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Europe
BBC Business

Musk's SpaceX share sale: Four things you need to know

Next week shares go on sale in Musk's Texas-based SpaceX, a company that is planning to colonise Mars and put artificial intelligence (AI) data centres in space. It is set to be the largest ever public sale of shares and will make SpaceX one of the US's top ten largest listed firms. But for those who invest, what exactly will they be buying and what are the risks? On 12 June millions of new shares in the company will go on sale and then will start trading publicly on the stock market in what is known as an Initial Public Offering, or IPO. The IPO aims to raise a vast amount of money - at least $75bn - and gives investors the chance to buy into a business whose activities range from space exploration and satellite communication to the social media site X and the controversial AI platform Grok. SpaceX is separate from Musk's most well-known company, the electric car maker Tesla, although it is thought the two may end up merging next year. Musk plans to use the extra money he is raising to expand SpaceX's current activities but also to fund new future ventures: mining asteroids, colonising Mars and putting AI data centres in space. The sci-fi style sales prospectus says humans must avoid "the same fate as dinosaurs" and plan for an "age of abundance" based in space because the "light of consciousness" will not be tied to a single planet. There is plenty of scepticism about the feasibility of some of these ambitions. But Musk's backers say he has beaten the doubters before. SpaceX shares will be traded on the New York technology-focused Nasdaq market, and some of the big global investment institutions are likely to buy shares. But individuals, including in the UK, will also get a chance to buy via certain investment platforms and brokers. There are more than 550 million shares available, which SpaceX has announced it hopes to sell at $135 (£100) each. Investors must decide if they think the shares are worth that much. And once they start trading their value could quickly rise or fall depending on whether the wider market thinks that initial price was too low or too high. Even if you do not invest in SpaceX shares directly you may find you have an indirect financial interest if your pension or savings fund manager buys shares as part of their investment strategy, or if you have an index-tracking fund that automatically buys into the biggest firms.

Musk's SpaceX share sale: Four things you need to know
Europe
BBC Business

British Heart Foundation plans to close 150 charity shops

The British Heart Foundation (BHF) says it is planning to close around 150 charity shops, citing an "exceptionally challenging trading environment". The charity, which carried out a review of its retail arm, said rising operating costs and changing customer habits meant some stores were "no longer financially sustainable". Its overall financial position "remains healthy", it said, adding it is continuing to see strong fundraising and legacy income. The BHF currently has 640 shops and stores across England, Wales, Scotland, and Northern Ireland. The proposed closures, within the next two years, make up just under a quarter of the total. The charity plans to close around 90 stores by the end of March 2027, and the remaining affected stores by March 2028. It said it would share the locations of the stores earmarked for closure on its website once affected colleagues had been informed. Chief Executive Charmaine Griffiths acknowledged this would be a difficult time for colleagues and volunteers, thanking them for their contributions. "Like most retailers, we are facing an exceptionally challenging trading environment," she said. "Cardiovascular disease remains one of the UK's biggest killers and our priority is funding research to save lives. "We must take the difficult step to close some of our shops to sustain retail's important contribution to funding BHF's groundbreaking research." As well as its network of shops and donation points, the BHF has online retail channels including on its website and eBay. It said it will continue to evolve its retail operations "to reflect changing customer shopping behaviours and donor habits".

British Heart Foundation plans to close 150 charity shops
Europe
BBC Business

The ancient trick making food waste useful and tasty

Vayu Hill-Maini's lab has created a new cheese, or at least something that tastes like cheese, but is actually made from food waste. The bioengineer, who runs a lab at Stanford University in California, is experimenting with fermentation using fungi. "One of the most amazing things that we found recently is that we could take waste and add a few other ingredients in a fungal fermentation and create this delicious cheese that is like a Pecorino or Parmigiano," he says. Fermentation is a biological process whereby organisms convert carbohydrates like starch or sugar into substances like alcohol, without using oxygen. Perhaps the best-known examples of fermentation are in baking and brewing, where yeast breaks down sugar into ethanol and carbon dioxide. But it's not just wheat flour, or barley that can fuel fermentation, all sorts of substances are suitable - in biology those fermentation hosts are known as substrates. With the latest biotech tools, companies are taking by-products of the food industry, that are currently discarded or have little value, and using fermentation to turn them into something useful. UK-based Fermtech is transforming cocoa shells, which are normally thrown away, into a cocoa powder substitute, using fermentation. "If you were to sniff a bag of cocoa shells, you would be really struck by the intense chocolatey nature of it," says Andy Clayton, Fermtech's CEO. He says it's a shame that by-products of the food industry are composted or burnt, rather than using microorganisms to break down the hard bits of the plant and make it bioavailable for humans, while retaining the flavours. Utilising a broader palette of substrates can save money, help the environment, and expand flavour. Take peas. Protein makes up about a quarter of a pea, and pea protein has become an increasingly popular source of plant-based protein.

The ancient trick making food waste useful and tasty
Europe
The Guardian

Disney racks up $4.2bn deficit on Paris parks

Disneyland Paris, in Marne-la-Vallée, east of Paris, on 16 October 2023. Photograph: Ian Langsdon/AFP via Getty ImagesView image in fullscreenDisneyland Paris, in Marne-la-Vallée, east of Paris, on 16 October 2023. Photograph: Ian Langsdon/AFP via Getty ImagesWalt Disney CompanyDisney racks up $4.2bn deficit on Paris parksExclusive: Analysis shows resort has yet to recoup Disney’s investment despite record revenue and 16m annual visitors Disney has still not recouped $4.2bn of its investment in Disneyland Paris after more than 30 years, even though the resort is now its best-performing international outpost, according to an analysis of recent filings. The sprawling theme park complex swung open its ornate iron gates in 1992 and now attracts about 16 million visitors every year. It is wholly owned by Disney and is home to two theme parks – the fairytale-inspired Disneyland and Disney Adventure World, which launched its largest-ever expansion in late March. The lavish land, themed to the hit animated movie Frozen, is part of a $2.5bn (€2bn) investment by Disney, and its new chief executive, Josh D’Amaro, was on hand for the opening alongside Emmanuel Macron. Before the festivities, the resort’s parent company, Euro Disney Associés (EDA), posted sparkling results. They showed that in the year to 30 September 2025, the introduction of dynamic pricing led to EDA’s revenue rising 8.4% to a record $4bn (€3.4bn), which beat every other Disney resort outside the United States. It gave a magic touch to Disney’s theme parks division, which produced nearly 40% of the company’s $94.4bn revenue and 57% of its $17.6bn operating income last year. EDA’s net income surged almost threefold to an all-time high of $304.2m (€260m), though this was still a drop in the ocean compared with the red ink that the company spilled in its first 25 years. Disney doesn’t break out the results of individual theme parks in its US filings, but French disclosure obligations shine a spotlight on the performance of Disneyland Paris. Analysis of more than three decades of its filings reveals Disney’s blockbuster deficit, which is ultimately due to the enormous size of the resort: Disney wanted a massive plot of land to lock out rivals, and it got what it wanted, as the site spans 5,510 acres (2,230 hectares), making it nearly a fifth the size of Paris. But it came with a catch. The French government sold Disney the land on the condition the company shared ownership with public shareholders. Disney therefore owned 49% of Euro Disney shares privately, with the remainder listed on the Euronext exchange. This structure led to the company filing detailed accounts and cast a dark spell on its bottom line. As Disney wasn’t the company’s majority owner, it didn’t pour money into it as it had done with its US parks. Instead, 59.8% of the $4.9bn (FF23.7bn) construction cost was covered by bank loans, with the remainder coming from the public and Disney, which provided just $132.1m (FF833m). Clouds soon gathered as French tourists objected to high ticket prices, the lack of alcohol in its restaurants and English being the first language. Weighed down by its debt mountain, Euro Disney has only posted a net profit 13 times since 1992, with its combined losses coming to a staggering $3.7bn (€3.3bn). Just one year after opening, Philippe Bourguignon, the Euro Disney chair, said in the annual report that “the severe imbalance in Euro Disney’s financial structure has become such a burden that it is jeopardizing the very existence of the company”. By the end of 2015, Disney had invested $1.3bn in four rights issues by the company and paid $214.3m to buy assets from it, which were then leased back, giving it a cash injection. Disney even paid off its bank borrowings and replaced them with a low-interest loan before converting $750.7m of it to equity.

Disney racks up $4.2bn deficit on Paris parks
North America
CNBC Finance

As the largest World Cup ever kicks off, health officials are focused on more than Ebola

As athletes and millions of fans gear up for the FIFA World Cup starting next week, global health officials are preparing for a high-stakes challenge of their own: protecting against infectious diseases. For the first time, the tournament will span 16 host cities across three countries — the United States, Canada and Mexico — and feature 48 teams, making it the largest World Cup in history. The event also comes amid an Ebola outbreak in Congo and Uganda that the World Health Organization has designated a "public health emergency of international concern." Despite those worries, the risk of widespread Ebola transmission during the tournament is low, infectious disease experts told CNBC. Public health departments, hospitals and other partners are also well equipped to respond to a range of potential threats — even after sweeping cuts to critical federal agencies and the U.S. exiting from the WHO under the Trump administration. "Ebola and hantavirus, I worry about a lot less," Dr. Shruti Gohil, the associate medical director for University of California, Irvine Health Epidemiology and Infection Prevention, said in an interview. "The overall likelihood of risk is not nonzero, but it's low, very low, because it is not easy to transmit person to person." Instead, experts say more contagious threats could pose greater challenges during the tournament and other large events this summer, particularly because international visitors could move through multiple venues and cities in a matter of days. Those threats include measles — one of the world's most contagious diseases — as well as respiratory viruses such as Covid-19 and influenza. The concern comes after the U.S. recorded its highest number of measles cases in decades last year, driven in part by growing vaccine hesitancy and declining immunization rates. Some experts also pointed to arboviruses spread by infected insects, such as dengue, while others highlighted heat-related and foodborne illnesses as notable risks beyond infectious diseases. Preparing for the World Cup has involved scaling up existing programs, such as wastewater monitoring, and adding new tools to track infectious disease threats. Those systems will face their first major test when the tournament kicks off on June 11, but public health officials say they are ready to take on the challenge. "Public health prides itself in being the invisible shield, but I don't want that to get lost in the actual Herculean effort it takes to have an operational invisible shield, so that people can enjoy events like the World Cup and feel safe and secure in their public health when they're here," said Dr. Theresa Tran, director for the Houston Health Department. "That's a system that I'm extraordinarily proud about … we are absolutely working so hard every single day in preparation for things like this," said Tran, who is overseeing the response in a host city. Ebola does not spread as easily as Covid and other respiratory diseases, making it less of a threat during the World Cup despite the growing outbreak, experts said. Global health authorities have confirmed more than 260 cases and are investigating 1,100 more possible infections in Congo and Uganda, according to the WHO. The current strain of Ebola, the Bundibugyo virus, is an often fatal form of the disease with no approved treatment or vaccine.

As the largest World Cup ever kicks off, health officials are focused on more than Ebola
North America
Yahoo Finance

AVGO, MRVL, NVTS Stocks Hit 52-Week Highs: What Sent These Chipmakers Higher?

Shares of chipmakers Marvell Technology Inc. (MRVL), Broadcom Inc. (AVGO), and Navitas Semiconductor Corp. (NVTS) rallied to fresh yearly highs on Wednesday amid a broader uptick in the semiconductor sector. MRVL stock closed up nearly 4% as it extended gains on positive comments from Nvidia’s CEO. AVGO shares pared some gains to end the session about 0.5% lower ahead of its second-quarter (Q2) results, while NVTS soared more than 19% at close. Shares of MRVL soared to an all-time intraday high of $324.20 on Wednesday, extending a winning streak after Nvidia Corp. (NVDA) CEO Jensen Huang called it the “next trillion-dollar company” at the Computex conference in Taipei, Taiwan. As part of a strategic collaboration, Nvidia invested $2 billion in Marvell, enabling customers to combine products from both firms when developing semi-custom AI systems. Meanwhile, Marvell reached a market capitalization of more than $254 billion on Wednesday, prompting speculation about its inclusion in the S&P 500 in June. One user on Stocktwits echoed the sentiment, saying, “S&P inclusion on 6/19. This will run to $400 in anticipation. Nothing to worry.” Marvell has strengthened its position in the AI infrastructure sector, with its data center business accounting for about 76% of first-quarter (Q1) revenue. The company has also raised its fiscal 2027 and 2028 forecasts, reflecting confidence in demand for its networking, custom AI chip, and silicon photonics offerings. On Tuesday, Stifel raised the price target on Marvell to $321 from $230 and kept a ‘Buy’ rating on the shares, according to TheFly. MRVL has surged more than 237% in 2026, even as retail sentiment on Stocktwits has stayed ‘extremely bullish’ amid the rally. AVGO stock climbed to a yearly high of $495.00 in Wednesday’s intraday trading session ahead of its second-quarter (Q2) results. However, the chipmaker’s shares closed lower and plunged more than 13% overnight after its third-quarter revenue outlook came in below the high end of analyst expectations. Broadcom posted adjusted earnings per share of $2.44, above the $1.58 a share reported in the same quarter a year ago, and largely in line with Wall Street projections. Meanwhile, revenue grew 48% to $22.19 billion. However, for the upcoming quarter, AVGO projected revenue of $29.4 billion, below the upper end of $37.5 billion expected by analysts. Following the results, Jefferies raised the price target on Broadcom to $550 from $500 and kept a Buy rating on the shares. The analyst said it expects Broadcom's operating margins to improve as AI revenue accelerates, particularly as Meta Platforms (META) and OpenAI ramp up next year. AVGO stock has gained more than 37% in 2026 as retail sentiment on Stocktwits has stayed in the ‘extremely bullish’ territory. Shares of NVTS jumped to a yearly high of $34.17 after the company said Nvidia was showcasing its recently launched 800 V-to-6 V DC-DC power delivery board at the Computex conference.

AVGO, MRVL, NVTS Stocks Hit 52-Week Highs: What Sent These Chipmakers Higher?
North America
CNBC Economy

U.S., Iran intensify attacks as ceasefire frays, peace talks stall

Iran struck Kuwait International Airport early Wednesday, killing one person and injuring others, Kuwait's Ministry of Foreign Affairs said. The attack, which Iran's Islamic Revolutionary Guard Corps reportedly denied responsibility for, is the latest blow to an already weakened ceasefire agreement that has been repeatedly undermined by military action in recent days. While the Trump administration says the ceasefire remains in place, attacks have escalated as the war proceeds into its fourth month. President Donald Trump did not answer directly when asked at the White House on Wednesday afternoon if the ceasefire was still on in light of the Kuwait attack. "You know, there's a reason for everything," Trump said. "And we hit them pretty hard the night before, and actually last night." He added, "A ceasefire there is much different than a ceasefire in other parts of the world." The Kuwaiti foreign affairs ministry in a translated statement Wednesday morning condemned "the brutal and ongoing Iranian attacks using ballistic missiles and drones" against "civilian and vital facilities," including the latest strike on the airport. The IRGC claimed the attack was caused by a U.S. military systems error, Iran's state-affiliated news outlet Tasnim reported, citing a spokesman for the military branch. One day earlier, U.S. Central Command said it defeated multiple Iranian ballistic missiles and drones, and launched "self-defense strikes" on Qeshm Island in the Persian Gulf, in response to "attempted attacks" by Tehran. Iran had launched "several" ballistic missiles toward regional neighbors, though none hit their intended targets, CENTCOM said in a statement. Two Iranian missiles fired at Kuwait fell short or broke apart en route, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces, it said. The U.S. also shot down three one-way attack drones launched by Iran toward civilian mariners that were transiting regional waters, according to CENTCOM. No U.S. personnel were harmed, the statement said. The U.S. and Iran appear locked in a volatile stalemate, as ongoing efforts to reach a peace deal have been punctuated by public diplomatic disputes and military action.

U.S., Iran intensify attacks as ceasefire frays, peace talks stall
Asia-Pacific
The Straits Times

Trump orders US customs to crack down on tariff cheats

A new US executive order would address issues like importers’ use of shell companies and schemes that route shipments through third countries to hide their true origin. WASHINGTON – US President Donald Trump signed an executive order designed to tighten customs enforcement, his latest move to ramp up protectionist trade policies. The policy Trump signed on June 3 directs Customs and Border Protection (CBP) officers to use new technology to ensure contraband and illegal goods are detected and blocked from entering the US, and that products brought in are accurately accounted for, according to a White House statement. “This executive order is really the result of many years of our front-line officers and our trade professionals seeing the tricks and abuse that the companies that were trying to cheat the system have been using,” CBP chief of staff James Kernochan said on a call with reporters after the order signing. Officials said the order would address issues that have plagued the customs agency’s ability to enforce trade policy, including importers’ use of shell companies and schemes that route shipments through a third country in order to hide the true origin of the goods. White House staff secretary Will Scharf said during the signing that the order is intended to provide CBP with more information about importers-of-record, or IORs, and that they correctly report what they are bringing in. Foreign companies that bring goods into the US will also face stricter compliance requirements. There was a record US$112 billion (S$143.8 billion) gap in 2025 between what China reported exporting to the US and what was declared to CBP, Bloomberg News previously reported. “Examples of non-compliance include undervaluing imports, withholding critical information about IORs and the goods being imported, and avoiding payment of duties through various arrangements and schemes,” the order said. The order also ramps up the use of artificial intelligence by the customs authorities. “We’re in the process of being able to – in real time – track every single ship and shipment that leaves every single port every day, process literally billions of bits of data, and determine with a high degree of probability, whether or not there’s some tariff evasion or possibly other problems like drugs (and) illegal contraband,” said White House trade adviser Peter Navarro on the call with reporters. He also stressed the potential to boost revenue collection from US importers. “We’re literally going to be able to pick up tens and tens of billions of dollars just in tariff evasion alone,” he said. Trump signed the order one day after his administration proposed new tariffs of at least 10 per cent on 60 economies accused of failing to crack down on imports produced using forced labour. Singapore, as one of those economies, could face a 12.5 per cent tariff.

Trump orders US customs to crack down on tariff cheats
Asia-Pacific
The Straits Times

ST Explains: What does Trump’s new tariff on ‘forced labour’ mean for Singapore trade?

Trump's proposed forced-labour tariff drew immediate criticism from major economies such as the EU and China, and experts expect lawsuits once it takes effect. SINGAPORE – Four months after losing his sweeping reciprocal tariffs to a court decision, US President Donald Trump has made his first move to replace them with trade levies he believes are less vulnerable to legal challenges. On June 2, Trump’s trade office in Washington issued a comprehensive 98-page report proposing double-digit tariffs on 60 countries – which represent about 99 per cent of all US imports – after an investigation initiated on March 12 showed they were not doing enough to restrict trade in goods produced by “forced labour”. The Office of the US Trade Representative (USTR) placed trading partners into two groups, depending on what it considered varying degrees of ineffective enforcement of rules on trade in “forced-labour goods” and whether they had already struck a trade deal with the Trump administration. The USTR said it would impose tariffs at the rate of 10 per cent on imports from Canada, the European Union, the UK, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia and Taiwan. The remaining 45 countries, which include Singapore, China and India, would face higher duties of 12.5 per cent. But nothing is settled yet. The tariff rates may change for some countries, including Singapore, as the proposed measure is subject to public comments and hearings before a USTR trade panel. This will start in July and may take weeks, if not months. There is also at least one more USTR investigation that could lead to another tariff measure – pertaining to excess manufacturing capacity – that remains pending. Despite the tariff tumult since 2025, Singapore has continued to clock strong growth in exports, thanks to the AI boom and increased trade with partners across Asia. For now, little would change for companies that count the US as an export market if and when the new tax relating to forced labour applies. The new measure will replace the 10 per cent global tariff – set to expire in late July – imposed soon after the Feb 20 Supreme Court ruling. That would raise the US effective tariff rate by just 0.5 per cent, according to experts. The effective tariff rate reflects the average tariff paid across all imported goods into a country.

ST Explains: What does Trump’s new tariff on ‘forced labour’ mean for Singapore trade?