prices do not increase if you are searching for same destinations. Prices increase with demand so private searching will prevent this.”
A second person added: “I usually book mine within 72 hours of departure… like 50% cheaper! I find the hotels I want and then I wait for them to deal them off.”
A third exclaimed: “Wow that’s crazy how the time of day can cost you!”
While a fourth TikTok user pointed out: “Doesn’t change if you want a certain resort at a certain time of year.”
Benchmark Nikkei 225 tops 68,000 for first time as AI-driven buying frenzy shows no signs of slowing down.
Published On 3 Jun 20263 Jun 2026
Japan’s stock market has hit an all-time high as a global buying frenzy driven by AI shows no signs of slowing down.
The Nikkei 225 rose nearly 3 percent on Wednesday, lifting the benchmark index above 68,000 for the first time.
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The latest surge continues a banner year for Japan’s stock market, which is up nearly 33 percent so far in 2026.
“Investor enthusiasm over the AI boom is helping drive Asian equity markets higher,” Khoon Goh, head of Asia research at ANZ, told Al Jazeera.
“While strong demand for high-end chips has seen the top semiconductor companies in Taiwan and South Korea rally strongly, this is also benefiting Japanese markets, which are also getting some tailwind from a weak yen.”
Japanese firms involved in the semiconductor business led the gains.
Tokyo Electron, Japan’s largest manufacturer of semiconductor equipment, soared as much as 14 percent in morning trading.
Advantest, which supplies testing equipment to the semiconductor industry, rose more than 5.5 percent.
Shin-Etsu Chemical, a supplier of silicon wafers used in integrated circuits, gained about 4 percent.
Softbank, which is heavily invested in AI models, chips and data centers, fell about 3 percent, after overtaking auto giant Toyota on Monday to become Japan’s biggest company by market capitalisation.
Ferocious demand for AI chips has been driving record-breaking rallies in stock markets across the globe, taking key indexes in the US, Japan, South Korea, Taiwan to record highs.
During the past month, three memory chip makers – South Korea’s SK Hynix and Samsung Electronics, and US-based Micron – entered the elite club of firms with a market capitalistion of at least $1 trillion.
Only 17 companies have hit the milestone, all but five of which are based in the United States.
Despite concerns about the sustainability of the sky-high valuations in the sector among some investors, tech companies are continuing to commit huge sums to AI-related infrastructure.
US tech giants are expected to spend about $800bn on AI-related capital investment in 2026, according to Goldman Sachs.
Google parent company Alphabet on Monday became the latest Silicon Valley giant to outline its AI-related investment plans, announcing that it would sell $80bn worth of shares to help fund expected capital expenditures of $180-190bn in 2026.
Deepfake fraud is becoming a persistent, multiyear corporate risk as synthetic voices circulate undetected.
Deepfake-enabled fraud, which began as novel technical exploits, is now a persistent operational risk with a multi-year shelf life within the corporate ecosystem. According to deepfake-detection provider Resemble.AI, deepfakes typically remain in circulation for three-and-a-half years.
Resemble.AI’s 2025 Deepfake Threat Report, published in March, references an incident in which a voice clone of a German energy company CEO remained in circulation for nearly six years, although it resulted in only a €243,000 loss in 2019.
Determining losses from such attacks is difficult; for the 41 documented incidents last year cited by the research, only $74.9 million in verified losses were reported, with a median per-incident loss of $243,000. However, the authors noted that 71% of victims did not report financial losses, suggesting a higher volume of hidden liabilities.
“What makes them so effective is that they enable both real-time impersonation and the creation of synthetic identities stitched together from real and fake data,” said Dominic Forrest, CTO of biometric security vendor Iproov. “These are extremely difficult to detect, and once trusted, they can be used to bypass controls and commit fraud.”
Detecting deepfakes is a growing concern; the authors of the Resemble.AI report estimate that deepfake-based fraud attacks on corporations reached 8.5 billion potential incidents, ranging from audio impersonations of executives to doctored or fake images. The most common targets, Forrest noted, are on account openings, payment authorization, credential reset, and high-value transactions.
Telling a deepfake from the genuine article has become an AI-on-AI battle, experts warn.
The generative AI models producing deepfakes improve continuously via scaling and data, while deepfake detectors rely on signals like artifacts and inconsistencies, which disappear as models improve, said Siwei Lyu, professor of Computer Science and Engineering and director of the Institute for AI and Data Science at the State University of New York at Buffalo.
“In practice, detectors lag by about six to 18 months on specific modalities,” he said. “But more importantly, they are chasing a moving target whose failure modes are actively being optimized away.”
Forrest suggests that firms move their identity verification from single checks to a multi-layered approach: “You need to confirm that a real person is physically present, not a deepfake, while also analyzing the digital environment for signs of compromise. No signal should be trusted in isolation.”
This article first appeared in the May edition of Global Finance Magazine.
Global Finance’s World’s Best IFI winners outperformed the sector in 2025, emphasizing innovation and AI adoption. But new Mideast conflicts pose new challenges.
Islamic financial institutions (IFIs) modestly improved their performance in 2025, recording an average Return on Average Assets of 2% and a 12% increase in total assets. This compares to 1.9% and 9%, respectively, in the prior year. The winners of Global Finance’s World’s Best Islamic Financial Institutions Awards all achieved above-average profitability and growth.
Digitalization and AI remain strong areas of focus and investment as IFIs seek to drive customer growth, increase financing assets and deposits, and strengthen their competitiveness against conventional banks. Retail banking remains the main pillar of most Islamic banks, but IFIs are strengthening their commercial banking delivery as well. Corporate finance, capital markets, and wealth management activities are also becoming increasingly important to the sector.
A relatively low cost of funds contributes to Islamic banks’ positive margins. The biggest of the group, which dominate their domestic markets, continue to outperform their rivals, reflecting funding advantages and cost efficiencies.
The winners of Global Finance’s 2026 World’s Best Islamic Financial Institutions Awards have also distinguished themselves as innovative by introducing new Islamic banking products, consolidating their market share, improving service quality, and achieving good financial results. Collectively, they have shown themselves to be well managed with clear strategies. Like all Middle Eastern banks, however, they face a more challenging road ahead due to the new conflicts in the region, particularly the Iran war that’s disrupted the Persian Gulf.
This year’s top winner, Kuwait Finance House (KFH), enjoyed asset growth of 17% last year, to $139 billion, helping the bank maintain its position as the second-largest Islamic institution globally. KFH has the most diverse geographical reach of any IFI, with operations throughout the Middle East, Europe, and Asia. It has advanced its digital transformation by shifting from basic digitization to value-driven technology adoption.
Meanwhile, Boubyan Bank claimed Global Finance’s inaugural award as Most Innovative Islamic Bank. The bank stands apart for its innovation, technology-driven strategy, and strong commitment to offering financial solutions that enhance the customer experience. Boubyan made significant progress last year in embedding AI into services offered through its app.
Emirates Islamic Bank (EIB) took home the Best Islamic Financial Institution in The Middle East. The bank notched 19% growth in net profit last year, to $910 million, driven by robust balance-sheet growth. Lending grew 26% over both retail and corporate banking. Supported by a sophisticated digital offering, EIB has seen its franchise strengthen through a wide range of Shariah-compliant pro-duct offerings.
