tops

Norris is one of a number of drivers who face a grid penalty this weekend, after exceeding his permitted number of batteries.

He is joined by Red Bull’s Isack Hadjar, fifth fastest overall behind Lewis Hamilton’s Ferrari, and Aston Martin’s Lance Stroll.

The championship gap has closed largely because of problems for Antonelli, who retired from second place in the Barcelona Grand Prix, and lost a probable victory at Silverstone last time out by a wheel fairing failure and then a penalty, which dropped him out of the points.

Russell also took an impressive win in Austria, just fending off Verstappen and Antonelli, for his first victory since the first grand prix of the season in Australia.

Behind the top six of Antonelli, Norris, Verstappen, Hamilton and Hadjar, McLaren’s Oscar Piastri, Alpine’s Franco Colapinto, Russell and the Racing Bulls of Arvid Lindblad and Liam Lawson completed the top 10 ahead of Ferrari’s Charles Leclerc.

Verstappen was complaining about gearshifts, as he so often does, but his pace was encouraging considering the team have had to shelve their ‘flip-flop’ rear wing after consecutive crashes for the Dutchman in high-speed corners in Austria and at Silverstone.

The failure was that the wing was closing too much, removing the so-called ‘slot gap’ between the main plane and flap, meaning the car had less downforce than the driver expected on corner entry.

Reverting to the standard wing, which opens like the old DRS overtaking aid, is said by insiders to cost around 0.2secs a lap.

Technical director Pierre Wache said: “It is a mechanical problem that we spot after the accident in Silverstone. We fixed it. It [the car] should be ready and bulletproof.

“I don’t want to be too precise on what we are doing because it is a performance benefit to use it. But we take it seriously, we discuss with the FIA because it is our duty to make the car safe and you will see the wing back soon.”

Red Bull hope to have a revised version of the new wing ready for the Hungarian Grand Prix next weekend.

Racing Bulls have an upgrade on Lindblad’s car this weekend. The team decided to give it to the Briton rather than Lawson after an agreement that the driver who qualified ahead at the British Grand Prix would have the new parts for Spa.

Lawson will get the next upgrade later in the year, which is also expected only to be ready for one driver initially, team principal Alan Permane said.

No asset manager had ever crossed the $15 trillion (€13tn) threshold before BlackRock confirmed the milestone in results published on Wednesday.

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The rise was driven by market gains and new client money.

Clients handed the New York-based giant a net $192 billion (€167bn) in the second quarter of 2026, capping a record first half in which inflows reached $321 billion (€280bn), more than double the same period a year earlier.

To illustrate the sheer scale of BlackRock’s assets under management, the firm manages more money than the projected nominal annual economic output of every country except the US and China, and nearly three times that of Germany.

However, assets under management represent a stock of investments, while GDP measures economic output over a year.

The surge in assets came during a quarter that was lucrative too.

According to BlackRock’s second-quarter earnings release, revenue climbed 31% year on year to $7.1 billion (€6.2bn), while adjusted earnings per share reached $13.91, comfortably beating expectations.

BlackRock shares jumped about 7% on the day of the release.

“Market fundamentals are strong and well supported, with higher margins and earnings momentum catalysed by new technology,” CEO Larry Fink said in a statement.

“Our momentum is accelerating, and I’ve never been more optimistic about the growth ahead,” Fink added.

Where the trillions actually sit

The first thing to understand is that this is not BlackRock’s money.

It is the pooled savings of pension funds, insurers, governments and ordinary investors, which the firm manages for a fee. Most of the money is invested in shares.

Equities account for $8.9 trillion (€7.7tn), or 58% of the total.

Bonds and other fixed-income investments make up a further $3.4 trillion (€2.9tn), or 22%. Multi-asset strategies that combine different investments hold $1.3 trillion (€1.1tn), or 9%, while cash-management products, such as Treasury bills, account for another $1.1 trillion (€960bn), or 7%of the total.

The headline-grabbing alternative investments, including infrastructure, private credit, private equity and property remain a sliver at $449 billion, roughly 3% of assets, but they generate about 15% of BlackRock’s base fees.

Commodity and currency products hold $152 billion (€132bn), while crypto-linked funds, launched in 2024, manage about $49 billion (€42bn).

The way the money is invested matters as much as the asset mix.

Some 41% of the total sits in exchange-traded funds (ETFs). Fink noted that the iShares ETF range crossed $6 trillion during the quarter, roughly double its size three years ago.

Ports, pensions and politics

BlackRock’s scale has increasingly brought it into deals with geopolitical implications. The dispute over ports at either end of the Panama Canal is one of the clearest recent examples.

After US President Donald Trump claimed China was effectively running the waterway, Hong Kong’s CK Hutchison agreed in March 2025 to sell 43 ports, including terminals at either end of the canal, to a consortium led by BlackRock. The proposed deal was valued at $22.8 billion (€19.9bn) and welcomed by Washington as a step towards restoring US influence over the ports.

Beijing objected and pressed for state-owned Cosco to be included. The sale has yet to be completed.

Panama meanwhile annulled Hutchison’s canal concessions in February, handing interim operations to Maersk and MSC, whose terminals arm counts BlackRock’s infrastructure unit GIP among its shareholders, while talks on the wider portfolio continue.

Meanwhile, Panama’s Supreme Court annulled Hutchison’s concessions to operate container terminals at either end of the Panama Canal in January. The government transferred interim control of the ports to Maersk and MSC in February, while talks over the wider portfolio continued. BlackRock’s infrastructure business, Global Infrastructure Partners, is a shareholder in MSC’s ports division.

Larry Fink’s proximity to the White House was on display again in May, when he travelled to Beijing as part of the corporate delegation accompanying Trump during his meeting with Chinese President Xi Jinping.

Fink joined chief executives including Tesla’s Elon Musk and Apple’s Tim Cook on a visit dominated by trade and technology.

The firm’s reach extends into American retirement policy as well.

An executive order signed by Trump last year directed regulators to broaden access to private-market assets through the country’s 401(k) pension plans. BlackRock had championed the shift and stands to benefit as it develops private-market products for retirement savers, which typically carry higher fees than index funds.

BRIT comedian Alex Kealy and his wife Mhairi Beveridge have announced the arrival of their baby girl.

He took to Instagram to share the news with his fans as he unveiled the first pictures of the little bundle of joy.

In one video, she could be seen fast asleep as her little chest moved up and down slowly.

The stand-up star also shared pictures of himself and Mhairi posing with their baby daughter.

In one snap, Alex and the baby twinned in matching England tops as he tuned into a match.

Revealing her name, he captioned the post: “She’s here and she’s huge!

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“Our daughter Ada Robyn Kealy arrived last week weighing 9lb3oz. We love our pig.”

His fans flocked to the comments section to congratulate the pair as one gushed: “Congratulations she’s beautiful.”

Another person enthused: “She’s gorgeous!!! Look at her hair! A princess! Biggest congratulations to you both Alex!!!”

Somebody else commented: “What a cutie pie.”

Yet another penned: “She is gorgeous! Look at that hair!!!”

While a fifth added: “Congratulations mate! Very happy for you.”

Alex rose to prominence as a comedian after reaching the final of the prestigious So You Think You’re Funny? competition.

He debuted his first show at the Edinburgh Festival Fringe in 2016.

Alex is a writer and regular contributor for BBC Two’s Mock The Week.

The performer and his wife Mhairi tied the knot in June 2024 as he revealed the news on Instagram a few weeks later.

He shared snaps of them from their big day as he told his fans: “Belated “I got married last month and it was the best day of my life”

“Post: snaps from ceremony and speeches (Mhairi’s was so good it led to panicked last minute rewrites from those who had to follow her).”

Alex has previously revealed that the pair met on on X, formerly known as Twitter.

During his Edinburgh Festival Fringe show The Fear in 2024, he joked that he now sees X as “a dating app where people should create an account, get a wife, and then leave.”

The Minions took over theaters this weekend as Universal Pictures and Illumination’s “Minions & Monsters” won the top spot at the box office, though with a lower-than-expected domestic haul.

The animated movie, which follows the Minions’ takeover of Hollywood, took in $61.4 million in the U.S. and Canada for the five-day Fourth of July holiday weekend, according to studio estimates. That haul was lower than analysts’ expectations for a domestic opening of about $68 million. The movie’s three-day total was $36.4 million.

But the Minions performed well internationally, bringing in about $85 million. In total, “Minions & Monsters” made $159.9 million worldwide on a production budget of about $85 million.

The film is the latest in the powerhouse franchise that began with “Despicable Me” in 2010. Across its previous six installments, the “Despicable Me” and “Minions” franchise has made more than $5.6 billion at the global box office. The last movie, 2022’s “Minions: The Rise of Gru,” made more than $940 million worldwide.

“Minions & Monsters” marks the lowest opening for the franchise. Part of the issue could be timing — the box office can be negatively affected when the Fourth of July lands on a Saturday, said Paul Dergarabedian, head of marketplace trends at Rentrak.

Walt Disney Co. and Pixar’s “Toy Story 5” came in second at the box office this weekend with a domestic three-day gross of $31 million. Angel Studios’ biopic “Young Washington” ($20.8 million), Warner Bros. and DC Studios’ “Supergirl” ($9.6 million) and Universal’s “Disclosure Day” ($6 million) rounded out the top five, according to Rentrak.

The haul for “Minions & Monsters,” coupled with the strong holdover performance of “Toy Story 5,” proved again that family films are making a dent in the summer box office.

“Toy Story 5” has now brought in a total of $764.3 million worldwide, and last month, Universal, Illumination and Nintendo’s “The Super Mario Galaxy Movie” crossed $1 billion at the global box office, becoming the first film of any kind to do so this year.

The rest of the summer theatrical lineup is also expected to bring in audiences and push domestic box office totals closer to pre-pandemic figures. Next week, Disney will release its live-action “Moana,” followed by Christopher Nolan’s “The Odyssey” and Sony Pictures’ “Spider-Man: Brand New Day.”

To date, the summer box office is now about $2.3 billion, a nearly 12% increase compared with the same period a year ago, according to Rentrak data. Compared with pre-pandemic 2019’s numbers, however, it is still down about 7%.

“Seven,” a hit solo track by BTS member Jungkook, has surpassed 3 billion streams on Spotify, making him the first Korean artist to hit the threshold with a single song, his agency BigHit Music said Tuesday.

“Seven” is also the only song released in 2023 globally to reach the milestone, according to the agency.

A passionate serenade about wanting to spend every day with a loved one, “Seven” blends a catchy melody with a warm acoustic guitar sound and rhythms from UK garage, a genre of electronic music that emerged in Britain in the early 1990s.

The song’s music video surpassed 600 million views on YouTube in April.

Since its release, “Seven” has enjoyed worldwide success, debuting at No. 1 on the U.S. Billboard Hot 100 and reaching No. 3 on the British Official Singles Chart Top 100.

K-pop supergroup BTS, to which Jungkook belongs, is currently on its largest-ever scale world tour, “Arirang.”

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June 12 (UPI) — SpaceX began trading Friday at $150 and has gone as high as $176 as SPCX in its initial public offering, the largest one in history.

Elon Musk and SpaceX President and COO Gwynne Shotwell rang the opening bell Friday. Musk was in Texas and Shotwell was at the Nasdaq in New York City.

After trading opened, the stock topped $160, sending the company to more than a $2 trillion market cap. By early afternoon, the stock was at $176.52.

“I love the incredible people of SpaceX beyond words,” Musk wrote Friday afternoon on X.

The company had traded more than 360 million shares as of 2 p.m. EDT Friday. It has more than 172 million shares on the Nasdaq alone, CNBC reported. Polymarket bettors believe, at 70%, that SpaceX will close at more than $2 trillion Friday. Five other U.S. companies have reached the $2 trillion market cap: Nvidia, Apple, Alphabet, Microsoft and Amazon.

Already a trillionaire, Musk is about to be CEO of two of the Top 10 most valuable publicly traded companies at the same time.

Musk said before the IPO that SpaceX had been cash-flow positive since around 2015, CNBC reported. He said he chose to take the company public now to raise capital for “a significant growth phase.” Some plans for that growth include putting more than 100,000 satellites in orbit for communications and building artificial intelligence data centers in space.

“Having a private company was important to us early on because we weren’t really focused on quarterly financials, we were so focused on the long-term outlook for the company,” Shotwell told CNBC in an interview.

Shotwell said interest from investors also helped drive the decision.

“We’ve been feeling, over the last few years, a lot of pressure from everyday Americans and our friends that wanted to buy stock, and there was just no way for these folks to get in,” Shotwell said.

According to its prospectus, SpaceX has had a total loss of $41.3 billion since it was founded in 2002. Originally founded as a maker of reusable rockets, the only profitable part of the business has been the Starlink satellite Internet service.

In February, SpaceX acquired Musk’s startup xAI, which has been embattled this year for its ability to undress people in AI-generated images. Several countries and people have sued the company to force it to not allow the bot to do so against the victims’ will.

Citadel Securities, which helps execute trade orders, processed more retail activity for SpaceX than any other IPO auction on record, CNN reported the company said. Retail investors are regular people trading stocks instead of professionals.

June 2 (Asia Today) — South Korea’s consumer price growth topped 3% in May for the first time in 26 months as a prolonged Middle East war drove up global oil prices, raising concerns that high inflation could continue through the second half of the year.

The consumer price index stood at 119.92 in May, with 2020 set as the base year of 100, up 3.1% from a year earlier, according to consumer price data released Tuesday by the National Data Agency. It was the first increase of 3% or more since March 2024.

Industrial products rose 4.2% from a year earlier, while service prices increased 2.8%. Petroleum prices showed the sharpest increase, jumping 24.2%, the largest gain in three years and 10 months since July 2022, when the Russia-Ukraine war was at its height.

Gasoline prices rose 23.1%, diesel prices climbed 33.3% and kerosene prices increased 21.7%.

Among services, international airfares, which are directly affected by fuel costs, rose 33.5%, while overseas group tour fees increased 26.3%.

The living price index, which tracks frequently purchased items with a high share of household spending, rose 3.3% from a year earlier, showing a worsening burden felt by consumers.

Lee Doo-won, an official in charge of economic trend statistics at the data agency, said petroleum prices rose more sharply because of higher international oil prices caused by the Middle East war.

“International airfares and prices for travel and lodging-related items rose sharply as fuel surcharges linked to global oil prices increased and the number of peak-season days, including holidays, grew,” Lee said.

The government said it will work to reduce price uncertainty by stabilizing petroleum prices.

A Finance Ministry official said the government’s petroleum price cap and fuel tax cut reduced the May consumer price increase by 0.6 percentage point.

“We will make every effort to stabilize prices felt by households through petroleum price stabilization measures and a task force on livelihood prices,” the official said.

Experts said inflation led by higher global oil prices is likely to continue in the second half.

“Although the United States and Iran have announced plans to discuss reopening the Strait of Hormuz, the high oil price trend is likely to continue in the second half even if the war ends, given the destruction of local oil facilities,” said Jeong Se-eun, an economics professor at Chungnam National University.

“For South Korea, which imports all of its oil, oil prices affect overall inflation. There is also concern that abnormal weather forecast for this summer could raise agricultural prices,” Jeong said.

“With no notable downward factor in the second half, inflation is expected to stay around 3%,” she added.

Park Jin, a professor at the Korea Development Institute School of Public Policy and Management, said prices are determined by market supply and demand.

“On the supply side, there are inflation concerns caused by unstable oil prices. On the demand side, there are price-increase factors such as a strong domestic stock market,” Park said. “Preemptive steps, including consideration of an interest rate hike, are needed.”

— 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=20260602010000704

May 21 (Asia Today) — The number of multicultural students in South Korea topped 200,000 for the first time last year, even as the country’s overall youth population continued to decline, government data showed Wednesday.

The Ministry of Gender Equality and Family released its 2026 youth statistics, covering 36 indicators in eight areas, to mark Youth Month in May.

The data showed the number of multicultural students reached 202,208 last year, up 4.3% from a year earlier. They accounted for 4% of all students.

Elementary school students made up 57.7% of multicultural students, followed by middle school students at 25.3% and high school students at 16.6%.

South Korea’s youth population, defined as people ages 9 to 24, stood at 7.409 million this year, accounting for 14.4% of the total population. That was down from 7.626 million, or 14.8%, last year.

Education indicators showed mixed trends. Seven in 10 students said they enjoyed going to school, up 1 percentage point from the previous year. The share was highest among elementary school students at 79.2%, followed by middle school students at 71.9% and high school students at 69.2%.

The private education participation rate among elementary, middle and high school students fell to 75.7%, down 4.3 percentage points from a year earlier. Average weekly time spent in private education also declined by 30 minutes to 7.1 hours.

The school dropout rate edged up to 1.1%, while the share of high school graduates advancing to higher education in South Korea or abroad rose to 74.4%.

Labor data showed the employment rate for people ages 15 to 29 was 45.0% in 2025, down 1.1 percentage points from the previous year. The unemployment rate rose 0.2 percentage points to 6.1%.

Among middle and high school students, 5.1% said they had worked part-time during the past year.

Income was the top factor young people considered when choosing a job. Teenagers and young adults ages 13 to 24 ranked income first, followed by aptitude and interest, then job stability.

Large companies were the most preferred workplaces, followed by government agencies and public corporations.

The share of young people prioritizing income has steadily increased since 2013, when it stood at 27.0%. The trend was stronger among male youths at 42.8% than female youths at 35.9%. Women were more likely than men to cite aptitude and interest as a key factor.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Published on
14/05/2026 – 14:35 GMT+2

Long-term US borrowing costs climbed to levels not seen since before the global financial crisis after the Treasury auctioned $25bn (€21.3bn) in 30-year bonds at a high yield of 5.058% on Wednesday, according to the department’s own data.

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The sale came only hours after the US Senate voted to confirm former Federal Reserve governor Kevin Warsh as the next chairman, succeeding Jerome Powell.

The auction result immediately complicated the backdrop for Warsh’s arrival at the central bank, underlining the pressure facing policymakers as inflation is rising.

At the time of writing on Thursday, US 30-year bonds are trading at 5.02% while 10-year notes are selling with a yield of 4.44%.

US inflation figures released earlier this week showed consumer prices rose 3.8% from April 2025 as the 10-week Iran war pushed energy costs higher and distanced inflation from the Federal Reserve’s 2% target.

Producer price data also pointed to persistent underlying cost pressures across the economy, reinforcing expectations that the central bank may struggle to ease monetary policy quickly.

Rising Treasury yields have broad implications for the economy because they influence borrowing costs on mortgages, corporate debt and other forms of credit.

Higher long-term yields can also increase financing costs for the US government at a time when public debt is nearing $40 trillion (€34.1tn).

Investors are increasingly concerned that a combination of resilient economic growth, elevated energy prices and sustained government borrowing could keep inflationary pressures alive despite two years of restrictive monetary policy.

The yield on the benchmark 30-year Treasury bond being auctioned above 5% is a symbolic threshold last reached in 2007 before the onset of the global financial crisis.

While market conditions today differ substantially from that period, the move nonetheless underscores the sharp repricing that has taken place in global bond markets over the past two years.

Kevin Warsh inherits a difficult policy environment

Kevin Warsh takes over the Federal Reserve at a delicate moment for the US economy.

The former Morgan Stanley banker and Fed governor has previously argued in favour of maintaining the central bank’s credibility on inflation, while also signalling support for reforms to the institution’s communication strategy and balance sheet policies.

Warsh’s confirmation comes as financial markets remain divided over how aggressively the Federal Reserve should respond to persistent inflation pressures.

Some investors believe rates may need to stay higher for an extended period, while others warn that maintaining tight monetary conditions for too long could weigh heavily on economic growth and employment.

The main driver of the rise in inflation is the current disruption to global energy markets caused by the Iran war which also leaves the central bank at the mercy of geopolitics and not able to effectively control the situation.

Analysts stated that Wednesday’s Treasury auction illustrated the immediate challenge confronting the incoming Fed chair.

Elevated bond yields can help tighten financial conditions without additional rate increases from the central bank, but they can also amplify risks for heavily indebted households, businesses and the federal government itself.

For Warsh, the market reaction served as an early reminder that restoring confidence on inflation may prove more complicated than simply holding interest rates at restrictive levels.

May 4 (Asia Today) — Pan Ocean beat market expectations in the first quarter, helped by strong performance in its LNG and tanker businesses.

Pan Ocean said Monday its preliminary first-quarter sales rose 8.3% from a year earlier to 1.51 trillion won ($1.03 billion), while operating profit increased 24.4% to 140.9 billion won ($95.8 million).

The results exceeded market forecasts of 1.46 trillion won ($989 million) in sales and 132.2 billion won ($89.8 million) in operating profit.

Compared with the previous quarter, sales rose 2.2% and operating profit increased 8%. Analysts said expansion of the company’s LNG-focused business portfolio helped defend earnings despite the seasonal shipping slowdown.

By business segment, tanker operating profit rose 41.5% from a year earlier to 28.1 billion won ($19.1 million), supported by strong medium-range tanker market conditions. The LNG business posted 47.2 billion won ($32.1 million) in operating profit, up 49.7%, helped by fleet expansion and higher utilization.

The bulk segment, including grain operations, continued to grow from a year earlier, but profitability weakened from the previous quarter because of spot voyage losses caused by geopolitical risks from U.S.-Iran tensions and rising oil prices. Bulk operating profit totaled 54.7 billion won ($37.2 million).

The container segment posted 9 billion won ($6.1 million) in operating profit, down 42.9% from a year earlier, as oversupply pushed freight rates lower.

Pan Ocean said its strategy of diversifying into LNG and tankers to manage shipping market volatility has begun to show results.

“We will continue efforts to strengthen our ability to respond to market changes, expand our business portfolio and secure stable profitability,” a Pan Ocean official said. “At the same time, we will establish our position as a sustainable company through active ESG management.”

— 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=20260504010000408

April 24 (Asia Today) — Japan’s Nikkei 225 Stock Average briefly topped 60,000 for the first time Thursday, setting a record milestone as artificial intelligence and semiconductor-related shares led gains.

The index rose as high as 60,013 during morning trading, MarketWatch reported. But analysts said the rally was concentrated in a small group of high-priced technology shares, leaving the broader market less buoyant.

The Nikkei 225 is calculated as a price-weighted average of 225 stocks, meaning companies with higher share prices have a larger effect on the index. SoftBank Group, Advantest and Tokyo Electron were among the AI and semiconductor-related stocks that helped push the benchmark higher.

Foreign investors have focused on semiconductor-related companies because they are closely tied to the AI supply chain and offer clearer near-term earnings visibility, analysts said.

JPMorgan Chase reflected that optimism by raising its year-end Nikkei target to 70,000 from 61,000, citing the AI boom and a weaker yen, Reuters reported.

Still, the broader market has not risen at the same pace. The Topix index and the Yomiuri 333, an equal-weighted index, have not recovered to their late February highs. That suggests the latest rally is being driven more by large technology stocks than by broad-based market strength.

The Nikkei later gave up gains as investors took profits after the record intraday high. Some strategists said the rapid rise has raised concerns about overheating and could lead to a short-term correction.

Whether the rally can continue may depend on whether buying spreads beyond semiconductors to domestic demand, financial and manufacturing shares. If gains remain concentrated in a few high-priced stocks, the Nikkei could rise further while many investors and consumers feel little improvement in the broader economy.

— 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=20260424010007785