Florentino Pérez is widely known as the most-successful chairman of Real Madrid , the football club with the greatest number of Champions League wins in Europe — in spite of some recent disappointments. But not too many outside Spain know that the 79-year-old is also the founder, chairman and top shareholder of a construction company that’s now among the biggest winners of the artificial intellige...
Florentino Pérez is widely known as the most-successful chairman of Real Madrid , the football club with the greatest number of Champions League wins in Europe — in spite of some recent disappointments. But not too many outside Spain know that the 79-year-old is also the founder, chairman and top shareholder of a construction company that’s now among the biggest winners of the artificial intelligence boom. With a contract to help build one of the world’s largest data centers for Meta Platforms Inc. in Indiana, with a footprint that could cover much of Manhattan, and a $2 billion partnership with Blackrock Inc. for similar projects, ACS SA ’s stock has skyrocketed. That has swelled Pérez’s coffers, with his 14% stake giving him a net worth of $6.6 billion according to the Bloomberg Billionaires Index . It has put him on the cusp of breaking into the world’s 500 biggest fortunes for the first time, alongside such compatriots as Mercadona SA’s Juan Roig and Zara founder Amancio Ortega . ACS owns engineering firm Turner Construction Co. , a leading data center builder in the US, giving it a front-row seat in the frenzied rush to build AI infrastructure. As investors separate hype from reality in the AI universe, ACS’ role as a provider of physical infrastructure to the digital industry’s hyper-scalers is cementing its place. It has joined European rivals like France’s Bouygues and Sweden’s Skanska to tap a rich vein in the digital infrastructure market that was valued at about $439 billion in 2025 and is set to more than triple to $1.38 trillion by 2030. “Our view is that the world is on the verge of a wave of infrastructure reconstruction as was seen in the 1970s and 1980s,” ACS Chief Executive Officer Juan Santamaría told Bloomberg News. “It’s a real opportunity.” Santamaría, who has never granted an interview since he was by handpicked by Pérez for the job in 2022, has been instrumental in ACS’ stellar rise. Pérez has had a long track record of picking winners at Rea...
Copper wavered between narrow gains and losses after President Donald Trump claimed the US was in the final stages of talks with Iran, even as the two nations continued to trade threats of fresh escalation. After initial gains, metals came under pressure from a slight strengthening of the dollar. Copper slipped 0.2% lower to $13,631 a ton by 11:04 a.m. Shanghai time, while other metals also drifte...
Copper wavered between narrow gains and losses after President Donald Trump claimed the US was in the final stages of talks with Iran, even as the two nations continued to trade threats of fresh escalation. After initial gains, metals came under pressure from a slight strengthening of the dollar. Copper slipped 0.2% lower to $13,631 a ton by 11:04 a.m. Shanghai time, while other metals also drifted to extend a few days of largely indecisive trading. Trump said the US was making progress toward a peace deal with Tehran, although he again added a warning that his forces could resume attacks in coming days without an agreement. Iran said its retaliation to any renewed strikes would extend beyond the Middle East. Read More: Iran Threatens to Retaliate Beyond Middle East If US Attacks The protracted standoff has left metals markets awaiting fresh catalysts. Copper had notched a record closing price last week, partly on renewed enthusiasm for demand from artificial intelligence, clean technology and strategic stockpiles. Iron ore fell 0.8% to $106.45 a ton in Singapore, down for a sixth session to mark its longest losing streak since February. The steelmaking ingredient may fluctuate lower in the near term as global seaborne shipments rise while Chinese steel sales slow heading into the summer lull, Chaos Ternary Futures Co. said in a note.
May 21 (Reuters) - U.S. energy storage developers installed 9.7 gigawatt-hours of new capacity in the first quarter of 2026, marking a record high for the quarter, an industry report showed on Thursday. Energy storage capacity grew 32% in the quarter from a year ago despite federal actions the industry says are slowing clean energy development, the report by the Solar Energy Industries Associat...
May 21 (Reuters) - U.S. energy storage developers installed 9.7 gigawatt-hours of new capacity in the first quarter of 2026, marking a record high for the quarter, an industry report showed on Thursday. Energy storage capacity grew 32% in the quarter from a year ago despite federal actions the industry says are slowing clean energy development, the report by the Solar Energy Industries Association (SEIA) and Benchmark Mineral Intelligence said. The SEIA said the demand is being driven by data centers, volatile electricity prices and disruptions to global gas and gas turbine supplies. Major technology companies, including Google and Meta, have announced deals this year to procure tens of thousands of megawatt-hours of storage to power data centers needed to run AI technologies. HURDLES FOR CLEAN ENERGY The solar industry faces tariff pressures and a freeze on approvals for major projects under the Trump administration, as part of an agenda focused on oil, gas, coal and nuclear energy. The report showed that 467 solar and storage projects have permits pending and could face delays or cancellations. "If federal permitting bottlenecks persist, household electric bills will continue to rise and China will surge further ahead in the race for AI leadership," the report said. The report estimates more than 610 GWh of storage additions by 2030. "Energy storage's remarkable first quarter only underscores the fundamental values of this technology," said Darren Van't Hof, SEIA's interim president and chief executive. Adequate energy storage can shield consumers from fuel price shocks, help lower electricity costs and strengthen grid reliability, he said. Texas, Arizona and California led utility-scale installations in the quarter. Over 70% of utility-scale storage capacity installed in the period was in states won by U.S. President Donald Trump. Utility-scale projects accounted for 7.8 GWh of first-quarter installations; commercial and industrial systems add...
The medical condition of Thai Princess Bajrakitiyabha has worsened as a result of multiple infections in several organs, with doctors unable to contain her irregular heart rate, the Royal Palace said in a statement on Thursday. The 47-year-old princess and eldest daughter of King Maha Vajiralongkorn was taken to hospital in December 2022, after she collapsed from a heart condition and other i...
The medical condition of Thai Princess Bajrakitiyabha has worsened as a result of multiple infections in several organs, with doctors unable to contain her irregular heart rate, the Royal Palace said in a statement on Thursday. The 47-year-old princess and eldest daughter of King Maha Vajiralongkorn was taken to hospital in December 2022, after she collapsed from a heart condition and other infections. She has been in a coma ever since. After years of treatment, doctors discovered a stomach infection that led to inflammation in her intestines in April, causing her blood pressure to fall and her heartbeat to become irregular, the statement said. Advertisement She has been given medicine and medical devices have been deployed to support her lungs and kidneys, but her health has continued to decline, the palace said, adding that doctors will continue to closely monitor her condition and provide further treatment. Last year, Thailand’s influential Queen Mother Sirikit died at the age of 93. Thousands in Bangkok mourn former queen
India’s rupee advanced the most in Asia after the central bank intervened and as policymakers are said to be considering options, including an interest-rate hike, to defend the currency. The rupee gained as much as 0.6% to 96.2450 per dollar on Thursday. The Reserve Bank of India sold dollars in the offshore market, according to traders familiar with the development, who declined to be identified ...
India’s rupee advanced the most in Asia after the central bank intervened and as policymakers are said to be considering options, including an interest-rate hike, to defend the currency. The rupee gained as much as 0.6% to 96.2450 per dollar on Thursday. The Reserve Bank of India sold dollars in the offshore market, according to traders familiar with the development, who declined to be identified as the matter is private. The currency, which had marked a fresh record low on Wednesday, has been under pressure as high oil prices strained India’s import bill and increased inflation risks. The rupee is among Asia’s worst performers this year, having lost close to 7%. A spokesperson for the RBI did not immediately respond to an email seeking comment. India Mulls All Options, Including Rate Hike, as Rupee Slumps The Rupee-at-100 Debate Is Intensifying: Markets Daily India
For years, alcohol companies counted on steady global demand as drinking remained deeply woven into social life and consumer culture. But today, health concerns and tighter household budgets are prompting people to drink less. The shift is rippling through the drinks industry, wiping hundreds of billions of dollars from the market value of major beer, wine and spirits companies and forcing produce...
For years, alcohol companies counted on steady global demand as drinking remained deeply woven into social life and consumer culture. But today, health concerns and tighter household budgets are prompting people to drink less. The shift is rippling through the drinks industry, wiping hundreds of billions of dollars from the market value of major beer, wine and spirits companies and forcing producers to cut costs, replace executives and roll out new offerings. Here’s what’s driving the decline in alcohol consumption, where it’s most pronounced, and how the industry is adapting to what may be a new norm. How much is drinking down? From 2019 to 2025, consumption of alcohol, as measured by servings, fell at a compound annual rate of 2%, according to analysis of preliminary industry data from IWSR , a drinks market research firm. That means servings declined on average 2% per year for the period. Measuring by servings takes into account that a single beer has greater volume than, say, the shot of gin that goes into a cocktail. The IWSR data covered 21 countries and global duty-free retail, which collectively represent about 75% of the worldwide market. All alcohol categories — beer, wine, spirits, hard cider, and RTDs or “ready-to-drink” cocktails — were included. The decline is in keeping with a global trend of falling alcohol demand, as measured by per capita consumption by volume, that started a decade ago, according to the World Health Organization. IWSR, measuring overall consumption by servings, has registered the same pattern, with a blip during the global Covid-19 pandemic when bored drinkers indulged at home. Consumption rose 2.3% from 2020 to 2021 but began to fall again as of 2022, according to IWSR data, dropping 2.8% in 2025 as compared with 2024. People are drinking less in part because they’re drinking less often. In a global Euromonitor survey, 23% of respondents said they drank weekly in 2025, down from 25% in 2020. An increasing share of consumers is sa...
Customers shop at a Walmart store on May 13, 2026 in Chicago, Illinois. Scott Olson | Getty Images With all eyes on the health of the U.S. consumer, Walmart 's fiscal first-quarter earnings report Thursday morning may offer Wall Street some of the best clues yet. The big box retailer is expected to report another quarter of growing sales and profits, but its commentary on consumer spending – if it...
Customers shop at a Walmart store on May 13, 2026 in Chicago, Illinois. Scott Olson | Getty Images With all eyes on the health of the U.S. consumer, Walmart 's fiscal first-quarter earnings report Thursday morning may offer Wall Street some of the best clues yet. The big box retailer is expected to report another quarter of growing sales and profits, but its commentary on consumer spending – if it's seeing any pressure and where – could offer investors a view into the strength of the U.S. economy. Here's what analysts expect Walmart to report for the quarter, according to consensus estimates from LSEG: Earnings per share: 66 cents per share Revenue: $175 billion In the three months since Walmart last reported earnings, there's a new conflict in the Middle East, gas prices have soared and consumer sentiment has plummeted, falling to a fresh record low in May. The flurry of bad news comes on top of years of sticky inflation, higher interest rates and a global trade war that's pushed prices even higher. Walmart has long been among the best positioned to weather just about any economic storm, but given the wide consumer segments it caters to, it's uniquely positioned to see whether and where cracks in the economy are forming. Long a value play among lower-income shoppers, Walmart in recent years has been winning over more high-income consumers, which has helped fuel its growth and insulate it from economic shocks that have hit lower earners more acutely. When reporting earnings on Thursday morning, investors will want to know: Are higher-income shoppers still as resilient as they've been, or are higher gas prices having an impact? How much more pressure is the lower income shopper facing? If consumers start pulling back, leading to a greater concentration of lower-margin groceries over higher-margin discretionary goods, Walmart's additional revenue streams are expected to help offset those pressures. Its advertising and marketplace businesses are both high-margin revenu...
Liberal U.S. mayors team up with European counterparts to fight authoritarianism toggle caption Courtesy of the city of Bratislava/Courtesy of the city of Bratislava Right-wing populists in the U.S. have been building political ties across the Atlantic Ocean for years to support and learn from one another. Think President Trump, who developed a close relationship with former Hungarian Prime Minist...
Liberal U.S. mayors team up with European counterparts to fight authoritarianism toggle caption Courtesy of the city of Bratislava/Courtesy of the city of Bratislava Right-wing populists in the U.S. have been building political ties across the Atlantic Ocean for years to support and learn from one another. Think President Trump, who developed a close relationship with former Hungarian Prime Minister Viktor Orbán. Now, 10 U.S. mayors from liberal cities are following suit, joining a group called the Pact of Free Cities , where they can share strategies with their European counterparts on how to defend democracy and fight authoritarianism. The American cities, including Boston, Chicago, San Antonio and Cincinnati, joined the pact virtually or in person last week for its annual meeting in Bratislava, Slovakia. Sponsor Message "I've joined the Pact of Free Cities because of the actions of the Trump administration that continue to not just have democratic institutions and democratic values backslide in our country, but also the destruction of long-standing relationships all over the world, but particularly with our European counterparts," said Cincinnati Mayor Aftab Pureval. The mayors of Bratislava, Budapest, Prague and Warsaw founded the group in 2019 to stand up for progressive values and brainstorm on how to deal with what they see as hostile national governments. How to defeat a right-wing populist toggle caption Courtesy: the city of Bratislava/Courtesy: the city of Bratislava At last week's meeting, Gergely Karácsony, the mayor of Budapest, shared lessons from the recent defeat of Orbán, who many political analysts say developed an authoritarian playbook that has informed some of Trump's efforts to undermine the U.S. system of checks and balances. Karácsony said one of the turning points came last year when the Hungarian government tried to ban the annual Pride parade in Budapest. "This was meant partly to intimidate people and partly to provoke a debate that woul...
An AI system will work with humans to make a Nobel prize-winning discovery within 12 months and tradespeople will be helped by bipedal robots in two years, according to the co-founder of Anthropic. Jack Clark described a “vertiginous sense of progress” in the technology and made a series of predictions, including that companies run solely by AIs would be generating millions of dollars in revenue w...
An AI system will work with humans to make a Nobel prize-winning discovery within 12 months and tradespeople will be helped by bipedal robots in two years, according to the co-founder of Anthropic. Jack Clark described a “vertiginous sense of progress” in the technology and made a series of predictions, including that companies run solely by AIs would be generating millions of dollars in revenue within 18 months, and that by the end of 2028, AI systems would be able to design their own successors. In a lecture at Oxford University on Wednesday, he also said there remained plausible scenarios in which the technology had “a non-zero chance of killing everyone on the planet” and that it was “important to clearly state that that risk hasn’t gone away”. Anthropic’s most popular model is called Claude, but it recently launched a version called Mythos that proved alarmingly capable at exploiting cybersecurity weaknesses. Clark told students it would be better if humans could slow the development of the technology “to give ourselves more time as a species” to deal with the implications of its powers. But he said this wouldn’t happen, in the breakneck development “by a variety of actors and a variety of countries, locked in a competition with one another, where commercial and geopolitical rivalries are often drowning out the larger existential-to-the-species aspects of the technology being built”. This was “not ideal”, he said. View image in fullscreen Jack Clark said he wanted to encourage humanity to prepare for a technology that would ‘soon be more capable than all of us collectively’. Photograph: Samuel Corum/Bloomberg/Getty Images Clark is one of the most senior figures at Anthropic, which was established by AI researchers who quit the rival firm OpenAI over disagreements on safety. The $900bn (£670bn) company has been accused by Donald Trump’s White House and other AI accelerationists of “fear-mongering” to encourage regulation that could cement its competitive positio...
New grads are about to enter a workforce where companies are replacing human intelligence with artificial intelligence. Meta employees stuffed their bags full of kombuchas and chargers this week before mass layoffs went down Wednesday. The social media giant let go 10% of its employees and is moving another 7,000 folks into AI-focused roles. Cisco said last week it plans to slash 4,000 jobs as it ...
New grads are about to enter a workforce where companies are replacing human intelligence with artificial intelligence. Meta employees stuffed their bags full of kombuchas and chargers this week before mass layoffs went down Wednesday. The social media giant let go 10% of its employees and is moving another 7,000 folks into AI-focused roles. Cisco said last week it plans to slash 4,000 jobs as it focuses spending on AI, while Microsoft reportedly made ~7% of its employees eligible for voluntary buyouts last month. Block laid off 40% of its employees in February, and CEO Jack Dorsey said Tuesday he wants the company to cut more layers from its organizational structure. Oracle, Amazon and Coinbase have also made major layoffs this year as tech-sector job cuts surge past 111,000, according to Layoffs.fyi. AI’s Funny Selfie Phase Is Over AI entered the zeitgeist as a fun way to create inedible recipes and anime-ified selfies. But with companies spending hundreds of billions on building the tech, it was bound to get serious. And as companies keep shedding roles both to fund AI and because of AI-driven efficiencies, the outlook for jobs could shift dramatically: The college-degree-to-office-job pipeline is over, according to recruiting firm Randstad, which found jobs in specialized trades are experiencing wage growth competitive with office work (up 30% in the US over the past four years). In another sign of an AI-driven shift away from the office, Standard Chartered’s CEO said his bank’s mass layoffs would replace “lower-value human capital” with AI (before he walked back the comment). Anthropic’s CEO said this year that AI could see GDP climbing (by his guess) 5% to 10% while unemployment reaches 10%. Other executives say AI costs more than human labor as spending on AI-powering tokens outstrips workers’ rates. At the same time, Randstad’s data found that graduates who can master AI can command higher salaries, and demand has risen for job applicants who bring emotional...
Billionaire Sajjan Jindal ’s automotive business has secured about 80 billion rupees ($826 million) funding line from India’s largest lender, keeping its plans for a new energy vehicle venture on track. The facility from State Bank of India , the country’s top lender, carries a tenor of more than 10 years, according to people familiar with the matter. It will partly fund JSW Motors Ltd. ’s “greenf...
Billionaire Sajjan Jindal ’s automotive business has secured about 80 billion rupees ($826 million) funding line from India’s largest lender, keeping its plans for a new energy vehicle venture on track. The facility from State Bank of India , the country’s top lender, carries a tenor of more than 10 years, according to people familiar with the matter. It will partly fund JSW Motors Ltd. ’s “greenfield manufacturing facility” in the western Indian state of Maharashtra, the company’s spokesperson said in response to a query from Bloomberg News. SBI may sell down part of the exposure to other lenders in the event of demand in the secondary loan market, the people familiar said, asking not to be identified as the details are private. A bank spokesperson did not respond to messages seeking comment. Trade journal Autocar Professional was the first to report on the facility. The funding is a boost for local vehicle manufacturing, and signals confidence from domestic lenders in India’s emerging EV ecosystem. The large-ticket financing is also expected to drive momentum in the credit market, where lending growth is projected to outpace deposit expansion in the fiscal year that began April 1. CareEdge Ratings estimates credit growth will reach 13% to 14.5% in the current fiscal period, compared with deposit growth of 11% to 12% as banks prioritize steady balance-sheet expansion. JSW Motors’ new vehicle will mark the country’s first homegrown brand in decades. Jindal’s group, which has interests spanning steel, cement and power generation, also has a joint venture with China’s SAIC Motor Corp. — JSW MG Motor India Pvt. — and a separate partnership with Chery Automobile Co. for new-energy vehicles. JSW Motors is focused on building a strong presence in the new energy passenger vehicle segment, the spokesperson said, adding that details about product lineup and launch timelines will be announced at the appropriate time. India’s electric and hybrid vehicles sector is expanding ra...