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Audi is turning to a smaller electric vehicle to regain momentum in Europe, unveiling the A2 e-tron as competition intensifies from lower-cost Chinese automakers.
The new model, presented in Paris on Monday, brings back the A2 badge used by Audi in the
Beijing has reached for its chequebook.
The Chinese finance ministry is advancing a 360 billion yuan (€46.1bn) package to businesses, announced on Sunday through statements from the companies involved and reported by state news agency Xinhua, making it one of the larger interventions in China’s financial system this year as growth slows.
The Chinese banks take the bulk of it, roughly 290 billion yuan (€37.2bn), intended to preserve their capacity to keep lending as Beijing presses them to increase support for economic activity.
Xinhua reported the injection would strengthen the institutions’ “sound operating capabilities, risk resistance capabilities and ability to serve the real economy.”
The Agricultural Bank of China is pursuing a private placement of A-shares worth up to 160 billion yuan (€20.5bn) and the Industrial and Commercial Bank of China up to 100 billion yuan (€12.8bn), with the finance ministry among the investors.
Unusually, so is the China National Tobacco Corporation, which operates the state tobacco monopoly and the Export-Import Bank of China which will receive 30 billion yuan (€3.85bn).
Insurers account for the remaining 70 billion yuan (€9bn).
China Life Insurance Group, the country’s largest life insurer, gets 35 billion yuan (€4.5bn) and China Taiping Insurance Group 7 billion yuan (€900mn).
The People’s Insurance Company of China plans to raise up to 15 billion yuan (€1.9bn) through a private placement to the ministry, China Export and Credit Insurance Corporation receives 10 billion yuan (€1.28bn), and China Reinsurance Group is raising 3 billion yuan (€385mn).
Insurers have been squeezed from two directions as years of low interest rates have eroded investment returns, while the government has directed them to put money into Chinese equities.
The currency has been moving in the same direction.
The Chinese yuan reached its strongest level against the US dollar since January 2023 on Monday, trading at around $0.149, a firmer exchange rate that also happens to blunt a long-standing American complaint about Chinese currency management, weeks before talks in Washington.
The capital injection is not the only move Beijing is making this month.
Chinese President Xi Jinping is reportedly preparing to bring a large delegation of business executives to his Washington visit on 24 September, according to sources cited by news agencies.
It would be a notable departure from customary practice.
Xi rarely travels with corporate leaders, many of whom lost standing after the regulatory crackdowns on technology, education and property that began in 2020, and the last comparable delegation accompanied him to the US more than a decade ago, in 2015.
Washington’s response has also been curious.
“The White House is not tracking a Chinese CEO delegation,” a US official said, without explaining what tracking meant in this context, leaving the statement short of either confirmation or denial.
The gesture would be reciprocal in any case.
When US President Donald Trump visited Beijing in May, he brought a roster of American CEOs including Elon Musk, Tim Cook and Jensen Huang. Bringing Chinese counterparts to Washington would signal a willingness to invest and trade with the US, while handing the White House potential economic wins before November’s midterm elections.
Expectations for the summit itself remain modest, with the two sides still divided over which products should count as non-sensitive under trade arrangements.
US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng are due to meet in early September to work on deliverables.
Robert Way
Hyperscalers and Nvidia (NVDA) had become a much larger source of long-duration debt issuance relative to the U.S. Treasury in 2026, according to a chart posted by Global Macro.
The chart showed hyperscaler and Nvidia debt issuance, including special-purpose vehicles, had risen
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Japan likely sold a portion of its U.S. Treasury holdings to finance its currency intervention over the past month, as its foreign reserves posted their largest decline in August.
Tokyo’s reserve assets totaled ~$1.21T at the end of August, down 6.2% from a
Zhihu (ZH) announced that it has entered into a subscription agreement to invest RMB1.5B (approx. $210M) as a limited partner in Tianjin Lisi Xingshen Equity Investment Partnership (Limited Partnership).
The proposed capital commitment, payable in cash via capital calls, will give Zhihu
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At least five people were killed and five others injured Sunday when an Amazon Air (AMZN) cargo plane overran a runway at Miami International Airport, struck several vehicles and caught fire, officials said.
Miami-Dade Aviation identified the aircraft as a
Utilities flash oversold signal as Treasury yields dim dividend appeal
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Amid considerable uncertainty over global economic growth, the prospect of higher interest rates and long-term government bond yields, and volatile energy prices, business activity worldwide has come under pressure.
Trade disruptions resulting from higher customs duties, supply chain disruptions caused by geopolitical conflicts, and mounting challenges facing major international institutions have further compounded these pressures.
These conditions underscore the need for resilient businesses that are not only financially strong but also supported by robust supply chains and capable of navigating challenging market conditions.
Against this backdrop, mergers and acquisitions have emerged as powerful drivers of growth, competitiveness and economic transformation. Yet their success depends on far more than agreeing on valuations and commercial terms. Regulatory complexity, cultural integration, corporate governance, due diligence, and the alignment of people and strategy can ultimately determine whether a transaction creates lasting value or falls short of its objectives.
Global M&A activity strengthened significantly in 2025, with announced deal value reaching approximately SR17.3 trillion ($4.6 trillion), an increase of 49 percent from 2024 and the strongest annual performance since 2021.
Saudi Arabia also recorded substantial transaction activity. The General Authority for Competition, which originated as the Competition Council in 2004, received 427 economic concentration applications valued at approximately SR2 trillion in 2025. It issued a record 269 no-objection decisions, up 33 percent from 2024.
Several major transactions illustrate the growing role of M&A in Saudi Arabia’s economic transformation. In the financial sector, the 2021 merger of the National Commercial Bank and Samba Financial Group created Saudi National Bank, combining two leading institutions to achieve greater scale, operational efficiency and competitiveness.
In the industrial sector, Saudi Aramco completed its $69.1 billion acquisition of a 70 percent stake in SABIC from the Public Investment Fund. Together, these transactions demonstrate how M&A can help consolidate industries, achieve economies of scale, integrate supply chains, develop strategic capabilities and support the Kingdom’s economic diversification objectives.
Against this backdrop, the Riyadh Chamber organized the “Legal Aspects of Corporate Mergers and Acquisitions and Investment Opportunities Forum” on Aug. 31, bringing together representatives from public- and private-sector entities.
The forum provided a valuable platform for regulators, investors, business leaders, legal advisers, compliance officers, board members, governance professionals and SMEs to exchange perspectives, enhance regulatory awareness and explore ways to reduce transaction risks and support sustainable corporate growth in line with Saudi Vision 2030.
I had the privilege of moderating the forum’s third session, titled “The Regulatory and Supervisory Framework for Mergers and Acquisitions in the Kingdom.” The session examined the role of regulatory authorities in reviewing M&A transactions and promoting competition, the regulatory framework governing transactions involving listed companies, and the support provided by relevant authorities for investment deals. It also explored M&A as a strategic tool for driving the growth and long-term sustainability of small and medium-sized enterprises.
Ultimately, an M&A transaction should not be pursued simply to achieve expansion or increase market share. Companies should first establish a clear strategic rationale and determine whether the transaction can create sustainable economic value, improve operational efficiency, foster innovation, strengthen competitiveness and build more resilient supply chains.
Expected synergies should be realistic, measurable and supported by a credible post-transaction integration plan.
Thorough due diligence is equally important. It should extend beyond financial performance and valuation to cover legal obligations, regulatory approvals, tax exposure, operational risks, contractual commitments, governance arrangements, workforce implications, corporate culture, cybersecurity, data protection, intellectual property, and environmental and social responsibilities.
Companies should also assess whether they have the financial and managerial capacity to complete the transaction and integrate the businesses effectively without disrupting existing operations.
Particular attention must be paid to the transaction’s impact on market competition. A deal that creates economic value for the parties involved may nevertheless harm consumers or the broader market if it creates or reinforces a dominant position, restricts market access, raises barriers to entry, reduces consumer choice or weakens competitive pricing.
Early engagement with relevant regulatory authorities can help identify such concerns, clarify notification and approval requirements, and reduce the risk of delays or legal challenges.
Supply chain considerations should also form part of the assessment. While an M&A transaction may improve security of supply, increase access to essential inputs and reduce operational vulnerabilities, companies must ensure that it does not create excessive dependence on a single supplier, market, technology or distribution channel.
Ultimately, a successful M&A transaction requires more than regulatory approval and financial completion. It should deliver tangible and sustainable benefits to shareholders, employees, customers and the wider economy.
Clear governance, transparent decision-making, full compliance with the applicable legal and regulatory framework, and continuous monitoring of post-transaction outcomes are therefore essential to ensuring that a deal achieves its strategic objectives while supporting fair competition and long-term market development.
X: @TalatHafiz
Key deals this week: Flex, Nvidia, AbbVie and more
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The U.S. Central Command (Centcom) said that its forces struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles towards two of its Navy warships, signaling the latest retaliatory strikes between the parties this week.
Iran’s Islamic Revolutionary
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The healthcare sector (XLV) gained 4.91% in August, outperforming the broader S&P 500 (SPY), which advanced 2.68% during the month. Healthcare stocks benefited from strength in biotechnology and medical technology, while healthcare services, managed care, and selected pharmaceutical stocks
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The U.S. State Department said Friday it approved the potential sale of Joint Direct Attack Munitions-Extend Range to Saudi Arabia for an estimated $5B and a separate potential sale of AGT-1500 engines to Saudi Arabia for an estimated $750M (
August employment report brings mixed blessings for the U.S. economy.
U.S. employers added a robust 162,000 jobs in August, signaling an employment rebound, even as finance-sector jobs declined, according to the Bureau of Labor Statistics’ latest Employment Situation Summary.
The sectors with the most job growth were leisure/hospitality (62,000 jobs), government (35,000 jobs), private education/health services (29,000 jobs), and construction (22,000 jobs).
In contrast, the financial and insurance sectors lost 7,400 jobs compared to July. The hardest-hit sectors were insurance carriers and related activities (-6,300) and credit intermediation and related activities (-3,400). Securities, commodity contracts, funds, trusts, and other financial vehicles, investments, and related activities was one of two sub-sectors to add jobs (2,200). The other was the monetary authority/central bank, which added 100 new jobs.
Unemployment continues to edge down slightly, remaining at 4.1%, according to the summary.
By historic standards, the low jobless rate has the Federal Reserve pivoting its focus from maximum employment to price stability, said Federal Reserve Chairman Kevin Warsh during his keynote speech at the Jackson Hole Symposium at the end of August.
“There should be no misunderstanding: The Fed’s price-stability objective of 2%, as measured by the personal consumption expenditures (PCE) price index, is a firm, fixed target,” he added.
Using their own methodologies, the authors of ADP’s August National Employment Report and Bank of America’s Institute’s August employment report found similar trends, though to a lesser extent.
“The data can be noisy, partly due to seasonal variation and differences in pay-period timing, but in our view, this suggests labor market momentum may have ebbed a little,” wrote the authors of a Bank of America Institute report released Thursday. “Still, the overall picture from the Bank of America jobs estimate is one of a relatively healthy labor market. This is also the case in Bank of America data on unemployment payments into customer accounts, which showed very little [year-over-year] change in August.”
Using anonymized customer data, the Bank of America Institute estimated that August’s YoY payroll growth fell 3 basis points to 1.5% from the previous month.
Likewise, the ADP authors reported that private-sector employees added 38,000 jobs in August, the slowest pace of job creation since January. The education and health services sector added 45,000 jobs. Other growth sectors include leisure and hospitality (16,000) and construction (12,000).
However, its findings diverge from BLS estimates in a few sectors. The ADP authors were optimistic about financial activities, reporting that the sector added 6,000 jobs. They also estimated that manufacturing and business and professional services shed 17,000 and 4,000 employees, respectively.
Companies with more than 500 employees added the most new positions in August (34,000), followed by companies with fewer than 20 employees (20,000). Small companies (20-49 employees) lost 17,000 jobs. Mid-sized companies’ hiring picture was mixed. Those with 50-249 employees hired 2,000 people, while those with 249-499 employees let 2,000 go.
Although payroll growth is up, it offers little comfort to Wall Street because the financial sector remains under pressure.
Catalyst watch: Apple's high-stakes iPhone event, Oracle, CPI, and the NFL returns
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U.K. artificial intelligence cloud computing firm Nscale is looking to raise $3.5B in new financing, with Nvidia (NVDA) and hedge fund Third Point likely participating, Bloomberg reported.
Nscale could sell as much as $1.5B in convertible notes, and Third Point, which is run
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Sonida Senior Living (SNDA) was trading higher as Baird Equity Research raised its recommendation on the stock to Buy equivalent.
Shares were 1.19% higher at $38.33 Friday afternoon.
“We believe SNDA is well-positioned to benefit from the highly favorable senior
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Brazil’s EU ambassador, Pedro Miguel da Costa e Silva, told Euronews on Friday that an inspection of Brazilian meat was unnecessary, and threatened to retaliate against the EU ban on imports.
The European Commission’s decision came into force this week, after Brazil was removed from a list of countries complying with EU food safety rules over its use of antibiotics to stimulate animal growth.
An EU audit of Brazilian poultry and honey is ongoing, but the Commission said that Brasília had not provided guarantees that would allow for an audit of its beef.
The EU ban prompted anger from the Brazilian government on Thursday, which threatened to adopt countermeasures.
“There wasn’t a need for an audit, not for poultry, not for honey, not bovine meat, because no audits were conducted for the other countries,” da Costa e Silva said. “We have provided sufficient guarantees.”
The ambassador added that while Brazil will continue discussing the issue with the Commission, “all options were on the table” if the imports did not resume and that Brazil could be “creative” when it comes to countermeasures.
The Commission pushed back on Friday against Brasília’s accusation of unfair treatment, with the Commission’s deputy Chief spokesperson Olof Gill saying: “Our approach is non-discriminatory, and we’ve given our partners sufficient time and all the information they need to adjust.”
The dispute comes as a free trade deal between Mercosur countries — Brazil, Argentina, Uruguay and Paraguay — and the EU provisionally came into force in May, despite strong opposition from EU farmers, who fear that Latin American products that do not comply with the bloc’s phytosanitary and food safety standards will be dumped in Europe.
“Food safety rules are a matter of the highest priority for EU citizens,” Gill added. “These rules have been well known for a long time, with third countries having been informed going back many years.”
The EU introduced new rules to combat antimicrobial resistance in 2018, which have been applied to EU producers since 2022 and to foreign importers since Thursday.
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Banking People on the Move: EIF, Barclays, Standard Chartered, and Julius Baer
This article appears in the September 2026 issue of Global Finance Magazine.
The European Investment Fund (EIF) has appointed Jean-Christophe Laloux as its next CEO, effective Jan 1. He will succeed Marjut Falkstedt, who plans to retire.
Laloux currently leads the European Investment Bank’s lending and advisory operations in the EU and has spent more than two decades at the EIB. He has helped develop financing tools for high-growth technology companies, infrastructure, climate projects, and private-sector investment, including venture debt, risk-sharing mechanisms, and project finance.
EIF Chair Nadia Calviño praised Laloux’s track record in developing innovative financing tools to support Europe’s technological competitiveness. Before joining the EIB in 1999, Laloux worked at Boston Consulting Group and PricewaterhouseCoopers. —Anthony Noto
Mike Jool and Adeel Khan will take the reins of Barclays’ investment bank business in February as co-CEOs, subject to regulatory approval. Jool will join the bank early next year from Bank of America, where he most recently co-headed global investment banking. Khan currently leads Barclays’ global markets.
Each will have a seat on the bank’s group executive committee. “Since 2023, our investment bank has delivered a strong performance, growing revenues and returns and driving a more integrated service for clients,” said C.S. Venkatakrishnan, Barclays Group chief executive.
“As we enter the next stage of our strategy, and reflecting the ambition we have for our investment bank, Adeel and Mike will form a strong partnership to deliver an even stronger, more integrated service to our clients.”—Rob Daly
Standard Chartered PLC confirmed the appointment of Manus Costello as Group CFO and executive director. Costello’s appointment, initially announced in May, formalizes his role atop the emerging markets-focused banking group.
The 25-year industry veteran spent 14 years at AllianceBernstein, rising to global head of research, and earlier served as senior director of equity research at Merrill Lynch.
Since joining Standard Chartered in 2024 as global head of Investor Relations, Costello has made “a significant contribution to the group’s strategic positioning and engagement of stakeholders, while also bringing strong rigor and an entrepreneurial mindset to the role,” CEO Bill Winters said in a press release. —Luca Ventura
Swiss private bank Julius Baer appointed Peter Burrill as CFO and member of the Executive Board, effective August 17, subject to regulatory approval. He joins from Standard Chartered, where he was interim group CFO for nine years. Before that, Burrill spent nearly four years at Deutsche Bank as group controller and co-head of group finance, He succeeds Evie Kostakis after a top management shake-up.
“We are delighted to welcome Pete to Julius Baer,” Bollinger said in a press release. “He brings profound depth and breadth of financial expertise, having led the full range of finance and regulatory functions. With extensive international experience across our core markets and working at a bank strongly focused on wealth management, he will be an outstanding addition to our team.” —LV
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Solana (SOL-USD) has launched Payment Channels, allowing AI agents to authorize a spending limit once and make multiple payments without requiring approval for every transaction.
The feature lets AI agents pay for things like data, computing power, and AI-generated answers
