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Europe
BBC Business

Anthropic suspends new AI tools over US government security concerns

Anthropic has suspended its powerful new AI model after US authorities raised security concerns just days following its public release. In a statement published on its website, Anthropic said it was ordered to suspend foreign nationals from using Claude Fable 5, a program that the company self-described as "too powerful". "The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance," the company wrote. Anthropic and the Trump administration are involved in a separate ongoing lawsuit over an order to stop government agencies using the company's AI tools. The BBC has approached the US Department of Commerce for comment. Anthropic said US national security authorities had not identified specific concerns. "Our understanding is that the government believes it has become aware of a method of bypassing, or 'jailbreaking' Fable 5," the company said. Jailbreaking is a process of getting past software restrictions designed to protect a cyber network, allowing hackers to access sensitive information or unblock features. "We reviewed a demonstration of this specific technique being used to identify a small number of previously known, minor vulnerabilities," Anthropic said. "These vulnerabilities all appear relatively simple, and we have found that other publicly-available models are able to discover them as well without requiring a bypass." Ahead of the release of Claude Fable 5, the company touted various "safeguards" it had implemented to prevent cyber hacking. Finance, technology and government leaders had expressed concerns about its public rollout, following a private release in April for previewing and testing vulnerabilities within its own system. Anthropic said it enabled pre-release access for a handful of organisations because the tool was so intelligent that it could be dangerous because of its ability to exploit or hack computer systems.

Anthropic suspends new AI tools over US government security concerns
Europe
The Guardian

Elon Musk on track to become world’s first trillionaire today as SpaceX lists on US stock market – business live

Good morning. Elon Musk’s SpaceX will touch down on the US stock market today after successfully conducting a record-breaking initial public offering, but will its shares head towards the moon? Shares in the rockets-to-satellites-to-AI company will begin trading in Wall Street today, after SpaceX raised $75bn through its IPO. The listing will put SpaceX among the largest public companies, and could see Musk declared the world’s first trillionaire later today. Last night, SpaceX announced it had has raised $75bn in a record-breaking initial public offering, which values the company at $1.77tn. It successfully sold 555,555,555 shares of its Class A common stock, at $135.00 per share. Banks underwriting the deal have also been given an “over-allotment option” to buy an extra 83.3m shares, which would pump up the size of the IPO to about $86bn. SpaceX attracted orders for more than three times the amount on offer, the Financial Times reports – with strong demand from institutions and also retail investors. That could help propel SpaceX’s shares up today, as those who missed out in the IPO (or didn’t get as many shares as they wanted) try to get on board. This strong demand came despite concerns that the company was overvalued – being sold at 92 times last year’s revenues (a hefty valuation). Investment research group Morningstar claimed earlier this week that SpaceX was worth only $63 a share – less than half the IPO price of $135 – and warned there is “a major disconnect between market expectations and underlying fundamentals”. Michael Field, the chief equity strategist at Morningstar, suggests investors should sit out the IPO and wait for “a more attractive entry point down the line”.

Elon Musk on track to become world’s first trillionaire today as SpaceX lists on US stock market – business live
Europe
The Guardian

After SpaceX’s huge IPO, Americans’ financial future will be bound to AI

The so-called ‘magnificent seven’ tech goliaths already account for more than a third of the S&P 500’s market value. Illustration: Alvaro Dominguez/Guardian Design/Getty ImagesView image in fullscreenThe so-called ‘magnificent seven’ tech goliaths already account for more than a third of the S&P 500’s market value. Illustration: Alvaro Dominguez/Guardian Design/Getty ImagesUS economyAnalysisAfter SpaceX’s huge IPO, Americans’ financial future will be bound to AIEduardo PorterThey’re about to get more AI rammed down their throats, stuck into their pension plans and investment portfolios Americans are growing worried about what artificial intelligence portends for their futures. Eight in 10 Americans report concern over AI, compared with a third who report being excited, according to a recent Quinnipiac poll. More than half think it will do more harm than good in their daily lives. Seven out of 10 think it will reduce the number of available jobs. Skeptical though they may be, they are about to get more AI rammed down their throats and stuck into their pension plans and their investment portfolios, whether they want it or not – binding their futures ever more tightly to the frenzied, risky, multibillion-dollar dash by technology moguls to develop machines capable of mimicking human thought processes to take over cognitive tasks. First up is this week’s massive $75bn initial public offering (IPO) for Elon Musk’s SpaceX, the largest ever, which at $135 a share will value the company at a cool $1.77tn, among the 10 largest companies in the world by market capitalization. While the company makes most of its money these days selling internet access, it largely needs the money to finance Musk’s vast AI ambitions, which include blasting datacenters into orbit. The offering is just the first in a series: both Anthropic and OpenAI have already filed paperwork for their own IPOs later in the year, which will add two multitrillion-dollar artificial intelligence behemoths to the US’s main stock indices. Even investors who don’t care to buy their stock will end up owning a bunch, either in their 401(k) retirement plans or among their holdings of market index funds – supposedly safer investments for non-professional investors, built to reflect the entire market – which are forced to buy AI shares in proportion to their weighting in stock indices like the Nasdaq and the S&P. Musk has been lobbying for SpaceX to be quickly invited onto the indices, which would force index funds to buy the stock, no matter its price, and providing it a hefty boost. The tech-heavy Nasdaq changed its rules to fast-track the listing of behemoths like SpaceX. So did the FTSE Russell, to ease the entry of megacaps to its US indices. Standard & Poor’s is sticking to its rules. This means SpaceX will have to post a profit – which it has not yet done – make a minimum set of shares available to the public and wait about a year to get onto the S&P 500, the most tracked index. The SpaceX offering, moreover, amounts to less than 5% of its shares – which will limit its immediate footprint. But if SpaceX follows the pattern set by large firms after their IPOs, some half of its shares could be trading openly by the time it joins the S&P 500 next year. This would give it about a 1.5% share of the S&P 500’s market capitalization of more than $60tn – forcing index funds to plow hundreds of billions into Elon Musk’s gambit to become the world’s first trillionaire. If this sounds like a risky bet, it is. Musk, the guy who at the helm of “Doge” tried to devastate the federal bureaucracy, firing employees hand over fist, and who helped dismantle USAID despite knowing it would lead to hundreds of thousands of deaths, will have sole control over the company on which the retirement of many Americans may depend, allowing him to follow his baser instincts wherever they lead. And that’s not the half of it. The so-called “magnificent seven” tech goliaths – Nvidia, Alphabet, Apple, Amazon, Microsoft, Meta and Tesla – already account for more than a third of the S&P 500’s market value. Investors’ views on the tech titans’ massive AI investments have largely driven the ups and downs of the equity market as a whole. Adding SpaceX, OpenAI and Anthropic to this set will give tech billionaires an even tighter grip on Americans’ financial future as they pursue their dystopian sci-fi dreams, free from any sort of government regulation. There may be a silver lining – of sorts. Having a lot of AI stock in a retirement plan may offer a hedge for the newly irrelevant workers displaced by artificial intelligence, granting them some stake in the economic fruits of the new hi-tech economy. But the balance of risks points in the wrong direction. A future in which the new AI agents hypercharge economic productivity and propel human prosperity to where it has never gone before remains an aspiration. Claims of astonishing progress by the latest AI models may well be true. But they have not been matched by significant gains in productivity. Dystopian scenarios appear ever more probable even as the economic rewards investors are counting on remain stuck far off on the horizon.

After SpaceX’s huge IPO, Americans’ financial future will be bound to AI
Europe
BBC Business

Watch: Three things to know about SpaceX's stock market debut

SpaceX will become a publicly traded company on Friday, in what is expected to be the highest-value stock listing in history. The BBC's Samira Hussain explains what it means for SpaceX's future and for the company's CEO, Elon Musk, who is set to become the world's first trillionaire. It is seen playing with a ball in his enclosure, only two days after his arrival. The peal of a full set of a 14th Century church's bells is heard once again across a parish. Watch the latest news summary from BBC World News. International news updated 24 hours a day. The princess had been in a coma for more than three years, and was 47 at the time of her death. The company behind the campaign said the first 100 people who could prove they had their US visa rejected would receive a television to watch the matches from home. There were wild celebrations in host nation Mexico, as their team kicked off their World Cup campaign with a 2-0 win over South Africa. The BBC spoke to match-goers outside Azteca Stadium, where Mexico began the tournament with a 2-0 victory over South Africa. The BBC's Gary O'Donoghue looks at the US president's mixed messaging over the war and the questions it raises. White House reporter Bernd Debusmann gets a preview of the temporary structure that will host a UFC fight 14 June. Vivian Panka, who plays Regina George, says she has been scared to leave her room.

Watch: Three things to know about SpaceX's stock market debut
North America
Yahoo Finance

If You Hate (Or Love) The ‘Mag 7’ There Is An ETF To Profit

If you own an ETF tracking the S&P 500 or the Nasdaq-100, the Magnificent Seven are unavoidable. They’re a major part of both benchmarks, where a handful of technology giants continue to dominate index weights. Personally, I’m a bit cautious whenever financial media starts assigning catchy names to groups of stocks. Historically, that can be a sign that enthusiasm and valuations are beginning to run ahead of fundamentals.Still, there are reasonable arguments on both sides. Supporters of the Magnificent Seven point to their exceptional earnings growth, enormous cash generation, and ability to fund ambitious long-term projects. These companies are spending billions on artificial intelligence infrastructure, cloud computing, autonomous systems, semiconductors, and other emerging technologies. In many ways, they resemble venture capital firms operating inside publicly traded companies. Critics see things differently. They argue that soaring capital expenditures are transforming technology from a high-margin, asset-light business into something that increasingly resembles the telecom buildout that occurred during the dot-com era. The concern is that massive infrastructure spending could eventually weigh on profitability and shareholder returns. Either way, loving or hating the Magnificent Seven does not require aggressively buying or shorting individual stocks. If you want more exposure than what is available through traditional index funds, there is an ETF for that. If you want to avoid the Magnificent Seven entirely without shorting them, there is an ETF for that too. Let’s look at both options. If you want concentrated exposure to the Magnificent Seven, one of the simplest options is the Roundhill Magnificent Seven ETF (MAGS). Rather than purchasing seven individual stocks yourself, MAGS packages them into a single ETF that maintains equal-weight exposure and rebalances quarterly. The portfolio consists exclusively of Microsoft, Apple, Alphabet, Amazon, Meta Platforms, Nvidia, and Tesla. The ETF charges a reasonable 0.30% expense ratio and has become one of Roundhill’s most successful launches, accumulating approximately $3.8 billion in assets under management. One interesting aspect of MAGS is that it does not always hold every underlying stock directly. For efficiency purposes, the fund may obtain exposure through total return swaps. In these arrangements, the ETF holds collateral and enters into agreements with counterparties to receive the performance of the underlying stocks. Another benefit is liquidity. Rather than executing seven separate trades, investors can gain exposure through a single ETF with a very tight 0.01% 30-day median bid-ask spread. The 1.48% 30-day SEC yield paid annually is modest, but investors looking for additional income can also utilize the ETF’s options chain to implement covered call strategies if desired. The methodology is straightforward. It starts with a broad large-cap universe and removes the Magnificent Seven entirely. The remaining stocks are then weighted by market capitalization and rebalanced quarterly. The practical effect is a significantly less top-heavy portfolio. As of June 9, the largest holding in XMAG is Broadcom at 4.28%. Compare that to a traditional S&P 500 ETF, where Nvidia currently represents roughly 7.97% of assets. In many Nasdaq-100 funds, concentration is even higher, with Nvidia accounting for more than 8% of the portfolio. Removing the Magnificent Seven also changes sector exposures substantially. Technology, consumer discretionary, and communication services become less dominant, while healthcare, financials, and industrials receive greater representation.

If You Hate (Or Love) The ‘Mag 7’ There Is An ETF To Profit
North America
CNBC Economy

Energy prices take center stage as the ECB prepares to decide on rates

The European Central Bank is expected to hike interest rates on Thursday, as policymakers address the threat of second-round inflation effects amid elevated energy prices. Unlike the Fed, the ECB has a single mandate — keeping inflation close to a target of 2% — and recent data shows an uptick in both its headline and core readings. Headline euro zone inflation rose to 3.2% in April as energy prices soared 10.9% year-on-year. The euro zone is a major energy importer and the bloc is particularly vulnerable to the surge in oil prices sparked by the Iran war. But core inflation also rose to 2.5% in April, primarily driven by higher services costs. That's a major concern for the ECB as this could be the first signs of second-round effects. The ECB is also concerned that tighter monetary policy could push the euro zone from feeble growth to outright recession. Nevertheless, the bank's Governing Council is expected to hike its key deposit rate by 25 basis points to 2.25%. Market watchers will also be keeping a close eye on the ECB's projections for inflation and economic growth. The market is pricing in three rate hikes for the rest of the year. "Compared with March, we expect ECB staff to mark down the growth projections for 2026-27 and raise both headline and core inflation projections, reflecting a more persistent energy shock and stronger indirect effects into prices," Sven Jari Stehn, chief European economist at Goldman Sachs, wrote in a note at the end of May. "Our energy price index—the average of oil and gas—is up about 12% through the projection horizon since the March meeting." "The core inflation forecasts will be more interesting, especially for 2027," wrote Anatoli Annenkov, senior European economist at Société Générale in a note from May. "This forecast will tell us a lot about the ECB staff's confidence in coming second-round effects, especially taking into account the weakening activity data since March." "We expect the ECB to keep rates market pricing relatively unchanged," said Deutsche Bank Securities Director Mark Wall in research published early this month. "Interpreting June as a one-off hike won't suit the ECB." Get this delivered to your inbox, and more info about our products and services.

Energy prices take center stage as the ECB prepares to decide on rates
Europe
The Guardian

‘Open season’ on ABC as FCC moves up public comment process for renewals

The Walt Disney Studios in Burbank, California, on 2 June 2025. Photograph: Patrick T Fallon/AFP/Getty ImagesView image in fullscreenThe Walt Disney Studios in Burbank, California, on 2 June 2025. Photograph: Patrick T Fallon/AFP/Getty ImagesMedia‘Open season’ on ABC as FCC moves up public comment process for renewalsOrder represents one of the most significant actions the Trump administration has taken against a media company Over the next few weeks, anyone in the US can plead their case that Disney’s ABC should not be permitted to renew its broadcast licenses for the eight local television stations they own. After the Federal Communications Commission’s stunning decision in late April to force ABC to apply early to renew its licenses – a move widely seen as retaliation against critics of Donald Trump – the nation’s top media regulator opened up the pleading cycle process to critics and supporters until 29 June. The early renewal order represents one of the most significant actions the Trump administration has taken against a media company, a potential regulatory death-blow to go alongside the myriad legal actions taken against the press and access restrictions placed upon journalists. The FCC’s order came one day after Trump and his wife, Melania, lobbied for ABC to cancel the late-night show starring Jimmy Kimmel, prompting some to claim it was politically motivated. But chair Brendan Carr has said that the decision was based solely on the early findings of an investigation into Disney’s diversity, equity and inclusion (DEI) practices. ABC is extremely skeptical of the FCC’s stated rationale for the early renewal order, arguing in an 18-page memo in late May that the DEI investigation was simply a pretext for retaliating against a disfavored broadcaster and chilling its speech. Either way, now that the FCC has begun the process of reviewing ABC’s licenses, critics of the network have a golden opportunity to land their blows. Petitioners who want to deny the network’s license renewals are not limited to focusing on the company’s hiring practices – they can challenge any aspect of ABC’s fitness for broadcasting and contest whether the networks truly serve the public interest. ABC will then get a month to respond to the petitions to deny their renewals, and petitioners will get a few days to reply. “Is this open season on ABC? Without a doubt,” said Gigi Sohn, who served as counselor to former FCC chair Tom Wheeler during Barack Obama’s administration. Daniel Suhr, the president of the conservative legal group Center for American Rights, confirmed that his organization will file a petition to deny ABC’s license renewals on multiple grounds, including several issues the group has raised in the past. “It’s a license renewal, and so any issues dealing with the license are fair game, and we’ve had a number of pending complaints and concerns about ABC,” he said. Over the past two years, the group has filed complaints about ABC’s moderation of a 2024 presidential election debate; about late-night host Jimmy Kimmel, and its belief that Kimmel “utilizes his show – and therefore the public airwaves – to advance his own political interests”; and has supported an inquiry into the ABC talkshow The View. While several petitions to deny are expected to come from established organizations like Suhr’s, the public can also write in with comments. “I am concerned this proceeding reflects a broader effort to discourage corporate diversity initiatives and may create pressure on broadcasters based on political disagreements rather than established communications-law standards,” wrote one dissenting individual on 5 June.

‘Open season’ on ABC as FCC moves up public comment process for renewals
Asia
The Hindu BusinessLine

Green farms, green future: Why electric mobility is becoming essential for sustainable agriculture

Agriculture has always been the backbone of economies worldwide, providing food security, employment, and livelihoods for billions. However, the sector is also a significant contributor to greenhouse gas emissions, largely due to its dependence on fossil-fuel-powered machinery and transportation systems. As the world moves toward cleaner and more sustainable practices, electric mobility is emerging as a transformative force in modern agriculture, helping farmers improve productivity while reducing environmental impact. According to the International Energy Agency (IEA), the agriculture sector accounts for nearly 22 per cent of global greenhouse gas emissions when land use and food systems are included. In India, agriculture contributes approximately 18 per cent of the country’s Gross Value Added (GVA) while employing nearly 45 per cent of the workforce. The challenge lies in maintaining agricultural growth while simultaneously reducing emissions and operational costs. Electric mobility offers a practical solution to address both concerns. One of the most significant advantages of electric mobility in agriculture is the reduction of fuel expenses. Traditional diesel-powered tractors, irrigation pumps, and utility vehicles require substantial fuel consumption, making farmers vulnerable to fluctuating fuel prices. Electric alternatives, including e-tractors, electric farm utility vehicles, and battery-powered irrigation systems, significantly lower operating costs. Studies suggest that electric tractors can reduce energy costs by up to 70 per cent compared to diesel-powered counterparts over their operational lifetime. The environmental benefits are equally compelling. Diesel engines release carbon dioxide, nitrogen oxides, and particulate matter that contribute to air pollution and climate change. By replacing conventional farm machinery with electric alternatives, farms can substantially reduce their carbon footprint. A report by the Food and Agriculture Organization (FAO) highlights that transitioning to cleaner energy technologies in agriculture can play a crucial role in achieving global climate goals and improving rural air quality. Electric mobility is also helping improve operational efficiency. Modern electric farm equipment is often equipped with smart technologies such as GPS guidance, telematics, and real-time performance monitoring. These capabilities enable precision farming, allowing farmers to optimize resource usage, reduce wastage, and improve crop yields. Electric vehicles generally require fewer moving parts than internal combustion engines, resulting in lower maintenance requirements and reduced downtime during critical farming seasons. The integration of renewable energy further strengthens the case for electric mobility in agriculture. Solar-powered charging stations and on-farm renewable energy systems allow farmers to charge electric vehicles and equipment using clean energy generated on-site. India has already witnessed significant growth in solar-powered agricultural solutions through initiatives such as the PM-KUSUM scheme, which promotes solar pumps and decentralised renewable energy systems for farmers. Combining renewable energy with electric mobility creates a sustainable ecosystem that reduces dependence on both fossil fuels and grid electricity. Another key advantage is improved accessibility for small and marginal farmers. As battery technology advances and production scales increase, the cost of electric agricultural equipment continues to decline. Market research estimates indicate that the global electric tractor market could grow at a compound annual growth rate (CAGR) of over 14 per cent during the current decade, driven by technological innovation, government incentives, and increasing environmental awareness. Such growth is expected to make electric mobility solutions more affordable and accessible across rural communities. Governments worldwide are also recognising the importance of sustainable agricultural mechanization. Incentive programs, subsidies, and policy support for electric vehicles are encouraging farmers to adopt cleaner technologies. In India, the broader push toward electrification under various EV promotion schemes is creating opportunities for manufacturers and agricultural stakeholders to develop solutions tailored to rural needs. The future of agriculture will depend not only on increasing productivity but also on ensuring environmental sustainability. Electric mobility offers a pathway to achieve both objectives by reducing emissions, lowering operating costs, enhancing efficiency, and supporting renewable energy adoption. As technology continues to evolve and infrastructure expands, electric mobility is poised to become an essential pillar of sustainable agriculture, helping create greener farms and a greener future for generations to come. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Green farms, green future: Why electric mobility is becoming essential for sustainable agriculture
Asia
The Hindu BusinessLine

From dream to enterprise: Udhampur woman’s spice unit empowers local women

Avilasha Salaria from Udhampur, Jammu and Kashmir, has turned her dream of becoming an entrepreneur into a successful spice-manufacturing venture with support under the MIDH scheme. In a notable example of women-led entrepreneurship and self-reliance, Avilasha Salaria from Jammu and Kashmir’s Udhampur district has transformed her long-held dream of running a business into a successful spice-manufacturing venture, creating employment opportunities and promoting locally sourced products. Her thriving venture is drawing widespread praise from community leaders and administrative officials alike for giving a major boost to the central government’s flagship Vocal for Local initiative. Salaria established her spice manufacturing unit at the Battal Ballian Industrial Estate in Udhampur with support under the Government of India’s Mission for Integrated Development of Horticulture (MIDH) scheme. Her venture has emerged as a growing enterprise that not only caters to local demand but also contributes to the Centre’s Vocal for Local initiative. What began as a vision of becoming financially independent has today evolved into a thriving business that provides direct employment to around eight to ten people, including several women from the local area. Today, her modern production unit processes and manufactures high-quality, authentic local spices, successfully catering to the rapidly growing consumer demand in Udhampur and surrounding regional markets. Expressing her immense gratitude for the structural support, Salaria thanked the Government of India and local administrative bodies for providing essential facilities, including accessible financial loans and dedicated operational factory space. She shared that owning a spice manufacturing unit is a lifelong dream come true, emphasising that her entire product line is processed under strict hygienic conditions to ensure absolute purity and premium quality. The venture actively promotes regional culinary specialities, including locally sourced garlic powder and traditional Tikki Masala, which preserves the authentic taste profile of the area while scaling production to a commercial level. Beyond her individual success, Salaria has transformed into a passionate community mentor, actively appealing to other women across Jammu and Kashmir to step forward and utilise the diverse financial benefits offered under various central government welfare and MSME schemes. She noted that numerous development initiatives have been specifically launched for the socio-economic upliftment of women, urging them to break traditional barriers, establish their own independent businesses, and achieve long-term financial independence. By turning regional agricultural produce into highly marketable retail goods, her entrepreneurial journey serves as a powerful blueprint for rural economic growth, proving how targeted central government interventions can successfully unlock grassroots innovation and inspire the next generation of female business leaders in the region. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

From dream to enterprise: Udhampur woman’s spice unit empowers local women