SpaceX is set for the largest stock market debut ever.
Elon Musk’s rocket company begins trading on the Nasdaq on Friday under the ticker SPCX. The company priced its shares at $135 each, raising $75 billion (€64.5bn) and valuing the business at $1.75 trillion (€1.5trn) in the biggest stock market flotation on record.
The deal would comfortably eclipse Saudi Aramco’s previous record of $29.4bn, set in 2019 and later increased through an overallotment option.
SpaceX made an unusually strong push to attract retail investors, including those in Europe. According to Bloomberg, individual investors placed roughly $100bn (€86.6bn) in orders through trading platforms including Robinhood, Fidelity and SoFi during the IPO process.
That demand alone exceeded the company’s $75bn (€64.5bn) fundraising target, underscoring the level of interest from smaller investors ahead of the stock market debut.
Yet beneath the hype, several warning lights are flashing. Here are five risks investors should weigh before the SpaceX IPO goes live.
At a valuation of $1.75tn (€1.5trn), investors would be valuing SpaceX at roughly 94 times its annual revenue, which was $18.7bn (€16.1bn) in 2025. By comparison, Nvidia — one of the market’s most highly valued technology companies — trades at less than a quarter of that level.
The investment research firm Morningstar, which values the company at $780bn (€675bn), called it “significantly overvalued” while Goldman Sachs data suggests sustaining the share price would require revenues above $100bn (€86.6bn) by 2030, implying a compound annual growth of more than 40%.
History offers a note of caution. Research by University of Florida professor Jay Ritter, often referred to as “Mr IPO”, found that while IPOs between 2012 and 2021 rose an average of 23.6% on their first day of trading, they returned just 10.6% over the following three years.
SpaceX’s expected inclusion in major stock indexes has become a point of controversy. Investment officials from four large US states have urged Nasdaq and FTSE Russell to explain recent rule changes that could accelerate the company’s entry into widely tracked benchmarks.
Critics argue the move could expose passive investors to a highly valued stock sooner than expected, while the index providers say the changes reflect broader market developments.
The debate matters because relatively few SpaceX shares will initially be available for trading. Although SpaceX is valued at $1.75tr (€1.5trn), only around 3% to 4% of its shares will initially be available for public trading.
That means the company’s market value will be determined by trading in a relatively small portion of its equity. Reports suggest more than 75% of the $75bn (€64.5bn) offering has already been allocated to existing investors and insiders, leaving fewer shares available on the open market.
According to Morningstar, the limited float and strong demand for artificial intelligence-related stocks could help support the share price in the early stages of trading, even if the company is valued above what the research firm considers fair value. The firm argues that a clearer picture of investor demand may emerge once lock-up restrictions expire and more shares become available for trading.
Some analysts, however, believe the limited float could continue to support the stock. Estimates suggest between $22 billion (€19bn) and $27 billion (€23.4bn) of passive investment could flow into SpaceX once it joins the Nasdaq 100, creating additional demand from index-tracking funds.
SpaceX’s financial results may also give investors pause.
The prospectus shows that the company is growing rapidly but still losing money.
The company owns the Starlink satellite internet service, which generates most of its revenue and is its only profitable business. It also owns the artificial intelligence company xAI, which merged with SpaceX in February.
According to the filing, SpaceX carried an accumulated deficit of $41.3bn (€35.76bn) as of 31 March and reported a net loss of $4.27bn (€3.7bn) in the first quarter of 2026.
This compares with $528mn (€457mn) in the same period a year earlier.
Much of the recent loss stems from xAI. According to SpaceX’s IPO filing, the AI business recorded an operating loss of about $6.4 billion (€5.5bn) in 2025. The filing also showed xAI spent heavily in the opening months of 2026 as it expanded its AI infrastructure.
Morningstar argues the AI unit “poses a material threat of value destruction”, noting that Grok has yet to win meaningful market share against rival chatbots.
Supporters counter that the losses are a choice, not a structural flaw.
Revenue climbed 33% to $18.7bn (€16.2bn) in 2025, up from $14.1 billion (€12.2bn) a year earlier. The underlying launch and satellite business was profitable as recently as 2024. The deficits largely reflect heavy investment in AI infrastructure, spending that supporters say is already beginning to be offset by new compute contracts.
Supporters argue investors are paying for future growth rather than current profits.
Starlink remains the company’s main source of revenue, while its artificial intelligence business is expected to play a larger role in the years ahead.
Bulls also point to SpaceX’s dominant position in rocket launches and satellite communications, arguing the company is uniquely placed to benefit from growing demand for connectivity, computing power and AI infrastructure.
SpaceX conducts more rocket launches annually than the rest of the world combined and counts over nine million Starlink subscribers, but its newest growth driver is the AI data-centre business acquired through the xAI merger.
Last Friday, Google agreed to pay SpaceX $920 million (€796.6mn) per month for compute capacity at xAI data centres, in a 32-month deal running from October 2026 through June 2029, and covering access to roughly 110,000 Nvidia GPUs.
That followed a May agreement under which Anthropic pays $1.25 billion (€1.08bn) a month to rent the entire output of the Colossus 1 data centre until May 2029, putting combined annualised compute revenue at around $26 billion (€22.5bn).
Bulls argue this contracted income, won in under four months, shows how quickly the company can monetise its infrastructure. Sceptics note that both contracts carry 90-day termination clauses after December 2026, and that Google itself has framed the arrangement as “bridge capacity” rather than a permanent commitment.
SpaceX’s success is closely tied to Elon Musk, whose profile and track record have helped attract investors, customers and business partners. That creates what investors call “key-person risk” — concerns about how the company would fare if he were no longer leading it.
The company’s governance structure reinforces that dependence. Musk’s super-voting Class B shares give him around 85% of voting power, leaving outside shareholders with little influence over major corporate decisions. In practice, that means no one but Musk himself can determine whether he remains chief executive.
Critics also point to SpaceX’s incorporation in Texas, where only investors holding at least 3% of shares can bring derivative lawsuits. The Danish academic pension fund AkademikerPension has blacklisted the stock, describing the governance structure as “catastrophic”.
Supporters argue that dual-class share structures are common among US technology firms, including Meta and Alphabet. They say concentrated voting control allows founders to pursue long-term goals without pressure from short-term investors.
Musk’s prominence also brings political risk. US Senator Elizabeth Warren has urged the Securities and Exchange Commission to scrutinise the listing, warning that future index inclusion could expose millions of passive investors to the stock without them actively choosing it.
Others note that the SEC completed its review faster than expected, allowing the IPO process to move ahead without delay and suggesting regulators see no immediate obstacle to the listing.
Disclaimer: This information does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances. Also remember, we are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information here, then you do so entirely at your own risk.
Chey Tae-won, chief of the Korea Chamber of Commerce and Industry (KCCI), speaks during a ceremony marking the 53rd Commerce and Industry Day at the headquarters of the Korea Chamber of Commerce and Industry in Seoul, South Korea, 31 March 2026. Photo by YONHAP / EPA
June 11 (Asia Today) — South Korea needs to reform its electricity market to respond to surging power demand from artificial intelligence and the expansion of renewable energy, the Korea Chamber of Commerce and Industry said Wednesday.
The chamber said the current power market structure is not enough to support private investment or the growth of new energy businesses, including energy storage systems and virtual power plants.
The business group raised the issue during a seminar in Seoul co-hosted with the Korean Resource Economics Association. Participants discussed ways to reform the electricity market and promote new energy businesses as AI adoption and renewable power generation expand.
“As the power industry shifts from a centralized structure to a distributed and digital-based system, various new businesses are emerging,” said Cho Hong-jong, president of the Korean Resource Economics Association and a professor at Dankook University. “To make the energy transition a reality, it is necessary to build a competitive system based on market principles.”
Joo Sung-kwan, a professor at Korea University, said South Korea’s current electricity market has structural limits because wholesale prices are set a day before electricity is supplied, based mainly on fuel costs.
“This creates significant rigidity because real-time supply and demand conditions cannot be flexibly reflected in prices,” Joo said.
Joo said the market needs pricing signals that respond to supply and demand. Prices should rise when electricity supply is tight to encourage lower consumption and fall when supply is sufficient to promote use, he said.
For new energy businesses to secure profitability and increase investment, Joo said South Korea should move from the current day-ahead market to a real-time market. He also called for a price-bidding system in which power generators and electricity retailers submit bid prices.
Panelists also said South Korea needs a market environment and regulatory system that can attract private investment.
Lee Seo-jin, a professor at Hongik University, said tailored compensation systems for new energy businesses and a predictable policy environment are more important than simple market opening.
Huh Yoon-ji, a professor at Dankook University, said wholesale price normalization and retail electricity rate reform must proceed together to secure economic viability. She also called for independent governance to supervise the electricity market.
Industry officials said the pace of reform should accelerate.
Lee Hyo-seop, vice president of Encored, said his company is preparing a virtual power plant business using AI-based forecasting technology, but uncertainty over the schedule for electricity market reform is making business development difficult.
Yeom Sung-oh, Seoul representative of Gurin Energy, said power supply flexibility and sustainability will be crucial in the AI era. He called for preemptive institutional support covering power grids, energy storage systems and data centers.
The Korea Chamber of Commerce and Industry said private-sector energy businesses are essential to address rising electricity demand from AI and the growing variability of renewable energy.
“Companies need a more predictable electricity market so they can invest in high-cost new technologies,” said Kim Min-seok, head of the chamber’s Green Energy Center. “Institutional foundations, including regulatory innovation and a supportive market environment, must be established.”
“To secure competitiveness in power infrastructure in the AI era, discussion on electricity market reform can no longer be delayed,” Kim said.
— Reported by Asia Today; translated by UPI
© Asia Today. Unauthorized reproduction or redistribution prohibited.
Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260611010003798
SIA has been spotted looking totally different after she ditched her signature wig and stepped out makeup-free at an LA farmer’s market.
In photos obtained by The U.S. Sun, Sia was seen out and about with her two-year-old, Somersault Wonder.
The Elastic Heart singer wore a pink baseball cap and an oversized trench coat as she strolled through the market picking out produce on Sunday, June 7.
The singer and songwriter is known for wearing elaborate wigs, which would obscure most of her face, for a large part of her career.
The 50-year-old has been intensely private, so when she filed for divorce from her husband, Daniel Bernard, last year, fans were surprised to learn she had also quietly welcomed her son, Somersault.
The couple tied the knot in December 2023 in Italy and ended the marriage just 26 months later.
The documents cite “irreconcilable differences” as the reason for the split.
The exes have been caught in a nasty custody battle, with Daniel requesting full custody of Somersault.
According to documents reported by Page Six, Daniel, whose an oncologist, claimed he was the “only safe and reliable parent.”
He also called Sia a “serious and immediate danger” to their child.
“Sia is an unfit and unreliable parent struggling with substance abuse and addiction, rendering her incapable of providing safe or stable care for Summi,” he claimed in the papers.
The judge denied Daniel’s request for full custody and ordered the pair to continue with their previous custody agreement.
Sia has two other sons whom she adopted in 2019 as they were about to age out of the foster care system.
Emergency Lawyers said dozens were also wounded in the strike that came less than 24 hours after similar drone attacks.
Published On 6 Jun 20266 Jun 2026
A drone strike on a market in central Sudan has killed at least 11 people and injured dozens more, according to a local rights group, as escalating aerial attacks further increase the death toll of one of the world’s worst humanitarian crises.
The attack on Saturday targeted the main market in Abu Zaeima, a paramilitary-controlled town in North Kordofan state, according to Emergency Lawyers, which has documented abuses since fighting erupted in April 2023 between the army and the paramilitary Rapid Support Forces (RSF).
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The group said the casualty figures could rise, but did not specify who carried out the attack. Neither side has claimed responsibility.
Emergency Lawyers said the strike came less than 24 hours after similar drone attacks struck nearby villages and a civilian vehicle.
Condemning the attack, it said the repeated targeting of civilians, villages and public transport reflected a blatant disregard for human life and the basic principles of international humanitarian law.
The group added that the continued loss of civilian life should not be treated as routine and called for an end to such attacks, as well as accountability for those responsible.
Two witnesses told the AFP news agency that another drone hit a fuel station later on Saturday in el-Obeid, the capital of North Kordofan, which the RSF has partially encircled for months.
A medical source at a hospital there said four wounded civilians had been brought to the facility.
Nearly 70 people were killed in two separate drone strikes in the West and North Kordofan states over the past week, according to Emergency Lawyers and a local leader.
Drone warfare has become increasingly more common in Sudan’s conflict.
The United Nations said in May that at least 880 civilians were killed in drone strikes nationwide between January and April.
Fighting has intensified in Kordofan and Blue Nile State near the Ethiopian border since the RSF captured el-Fasher last October, the military’s last major stronghold in western Darfur.
Since then, more than 300,000 people have fled front-line areas, including el-Fasher and parts of Kordofan and Blue Nile, according to the UN.
Kordofan, rich in oil and arable land, is strategically significant, linking RSF strongholds in the neighbouring Darfur region to the country’s army-controlled east. The region remains largely contested between the army and the RSF.
Now entering its fourth year, the war has killed tens of thousands of people and displaced nearly 13 million others, creating what the UN describes as the world’s largest displacement and hunger crises.
Oil shipments passing through the Strait of Hormuz have quietly increased in recent weeks, but traders say the movement reflects a fragmented and opaque energy market rather than a full recovery in global supply flows.
More than four months into the ongoing conflict involving Iran, tanker traffic remains heavily disrupted, with shipping patterns increasingly shaped by risk, secrecy and shifting political arrangements.
Shipping data suggests that only a small number of tankers are currently crossing the Strait of Hormuz compared with pre conflict levels.
Monitoring firms including LSEG and Kpler estimate that an average of just a few vessels per day are now passing through the strait, far below normal volumes.
Despite this, analysis of oil stored on tankers in the Gulf indicates that outflows have gradually increased, suggesting more crude is leaving the region than official shipping visibility shows.
A growing share of tankers are reportedly turning off tracking systems during transit through the strait, a practice known as going dark.
This involves disabling Automatic Identification System signals, making it harder to track vessel movements in real time.
According to shipping analytics firms such as Vortexa, a large majority of outbound tankers recently used this method, reflecting rising caution among operators.
This has made it significantly harder for markets to accurately assess global supply flows and has increased uncertainty in oil pricing.
One key indicator of market movement is the volume of oil stored on ships inside the Gulf, often referred to as oil on water.
Estimates from Kpler suggest that volumes have fallen from a peak of around 184 million barrels in March to roughly 148 million barrels more recently.
This decline indicates that more oil is gradually leaving the region, even if it is not fully visible through standard tracking systems.
Analysts estimate that outflows have increased over recent weeks, suggesting a slow and uneven recovery in shipping activity.
The ongoing conflict involving Iran has significantly disrupted maritime trade through the Strait of Hormuz, one of the world’s most important oil transit routes.
Limited access to the strait has forced producers to reduce output in some cases, while storage constraints have added pressure to supply chains across the Gulf.
Some shipping routes are reportedly being managed through informal arrangements or alternative corridors, while others rely on higher risk transit strategies to avoid detection or confrontation.
Despite signs of increased movement, analysts warn that the situation is far from a return to normal.
A sustained recovery in oil flows would require consistent shipping access, stable security conditions and sufficient tanker availability to support exports.
Many shipowners remain reluctant to operate in the region due to elevated insurance costs and the risk of vessels being stranded or targeted.
Industry observers warn that even if diplomatic progress leads to a formal reopening of the strait, the global oil market may not return to previous conditions.
There is growing discussion that Iran could attempt to impose tolls or control systems on shipping through the waterway, which would fundamentally alter global energy logistics.
Such a scenario could force Gulf producers to seek alternative export routes or invest in new infrastructure to reduce dependence on the strait.
The situation in the Strait of Hormuz highlights a shift from predictable global energy flows to a more fragmented and opaque system.
While oil continues to move out of the Gulf, the lack of transparency in shipping routes is creating uncertainty for traders and pricing benchmarks.
The increased use of stealth navigation and alternative transit arrangements reflects a market adapting to geopolitical risk rather than resolving it.
As long as tensions persist, energy markets are likely to remain volatile, with supply visibility as important as supply itself in determining global prices.
Oil shipments through the Strait of Hormuz are slowly increasing, but hidden tanker movements and ongoing conflict mean the global energy market remains deeply uncertain. Without stable political conditions and transparent shipping routes, a full recovery in oil flows is unlikely in the near term, keeping traders cautious and markets volatile.
With information from Reuters.
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.
DISGRACED reality TV star Stephen Bear has set up a market stall selling £2 smoothies with his pregnant teenage wife.
Bear, 36, was spotted on Sunday flogging fruit juice in Walthamstow, north-east London, with his Brazilian missus Miami, 19.
The former Ex on the Beach cast member was sentenced in March 2023 to 21 months in prison for uploading CCTV footage of himself having sex with ex-girlfriend Georgia Harrison, 31, to his OnlyFans account without consent.
An eyewitness who saw the Walthamstow-born sex offender, who won the 18th series of Celebrity Big Brother in 2016, said: “I was walking past the market at about 1pm on Sunday and spotted him and recognised him from Ex on the Beach.
“He had set up one of those folding tables and someone stopped and asked him for a selfie.
“By the time I went back that way around an hour later they had gone.
“They were doing different flavours like strawberry and mango, putting the fruit in a nutribullet blender and selling them for just £2 in those plastic cups with the round lid on the top.
“It’s hard to think he’s even making a profit at that price, fruit is so expensive at the moment.”
Bear announced his intention to set up a stall in the market in a social media video posted three weeks ago.
But he said it would likely be after he makes his boxing debut on July 25.
He is due to fight Andy “The Silencer” Lee at York Hall in Bethnal Green, east London.
In the clip posted to his TikTok on May 10, in which he can be seen being driven by his brother Rob, Bear said: “We’ve got some breaking news guys.
“Me and Rob’s decided we’re going to inquire and get a market stall down Walthamstow market.
“We’re thinking you don’t want to travel far to sell your bits and pieces, and if you never need to store anything, the house is, like, five minutes away from Walthamstow market.
“So send me a DM, what you think we should sell on our stall and then we’re going to inquire.
“Probably going to be after my boxing match, July 25, I’m going to get that out of the way first.”
After Rob suggested selling T-shirts or fruit and veg, Bear said: “I think if you’re holding fruit and veg, it’s going to go off, so we’re not going to do that.
“But we’re going sell something out of the ordinary.
“Send us a DM, what you think we should sell on our market stall.”
Bear married then 18-year-old Miami in her native Brazil in July 2025, around 18 months after he was released from HMP Brixton.
The couple – who post X-rated content together – announced in March that they are expecting their first child.
Bear, who served 10 and a half months of his sentence, was ordered to pay his former Love Island and The Only Way is Essex star ex Georgia £207,900 in civil damages.
In March 2024, Georgia later said that she had received “not one penny” of it or the £212,515 she was owed for lawyers’ fees.
Bear was then ordered to pay HM Treasury the £22,305 he made in profits from subscribers after uploading the video and £5,000 in compensation to Georgia.
The Sun asked Bear for comment.
The EU’s new car market maintained steady growth through the first four months of 2026, with nearly 3.8 million vehicles registered, up 4.2% from the same period in 2025. This is according to data published on Wednesday by the European Automobile Manufacturers’ Association (ACEA).
The figures show a market increasingly dominated by electric and hybrid vehicles, helped by government incentives in major economies and growing competition from Chinese carmakers.
According to ACEA, between January and April 2026, battery-electric cars accounted for 19.7% of the EU market, up from 15.3% a year earlier. Growth was mainly driven by the bloc’s four largest markets, with Italy (+25.5%), Spain (+19.7%), Germany (+6.6%) and France (+2.3%) all recording gains.
In April alone, sales of battery electric vehicles were up by 37.7% in the EU from the same month last year, lifting their market share to 20.6% for the month.
Hybrid-electric vehicles remained the most popular single powertrain choice in April, up 12%, accounting for roughly 36.9% of the month’s sales.
Plug-in hybrids added 16.4%, capturing roughly a 9.8% share in April registrations.
On the other side of the ledger, petrol car registrations fell 16.3% to fewer than 218,500 units, while diesel dropped 17.1% to around 74,000.
Together, petrol and diesel cars accounted for less than 30% of vehicles sold across the EU in April.
Volkswagen Group retained its position as the bloc’s largest carmaker in the first four months of 2026, accounting for 26.7% of all new registrations, with just over one million units sold, up 2.9% year-on-year.
However, performance varied across the group. Skoda registrations rose 15.5%, and Audi gained 8.6%, while the core Volkswagen brand slipped 3.2%, losing ground across multiple segments.
Stellantis ranked second with a 17.1% market share and over 648,000 units, up a robust 7.8%, driven by a recovery at Fiat of over 32%, and strong gains at Opel and Vauxhall, which together rose 22% in registrations.
Renault Group was the weakest performer in the top three, declining 7.4% to around 384,250 units and accounting for a 10.1% market share, with Dacia registering a particularly sharp fall of more than 15%.
BMW Group and Mercedes-Benz posted gains of 3.9% and 3.8%, respectively, while Toyota and Hyundai Group both recorded modest declines of between 2.5% and 3.1%.
The most significant trend in April’s data was the continued rise of Chinese carmakers.
According to ACEA figures, BYD’s EU registrations more than doubled year-on-year in the first four months of 2026, surging 152.9% to more than 71,850 units.
Chery Automobile, through its Omoda, Jaecoo and Jetour brands, grew 267.1% to more than 48,350 units, while Leapmotor, distributing through its joint venture with Stellantis, soared 558.8% to over 28,700 units.
SAIC Motor, owner of the MG brand and the largest Chinese group by EU volume, added a further 10.4% to reach more than 77,000 units.
Combined, Chinese brands accounted for around 6% of EU car registrations between January and April 2026, compared with 3.2% in the same period a year earlier. Across the wider European market, including the UK and EFTA countries, Chinese brands accounted for a combined market share of roughly 7.3% over the same period, up from 3.7% a year earlier.
Inna Dodor/iStock via Getty Images
Ahead of Memorial Day, we want to express appreciation to the brave men and women who have made the ultimate sacrifice for our freedom. Seeking Alpha wishes all our subscribers a beautiful holiday weekend and let us remember those who courageously gave
Published on
Oura, the Finnish company that created the ring-shaped health tracker worn by millions worldwide, has confidentially submitted draft paperwork to the US Securities and Exchange Commission for a proposed IPO, according to several reports.
While the number of shares and the expected price range remain undisclosed, the company had a recent funding round in the fall of 2025 that valued the business at around $11 billion (€9.5bn), more than double the $5 billion (€4.3bn) valuation it earned in a previous round in 2024.
According to CEO Tom Hale, more than 5.5 million Oura rings had been sold up to the end of last year’s third quarter.
At the time, Hale also projected that the company would reach $2 billion (€1.7bn) in annual revenue in 2026 compared with $500 million (€430mn) just two years ago.
The move towards an IPO puts a European wearable brand on Wall Street’s radar at a time when investor appetite for consumer health technology appears to be returning.
Oura has become a standout name in the fast-growing smart ring category, competing against smartwatch giants such as Apple, Garmin and Samsung, while carving out a niche with a distinct piece of hardware that some consumers find less obtrusive.
Over the past two years, the company has expanded aggressively into software, subscriptions and AI-powered health analysis. Its wearable platform now focuses on long-term health signals including sleep, readiness, heart rate, stress and recovery.
More recently, Oura has pushed further into women’s health and AI-based personal coaching, including tools designed to interpret physiological data and provide tailored wellness recommendations.
Analysts see that transition from device maker to subscripton-based health platform as central to its IPO pitch as the firm is currently on pace to surpass 5 million paid members.
The IPO filing marks a significant moment for one of Europe’s most prominent health tech success stories.
Founded in Finland and developed around research into sleep, recovery and biometric monitoring, Oura has grown from a Nordic hardware start-up into a global player in the wearable market.
However, for Europe’s start-up ecosystem, Oura’s planned listing carries broader significance.
While its roots and design philosophy are deeply tied to Finland, the company recently transitioned to a US-based parent company, named Oura Inc. and headquartered in San Francisco, to access American venture capital while keeping its European operations.
Its decision to prepare for a US listing rather than a European one reflects a wider pattern among high-growth European tech firms seeking deeper capital markets and greater visibility among global investors.
The planned flotation arrives during renewed debate over whether Europe is losing some of its most successful technology companies to US exchanges.
Oura joins a growing list of European-founded businesses choosing Wall Street as their route to public markets, drawn by scale, liquidity and stronger investor familiarity with consumer technology.
The company’s IPO will also be seen as a test of investor sentiment towards wearable technology after a mixed few years for the sector.
Unlike smartwatches, smart rings remain a relatively young category, though interest has accelerated rapidly.
Oura is widely viewed as the segment’s category leader and its public debut could offer a clearer benchmark for how markets value next-generation health hardware combined with software subscriptions and AI services.
An
image made with a drone shows an Amazon Web Services (AWS) data center in
Ashburn, Virginia, USA. Photo by JIM LO SCALZO / EPA
May 22 (Asia Today) — LS Electric Chairman Koo Ja-kyun called for stronger quality and delivery competitiveness as the South Korean company seeks to expand in the North American data center power infrastructure market.
Koo recently visited LS Electric’s Cheongju plant, a key production base for power equipment used in North American data centers, the company said Friday.
During the visit, Koo inspected switchgear production lines, the smart factory system and high-voltage circuit breaker lines.
“The U.S.-centered data center market does not allow even the slightest error in next-generation power grid fields such as direct current distribution,” Koo said. “Top-level high-end quality and flawless delivery capability are essential.”
He said the company should go beyond merely meeting customer standards.
“We must secure competitiveness strong enough to overwhelm global partners based on our smart manufacturing capabilities,” Koo said.
Industry officials say the expansion of artificial intelligence data centers has pushed the power infrastructure market into a “power supercycle,” driving demand for high-end power solutions such as high-voltage distribution equipment and circuit breakers.
Koo also called for early investment and technological innovation.
“The global power market is facing a major transition,” he said. “If we remain complacent, we will fall behind. Bold innovation that breaks through limits is necessary.”
— Reported by Asia Today; translated by UPI
© Asia Today. Unauthorized reproduction or redistribution prohibited.
Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260522010006606
This UK town is a haven for foodies(Image: Jason Roberts / Manchester Evening News)
A picturesque UK town boasts an incredible culinary scene, with Michelin-starred restaurants and the birthplace of a beloved British confection.
When it comes to restaurants celebrated for their culinary excellence by the esteemed Michelin Guide, our thoughts might drift towards those dotted along the streets of Britain’s major cities. However, it seems a foodie paradise lies hidden in plain sight within the unassuming Lancashire market town of Ormskirk.
Nestled in the heart of West Lancashire, under an hour from Liverpool and two hours from Birmingham, sits a destination defined by medieval buildings, walkable streets, and the famous Clock Tower standing proudly at its centre. Once a Viking settlement, it’s celebrated for the Charter Market, among the oldest and most authentic outdoor markets in the UK, yet it’s the dining scene that truly warrants recognition.
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Michelin-starred restaurants
Ormskirk plays host to not one, but three Michelin-starred establishments. Among them is Moor Hall, helmed by chef patron Mark Birchall, who delivers classic British cuisine alongside his brigade of culinary experts. The restaurant, located in the village of Aughton in Ormskirk, remarkably boasts three Michelin Stars, a Michelin Green Star and five AA Rosettes.
As Mark Birchall himself puts it: “We want to bring together the very best – beautiful surroundings, with an unrivalled dining experience that pushes boundaries.”
But there’s more. Moor Hall’s sister restaurant, The Barn, has also scooped a Michelin star for its “varied menu created with the best seasonal ingredients”. Diners can look forward to indulging in “60-day aged grass-fed ex-dairy Jersey beef tartare, Jerusalem artichoke, and nasturtium; Cornish Cod, smoked onion, charred leek, bacon crumb, or Stem ginger panna cotta, blood orange, granola”.
Another establishment adding to the town’s buzzing food scene is sō-lō, delivering an “exceptional” fine-dining experience under the helm of Tim Allen. Also holding a Michelin star, its website reads: “Highlighting modern British cuisine, Tim incorporates culinary influences from around the world. Marrying incredible flavours and textures, he ingeniously crafts dishes of the finest seasonal ingredients, which are both truly memorable and emotive.”
‘Gingerbread Town’
Beyond its celebrated restaurants, Ormskirk boasts a rich history of its own and is fondly dubbed the ‘Gingerbread Town.’ The beloved bake cemented its legacy in the town after three trailblazing women first sold gingerbread to passers-by in the 1770s.
The delectable biscuits soared in popularity and are said to have captured the attention of Edward VII and The Princess Royal. Today, that proud tradition endures, with the town even hosting an annual Gingerbread Festival in its honour, and the cherished sweet treat is sold throughout the town, including at its local market and bakeries.
Historic outdoor market
The renowned Ormskirk Charter Market, which has been running since 1286, fills the town centre around the Clock Tower every Thursday and Saturday, with roughly 100 stalls offering everything from fresh fish, meat, and vegetables to artisan breads, creamy cheeses, and homemade pies. Friendly traders also sell plants, flowers, cards, stationery, clothing, homeware gifts, and pet supplies.
The market truly has something for everyone and is undeniably a cornerstone of the town, consistently bringing the local community together with a warm, village-like feel. On occasion, residents can soak up live music and entertainment while picking up their locally sourced produce, browsing the town’s selection of independent boutiques, or catching up with friends over a coffee at one of the fashionable cafés such as Bloom and Brew and Two Brothers Coffee.
Do you have a travel story to share? Email webtravel@reachplc.com
This beautiful market town was named one of the best in the UK(Image: Getty Images)
A picturesque market town boasting a thriving independent scene has been crowned as one of the finest in Britain.
With rolling hills, cobbled streets, honey-hued cottages and picture-perfect towns that resemble something from a storybook, the Cotswolds are undeniably one of England’s most stunning regions. There’s Bibury, home to the iconic Arlington Row cottages hailed as the ‘most beautiful village in England’, Bourton-on-the-Water with its stone bridges earning it the moniker ‘Venice of the Cotswolds’, Broadway celebrated as the ‘Jewel of the Cotswolds’ with its broad high street, and Burford, famously described as the ‘Gateway to the Cotswolds’.
But among these Cotswold gems, Cirencester outshines the rest as it’s been crowned Gloucestershire’s best market town. It was also ranked as one of the top market towns in the UK by Bullock Coaches, thanks to its long-established markets, antique shops, boutiques, and cafés.
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Dubbed the ‘capital of the Cotswolds’, I’ve visited Cirencester on countless occasions, but my most recent trip only reinforced my affection for the bustling town and confirmed its stellar reputation as the best market town.
Home to roughly 19,000 residents, the town’s close-knit community spirit is plain to see after just an afternoon wandering its streets – far from the sleepy charm found elsewhere in the Cotswolds, it boasts a thriving independent scene and celebrated markets. There are even glimpses of its Roman heritage, when it once ranked as the second-largest city after London, which are visible throughout its grand architecture and ancient medieval streets.
I strolled along cobbled high streets flanked by warm, honey-coloured stone buildings, which whisked me away to something straight out of Downton Abbey, while the Parish Church of St John Baptist stands proudly over the market square. This is where I discovered the renowned outdoor Charter Market, one of the oldest in the country, held every Monday and Friday, reports Gloucestershire Live.
The stalls overflow with everything from plants and outdoor furniture to fresh produce and household essentials, and are clearly a major draw for the town as locals peruse the vast array of goods before nipping into a nearby café for a cuppa. I settled on a warming cappuccino in the snug surroundings of Keith’s Coffee Shop, its shelves bursting with tempting treats to take home, from loose-leaf tea to biscuits, jams, chutneys and chocolates – resisting the urge to grab something sweet is no easy feat!
For those in search of a freshly baked treat, KNEAD Cirencester is an independent bakery well worth a visit, offering all the classic pastries — a personal highlight being their pecan and maple danish. The charming Heather’s is another brilliant option for a decent coffee, tucked away down one of the town’s characterful lanes, conveniently close to a handful of delightful independent retailers.
Cirencester’s flourishing independent shopping scene is arguably one of the town’s greatest draws, making it an absolute goldmine for finding unique gifts for family and friends. During a recent day out, a browse through Octavia’s Bookshop turned up a great read, while the gift shop m.a.d.e. and the welcoming Corn Hall Indoor Market also proved well worth exploring.
Open year-round, Sunday to Thursday, the indoor market is packed with warm and friendly traders flogging everything from organic beauty products and jewellery to art, bags, scarves, cards, wood, craft, Persian rugs, and even carpets – a real one-stop shop. Just a stone’s throw away is the Corn Hall Cellars Wine Shop, stocking a fine selection of wines, beers and spirits – ideal for those hosting evenings, along with all the tasty treats needed for a cracking night in with friends.
Beyond the independents, familiar high street names such as White Stuff, Seasalt Cornwall, Barbour, Mountain Warehouse, French Grey and Waterstones are also well represented. While the independent retailers and bustling daily markets were the real standout attractions, Cirencester is undeniably a thriving town in every sense.
Those keen to soak up the delightful character of Cirencester will find it just a 30-minute drive from both Gloucester and Cheltenham, or less than a two-hour train journey from London. Alternatively, you could make it a weekend escape and take in some of the surrounding Cotswolds villages, such as Bibury and Tetbury.
Do you have a travel story to share? Email webtravel@reachplc.com
On the morning of 29 June 2015, Greeks woke up to find their banks closed.
ATMs were limited to €60 a day. The Athens Stock Exchange did not open for trading.
Capital controls, the kind associated with crisis-era emerging markets rather than members of a developed-economy currency union, had arrived.
Five years earlier, in April and June 2010, Standard & Poor’s and Moody’s had cut Greek sovereign debt to junk, the first eurozone member to lose investment grade.
By February 2016 the Athex Composite had bottomed at 516.7 points, a fall of more than 90% from its October 2007 high of 5,334.5. The FTSE Athex Banks index, the country’s lenders, had collapsed by 99.6%.
Greek equities had ceased to function as an asset class.
They had become an obituary.
A decade on, the obituary needs rewriting. The Athens Composite Index has returned roughly 146% over the past five years on a total-return basis.
The Nasdaq 100, riding the artificial intelligence supercycle that has dominated global equity narratives, returned 116% over the same window. The S&P 500 delivered only about half of Greece’s gains, while European large-cap equities – tracked by the Euro STOXX 50 – achieved barely one-third.
This is the story of how Europe’s cautionary tale became one of the best turnaround trades of the modern era.
To understand the rally, start with the lenders. National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank carried the heaviest load through the crisis decade.
By late 2016 their combined non-performing loan ratio peaked near 47%, the worst in the European Union. For perspective, most other troubled European banking systems peaked at between 5% and 8%.
Greek lenders were not facing a credit problem. They were carrying a depression on their balance sheets.
The clean-up unfolded in two stages.
The Hellenic Asset Protection Scheme, known as Hercules, allowed the banks to securitise and offload roughly €57bn of bad loans through state-backed guarantees on the senior tranches.
The second leg was the slower work of organic profitability: stabilising deposits, restructuring cost bases, restoring net interest margins.
Combined net profits of the four largest Greek banks reached close to €5bn in 2025.
Shareholder payouts followed suit. Piraeus, Eurobank and Alpha Bank distributed around 55% of earnings, while National Bank of Greece pushed its total payout ratio to 86%, supported by aggressive buybacks.
Konstantinos Hatzidakis, then Greece’s minister of economy and finance, captured the moment in the IMF’s Finance & Development journal in June 2025.
“We have cleaned up bank balance sheets and curbed nonperforming loans. This major milestone has enabled lenders to regain their essential role in financing the real economy,” he wrote.
Hatzidakis pointed to rising deposits, stronger capital buffers and what he described as “a tangible vote of confidence” in the system: the successful sale of the Hellenic Financial Stability Fund’s bank stakes to long-term foreign investors.
“The Greek economy,” he added, “has consistently outperformed expectations, often by a significant margin.”
The fiscal side of the recovery has received far less attention, but it has been equally important.
In a paper published by the IMF last week, economists Andrew Okello, Stoyan Markov and Chenghong Wang described the transformation of Greece’s tax administration as “one of the quiet engines behind Greece’s broader economic recovery”.
They divided the reform process into three overlapping stages.
The first, between 2010 and 2012, focused on stabilising government revenues under Troika supervision. One of the earliest breakthroughs came via VAT digitalisation: only 65% of registered taxpayers filed VAT returns on time in 2010, compared with 96% by 2014.
The second stage, between 2013 and 2017, centred on institution-building. Greece consolidated 288 local tax offices into 119 and established the Independent Authority for Public Revenue under a landmark 2016 law.
By 2017, the authority had become operational with its own budget and independently selected management board. During that period, the tax-to-GDP ratio rose from 25.8% to 27.6%.
The third stage, from 2018 onwards, introduced real-time electronic invoicing, point-of-sale connectivity and digital analytics systems. VAT revenues climbed from 7.1% of GDP in 2010 to around 9.5% in 2025.
Overall, Greece’s tax-to-GDP ratio rose from 20.5% in 2009 to roughly 28% in 2025.
The result has been a dramatic fiscal turnaround.
Greece recorded a primary surplus close to 5% of GDP in both 2024 and 2025, making it one of only a handful of EU countries running a fiscal surplus at all.
Meanwhile, sovereign spreads over German bunds — which once exceeded 30 percentage points during the peak of the crisis — have returned to levels last seen before the 2008 financial crisis.
According to the IMF’s March 2026 Article IV statement, Greece’s public debt-to-GDP ratio fell by around 10 percentage points in 2025 alone, reaching roughly 145%, down from a peak near 210% in 2020.
The IMF estimates the cumulative decline at roughly 65 percentage points from the pandemic-era peak.
Credit-rating agencies eventually followed. Scope Ratings restored Greece to investment grade in August 2023, followed by DBRS later that year, S&P in October 2023 and Fitch in December 2023.
Moody’s — the final holdout among the major agencies — upgraded Greece to Baa3 in March 2025 and reaffirmed the rating in April 2026.
For the first time in more than a decade, every major ratings agency now classifies Greek sovereign debt as investment grade.
The third pillar of the rally was valuation.
Greek equities entered the recovery period trading at discounts that became increasingly difficult to justify once balance sheets stabilised.
Even after the surge, Eurobank Equities estimates Greek banks are trading at roughly 9 times expected 2026 earnings and 1.4 times tangible book value — still more than 20% below European peers.
UBS estimates the sector’s average 2027 price-to-earnings ratio – a key measure of how cheaply or expensively stocks trade relative to expected profits – at 8.4x, compared with 9.5x for European banks overall. For comparison, US equities currently trade at more than 20 times forward 12-month earnings.
Over the past five years, shares of National Bank of Greece and Piraeus Bank have each surged by roughly 500%. Yet despite the extraordinary rally, both lenders still trade at single-digit earnings multiples.
The most structural financial change arrived last.
On 24 November 2025, Euronext completed its acquisition of the Athens Stock Exchange after roughly 74% shareholder acceptance of the all-share offer.
Greek stocks now sits inside Europe’s largest equity listing venue, alongside more than 1,800 listed companies.
The mechanical consequence is a broader pool of natural buyers. International index funds tracking pan-European benchmarks now hold Greek names automatically.
MSCI – the world’s largest index provider – is reviewing Greece for a potential upgrade to Developed Market status, effective September 2026 if approved, which would shift the country out of the small bucket of emerging-market money still chasing it and into the much larger pool of developed-market index allocations.
JP Morgan has forecast a 16% return for the MSCI Greece index in 2026.
Inside the sector, the maturing is showing up in mergers and acquisitions. In May 2026 Eurobank agreed to acquire 80% of Eurolife FFH Life Insurance for around €813m, a deal expected to lift group fee income by roughly 12%.
National Bank of Greece signed a Memorandum of Understanding with Allianz on a 30% stake in Allianz Hellas, with the partnership projected to add 4% to earnings per share.
The Optima offer for Euroxx underscores the same dynamic.
Greek financials are no longer just rebuilding. They are consolidating.
None of this means Greece is insulated from external shocks.
The IMF warned in March 2026 that the outlook remains “clouded by the conflict in the Middle East”. Tourism still accounts for roughly 21% of Greek GDP, leaving the economy vulnerable to geopolitical disruptions.
The Recovery and Resilience Facility — which has underpinned much of the country’s recent investment boom — is also due to wind down in August 2026.
Inflation remains elevated, running at 3.1% year-on-year in February 2026.
Hatzidakis himself acknowledged the remaining weaknesses in his June 2025 essay: investment still trails the EU average, productivity remains below European peers, and female labour-force participation is still among the lowest in the bloc.
Piraeus chief executive Christos Megalou told analysts during the bank’s first-quarter earnings call that a prolonged period of elevated energy prices could slow Greek GDP growth to between 1.5% and 1.6%, albeit still above the EU average.
Still, Greece stands as one of the clearest examples in modern financial history of how a country pushed to the edge of sovereign default managed to engineer a broad-based recovery through fiscal repair, banking-sector restructuring and institutional reform.
Ten years ago, Greek debt was rated junk, banks were shut and the stock market had lost more than 90% of its value.
Today, the sovereign carries investment-grade ratings across the board and the Athens Composite Index has achieved something few thought possible five years ago: it has outperformed the Nasdaq 100.
Whether the next five years will deliver the same kind of returns remains uncertain.
But for the first time in a generation, Greece is no longer a symbol of financial collapse. It is increasingly becoming a case study in recovery.
Finance ministers from the Group of Seven met in Paris to address rising global financial instability triggered by a bond market selloff and concerns over inflation linked to the ongoing conflict involving Iran.
The meeting comes at a time when global bond markets from Tokyo to New York are under pressure, as investors anticipate that higher energy prices could force central banks to maintain or increase interest rates.
Officials are also preparing for a broader discussion on structural global imbalances and coordination ahead of an upcoming G7 leaders summit.
Bond yields have risen sharply across major economies as investors reassess inflation risks. Markets are increasingly focused on whether rising energy costs will translate into sustained price pressures that limit the ability of central banks to ease policy.
French officials have described the current situation as a correction rather than a crisis, though they acknowledge growing sensitivity around sovereign debt levels and fiscal sustainability.
The volatility has raised concerns particularly in highly debt sensitive economies such as Japan, where bond market movements are closely watched for spillover effects.
Despite the shared concerns, divisions remain among G7 members over how to respond to global economic instability.
European officials have emphasized the need for coordinated, temporary, and targeted responses to market shocks, while acknowledging that consensus with the United States may be difficult.
Some members argue that global economic imbalances are becoming structurally entrenched, with consumption and investment patterns increasingly misaligned across major economies.
A central focus of the discussions is the growing imbalance in global economic activity. European officials argue that long term trends show excessive consumption in some economies, under consumption in others, and insufficient investment in parts of Europe.
These structural disparities are seen as contributing to persistent trade tensions, capital flow imbalances, and financial market instability.
Officials warn that without coordinated policy responses, these imbalances could eventually lead to more severe market corrections.
Another key agenda item is the global competition over critical minerals and rare earth supply chains, which are essential for electric vehicles, renewable energy systems, and defense technologies.
G7 members are exploring ways to reduce dependence on dominant suppliers, particularly China, through coordinated investment, joint procurement strategies, and diversification of supply chains.
Proposals under discussion include pooled purchasing mechanisms, market monitoring systems, and industrial policy coordination to strengthen supply security.
The G7 meeting highlights a convergence of financial instability and geopolitical fragmentation. Rising bond yields and inflation fears are no longer isolated market issues but are now directly linked to geopolitical disruptions in energy supply and global trade routes.
At the same time, disagreements within the G7 reflect deeper structural tensions in the global economy, particularly around debt levels, consumption patterns, and industrial policy priorities.
Efforts to coordinate on critical minerals signal a shift toward more strategic economic alignment among advanced economies, where supply chain security is becoming as important as price stability.
Overall, the meeting underscores a global transition toward a more fragmented and politically driven financial system, where economic coordination is increasingly shaped by geopolitical risk rather than purely market based forces.
With information from Reuters.
Uzbekistan’s National Investment Fund, known as UzNIF, began trading on the London Stock Exchange on Monday, marking the country’s first international equity offering.
The fund, which is managed by Franklin Templeton, also launched simultaneously on the Tashkent Stock Exchange through a dual listing structure, bringing Uzbek state-linked assets to international equity markets for the first time.
The opening ceremony at the London Stock Exchange brought together executives, investors and Uzbek officials, with speakers presenting the listing as a significant step in the country’s efforts to expand access to international capital markets.
Speaking during the ceremony, Julia Hoggett, Chief Executive Officer of the London Stock Exchange, described the IPO as “the first ever international IPO out of Uzbekistan” and said the transaction could help “more global investment to flow” into the country’s economy.
Hoggett also said the dual listing marked “a new chapter both in London and in Tashkent”, adding that the offering connected international investors with a portfolio of Uzbek companies through a single fund managed by an international asset manager.
Saida Mirziyoyeva, Head of the Administration of the President of Uzbekistan, said Uzbekistan was preparing “new listings” and expanding private sector participation, while also working on plans linked to the proposed Tashkent International Financial Centre.
Speaking from the London Stock Exchange balcony, Mirziyoyeva said the IPO was “not just about raising capital” but also about “building trust in a new generation of Uzbek institutions”.
Jenny Johnson, President and Chief Executive Officer of Franklin Templeton, described the IPO as “a defining and historic milestone” for both Uzbekistan and Franklin Templeton, saying the transaction had generated more than $2.8 billion in investor demand globally.
Johnson said orders exceeded the initial offering by more than four times during the bookbuilding process, which ran from late April to mid-May. She added that the domestic offering in Tashkent had become the country’s “largest local listing to date”, allowing local investors to participate alongside international institutional funds.
Thirty percent of the fund’s shares were offered internationally through global depositary receipts, while part of the allocation was also made available to domestic investors through the Tashkent Stock Exchange.
According to previously released information from the fund and its advisers, international demand reached around $2.9 billion (€2.6bn), with more than 160 institutional investors participating in the offering. Among them were BlackRock, Franklin Templeton and Redwheel.
The IPO raised approximately $603.6 million (€540m), valuing the fund at around $1.95 billion (€1.74bn) at the offer price. The shares were sold by Uzbekistan’s Ministry of Economy and Finance, meaning the proceeds from the transaction will go to the state rather than directly to the fund itself.
The international tranche included more than 23 million global depositary receipts, or GDRs, listed in London under the trading symbols UZNF and UZ20. One GDR represents 64,700 shares in the fund.
Cornerstone investors, including funds and accounts managed by BlackRock, Franklin Resources and Redwheel, as well as treasury companies linked to the Allan & Gill Gray Foundation, committed a combined $300 million (€268m) to the offering.
UzNIF was established in 2024 under a presidential decree and is managed by Franklin Templeton, the US-based investment company that oversees more than $1.4 trillion (€1.25 trn) in assets globally and operates in more than 150 countries.
The fund’s portfolio includes stakes in 13 state-linked companies operating in sectors considered strategic for the Uzbek economy, including electricity distribution, thermal power generation, hydropower, telecommunications, aviation, rail infrastructure, utilities and banking.
Among the companies included in the portfolio are Uzbektelecom, Uzbekistan Airways, Uzbekhydroenergo and several state energy and infrastructure operators.
The listing also reflects broader efforts to develop domestic capital markets in Uzbekistan and increase participation from local investors alongside international institutions.
Goldman Sachs warns AI-fueled market rally is becoming ‘one big trade’
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The northern town will undergo a massive transformation(Image: Shutterstock / Clare Louise Jackson)
A northern town that’s home to a famous 950-year-old historic abbey is all set for a massive £32million regeneration this May.
The North Yorkshire town already has a ton going for it — a majestic abbey, artisanal shops, cute cafes, countless craft beer joints, and picturesque green trails along the River Ouse. Now, it’s set to see a total transformation with the multi-million pound regeneration project.
Selby in North Yorkshire will be undergoing massive change by the end of May, with the long-awaited Selby Station Gateway project finally kicking off in the latter half of the month according to latest updates.
Spearheaded by North Yorkshire Council with support from Department for Transport, York and North Yorkshire Combined Authority, Network Rail, Active Travel England, and Trans-Pennine Express, the £32million regeneration project is a joint effort aimed at boosting investment and encouraging sustainable travel in the town.
The project is being funded by the larger government-back Transforming Cities Fund, which was set up in a bid to encourage people to walk or cycle seamlessly between railway stations and town centres.
The multi-million pound regeneration will see the national civil engineering and highways contractor, Galliford Try Ltd, commence demolition work at the end of this month to make space for a brand-new car park and improved walking and cycling routes.
Demolition work of unused buildings around the site will start with James William House on Cowie Drive, followed by the former Railway Social Club and Selby Business Centre.
North Yorkshire Council’s executive member for highways and transport, local councillor Malcolm Taylor, said of the project: “It represents a major investment to enhance the area and improve routes leading to the railway station, and we are confident that the project will act as a catalyst for further investment for Selby.”
Taylor added: “I’m pleased to announce that after many months of development, and through close working with partners and the community, we are ready to begin the scheme. We will keep the public updated when details of further phases come forward.”
The station will also become equipped with new accessible platform access, a completely remodelled bus station and a brand-new plaza which will connect it to the neighbouring Selby Park.
Over the next year, the first phase of the regeneration scheme is expected to deliver:
This phase, which comprises the removal of existing unused buildings, is expected to take roughly 12 months to complete. While the initial timelines had completion set for autumn 2028, the unexpected delays have made it difficult to pinpoint exactly when work is expected to finish.
The first public consultation on the regeneration project’s plans was held back in 2019, with work touted to commence in October last year, however those plans were delayed and postponed due to bats living on parts of the site. Plans were then put in place for the project to kick off in March 2026, however it was met with delays once again.
With this £32million regeneration project, the town of Selby hopes to boost its appeal to both visitors as well as residents.
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The datacom market outlook was recently revised upwards by LightCounting, which J.P. Morgan analysts said proves positive for optical component suppliers, including Coherent (COHR), Fabrinet (FN), and Lumentum (LITE).
“The datacom growth outlook remains robust, with the total market forecast once again
By far, the occupation that could face the greatest labor shortage in Chile is motorcycle drivers, where 61.1% of workers are Venezuelan. File Photo by Ronald Pena/EPA
SANTAIGO, Chile, May 15 (UPI) — The departure of more than 30,000 Venezuelan workers from Chile’s labor market in recent months has become an unprecedented trend that analysts say appears linked to tougher immigration policies under President José Antonio Kast and, to a greater extent, Venezuela’s political reconfiguration.
A study by the Economic Context Observatory at Diego Portales University found that the Venezuelan labor force in Chile fell 5.4% during the January-March quarter, marking five consecutive months of year-over-year declines.
Over that period, Chile’s overall labor force grew 1.1%.
“This is not an isolated phenomenon. The magnitude of the decline in the Venezuelan labor force had not been observed in previous periods,” economist Juan Bravo, director of the Economic Context Observatory and author of the study, told UPI.
Bravo said the gradual, but noticeable, return home of Venezuelans living in Chile began after the arrest of Venezuela’s president, Nicolás Maduro during a U.S. military operation Jan. 3.
“Venezuela is undergoing a transition and internal reconfiguration process, with some signs of change, but still facing high social tensions and a fragile economic situation,” he said.
With Kast taking office in March after campaigning on stricter measures against undocumented immigrants, Venezuela’s recovery process has become a more significant factor in migration patterns.
“While it is not appropriate to assume that the entire Venezuelan population in Chile will return to their country, it is also unrealistic to assume that no one will,” Bravo said.
The decline in Venezuela’s labor force is concentrated among people who have lived in Chile for fewer than five years, are age 34 or younger, male, single and hold university degrees. That group represents 80.1% of the total decrease.
Researchers warned that the reduced Venezuelan presence is directly affecting jobs in sectors that include delivery services, hospitality and customer service.
“By far, the occupation that could face the greatest labor shortage is motorcycle drivers, where 61.1% of workers are Venezuelan,” Bravo said.
He said Venezuelan workers also are heavily represented among vehicle cleaners, gas station attendants, hotel receptionists, electronics technicians and mechanics, cosmetologists and restaurant servers.
The drop in Venezuelan participation also comes as Kast’s government advances another campaign promise: the construction of a border trench aimed at stopping undocumented migration.
The so-called Border Shield Plan calls for a 37-mile trench in northern Chile along the borders with Peru and Bolivia. Authorities said in late April that 20% of the project had been completed, including an initial 7.5-mile stretch.
At the same time, Kast is seeking to restore diplomatic relations with the government of interim Venezuelan President Delcy Rodríguez to begin deporting undocumented foreigners living in Chile.
Authorities estimate that 75% of undocumented migrants in Chile are Venezuelans who cannot be deported because the lack of consular relations prevents Chilean authorities from verifying their identities and Venezuela will not accept them back.
Ernesto León, national director of migration and international police at Chile’s Investigative Police Department, or PDI, told Spanish newspaper El País that 6,000 deportations to Venezuela remain pending, while another 2,000 Venezuelans have left Chile voluntarily.
At least nine people were killed and some 30 injured in a blast at a market in the Pakistani town of Sarai Naurang.
The explosion was caused by a bomb-laden rickshaw. There was no immediate claim of responsibility for the attack.
Published On 12 May 202612 May 2026
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Movie theaters are no longer just for watching stories — they’re becoming live entertainment portals. In a pivot toward live music entertainment, AMC is launching a real-time, interactive concert experience across 300 of its locations.
Unlike the static concert films of the past, the new tech allows artists on a remote stage to see, hear, and respond to the theater audience, effectively turning your local cinema into a stadium.
Pop stars Bebe Rexha, Paris Hilton, Kim Petras and Maren Morris are the first headliners for the concert series hitting AMC screens this June. The program moves away from pre-recorded content, opting instead for live broadcasts that allow artists to perform for a national theater audience in real time.
The movie theater chain is partnering with live entertainment company, Arena One, to bring this technology to 89 markets across the country.
“This is a highly immersive, communal experience, combining the energy of a live concert with the scale, comfort, accessibility and affordability unique to AMC,” Adam Aron, the chief executive officer of AMC Entertainment said during an earnings call Tuesday afternoon.
These one-night-only live events are meant to simulate the look and feel of going to a concert in-person — without the often-pricey cost of admission. According to AMC, the prices for these tickets will range from $40 to $75, depending on the artist and the market.
“The next chapter of live shows isn’t about proximity to big venues, it’s about creating visceral, intimate, affordable live connection between artists and fans no matter where they are,” Rohit Kapoor, Arena One’s founder, said in a statement.
“Arena One gives artists a new cinema-native canvas to create live performances, while amplifying the raw energy and shared fandom that makes live shows unforgettable.”
Music has been a hot topic for movie theaters of late as the industry continues to navigate rough waters amid hopes of a durable post-pandemic recovery.
Between box office-topping biopics like “Michael,” documentaries like “EPiC: Elvis Presley in Concert” and concert films like the forthcoming Billie Eilish movie “Hit Me Hard and Soft: The Tour,” movies rooted in music are consistently drawing sizable and enthusiastic theater audiences.
Aron, AMC’s CEO, added, “We believe that this innovation can open an entirely new chapter in live entertainment while driving incremental attendance and revenue across our circuit.”
