Not too long ago, search engines were the dominant form of querying the internet. But that’s changing since the rise of large language models like ChatGPT, Claude, and Google’s Gemini. More and more people are getting their online info through AI, effectively bypassing the search bars of old and creating a tension for large tech companies that offer AI models, but also make money from web traffic ...
Not too long ago, search engines were the dominant form of querying the internet. But that’s changing since the rise of large language models like ChatGPT, Claude, and Google’s Gemini. More and more people are getting their online info through AI, effectively bypassing the search bars of old and creating a tension for large tech companies that offer AI models, but also make money from web traffic and search-related advertising. In this episode, we speak with Elizabeth Reid, VP of search at Googl
Business activity in the euro area unexpectedly shrank for the first time since late 2024 due to a steep drop in the services sector as the Iran war weighs on consumers. The Composite Purchasing Managers’ Index compiled by S&P Global declined to 48.6 in April from 50.7 the previous month, dropping below the 50 threshold separating growth from contraction. Analysts had predicted a dip to 50.1. The ...
Business activity in the euro area unexpectedly shrank for the first time since late 2024 due to a steep drop in the services sector as the Iran war weighs on consumers. The Composite Purchasing Managers’ Index compiled by S&P Global declined to 48.6 in April from 50.7 the previous month, dropping below the 50 threshold separating growth from contraction. Analysts had predicted a dip to 50.1. The trend was similar in Germany , where industry held up while services plummeted. In France , manufacturing actually surpassed expectations with its strongest performance since 2022 even as services sank. Price pressures continued to build across the region. “The euro zone is facing deepening economic woes from the war in the Middle East, presenting a major headache for policymakers,” Chris Williamson , chief business economist at S&P Global Market Intelligence, said Thursday in a statement. “Increasingly widespread supply shortages meanwhile threaten to dampen growth further while adding more upward pressure to prices in the coming weeks.” The surprise weakness will worry the European Central Bank , which is expected to refrain from action on interest rates when it meets this month. While the region has already seen inflation jump well beyond the 2% target, policymakers are awaiting more data on how persistent the jolt to prices will prove. Markets are pricing two hikes by year-end. The higher energy costs that are behind the upswing in inflation are also weighing on output which was expected to gain momentum before the conflict broke out. Hundreds of billions of euros in defense and infrastructure outlays, especially by Germany, will help cushion the blow. Some governments are also stepping in to offer assistance as prices for things like gasoline soar. The ECB predicted in March that gross domestic product will rise 0.9% in 2026 and 1.3% in 2027, though officials have recently said the euro area is somewhere between that outcome and an adverse scenario assuming a longer wa...
In the next few weeks, the first of 7,000 Google employees will finally move into the technology giant’s warship-sized new offices in London’s King’s Cross.
In the next few weeks, the first of 7,000 Google employees will finally move into the technology giant’s warship-sized new offices in London’s King’s Cross.
A fugitive accused of insider trading says he’s trapped in China because the US won’t let him board a plane to Boston to fight the charges against him. The Justice Department isn’t sympathetic, saying he created the problem himself by fleeing from Singapore before he could be extradited. Dev Ananth Durai was indicted in November alongside seven others who allegedly raked in tens of millions of dol...
A fugitive accused of insider trading says he’s trapped in China because the US won’t let him board a plane to Boston to fight the charges against him. The Justice Department isn’t sympathetic, saying he created the problem himself by fleeing from Singapore before he could be extradited. Dev Ananth Durai was indicted in November alongside seven others who allegedly raked in tens of millions of dollars on insider tips ranging from secret merger talks to a profit warning that tanked a French stock. Now, he says that his US Electronic System for Travel Authorization, or ESTA, has been revoked owing to the arrest warrant he faces. “This puts Mr. Durai in a Catch-22,” his lawyer Eric S. Rosen said in an email cited alongside an April 14 filing. He’s “deemed a fugitive by the government with no opportunity to turn himself in and face the charges.” While the DOJ says Durai should just go back to Singapore to initiate extradition, Durai’s legal team is trying to save him from jail in the city state pending drawn-out proceedings — asking US courts to cut out the middleman and let him head straight to America to turn himself in. The request comes after Durai was indicted alongside onetime Merrill Lynch banker Samy Khouadja who is accused of overseeing a global insider-trading ring from a Paris restaurant he set up after quitting investment banking. In what would be one of their biggest coup, the group of suspects allegedly amassed $8 million by trading Tiffany & Co. stock ahead of the 2019 news of LVMH ’s approach to buy it. Read more: Insider Trade Ring Born at Paris Lunch Made $17 Million, US Says The indictment states that Khouadja worked with solo traders Eamma Safi and Zhi Ge to get tips on more than a dozen deals by bribing investment bankers and other corporate insiders. The trio is also accused of sharing the non-public information with others, including Durai, and seeking kickbacks on their insider profits. Durai’s lawyers didn’t respond to requests for comment, whil...
Tippapatt/iStock via Getty Images Executive Summary During the quarter, the Emerging Markets Equity Advantage Portfolio outperformed its benchmark, the MSCI Emerging Markets Index (net of fees), as stock selection and sector positioning both contributed to the excess return. Stock selection was strongest in the information technology and energy sectors. Consumer staples and real estate holdings la...
Tippapatt/iStock via Getty Images Executive Summary During the quarter, the Emerging Markets Equity Advantage Portfolio outperformed its benchmark, the MSCI Emerging Markets Index (net of fees), as stock selection and sector positioning both contributed to the excess return. Stock selection was strongest in the information technology and energy sectors. Consumer staples and real estate holdings lagged. Within sector positioning, the overweight exposure to information technology and underweight exposure in communication services names proved beneficial, although the underweight exposure to financials stocks detracted value. From a country perspective, stock selection was strongest in India and Taiwan and weakest in Korea and Thailand. Alpha was favorable in the quarter, driven by strong results in January and February. Value measures were favorable in every month and the largest source of excess return. Sentiment also contributed, despite a drawdown in March coinciding with the market reversal. Overall, quality barely lagged for the period, helped by a strong February result. Growth measures were weak, underperforming in each month. Market Review Emerging equity markets, as measured by the MSCI Emerging Markets Index, ended the quarter broadly flat, declining 0.2%, following a sharp 13.1% selloff in March, the worst monthly decline since the onset of the global pandemic in March 2020. Strength in the US dollar and higher global interest rates contributed to the downturn. Markets had started the quarter strongly, but sentiment deteriorated after the outbreak of the conflict with Iran and the resulting disruption to shipping through the Strait of Hormuz. Brent crude saw its largest monthly increase on record, raising concerns that elevated energy prices could slow global economic activity. The impact was particularly acute for emerging Asian economies, many of which are significant importers of oil from the Middle East. Within Asia, South Korea remained highly volatile...
An explosion occurred at a Jiapeng Biological Technology Co. workshop in Shanyin county, Shuozhou, Shanxi province, in the early hours of Feb. 7, 2026. Photo: CCTV News Chinese authorities are escalating a crackdown on a deadly surge of clandestine chemical manufacturing, as soaring market prices for pesticide ingredients drive rogue operators to set up highly explosive, unregulated factories. Sin...
An explosion occurred at a Jiapeng Biological Technology Co. workshop in Shanyin county, Shuozhou, Shanxi province, in the early hours of Feb. 7, 2026. Photo: CCTV News Chinese authorities are escalating a crackdown on a deadly surge of clandestine chemical manufacturing, as soaring market prices for pesticide ingredients drive rogue operators to set up highly explosive, unregulated factories. Since last year, fluctuations in the chemical market and the lure of extreme profits have prompted illicit companies to take massive risks, resulting in a severe resurgence of fatal industrial accidents in the country. In response, the State Council Work Safety Committee and the Ministry of Emergency Management have deployed targeted countermeasures — including specialized inspections, top-level supervision, and public exposure — to systematically dismantle these black-market operations.
WH Smith Plc suspended its dividend and warned that the conflict in the Middle East is affecting its business in a fresh blow to a company still recovering from an embarrassing accounting error. The airport travel retailer had already lowered its dividend in December, but on Thursday said it would suspend it altogether in a bid to reduce debt and bolster its balance sheet. Shares of WH Smith fell ...
WH Smith Plc suspended its dividend and warned that the conflict in the Middle East is affecting its business in a fresh blow to a company still recovering from an embarrassing accounting error. The airport travel retailer had already lowered its dividend in December, but on Thursday said it would suspend it altogether in a bid to reduce debt and bolster its balance sheet. Shares of WH Smith fell as much as 17% in London, taking its decline in the past 12 months to nearly 38%. “The immediate focus is to restore confidence,” Executive Chair Leo Quinn said as the group reported interim results. He added that the business is focused on driving cash flow and cost discipline. WH Smith has endured a torrid period since August when it revealed it had overstated trading profit in its North America business, by booking income from suppliers earlier than it should have been. On Thursday, the retailer said the war in the Middle East — a key travel hub where it operates a number of airport stores — means it’s taking a more cautious outlook on passenger numbers and consumer confidence. It now expects pretax profit of between £90 million ($121 million) and £105 million this fiscal year. RBC Capital Markets analyst Richard Chamberlain downgraded the stock earlier this month, saying that lower passenger numbers would hurt the UK and rest of the world businesses. UK grocer J Sainsbury Plc also warned Thursday that its profit could slip this year as it faces higher costs and consumer uncertainty caused by the Middle East conflict. Read More: Sainsbury’s Says Middle East Conflict Risks Hitting Profit