Cover Story
Issue 01U.S. and Iranian officials said they reached an initial agreement to stop the conflict and resume shipping through the Strait of Hormuz, with a formal signing expected later this week and nuclear issues left for further talks. Oil prices fell and global equities advanced after the announcement.
China’s central bank increased official gold holdings by 320,000 troy ounces last month, lifting reserves to 74.96 million ounces, according to data released Sunday. China’s foreign exchange reserves rose $31.7 billion to $3.4422 trillion by the end of May. Bullion prices fell in May for a third straight month.
South Korean President Lee Jae Myung nominated Han Seongsook, a former chief executive of internet portal operator Naver, to serve as prime minister. The presidential office announced the nomination on Sunday and said the appointment is intended to support the government’s artificial-intelligence policy agenda and broader economic strategy.
Bouygues Telecom, Orange and Iliad’s Free unit signed a memorandum of understanding with Altice France to buy SFR for an enterprise value of €20.35 billion including debt, subject to regulatory approval. The indicative split is about 42% Bouygues, 31% Iliad and 27% Orange, with break-up fees of €0.1–€2.0 billion.
Airbus is reviewing whether to proceed sooner with a larger, stretched version of its A220 jet after expectations that the program could move closer to launch this year, sources said. The company has signaled it is assessing technical and market factors, including the aircraft’s potential range and customer considerations.
Authorities in St. Petersburg advised residents to remain indoors after a large Ukrainian drone attack targeted Russia’s second-largest city on Saturday. The incident followed Russian President Vladimir Putin’s rejection on Friday of Ukrainian President Volodymyr Zelenskyy’s proposal for face-to-face talks. Ukraine has intensified long-range strikes on energy and military sites inside Russia.
The Sandiganbayan, the Philippines’ anti-graft court, dismissed the remaining asset claims in a civil forfeiture case involving the heirs of former president Ferdinand Marcos, ending litigation that had lasted more than 30 years. Media reports said the government previously secured partial summary judgments ordering forfeiture of $658 million in Swiss deposits.
China’s securities regulator said it is preparing a reform plan for the fund management industry focused on improving long-term investor returns, reducing fees, and tightening oversight of market activity. It also outlined a three-year implementation plan for related guidance and said it will encourage private securities funds to adopt long-term, value-oriented investment approaches.