US strikes Iran as Taiwan overtakes India in market cap

Pope Leo XIV's first AI encyclical urges the world to disarm artificial intelligence, criticizing the concentration of technological power in a small number of corporations. The 82-page document links AI to economic inequality and autonomous weapons, as Vatican sources confirm. Meanwhile, Anthropic's CEO warned at Davos that advanced AI's signature will likely be very high GDP growth alongside very high unemployment and inequality. He said AI is uniquely well-suited to autocracy, raising concerns about political repression and centralized power. The convergence of religious and tech leadership warnings signals growing elite concern about AI's distributional effects.

UK fintech hiring surged 29% in 2025, but the strongest gains went to software engineering and business development roles rather than consumer banking positions. Software engineering and product management vacancies grew over 70%, while payments companies like Wise and SumUp led hiring increases, as recruitment data shows. Wise expanded vacancies by 85% and SumUp by 211%, reflecting a pivot toward B2B infrastructure and away from neobank-centric growth. The shift comes as only two of the 25 largest global neobanks achieved profitability by 2022, pushing investors toward payments and embedded finance platforms with clearer revenue models.

The Treasury yield curve has flattened to its tightest level in about a year as markets reprice Fed policy expectations under incoming Chair Kevin Warsh. Thirty-year yields jumped to 4.91% intraday before settling near 4.87%, while the 2-year/10-year spread steepened to roughly 70-72 basis points, as Fidelity data confirms. Fed fund futures now price only 51 basis points of easing over the next year, down from earlier expectations of more aggressive cuts. Warsh's reputation for balance sheet hawkishness and criticism of past QE policies is pushing term premiums higher. Recent Fed minutes emphasized that additional rate hikes remain possible if inflation stays above target.

Energy analysts warn that a hotter-than-normal Asian summer could significantly tighten global LNG markets, adding upside risk to prices already elevated by Strait of Hormuz disruptions. The waterway, which carries 20% of global crude oil, has been effectively closed for three months, pushing US gasoline prices up roughly 50% from pre-conflict levels. Seasonal patterns typically lift US gas prices by 50 cents per gallon from February lows to Memorial Day highs, but constrained Middle East supply and potential Chinese demand recovery could amplify the move, as EIA data suggests. Asian utilities compete aggressively for spot LNG during heat waves, which could pressure European storage and global benchmarks.

Independent analysis by the Centre for Research on Energy and Clean Air found that China's apparent progress on carbon intensity targets is largely due to retrospective data revisions rather than real emissions cuts. China has revised historical GDP and energy statistics, which mechanically improves reported emissions per unit of GDP and makes climate goals appear closer to achievement. When consistent methodology is applied across all years, absolute CO2 emissions continued to grow despite official claims of peaking, as Carbon Brief research shows. The revision timing coincides with China's 2035 commitment to cut net emissions by 7-10% from peak levels. Climate Action Tracker still rates China's trajectory as highly insufficient for Paris Agreement goals.

Sindicato Chuquicamata warned it will stage protests if management attempts to reclaim bonuses tied to overstated 2025 production targets at the world's largest copper producer. An internal audit found Codelco counted 26,875 tonnes of material as finished copper despite requiring further processing, representing 2% of total output and inflating incentive calculations, as mining industry reports detail. Eight executives have been disciplined, with one dismissed, and the board plans to file criminal complaints. The union dispute threatens operations at Chuquicamata division just as Codelco signed an MoU with Rio Tinto on joint investments. Past strikes at Codelco divisions have involved over 1,000 workers and halted production.

India is hosting a preparatory Quad foreign ministers meeting with the US, Australia and Japan, with Strait of Hormuz security expected to dominate the agenda alongside China's regional assertiveness. The New Delhi meeting will shape the agenda for India's upcoming Quad leaders summit later this year, building on 2025 initiatives including a $30 million humanitarian response to Myanmar's earthquake and the Quad Critical Minerals Initiative, as State Department records confirm. Secretary of State Marco Rubio's participation signals US priority on coordinating energy security responses with key Indo-Pacific partners. The meeting positions India to bridge Middle East energy risks with broader Indo-Pacific supply chain resilience efforts.

Chancellor Rachel Reeves has written to cabinet ministers instructing them to favor UK firms in shipbuilding, steel, energy infrastructure and AI procurement, reclassifying these as critical for national security. The Treasury guidance enables departments to award contracts to domestic suppliers even where foreign competitors offer lower prices, as Morningstar reports. The move targets billions of pounds in public procurement across defense shipbuilding, infrastructure steel, grid assets and government AI systems. The policy tests WTO compliance boundaries while aiming to anchor more value chain activity domestically. Industry groups will watch whether the national security designation survives potential trade partner challenges.

Consumer guides on spotting fake five-star reviews have proliferated as regulators escalate enforcement, with estimates suggesting 10-30% of online reviews are manipulated.

Cherimoya, marketed as nature's ice cream, sells for $3.50-5 per pound in US specialty channels as growers target health-conscious consumers seeking exotic fruits.