MEF BUSINESS NEWS 6 MAY 2025 The dollar nudged higher after stronger U.S. services data calmed some nerves, cooling the sharp rise in Asian currencies driven by hopes for trade deals. Stock futures slid globally, oil rebounded, and gold climbed on Chinese demand. Traders remain edgy as Donald Trump’s tariff tactics upend the dollar’s haven status, prompting capital to shift abroad. With trade talks in limbo and tomorrow’s Fed decision looming, markets are bracing for the next move. ———————————— The United States remains the top destination for global capital, Treasury Secretary Scott Bessent told investors at the Milken Global Conference in Beverly Hills. He said President Donald Trump’s trade, tax, and deregulation agenda is designed to boost long-term growth and attract investment, pushing back against last month’s market turmoil, when stocks, bonds, and the dollar all dropped after steep tariff plans were announced. But Bessent insisted better trade deals are coming soon, with some as early as this week, and projected economic growth could hit 3 percent by next year. ———————————— Happy to hear that Trump’s tariffs are part of a bigger plan, Wall Street’s elite isn’t buying the chaos. CEOs from Citigroup, Apollo, and Carlyle warned the lack of clarity is freezing corporate spending and shaking confidence. Still, some see a silver lining—growth could rebound if talks stabilize. Hedge fund titan Bill Ackman wants a 180-day pause on China tariffs. For now, big money is asking: can we get the strategy without the shockwaves? ———————————- European and UK corporate giants like Nestlé, Mercedes-Benz and Unilever are sounding alarms over the US trade war’s mounting toll, the Financial Times reports. Since Trump’s surprise tariff hike last month, business leaders report shaken consumer confidence, frozen forecasts, and scrambled supply chains. Executives told the FT that Washington’s whiplash policymaking is outpacing their ability to adapt, with companies like Stellantis and Volvo scrapping long-term plans entirely. Nestlé warns uncertainty alone is doing serious damage, while Unilever flags wild currency swings as another side effect. Investors, still waiting on most earnings reports, are already bracing for a chillier climate across boardrooms and markets. ————————————————- OpenAI is shelving plans to become a fully for-profit company, keeping its nonprofit board firmly in charge after intense backlash from Elon Musk and others. Musk, a co-founder turned critic, accused the company of betraying its mission and sued to stop the shift. OpenAI now says its for-profit arm will become a public benefit corporation — investors like Microsoft get equity, but the nonprofit stays in control. Musk’s lawyers say the move doesn’t fix core concerns about private gain from charitable assets. Still, OpenAI hopes the restructure satisfies regulators and lets it raise billions more to compete in the AI arms race. ———————————————— Falling oil prices are increasing pressure on Russia and boosting the chances for a peace deal in Ukraine, according to President Trump. With oil down 27% since January, Trump believes both Russia and Ukraine want to settle. While supporting the price drop as a way to hurt Russia, he noted the impact on U.S. energy producers. His remarks come ahead of a planned trip to the Middle East. —————————————— And the European Union plans to ban Russian gas imports by the end of 2027, Bloomberg reports. The proposal includes ending new contracts and spot deals by the end of this year, while phasing out long-term contracts by 2027. The EU aims to boost LNG supplies from the US and Qatar. The plan needs approval from member states and parliaments, with potential opposition from Hungary and Slovakia. ———————————————— Just minutes before Melania Trump unveiled her $MELANIA cryptocurrency, a group of crypto wallets snapped up $2.6 million worth of tokens—making nearly $100 million in rapid-fire profits once the coin surged. An analysis by the Financial Times found that the buys came just before her social media post went live, raising fresh questions about insider activity in a market with few rules. Unlike traditional securities, memecoins like $MELANIA dodge disclosure and insider trading laws, letting early buyers—so-called “snipers”—cash in fast. One trader turned $681,000 into over $43 million in three days. Melania hasn’t commented. The project’s backers? Quiet too, and already millions richer. —— —— MEF MOBILE NEWS 6 MAY 2025 DoorDash has agreed to acquire UK-based food delivery firm Deliveroo for $3.9 billion, offering a 29% premium to its April 24 share price. The move strengthens Californian DoorDash’s push into Europe, giving it access to major urban markets amid global consolidation in the delivery space. For mobile ecosystem players, the deal signals deeper integration between on-demand services and mobile platforms, with DoorDash likely to leverage Deliveroo’s infrastructure to enhance mobile ordering, payments, and logistics abroad. ———————————— Eutelsat has appointed Jean-François Fallacher, current CEO of Orange France, as its next chief executive starting June 1. The move aligns with EU efforts to develop alternatives to Starlink and ensure secure satellite infrastructure. With Eutelsat now merged with OneWeb, the company aims to enhance Europe’s mobile ecosystem by supporting satellite-based internet access, especially in conflict zones like Ukraine. Fallacher’s telecom background signals a stronger focus on integrating satellite networks into mobile and broadband connectivity. —————————- Denmark will take the lead in EU discussions this July on two major digital policy files—the EU Cloud and AI Development Act and the Digital Networks Act (DNA), according to Euronews. Both are set to be presented by the European Commission later this year. The Cloud and AI Development Act aims to significantly boost the EU’s data center capacity, with a focus on sustainability, and is part of the broader AI Continent Action Plan. Meanwhile, the DNA will overhaul telecom regulations, addressing spectrum management and sustainability, though it has faced criticism for initially proposing fees for online platforms to fund infrastructure. ————————— A UK professor-turned-“digital nutritionist” says parents can model better smartphone habits with tricks like greyscaling their screens and curating their algorithms weekly. Dr. Kaitlyn Regehr of UCL outlines the approach in her new book, Smartphone Nation, calling for “digital walk-throughs” of apps with a partner and keeping a “phone-fed journal” to track how online content affects mood and attention. Regehr warns that school phone bans aren’t enough—and urges families to build critical skills before kids get their first device. —— —— MEF TECH NEWS 6 MAY 2025 The U.S. Justice Department is pushing for Google to divest its ad exchange (AdX) and publisher ad server, claiming the company unlawfully monopolized the online advertising market. Google has argued that a forced sale is unnecessary and has proposed making its ad exchange compatible with rival tech and installing a monitor for three years. A judge will hear arguments in September after finding last month that Google violated antitrust laws. The move is part of broader scrutiny of Google’s practices in both the advertising and online search markets. ———————————- OpenAI has agreed to acquire Windsurf, an AI coding startup formerly known as Codeium, for about $3 billion, Bloomberg reports, citing sources familiar with the matter. The deal, OpenAI’s largest to date, is aimed at strengthening its position in the competitive AI coding tools market. Windsurf had recently been in talks to raise funding at the same valuation. The acquisition follows OpenAI’s recent $40 billion funding round led by SoftBank. ——————————- Microsoft remains a major holdout in OpenAI’s restructuring plans, despite the company’s push to shift its for-profit division under nonprofit control — I reported on that in MEF business news segment. The $13.75 billion Microsoft investment is key to the future of the proposal, with ongoing negotiations focusing on protecting Microsoft’s stake and licensing agreements. OpenAI’s CEO Sam Altman says the revised structure still targets the same goals but needs approval from Microsoft, state attorneys general, and other investors. ————————————— Elon Musk’s attorney slammed OpenAI’s move to restructure its for-profit division, calling it a “transparent dodge” that doesn’t address the core issues. Marc Toberoff, Musk’s lead counsel, argues that private parties, including Sam Altman and Microsoft, will still benefit from charitable assets. Musk, who co-founded OpenAI, is continuing his legal battle, alleging the restructure violates the company’s founding mission and aims to slow down a competitor. OpenAI dismissed Musk’s lawsuit as a bad-faith attempt. —————————————————- Philips has lowered its profit margin forecast for the year, adjusting its outlook due to rising US-China trade tensions and tariffs. The Dutch medical technology company now expects a margin of 10.8% to 11.3%, down 100 basis points. This includes an estimated €300 million ($340 million) tariff impact. Philips is responding by localizing more production in the US. Despite a 2% sales decline in Q1, driven by weak demand in China, Philips saw a 2% rise in order intake, bolstered by strong demand in North America. ————————————— A UN report reveals that 70% of people in developing nations expect AI to boost productivity within the next year. The survey, covering 21 countries, highlights the potential for AI to address global development slowdowns. Despite challenges like wars, trade tensions, and the lingering effects of the COVID-19 pandemic, AI is seen as a tool to enhance sectors like education and healthcare. The UN advocates for a “human-centered” AI approach, recommending modernization of systems to ensure that the technology benefits everyone.

MEF BUSINESS NEWS 6 MAY 2025 The dollar nudged higher after stronger U.S. services data calmed some nerves, cooling the sharp rise in Asian currencies driven by hopes for trade deals. Stock futures slid globally, oil rebounded, and gold climbed on Chinese demand. Traders remain edgy as Donald Trump’s tariff tactics upend the dollar’s haven status, prompting capital to shift abroad. With trade talks in limbo and tomorrow’s Fed decision looming, markets are bracing for the next move. ———————————— The United States remains the top destination for global capital, Treasury Secretary Scott Bessent told investors at the Milken Global Conference in Beverly Hills. He said President Donald Trump’s trade, tax, and deregulation agenda is designed to boost long-term growth and attract investment, pushing back against last month’s market turmoil, when stocks, bonds, and the dollar all dropped after steep tariff plans were announced. But Bessent insisted better trade deals are coming soon, with some as early as this week, and projected economic growth could hit 3 percent by next year. ———————————— Happy to hear that Trump’s tariffs are part of a bigger plan, Wall Street’s elite isn’t buying the chaos. CEOs from Citigroup, Apollo, and Carlyle warned the lack of clarity is freezing corporate spending and shaking confidence. Still, some see a silver lining—growth could rebound if talks stabilize. Hedge fund titan Bill Ackman wants a 180-day pause on China tariffs. For now, big money is asking: can we get the strategy without the shockwaves? ———————————- European and UK corporate giants like Nestlé, Mercedes-Benz and Unilever are sounding alarms over the US trade war’s mounting toll, the Financial Times reports. Since Trump’s surprise tariff hike last month, business leaders report shaken consumer confidence, frozen forecasts, and scrambled supply chains. Executives told the FT that Washington’s whiplash policymaking is outpacing their ability to adapt, with companies like Stellantis and Volvo scrapping long-term plans entirely. Nestlé warns uncertainty alone is doing serious damage, while Unilever flags wild currency swings as another side effect. Investors, still waiting on most earnings reports, are already bracing for a chillier climate across boardrooms and markets. ————————————————- OpenAI is shelving plans to become a fully for-profit company, keeping its nonprofit board firmly in charge after intense backlash from Elon Musk and others. Musk, a co-founder turned critic, accused the company of betraying its mission and sued to stop the shift. OpenAI now says its for-profit arm will become a public benefit corporation — investors like Microsoft get equity, but the nonprofit stays in control. Musk’s lawyers say the move doesn’t fix core concerns about private gain from charitable assets. Still, OpenAI hopes the restructure satisfies regulators and lets it raise billions more to compete in the AI arms race. ———————————————— Falling oil prices are increasing pressure on Russia and boosting the chances for a peace deal in Ukraine, according to President Trump. With oil down 27% since January, Trump believes both Russia and Ukraine want to settle. While supporting the price drop as a way to hurt Russia, he noted the impact on U.S. energy producers. His remarks come ahead of a planned trip to the Middle East. —————————————— And the European Union plans to ban Russian gas imports by the end of 2027, Bloomberg reports. The proposal includes ending new contracts and spot deals by the end of this year, while phasing out long-term contracts by 2027. The EU aims to boost LNG supplies from the US and Qatar. The plan needs approval from member states and parliaments, with potential opposition from Hungary and Slovakia. ———————————————— Just minutes before Melania Trump unveiled her $MELANIA cryptocurrency, a group of crypto wallets snapped up $2.6 million worth of tokens—making nearly $100 million in rapid-fire profits once the coin surged. An analysis by the Financial Times found that the buys came just before her social media post went live, raising fresh questions about insider activity in a market with few rules. Unlike traditional securities, memecoins like $MELANIA dodge disclosure and insider trading laws, letting early buyers—so-called “snipers”—cash in fast. One trader turned $681,000 into over $43 million in three days. Melania hasn’t commented. The project’s backers? Quiet too, and already millions richer. —— —— MEF MOBILE NEWS 6 MAY 2025 DoorDash has agreed to acquire UK-based food delivery firm Deliveroo for $3.9 billion, offering a 29% premium to its April 24 share price. The move strengthens Californian DoorDash’s push into Europe, giving it access to major urban markets amid global consolidation in the delivery space. For mobile ecosystem players, the deal signals deeper integration between on-demand services and mobile platforms, with DoorDash likely to leverage Deliveroo’s infrastructure to enhance mobile ordering, payments, and logistics abroad. ———————————— Eutelsat has appointed Jean-François Fallacher, current CEO of Orange France, as its next chief executive starting June 1. The move aligns with EU efforts to develop alternatives to Starlink and ensure secure satellite infrastructure. With Eutelsat now merged with OneWeb, the company aims to enhance Europe’s mobile ecosystem by supporting satellite-based internet access, especially in conflict zones like Ukraine. Fallacher’s telecom background signals a stronger focus on integrating satellite networks into mobile and broadband connectivity. —————————- Denmark will take the lead in EU discussions this July on two major digital policy files—the EU Cloud and AI Development Act and the Digital Networks Act (DNA), according to Euronews. Both are set to be presented by the European Commission later this year. The Cloud and AI Development Act aims to significantly boost the EU’s data center capacity, with a focus on sustainability, and is part of the broader AI Continent Action Plan. Meanwhile, the DNA will overhaul telecom regulations, addressing spectrum management and sustainability, though it has faced criticism for initially proposing fees for online platforms to fund infrastructure. ————————— A UK professor-turned-“digital nutritionist” says parents can model better smartphone habits with tricks like greyscaling their screens and curating their algorithms weekly. Dr. Kaitlyn Regehr of UCL outlines the approach in her new book, Smartphone Nation, calling for “digital walk-throughs” of apps with a partner and keeping a “phone-fed journal” to track how online content affects mood and attention. Regehr warns that school phone bans aren’t enough—and urges families to build critical skills before kids get their first device. —— —— MEF TECH NEWS 6 MAY 2025 The U.S. Justice Department is pushing for Google to divest its ad exchange (AdX) and publisher ad server, claiming the company unlawfully monopolized the online advertising market. Google has argued that a forced sale is unnecessary and has proposed making its ad exchange compatible with rival tech and installing a monitor for three years. A judge will hear arguments in September after finding last month that Google violated antitrust laws. The move is part of broader scrutiny of Google’s practices in both the advertising and online search markets. ———————————- OpenAI has agreed to acquire Windsurf, an AI coding startup formerly known as Codeium, for about $3 billion, Bloomberg reports, citing sources familiar with the matter. The deal, OpenAI’s largest to date, is aimed at strengthening its position in the competitive AI coding tools market. Windsurf had recently been in talks to raise funding at the same valuation. The acquisition follows OpenAI’s recent $40 billion funding round led by SoftBank. ——————————- Microsoft remains a major holdout in OpenAI’s restructuring plans, despite the company’s push to shift its for-profit division under nonprofit control — I reported on that in MEF business news segment. The $13.75 billion Microsoft investment is key to the future of the proposal, with ongoing negotiations focusing on protecting Microsoft’s stake and licensing agreements. OpenAI’s CEO Sam Altman says the revised structure still targets the same goals but needs approval from Microsoft, state attorneys general, and other investors. ————————————— Elon Musk’s attorney slammed OpenAI’s move to restructure its for-profit division, calling it a “transparent dodge” that doesn’t address the core issues. Marc Toberoff, Musk’s lead counsel, argues that private parties, including Sam Altman and Microsoft, will still benefit from charitable assets. Musk, who co-founded OpenAI, is continuing his legal battle, alleging the restructure violates the company’s founding mission and aims to slow down a competitor. OpenAI dismissed Musk’s lawsuit as a bad-faith attempt. —————————————————- Philips has lowered its profit margin forecast for the year, adjusting its outlook due to rising US-China trade tensions and tariffs. The Dutch medical technology company now expects a margin of 10.8% to 11.3%, down 100 basis points. This includes an estimated €300 million ($340 million) tariff impact. Philips is responding by localizing more production in the US. Despite a 2% sales decline in Q1, driven by weak demand in China, Philips saw a 2% rise in order intake, bolstered by strong demand in North America. ————————————— A UN report reveals that 70% of people in developing nations expect AI to boost productivity within the next year. The survey, covering 21 countries, highlights the potential for AI to address global development slowdowns. Despite challenges like wars, trade tensions, and the lingering effects of the COVID-19 pandemic, AI is seen as a tool to enhance sectors like education and healthcare. The UN advocates for a “human-centered” AI approach, recommending modernization of systems to ensure that the technology benefits everyone.