Europe
BBC Business

Puffin and bumblebee among 18 creatures shortlisted to feature on banknotes

Eighteen animals, birds and insects have been shortlisted to appear on future banknotes - and the public can have their say on which creatures feature. The wildlife beauty contest gives the colourful kingfisher and common frog an equal chance of a place on the next series of Bank of England notes. The replacement of historical characters, particularly Sir Winston Churchill, with British wildlife sent political leaders into a frenzy of condemnation earlier this year. But now people have a month to offer their views about which species of wildlife should be honoured on the £5, £10, £20 and £50 notes. The shortlist, chosen by a panel of wildlife experts, excluded household pets. People will be able to vote for up to six of their favourites from the shortlist. In a bid to prevent the otherwise inevitable Stoaty McStoatface jokes, those voting will not be able to nominate any alternatives. "I very much hope the public will enjoy engaging in our consultation to choose the animals to feature on our next series of banknotes," said Victoria Cleland, the Bank's chief cashier, whose signature appears on banknotes. "The shortlisted animals demonstrate the rich variety of wildlife we have to celebrate in the UK." The new banknotes will each feature one animal or bird, but the public will be able to select up to two of their favourites from each of three categories on the shortlist before the deadline of the end of 3 July. The mammals are: the bottlenose dolphin, the brown hare, the European hedgehog, the grey seal, the pine martin and the red fox. The second category of birds feature: the Atlantic puffin, the barn owl, the common kingfisher, the Eurasian curlew, the great spotted woodpecker, and the white-tailed eagle. The final section of amphibians, insects and fish, has: the Atlantic salmon, the basking shark, the buff-tailed bumblebee, the common frog, the Emperor dragonfly, and the marsh fritillary butterfly.

Puffin and bumblebee among 18 creatures shortlisted to feature on banknotes
Asia-Pacific
The Straits Times

What to know about the SpaceX IPO

The IPO is expected to be a market spectacle as investors get a chance to buy into Musk’s vision to create a combined space and AI powerhouse. Elon Musk’s SpaceX is poised to have the largest stock-market debut in history when it goes public later in June. SpaceX is aiming to raise US$75 billion (S$96.23 billion) in the initial public offering, more than twice the previous record holder. The IPO is expected to be a market spectacle as investors get a chance to buy into Musk’s vision to create a combined space and AI powerhouse. His long list of growth plans – including putting data centres in space – are hugely ambitious but also come with high costs, significant risks and could take many years to come to fruition. The company plans to market about 555.6 million shares at US$135 apiece, according to a filing with the US Securities and Exchange Commission. At that price, SpaceX would have a market value of almost US$1.77 trillion. SpaceX’s goal of raising US$75 billion in the IPO would shatter the previous record set by Saudi Aramco’s US$29.4 billion in 2019. The big question is whether such a large valuation can be sustained in public markets. Analysts value companies based on their future earnings and growth, as well as industry competition and profit margins. But valuation is not a pure science. Especially in bullish market conditions, investors are sometimes prepared to pay up for a company’s shares based on something other than fundamentals. Some might see the seemingly vast potential of the company’s space businesses as justifying a higher price than the current financials would ordinarily support. But the challenges surrounding SpaceX’s xAI business could dampen the appeal. Even though SpaceX generates significant cash flow, largely from Starlink, its satellite-based internet broadband service, the company requires a lot more money to fund its biggest ambitions. SpaceX has indicated that IPO proceeds will be used, among other things, to expand the company’s AI computing infrastructure, enhance its space infrastructure and rockets and boost its satellite constellations. SpaceX could have opted to continue raising capital in private markets rather than going public. But the company’s funding needs appear to have risen substantially with the acquisition in February of xAI, which is burning through around US$1 billion of cash per month to cover the cost of computing infrastructure including training its AI models, according to people briefed on the company’s financials. IPO paperwork shows that SpaceX’s AI segment, which includes xAI, had an operating loss of US$6.4 billion in 2025 and nearly US$2.5 billion in the first three months of 2026. That said, SpaceX just entered into a deal in which Anthropic PBC will pay it US$1.25 billion per month through May 2029 for AI computing capacity.

What to know about the SpaceX IPO
Europe
The Guardian

Anthropic confidentially files for initial public offering on US stock market

Dario Amodei, chief executive officer of Anthropic, at the AI Impact Summit in New Delhi, India, on 19 February 2026. Photograph: Ruhani Kaur/Bloomberg via Getty ImagesView image in fullscreenDario Amodei, chief executive officer of Anthropic, at the AI Impact Summit in New Delhi, India, on 19 February 2026. Photograph: Ruhani Kaur/Bloomberg via Getty ImagesTechnologyAnthropic confidentially files for initial public offering on US stock marketFinancial stakes of AI race rise as Elon Musk’s SpaceX, OpenAI and Anthropic are slated to go public this year Anthropic has filed confidentially for an initial public offering on the US stock market, the company announced on Monday. The AI firm makes the Claude chatbot, popular with software engineers and other business clients, and has seen a meteoric rise this year. The company did not disclose the valuation it will target on the stock market, nor did it make public other terms of the offering. The startup announced on Thursday that it had raised $65bn in funding to value the company at $965bn post-money. Anthropic was valued at $380bn in February. Anthropic’s filing continues the company’s banner year, as well as pre-empts its rival OpenAI, which is expected to imminently file for its own IPO. Anthropic’s latest valuation also meant that the company leapfrogged OpenAI to become the world’s most valuable startup. The filing underscores the rising financial stakes of AI race as Elon Musk’s SpaceX, OpenAI and Anthropic are all slated to go public this year. SpaceX has filed for a stock market float at a valuation of about $1.75tn as it seeks $75bn in investment. Anthropic’s confidential filing will give regulators a period to look over the company’s financial disclosures before the AI firm’s investor prospectus becomes public. Filing confidentially has become common for major firms, with SpaceX approaching its IPO in the same manner. Anthropic announced the filing in a short, two-paragraph blogpost that did not give an exact timeline for the company to go public and did not reveal the number of shares that it would offer. “This gives us the option to go public after the SEC completes its review. The proposed initial public offering will depend on market conditions and other factors,” Anthropic said. Formerly considered a lesser player in the AI race, Anthropic’s rapid ascent over the previous year has placed the company neck-and-neck with OpenAI in terms of dominance over the industry. Much of its growth has taken place after the company’s release of its Claude chatbot’s advanced coding assistant products late last year. As Anthropic seeks to establish its market presence, it is also growing in cultural and political prominence as it pours money into political spending and advocacy programs. The firm spent $1.6m on lobbying efforts in the first quarter of 2026 alone, up from $360,000 during the same period the previous year. It is engaged in a high-profile lawsuit against Donald Trump’s administration over the use of its Claude AI by the Pentagon, which has designated the company a “supply chain risk”, blacklisting it from military work.

Anthropic confidentially files for initial public offering on US stock market
Europe
BBC Business

Microsoft testing wearable AI gadget aimed at office workers

Microsoft is developing new wearable technology with an artificial intelligence (AI) enabled gadget. During its yearly conference for technology developers, Microsoft executive Steven Bathiche showed off two "concepts" that the company has developed for hardware products intended for people who often use AI tools in their work. One device was a small portable cube with a touch and voice-activated screen, meant for a desk. The other was "a wearable access badge," Bathiche said, to hang around the neck or on a belt loop, giving quick access to AI-driven work Satya Nadella, Microsoft chief executive, said such gadgets represented a "new form factor" for technology devices. While Microsoft did not say it would bring either of these products to market, it said current pilots with the devices "will inform how these form factors can be built" in the future. The company developed a wearable headset, called the Hololens, akin to the Meta Quest or Apple's Vision Pro headsets. The Hololens was even set to be sold to the US Army in a contract worth billions of dollars. But after almost a decade of development, and ongoing issues during testing by the military, Microsoft said in 2024 it would stop producing Hololens. Google is also having a second go at wearables, as that company recently said it would try again with "smart glasses" more than a decade after its notorious Google Glass flop. In a video demonstrating Microsoft's AI-driven access badge and desktop device, part of what Nadella called Project Solara, people doing mainly office work were shown tapping the screens on both devices in order to see and connect to work being done by AI agents. Agents are essentially AI bots doing tasks somewhat autonomously. Such agents are widely used by technology workers, assisting in their writing of software code, for instance. The advancement of this kind of AI assistance has been cited widely by major tech executives in a recent wave of layoffs that have impacted many thousands of workers.

Microsoft testing wearable AI gadget aimed at office workers
Asia-Pacific
The Straits Times

This research firm says SpaceX is worth less than half its IPO target

Morningstar analysts pegged SpaceX‘s valuation at US$780 billion, less than half the US$1.77 trillion ($2.3 trillion) that the Elon Musk’s company is targetting. Bengaluru - SpaceX just set a price for its initial public offering that would make it the largest ever, but one research firm has warned that Elon Musk’s rocket and AI behemoth is “significantly overvalued.” Morningstar analysts pegged SpaceX‘s valuation at US$780 billion (S$1 billion), less than half the US$1.77 trillion ($2.3 trillion) that the company is targetting with its US$135 per share IPO. Prospects for the company’s artificial intelligence business, which includes xAI and social media platform X, were uncertain given unclear economics and competition from OpenAI and Anthropic, the research firm said. “We don’t see Grok as one of the leading AI labs today,” said Morningstar equity analyst Nicolas Owens, referring to the chatbot developed by xAI. Owens also warned that the future promise of SpaceX‘s AI segment relies on untested technology such as orbital data centres. Starlink, the satellite broadband business, also faces technological hurdles, many of which may be outside the company’s control, he said. “We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,” Owens said. The warning stands out as a rare contrarian view at a time when enthusiasm for the IPO has been high. Most companies that go public set a preliminary price range for their stock offering before settling on a final number in case investor demand for their shares changes. But Musk and SpaceX sidestepped that and simply declared one price for investors, the New York Times noted. SpaceX could still change that price but is not expected to do so, the newspaper added. Its current valuation of US$1.77 trillion from its IPO price would be more than 40 per cent higher than the US$1.25 trillion that SpaceX valued itself at in February. The company was also last valued at US$1.53 trillion on secondary trading platform Forge Global. SpaceX is aiming to launch a roadshow on June 4, with the stock scheduled to debut on the Nasdaq on June 12. Morningstar said the stock could ascend in the near term, given the low float and the strong cadre of major investment banks underwriting the IPO.

This research firm says SpaceX is worth less than half its IPO target
Asia-Pacific
The Straits Times

SpaceX sets $173 price for blockbuster IPO, upending Wall Street convention

SpaceX is aiming to raise US$75 billion, the most ever for an IPO, in a deal that would value it at US$1.75 trillion. NEW YORK - SpaceX publicly set a US$135 (S$173) price for shares in its initial public offering on June 3, upending the longstanding Wall Street price-discovery apparatus and underscoring Elon Musk’s determination to raise record sums his way. The company’s decision to publish a price a week ahead of its landmark offering has few if any precedents among major US IPOs, and reflects Musk’s standing in the financial world as an adventurer with a golden touch – even as the capital raise will value SpaceX at very lofty multiples. SpaceX’s amended IPO filing confirms a Reuters report on the US$135 price from earlier this week. The company is aiming to raise US$75 billion, the most ever for an IPO, in a deal that would value it at US$1.75 trillion, immediately placing it among the top 10 most valuable US-listed firms. The company will kick off an investor roadshow on June 4, with pricing expected on June 11; trading in shares will begin on the Nasdaq the next day. Musk has rewritten the IPO playbook for SpaceX in many other ways, from planning to give retail investors a larger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control. “Nothing about this IPO is normal in any course or sense, but then again this is the largest IPO in history so maybe that is not surprising,” said an investor who is planning on buying into the IPO. On Wall Street, there has been a rush to get a piece of the deal, given Musk’s reputation and his control of an offering that stands to generate millions of dollars in fees – despite concern about the sky-high valuations that SpaceX will garner. The prospective investor said there has been a sense that major firms are “posturing” by saying “we put the money in early” – a position that both reflects and reaffirms Musk’s leverage over investors. SpaceX lacks a clear public market benchmark, given the paucity of public space companies and the company’s interests across aerospace, telecom and defence. The company posted a net loss of US$4.94 billion in 2025, even as revenue rose 33 per cent to US$18.67 billion. “On the face of it, a ~90x+ revenue multiple is high by any standard, particularly when compared to traditional aerospace or telecom peers,” said Tim Hatt, head of research and consulting at GSMA Intelligence, the research arm of global telecoms industry body GSMA. “But then again, SpaceX is not traditional in any way and there are no true public comparables.”

SpaceX sets $173 price for blockbuster IPO, upending Wall Street convention
North America
CNBC

Disney is poised to ramp its already booming advertising business. Rita Ferro is behind the push

As Rita Ferro, Disney president of global advertising, prepared to take the stage at the company's recent upfront presentation, she had actor Paul Anthony Kelly on her mind. Kelly recently portrayed John F. Kennedy Jr. in the limited FX TV series "Love Story," and met Ferro at an earlier event. After a fangirl moment that included an iPhone snapshot, Ferro requested that Kelly introduce her at the annual pitch to advertisers. "That's the Disney difference: trust, innovation and unrivaled fandom. Not just with the stories they tell, but how they operate as a company," Kelly said on stage earlier this month. "And all of this is in large part due to Rita Ferro." Ferro is a 29-year veteran at Disney and has risen through various roles to the top of its advertising business. That places her at the center of a media industry rediscovering the importance of advertising, as traditional TV, streaming, digital and social platforms all jockey for viewers and ad dollars. While Disney and other media companies held shows in mid-May to dazzle advertisers, the negotiations to lock in commitments are currently underway. Ferro said in interviews with CNBC that she thinks fandom — from sports to entertainment franchises — is key to driving the Disney portfolio and what unites the company's divisions under newly installed CEO Josh D'Amaro. "When you think of 'One Disney,'" Ferro said, referring to the strategy being undertaken by D'Amaro, "and all of the opportunities to tie in brand partnerships with our movie studio partners, [and] the corporate alliance pieces that can tie into park activations, it's a far more interesting and dynamic opportunity than just a traditional media sales role." Ferro previously held roles at Disney at ESPN International, Disney Media Network's Kids and Family, and Disney Interactive, which no longer exists but had focused on the development and distribution of video and mobile games, social media and other digital products. In 2018, Ferro became president of advertising in the U.S., and in 2023, she took over the business globally. She now leads all advertising sales for Disney's entertainment, news and sports properties across linear TV, digital and streaming. "Everyday you're learning, everyday is different and we spend so much time outside learning our partners' businesses," she said. "That's what I love." The daughter of Cuban immigrants who came to the U.S. just before the start of the Cuban Revolution, Ferro was born and raised in Miami. She moved to New York City after graduating from Florida International University with the intention to become a copywriter and art director. After one class, she said, it became clear she wasn't suited for that career. Ferro said she soon got involved in fundraising for a production company that showcased Latino comedians and "realized that I was much better at that side." She got her start in the media ad industry working for MTV in Latin America before its official launch.

Disney is poised to ramp its already booming advertising business. Rita Ferro is behind the push
Europe
BBC Business

Water firm fined £1.8m over parasite outbreak

South West Water has been fined almost £2m after the supply in and around Brixham, Devon, was contaminated with the parasite cryptosporidium. The utility firm was sentenced to the record fine for a drinking water offence at Exeter Magistrates' Court following a prosecution brought by the Drinking Water Inspectorate (DWI). The company pleaded guilty to supplying water unfit for human consumption at an earlier hearing, offering a "full and unreserved apology". Four people were hospitalised and there were more than 140 confirmed cases of sickness and diarrhoea during the 54-day incident in May 2024. Judge Stuart Smith told the court it had been "a major public health incident" in which "disruption to daily life was extensive". He said the harm had been "wide-ranging and profound" and the system of monitoring air valves had been "inadequate". He said the "unvarnished reality" was there had been no visual inspection scheme of air valves which showed a "systemic failure of governance" of South West Water. Smith said there had been mitigating factors and he had reduced the £1.853m fine by a third as the company had entered an early guilty plea. The largest fine to be handed to a water firm to date is the £122.7m penalty water industry regulator Ofwat handed to Thames Water for breaching rules over sewage spills and shareholder payouts in May 2025. South West Water offered those affected an "unreserved apology" and said it wanted to publicly record its "genuine remorse" for the incident. Smith said the company had responded rapidly once the contamination had been discovered, had deployed "substantial personnel" and provided "substantial financial remediation" to those affected. Keith Haslett, chief executive of the Pennon Group which owns South West Water, said: "It is very clear we must learn lessons from this incident and work hard to rebuild trust with the customers and communities we serve, both in Brixham and beyond."

Water firm fined £1.8m over parasite outbreak
Europe
The Guardian

Short seller Andrew Left convicted of securities fraud in California

Andrew Left, founder of Citron Research, arrives at federal court in Los Angeles, California, on 7 July 2025. Photograph: Eric Thayer/Bloomberg via Getty ImagesView image in fullscreenAndrew Left, founder of Citron Research, arrives at federal court in Los Angeles, California, on 7 July 2025. Photograph: Eric Thayer/Bloomberg via Getty ImagesCaliforniaShort seller Andrew Left convicted of securities fraud in CaliforniaFederal jury convicts the securities analyst and trader, who could face a maximum penalty of 25 years in prison A federal jury in California has convicted short seller Andrew Left of securities fraud. Left, who was a securities analyst, trader and guest commentator on television channels including CNBC and Fox Business, was charged in July 2024 with one count of engaging in a securities fraud scheme, 17 counts of securities fraud and one count of making false statements to federal investigators. As a short seller, Left would make money betting that stocks would fall. The justice department said on Tuesday that Left was convicted of one count of participating in a securities fraud scheme and 12 counts of securities fraud. He is scheduled to be sentenced on 31 August. He faces a maximum penalty of 25 years in prison. “Andrew Left used his expertise to profit at the expense of retail investors, ordinary people who owned the stocks he targeted. He callously boasted that it was like ‘taking candy from a baby’,” A Tysen Duva, assistant attorney general of the justice department’s criminal division, said in a statement. “Egregious schemes like this strike at the heart of free, fair and open markets, and warrant prosecution when they involve criminal manipulation. Investors should have confidence that US markets are safe and free from the type of deliberate manipulation that Left engaged in to enrich himself at the expense of American investors.” The justice department previously said that Left conducted business under the name of Citron Research, which had a website that published investment recommendations. He published research on companies ranging from Tesla and GameStop to Grand Canyon Education and Peloton. According to the indictment, Left would comment on publicly traded companies and make recommendations on the shares. The commentary often included sensationalized headlines (“Investors Peddling Themselves into Frenzy”) and exaggerated language to maximize the reaction it would get from the stock market. As alleged, Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money. The indictment further alleged that before Citron would publish its commentary, Left would create long or short positions in a public company on which he was commenting in his trading accounts and prepared to quickly close those positions after Citron’s publication and take profits on the short-term price movement caused by his commentary. In a post on X under the Citron Research handle, Left expressed his opposition to the conviction. “We disagree with the jury and this does not stop here,” the post said. “We will keep fighting for free, honest speech and opportunity, the backbone of this country. This is not over.”

Short seller Andrew Left convicted of securities fraud in California