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China-Cuba ‘US security threat’, Brazil’s rare earths: Latin America relations reads
China / Asia
South China Morning Post•6/2/2026

China-Cuba ‘US security threat’, Brazil’s rare earths: Latin America relations reads

SCMPPublished: 10:00pm, 2 Jun 2026We have selected seven of the most interesting and important news stories covering Latin American relations from the past few weeks. If you would like to see more of our reporting, please consider subscribing.1. US casts Cuba as China-linked security threat while still pushing for talksPool photo: APOne day after the United States brought criminal charges against former Cuban leader Raul Castro over the 1996 shooting down of two civilian aircraft, President Donald Trump and Secretary of State Marco Rubio portrayed Cuba as both a growing national security threat tied to China and Russia, and a candidate for a negotiated political transition. Panamanian President Jose Raul Mulino in May rejected suggestions that US pressure had shaped his government’s handling of a dispute over ports near the Panama Canal, as Panama sought to stabilise relations with Beijing and renew a key maritime agreement. Argentina is on the verge of settling its debt with China’s central bank, winding down a currency lifeline that kept the country afloat during years of financial turmoil, and now sits at the centre of a geopolitical tug of war between Washington and Beijing.

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UAW union strike threatens General Motors truck production
North America
CNBC•6/1/2026

UAW union strike threatens General Motors truck production

DETROIT — Nearly 1,000 workers at a Michigan supplier plant that makes parts for General Motors pickup trucks went on strike Monday after not reaching a new contract with the company. The United Auto Workers union on Monday confirmed workers at an axle and components plant in Three Rivers, Michigan, for Dauch Corp. — formerly known as American Axle and Manufacturing — walked out of the factory and onto picket lines at 12:01 a.m. ET Monday. The union did not release a full list of demands, but said in a press release Sunday night that workers are still trying to regain wages lost during the Great Recession. "We'll stay out on strike until this company comes to its senses," UAW President Shawn Fain said during a Sunday video announcement. "The full force of the UAW international union will be standing with these workers. So, American Axle, time is up. No contract, no axles." The union said longtime workers who were making as much as $29 an hour saw their wages slashed to $14.50 in 2008. Current wages top out at $22 an hour after a five-year progression, the union said. A spokesman for Dauch in an emailed statement called the strike "disappointing." He did not immediately respond to a question about bargaining details. "The company believes that the best outcomes for everyone — our associates, the union, and the company — are reached at the bargaining table. We remain committed to negotiating with the union in good faith and hope to promptly reach a fair agreement," the company statement read. Jon Krause, a 32-year American Axle employee and member of the bargaining committee for UAW Local 2093, which represents the striking workers, told CNBC that in addition to wage increases, the workers also are bargaining for improvements in healthcare benefits, retirement and other work-related issues. "We just want the company to step up and give our members a livable wage, something that they've earned, something that they deserve," Krause said. "This local, when the company was sinking 18 years ago, kept them above water, and it's time to return that favor." Krause said the union believes that GM appears to have about two weeks' worth of axles in stock. A spokesman for GM said the automaker "is closely monitoring the situation" and "assessing any potential impact." As of Monday, production at GM's plants was operating as usual. The impacted plant produces axles for GM's Chevrolet Colorado and GMC Canyon midsize pickup trucks as well as its heavy-duty Chevrolet Silverado and GMC Sierra pickups. Other production includes smaller components for the Detroit automaker's light-duty Silverado and Sierra pickups as well as parts of Stellantis' Chrysler Pacifica minivan, a union spokesman confirmed.

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Short seller Andrew Left convicted of securities fraud in California
Europe
The Guardian•6/2/2026

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.”

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Summer campaign to mark 50th anniversary of international dragon boat races
China / Asia
South China Morning Post•6/2/2026

Summer campaign to mark 50th anniversary of international dragon boat races

Kristen CheungPublished: 9:41pm, 2 Jun 2026The Hong Kong Tourism Board will launch a 13-day summer campaign featuring citywide discounts and events to mark the 50th anniversary of the international dragon boat races at the Tsim Sha Tsui waterfront, in a bid to attract more overnight visitors. To welcome the summer travel season, the board announced on Tuesday that its “Hong Kong Summer Fun” campaign would open with the Sun Life Hong Kong International Dragon Boat Races, running from June 19 to July 1. The board’s chairman, Peter Lam Kin-ngok, said the promotion would leverage mega-events to boost peak summer tourism. “We aim to attract more overnight visitors to Hong Kong and boost consumption across more sectors,” he said. The programme will feature cultural workshops, traditional performances and a food lane at Salisbury Garden and along the Avenue of Stars. Visitors can also experience interactive attractions, including themed photo spots, virtual-reality dragon boat paddling and a dedicated race broadcast zone.

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'Disrupted or dead': AI is crushing a generation of startups built before ChatGPT
North America
CNBC•6/1/2026

'Disrupted or dead': AI is crushing a generation of startups built before ChatGPT

Five years ago, venture capitalists were pouring money into American startups selling everything from lingerie subscriptions to scheduling software, anointing them with billion-dollar valuations before most even turned a profit. It was a frothy era for startups, fueled by a combination of cheap money and pandemic-boosted demand. But even after the Federal Reserve took some froth off by starting to raise interest rates in 2022, many founders believed that they could grow into their inflated valuations, investors told CNBC. "The ChatGPT moment was when people said, 'Holy smokes, the next generation of entrepreneurs, their coding language is spoken English,'" said Samir Kaul, a partner at the venture firm Khosla Ventures, an early backer of OpenAI. "Now you're seeing 50 engineers do what it would've taken 500 engineers to do five years ago," Kaul said. "We had to completely reshuffle how we valued these companies." While the shares of public software companies like Salesforce, ServiceNow and Workday got hammered this year because of the threat from artificial intelligence, a quieter reckoning has been unfolding in the private markets. The AI boom that funneled more than $250 billion into OpenAI and Anthropic ahead of their expected mega-IPOs this year has left hundreds of startups built before ChatGPT's arrival in 2022 stranded — effectively cut off from venture funding because of their inflated valuations and outdated technology, yet not profitable enough for the public markets. There are 857 U.S. startups valued at $1 billion or more, the threshold for being deemed a "unicorn" company, according to PitchBook data. But nearly half of that group hasn't raised fresh funding in the last three years, making those valuations stale, according to the private markets data firm. Startups that last raised in 2021 are now worth 68% less on average, while those that last raised in 2022 saw a 52% decline, according to Pitchbook's own valuation estimates. As a result, more than 220 companies that had reached billion-dollar valuations in the venture boom are now fallen unicorns, according to PitchBook, which provided a list of the companies exclusively to CNBC. The estimates are based on factors including head count growth and comparisons with public companies. "A lot of those companies are pre-AI, not just in their cost structure, but also in their products," Mercury CEO Immad Akhund told CNBC. His company, which raised $200 million in funding last month, provides banking services to a third of early-stage U.S. venture-backed firms. "They're definitely in a difficult spot," he said. "All the attention's on AI, so if you're not an AI-first company, you need really strong numbers to raise." The list of fallen unicorns includes well-known brands like Glossier, The Farmer's Dog, Rothy's, Brooklinen and Savage X Fenty, the lingerie company founded by musician Rihanna. The companies were part of a wave of direct-to-consumer firms built on the hope that digital retailers could earn software-like margins.

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Third of people say uni degree not worth it, as student loan inquiry begins
Europe
BBC Business•6/2/2026

Third of people say uni degree not worth it, as student loan inquiry begins

An inquiry by MPs into the student loan system in England has begun, with evidence from student organisations and experts. The National Union of Students (NUS) said the inquiry should look at the graduate earnings repayment threshold and interest rates. But the government said the current student loan system protected lower-earning graduates, with repayments linked to earnings and loans written off at the end of their term. New research published separately suggests a third of people now think a university degree isn't worth the time and money. The British Social Attitudes survey has tracked public opinion over key issues, including university education, for decades. Their research, published on Tuesday, found that 34% of people in 2025 agreed a university education "just isn't worth the amount of time and money" - up from 14% in 2005. At the same time, there has been a decline in those who believe going to university leaves graduates "a lot better off" in the long run, down from 50% in 2005 to 36% in 2025. Against that background of wider public unease, the Treasury Select Committee of MPs will hear the concerns of graduates about the size of their debts, and the interest rates. Among those most worried are graduates who took out what are called Plan 2 loans between 2012 and 2023. Gemma, who now works for a tech company, is one of those graduates who contacted the BBC through Your Voice to share her frustration. Just after she graduated in 2016, her debt was ÂŁ34,105 - but her latest balance statement shows it's now ÂŁ41,908 because the interest accumulating is outstripping her repayments. Gemma said her degree was worth it, taking her from a low-income background into a job where she now earns just under ÂŁ50,000 a year, but living with the loan is "draining".

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A hotly debated lung cancer drug cut the risk of death by 34% in a late-stage trial in China
North America
CNBC•5/31/2026

A hotly debated lung cancer drug cut the risk of death by 34% in a late-stage trial in China

An experimental lung cancer drug from Akeso and Summit Therapeutics reduced the risk of death by 34% in a closely watched late-stage trial, according to results released Sunday. When combined with chemotherapy, the drug kept people with squamous non-small-cell lung cancer alive for a median of four months longer than the standard combination of immunotherapy and chemotherapy, a result that was statistically significant, according to an abstract released Sunday ahead of a presentation at the American Society of Clinical Oncology's annual meeting. The Phase 3 trial was conducted in China, and a global Phase 3 study is ongoing. "The fact that it shows an improvement in overall survival in a difficult-to-treat patient population is very encouraging," said Dr. Suresh Ramalingam, executive director of the Winship Cancer Institute of Emory University. "I'm mindful of the fact that this trial was done exclusively in China, and that brings up the question of how do these data apply to patient populations outside of China, and that will require future investigations." Called ivonescimab, the bispecific antibody targets PD-1 — similar to Merck's best-selling drug Keytruda —and VEGF — similar to Roche's Avastin. It's become the subject of intense debate in the oncology and investment communities. Some say ivonescimab and similar drugs could be a successor to Merck's wildly successful cancer drug Keytruda, while others warn it'll disappoint like other once-promising ideas such as drugs targeting TIGIT, an immune receptor. The dueling narratives are reflected in the stock price of U.S.-based Summit Therapeutics, which licensed the rights to ivonescimab outside of China from Akeso. Shares of Summit have skyrocketed nearly 600% in the two years since Summit said ivonescimab more effectively controlled tumors than Keytruda in a separate China trial. The stock has slid in the past month over concerns the drug won't be as effective in a global population. Previous studies have showed ivonescimab can effectively control tumors, an endpoint known as progression-free survival. That's typically not enough to seek approval from the U.S. Food and Drug Administration, which wants proof that cancer drugs can keep people alive longer. Older VEGF drugs that effectively controlled tumors struggled to improve survival, which raised doubts that ivonescimab's early promise would hold. In the Harmoni-6 trial being presented Sunday, ivonescimab combined with chemotherapy kept people alive for a median of 27.9 months versus 23.7 months for people who received a standalone PD-1 drug and chemotherapy, an improvement of four months. "It's not clear how meaningful that is," said Dr. Deborah Doroshow, associate professor of medicine, hematology and medical oncology at the Icahn School of Medicine at Mount Sinai. "It's certainly, it's not two months, but it's also not a huge difference, and I think in terms of whether or not living four months longer is meaningful absolutely depends on the person who is living it." People receiving immunotherapy in the control group lived an average of six months longer than expected, raising questions about whether the trial enrolled a representative patient population and whether the advantage of ivonescimab might be better than reported in the study, said Doroshow, who serves on the steering committee for the ongoing Harmoni-3 global trial of ivonescimab. One possible reason for the discrepancy is that the study was conducted in China, where people have historically responded better to standalone PD-1 and VEGF drugs, said Emory's Ramalingam. The only way to determine whether combining the two in one molecule produces different results for broader populations is to run additional studies in the West, he said. Until then, Ramalingam called the trial results "good news" for Chinese patients. "There is a new approach in squamous cell lung cancer that extends survival by about four months, which is a substantial improvement given that this is a patient population where progress has come in small steps," he said.

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Google owner Alphabet to sell $80bn in stock to fund AI spending spree
Europe
The Guardian•6/2/2026

Google owner Alphabet to sell $80bn in stock to fund AI spending spree

Alphabet’s Gemini AI system has been increasing its share of the AI chatbot market. Photograph: Algi Febri Sugita/Zuma Press/ShutterstockView image in fullscreenAlphabet’s Gemini AI system has been increasing its share of the AI chatbot market. Photograph: Algi Febri Sugita/Zuma Press/ShutterstockAlphabetGoogle owner Alphabet to sell $80bn in stock to fund AI spending spreeMarkets take note as world’s biggest equity fundraiser bids to garner more money than the three biggest-ever IPOs combined Google’s parent company, Alphabet, has said it plans to raise up to $80bn (£59bn) in equity to fund its vast artificial intelligence infrastructure investments, raising further questions over the economics of the AI boom. The move, the largest equity fundraising ever according to analysts, includes a $10bn share sale to the US investment group Berkshire Hathaway, which was led until last year by the investment guru Warren Buffett. Alphabet, which is behind the Gemini system that has been increasing its share of the AI chatbot market, said it would use the money to expand its “world-class AI compute infrastructure to meet its unprecedented customer demand”. The California-based company said: “AI is driving an expansionary moment for Alphabet. The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply. By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead.” Nicholas Hyett, the lead alternatives analyst at Hargreaves Lansdown, said the planned stock sale was much larger than previous secondary share sales, and would also raise more money than the largest stock market flotations, known as initial public offering (IPOs). “Alphabet’s $80bn fundraise dwarfs the world’s largest IPOs, often the moment of maximum excitement when companies seek to fill their financial war chests,” he said. “In fact, if successful, it would raise more than the world’s three largest initial public offerings put together – Saudi Aramco raised $25.6bn when it debuted on the Saudi exchange in 2019; Alibaba raised $21.8bn on the New York Stock Exchange in 2014; and SoftBank raised $21.3bn when it listed in Tokyo in 2018. “We can’t think of a secondary issue that would even come close to matching the ambition of this fundraise … and there just aren’t many companies in the world that have the ability to spend that amount of money productively.” However, such a huge fundraising is also a warning to the markets that for all the many billions of dollars thrown at AI infrastructure, meaningful returns to investors have so far been limited. Jim Reid, a market strategist at Deutsche Bank, said Alphabet was reminding investors of the “unprecedented scale of the AI spending boom”, adding: “Funding of the AI [capital expenditure] boom is becoming an increasingly key topic for markets.” The decision to tap Berkshire Hathaway is eye-catching, too. Under Buffett, known as the Sage of Omaha, Berkshire often stepped in to provide funding for companies that needed cash, such as the famous $5bn investment into Goldman Sachs at the height of the financial crisis. Berkshire has been investing in Alphabet since last summer. In its filing, Alphabet explained that half of the $80bn would be used to “scale AI infrastructure and global compute”, with $40bn set aside to cover “an administrative change to how it meets tax obligations associated with vesting of employee equity awards”.

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Disney is poised to ramp its already booming advertising business. Rita Ferro is behind the push
North America
CNBC•5/31/2026

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.

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