Earnings Call Insights: Elite Pharmaceuticals (ELTP) Q4 fiscal 2026
“Total revenues for the year were $149 million” and Elite delivered “operating income was $49 million” while “operating cash flow this year was positive $23.7 million,” CFO Carter Ward (CFO Carter Ward) said, adding that cash was “$29.8 million” and “long-term debt was
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Mercedes’ George Russell took his second win of the season with victory from pole position at the Austrian Grand Prix.
Max Verstappen recovered from a crash in the final part of qualifying to finish second at Red Bull’s home race, with championship leader Kimi Antonelli in third.
Russell’s win moves him back up to second in the drivers’ standings, 40 points behind team-mate Antonelli.
BBC F1 correspondent Andrew Benson answers your latest questions before this weekend’s British Grand Prix at Silverstone.
I think a pole position under a yellow flag sets a dangerous precedent, because it’s clear that from now on, everyone will continue to push hard after a small slow down, or else their lap will be cancelled. I’d be curious to hear your opinion – Lorenzo
George Russell’s pole position at the Austrian Grand Prix, the foundation for his victory on Sunday, came about in controversial circumstances.
According to the rules, Russell did nothing wrong.
Marshals trackside initially waved a single yellow flag when Max Verstappen crashed at Turn Nine.
Kimi Antonelli mis-read the light board as a double yellow, and backed out of his lap – the correct response for what he thought to be the case. Under a double yellow, drivers have to “slow down and be prepared to stop”.
But under a single yellow, a driver does not have to abandon their lap. They only have to not set a fastest time in the relevant section of the track.
Russell complied with this, but the rest of his lap was fast enough to put him on pole anyway.
The concern here is less the specifics of these rules, but whether the correct flag was shown in the circumstances.
The answer to that has to be no.
Verstappen crashed at the fastest corner on the track, which is taken at close to 140mph.
Turn Nine is notoriously challenging, with its downhill entry, and an exit kerb that’s easy to over-run.
Both Verstappen and Antonelli questioned the decision to show only a single yellow at the time, when Verstappen’s car was in the barrier at this corner as other drivers were seeking to set what would be their fastest laps of the weekend.
Verstappen described it as “quite crazy”.
Antonelli said: “There was a car in the wall in a fast corner. I don’t know why it didn’t go double-yellow straight away, because it’s a super-quick corner, and if you go off at the same time, it can end up very badly. That was a bit confusing.
“For sure it’s something that needs to be reviewed, especially when it happens in a high-speed corner.
“If it’s a slow-speed [corner], single yellow can be OK but fast corners should be double yellow straight away.”
To underline the point, within 20 seconds, race control upgraded the flag to a double yellow, but everyone had completed their laps by then.
Riverside-based radio station, 99.1 KGGI, has lost its last local on-air host.
Longtime radio personalities Evelyn Erives, Nick Nack and Garrison King were all cut from the Inland Empire station last week as part of iHeartMedia’s latest round of national layoffs. In an internal memo, the media giant said it would restructure its radio programming to better “leverage” the company’s technology.
iHeartMedia declined to comment on how many people lost their jobs, but dozens of on-air and other staff positions have reportedly been cut across the country.
The memo — attributed to Chief Programming Officer Tom Poleman and Ann Marie Licata, the chief executive of the company’s multiplatform group — framed the changes as a way to “move faster and operate with greater precision across markets,” and to “position us not just to adapt to the future, but to lead it.”
The cuts are part of a broader push to reduce costs. In May, iHeartMedia launched a new savings program, set to begin in the second half of 2026, aimed at trimming an additional $50 million on top of the $100 million in savings the company had already announced.
iHeartMedia is the nation’s largest radio operator, with more than 850 stations across 160 markets and a sizable presence in Burbank. Its Los Angeles–area stations include KFI-AM 640, KLAC-AM 570, KOST-FM 103.5 and KIIS-FM 102.7.
As the media landscape continues to evolve, the company has leaned harder into podcasting, home to hallmark shows like “Stuff You Should Know,” “Questlove Supreme” and “Las Culturistas.”
Last year, iHeartMedia introduced its “Guaranteed Human” campaign, an ongoing pledge that no iHeartMedia station or podcast will feature an AI-generated personality or AI-generated music.
How that promise squares with the layoffs is unclear. With stations like Riverside’s 99.1 now stripped of their local hosts, the company has said nothing about who — or what — will replace them.
A Komoto official tests the company’s solar-powered smart flow control system in Kazakhstan. Photo by Komoto
SEOUL, June 25 (UPI) — South Korea’s industrial valve maker Komoto said Thursday that it is seeking to expand into the Kazakh market after wrapping up a field demonstration project in the Central Asian country.
The company said that it completed the installation and operational tests of its solar-powered smart flow control and SCADA system at a demonstration site in Kazakhstan.
Short for supervisory control and data acquisition, SCADA is an industrial automation system that enables operators to monitor, control, and collect real-time data from infrastructure remotely.
Following the successful trial, the system received final field performance certification from Kazvodkhoz, Kazakhstan’s state-owned water resources agency, according to Komoto.
The firm noted that the project confirmed the applicability of its technology to remote agricultural waterways and irrigation facilities not only in Kazakhstan but also across Central Asia.
Komoto CEO Ryan MK Ko said that the company plans to expand its presence in overseas water industry markets, particularly in Central Asia.
“Our biggest competitive edge is that our system allows for the stable operation of water management facilities even in remote areas with limited access to commercial power and communication infrastructure, while significantly reducing costs compared with conventional options,” Ko said in a statement.
“Based on the technology and operational data accumulated through pilot projects both at home and abroad, we will further advance our automated control and intelligent water management features,” he added.
Komoto is not publicly listed. It was founded in 1988 with technology and capital support from Motoyama, one of Japan’s leading manufacturers of industrial equipment, including valves.
Published on
Meta CEO Mark Zuckerberg has given the green light to develop a prediction market app, according to the New York Times, as Meta moves to capitalise on one of the fastest-growing sectors in tech and finance.
The app is currently being referred to as Arena internally and would let users earn points for correctly predicting the outcomes of events such as sports results, political developments and stock market moves but without any real money changing hands, at least initially.
It would operate independently of Meta’s existing social platforms, though those could funnel users towards it, according to the reporting.
A prediction market is essentially a financial exchange where people buy and sell contracts or bets tied to the outcome of real-world events.
Each contract is a simple yes-or-no question, such as whether a certain candidate will win an election, a team will come out first in a championship or if a major political figure will pass by a certain date.
On Polymarket and Kalshi, the two most popular prediction market platforms, users buy contracts that pay out $1 if they are right and nothing if they are wrong.
As more people trade those contracts, the price reflects the market’s probability of the event occurring. If a bet is worth 40 cents, there’s a 40% chance of it happening, according to the people who have placed bets.
Fans of prediction markets argue the mechanism produces more accurate forecasts than polls or political analysts because participants have real money on the line.
The two dominant platforms in the space are Polymarket and Kalshi, which together generated around 85–90% of the roughly $44 billion (€40bn) in total trading volume recorded in 2025.
Polymarket, founded in 2020 by New York University dropout Shayne Coplan, operates globally on the blockchain. In October 2025, the New York Stock Exchange’s parent company invested $2 billion (€1.8bn) in the platform, in a major sign that Wall Street was taking the sector seriously.
Kalshi, founded in 2018 by two MIT graduates, spent years winning regulatory approval before launching as the first prediction market sanctioned by the US Commodity Futures Trading Commission (CFTC).
The turning point came in October 2024, when a US court ruled Kalshi could legally offer election contracts 32 days before the presidential election. Monthly trading volume has since surged from less than $5 billion (€4.6bn) in September 2025 to around $24 billion (€21.8bn) in April 2026, overtaking the roughly $14 billion (€12.7bn) wagered monthly through legal or traditional US sportsbooks.
Donald Trump Jr. becoming an investor in Polymarket and a paid adviser to Kalshi, while federal regulators adopted a more permissive stance, also helped fuel the boom.
The boom has not come without controversy and legal cases have mounted, with a former special forces soldier getting arrested over allegations he used insider knowledge of a US operation to capture Venezuelan president Nicolás Maduro to place a winning trade on Polymarket worth around $400,000 (€365,000).
Some US states have begun suing the platforms, arguing they are running illegal gambling operations without proper licences. The Trump administration has responded by suing the states that have moved to ban prediction markets, creating a messy legal standoff between federal and state authority.
A New York Times review found that Polymarket published hundreds of false and misleading social media posts, while Politico uncovered a campaign to pay influencers to praise the platform’s supposed accuracy.
Whether Meta’s gamified, cashless version of the concept can avoid those pitfalls or will simply serve as a gateway to them remains unclear.
The clock is running down on the most consequential deadline the crypto sector has faced in Europe.
From the start of July, the transitional window under the Markets in Crypto-Assets Regulation (MiCA) closes for good, and companies that have not secured authorisation must either stop serving European customers or wind down altogether.
MiCA is the EU’s first comprehensive law for the crypto industry, bringing exchanges, brokers and digital wallet providers under the kind of formal oversight that has long applied to banks and other financial firms.
It replaces a fragmented mix of national rules with a single rulebook spanning all 27 member states: a company licensed in one EU country earns a “passport” to operate across the bloc, but in return it must meet standards on how much capital it holds, how it is run, how it safeguards customers’ funds and how it prevents money laundering.
“What emerges is a genuine single market replacing the old patchwork of 27 national regimes,” Yamal Kalaf, co-founder of MiCAR Whitepapers Europe, which advises crypto businesses on MiCA authorisation, told Euronews.
Since the core rules took effect at the end of 2024, existing operators have been allowed to keep operating under older national registrations, but that concession was temporary.
The scale of the looming shake-out is striking.
According to the European Securities and Markets Authority (ESMA), which confirmed in April that there would be no extension, only around 210 firms had obtained full authorisation by May, out of more than 1,200 that previously held national crypto registrations across the EU.
That points to a conversion rate of well under a fifth, leaving the vast majority of the old market without a licence as the cut-off arrives in a few days.
Speaking to Euronews, Roshan Dharia, CEO of distressed-investment firm Echo Base, explained that “the low conversion rate suggests that a meaningful portion of the market has concluded that obtaining and maintaining a MiCA licence is not economically viable within its current operating model.”
National regulators have warned that firms operating beyond the deadline without the new licence face enforcement action. France’s markets watchdog has also cautioned that continuing without authorisation could expose companies to criminal prosecution.
ESMA has told unlicensed providers to prepare orderly wind-downs, including transferring customer assets to authorised platforms or self-custody wallets, and to notify clients in advance so they can move funds safely.
“What we will see after 1 July is a smaller, more institutional market with real passporting. That is not a market in retreat. That is a market growing up,” Miguel Zapatero, Head Counsel at Crossmint, told Euronews.
Crossmint is a crypto infrastructure provider whose licensed rails let developers build wallets, custody and payment products.
Plenty of familiar names have already cleared the bar.
Coinbase has been authorised in Ireland and Kraken in Ireland and Luxembourg. At the same time, the banking app Revolut secured its licence from Cyprus’s regulator late last year, allowing it to offer crypto services across the EU.
For these firms, the new rules promise a reward as unlicensed rivals retreat, the survivors stand to absorb their departing customers.
“MiCA is a genuine regulatory identity shift, not a registration exercise,” Gal Arad Cohen, partner at law firm S. Horowitz & Co, told Euronews.
The most prominent casualty so far may be Binance, the world’s largest crypto exchange.
According to Reuters, which cited two people familiar with the matter, Binance is set to lose permission to serve EU clients because its licence application to Greece’s market regulator, the Hellenic Capital Market Commission, is poised to be rejected.
Without approval in any member state, the exchange would be unable to operate across the bloc from July onwards.
Speaking to Euronews, Patrick Mollard, CEO at Fipto, a blockchain-based payments company for businesses, referred to the Binance case by stating that “scale earns you no shortcut to a licence, and that is precisely the point.”
Binance has pushed back, saying it has worked constructively with regulators for 18 months and believes its application met MiCA’s requirements. The company added that it understood the Greek authority had completed its review and found the filing compliant.
The company has promised a further update before 30 June.
The episode has also reputedly taken on a political dimension.
French crypto publication The Big Whale reported, citing unnamed sources, that ECB President Christine Lagarde had opposed Binance’s bid for a Greek MiCA licence.
Euronews could not independently verify the report, and neither the ECB nor the Greek government has publicly commented on the allegations.
The Big Whale also reported that Binance is exploring a potential MiCA application in France after the setback in Greece, a claim that neither Binance nor French regulators have publicly confirmed.
Binance did not immediately respond to a request for comment from Euronews.
Beyond the biggest names, the deadline is expected to push smaller crypto apps and brokers towards licensed custody providers. Rather than building their own MiCA-compliant systems, many are likely to rely on authorised firms to hold customer assets.
“We will see consolidation and transfer of clients as the deadline will not be met by all currently operating entries,” Floortje Nagelkerke, partner at law firm Norton Rose Fulbright, explained to Euronews.
The result, analysts suggest, will be a smaller, more concentrated European market, with fewer players, higher barriers to entry and a clear advantage for those holding a licence, but stronger consumer protections.
“People who hold crypto in the EU after 1 July will, on balance, hold it on safer rails,” Miguel Zapatero, Head Counsel at Crossmint, concluded.
Published on
SpaceX shares closed at $154.63 on Monday, down around 16% on the day. That leaves them within touching distance of the $150 at which the shares first changed hands when public trading opened, the level set once underwriters finished building the order book, though still some way above the $135 price at which the IPO itself was struck.
The slide has erased more than $600 billion (€524.2bn) in market value over three trading days, dragging the company down from a peak that had lifted it past Amazon and, fleetingly, Microsoft, in terms of market capitalisation.
Its valuation now sits just above $2 trillion (€1.74tn), below Taiwan Semiconductor Manufacturing Company (TSMC), making it the seventh most valuable company in the world.
The retreat unwinds a remarkable opening run.
After the open at around $150 on 12 June, shares climbed to almost $226 by 16 June, a gain of roughly two-thirds before the company had published a single set of results as a public firm.
Currently, SpaceX is trading over 30% lower than the intraday high of around $226 and only 3% higher than the opening price.
That rally always rested on a thin pool of freely traded shares and lofty expectations for its AI ambitions, leaving it exposed to a sharp reversal once sentiment turned.
The latest leg down on Monday coincided with SpaceX’s first move into the corporate debt market.
The company announced an inaugural offering of senior unsecured notes, with people familiar with the plans reportedly putting the target at around $20 billion (€17.4bn).
The proceeds are earmarked chiefly to repay a bridge loan taken on during its merger with Elon Musk’s AI venture xAI earlier this year, with the remainder going to general corporate purposes.
The debut bond sale follows the investment-grade credit ratings awarded last Friday by all three major agencies, Moody’s at Baa1, Fitch at BBB+ and S&P Global at BBB, which open the door to cheaper borrowing and a wider pool of institutional lenders.
In documents tied to the offering, SpaceX also disclosed a cash position of roughly $100.8 billion (€88bn) as of 19 June, much of it raised in the IPO, alongside $29.1 billion (€25.4bn) of long-term debt.
That mix of vast cash reserves and fresh borrowing so soon after a record flotation has unsettled some investors, who see the rapid fundraising as a sign of heavy spending ahead as SpaceX scales its AI and data centre plans.
Opting for debt rather than new shares does, however, spare existing shareholders further dilution, preserving their economic stake while the company funds its expansion.
02:23, 19 Jun 2026Updated 07:18, 19 Jun 2026
This beautiful town has so much to offer(Image: CHUNYIP WONG via Getty Images)
Living in London, life can feel rather frenetic at times. I adore city living, but I do make an effort to escape at least a few times each year to properly switch off.
One of my favourite spots I’ve discovered is renowned for its relaxed atmosphere and delightful high street.
Totnes is a market town in Devon, celebrated for its artistic community and flourishing bohemian spirit. It also boasts, in my view, one of the finest high streets in Britain.
If you begin at the lower end of the street, you can cross the bridge spanning the River Dart and really absorb the character of the town from there.
During the summer months, the town is adorned with vibrant bunting, and small vessels glide across the water, reports the Express.
There’s verdant riverside greenery, and the town buzzes with energy. Once you’ve crossed the bridge, pop in for a coffee at The Curator – the first of countless independent shops scattered along the high street.
The coffee is excellent, and they offer a wonderful range of pastries if you fancy settling in for a spot to eat – though don’t overdo it, there’s plenty more to discover.
The high street meanders gently uphill and is flanked by hundreds of independent boutiques, charity shops and tea rooms.
Further up the high street, there’s the Cornish Bakery, which fills the air with the mouthwatering savoury aroma of pasties.
They cater for everyone – even my vegan brother discovered something he adored. As the high street sweeps round to the left, you’ll come across Butterworth’s Vintage Co — a compact yet impressive second-hand shop stocking everything from knitwear to workwear and even vintage magazines.
Once you’ve had a good rummage through the shelves, you might fancy a swift pint or another bite to eat — and you’re in luck.
Just a short stroll from Butterworth’s sits The Bull Inn — a stunning pub boasting an extensive organic food menu, along with nine rooms available should you need somewhere to rest your head.
The highlight for me at The Bull Inn is its delightful garden, where you can unwind in the sunshine and watch the world go past. Tucked just across the carpark, and much like the rest of the town, it’s frequently adorned with gorgeous bunting.
On a sunny day, it really is hard to beat — and if you’re anything like me, you’ll be more than ready to take the weight off your feet after all that retail therapy along the high street.
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.
list of 4 itemsend of list
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.
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.
