Bahrain leads $3.5 billion acquisition of McLaren
In the world of business and politics, there's no shortage of exciting developments. Here's a roundup of some of the key stories making headlines this week.
The Trump family's new cryptocurrency venture, World Liberty Financial, generated a paper windfall of $5 billion after its trading debut. The WLFI token, tied to the venture, can now be bought and sold on the market like a stock, making it the family's most valuable asset. However, criticisms have been raised about potential conflicts of interest and possible insider transactions.
In the automotive industry, Bahrain's Mumtalakat and Abu Dhabi's CYVN Holdings have taken over McLaren, buying out the remaining 30% stake and gaining full ownership. The deal values McLaren at over £3 billion ($3.5 billion). Gulf countries are also investing in Formula 1, with Saudi's Aramco and Ma'aden logos on Aston Martin's cars, and multiple Grand Prix stops in Bahrain, Qatar, Abu Dhabi, and Jeddah.
Artificial intelligence company Anthropic raised an impressive $13 billion in its latest funding round, with Qatar Investment Authority participating. The company was valued at $183 billion in the funding round, marking a significant investment in the digitalization and artificial intelligence sector. QIA also plans to invest $500 billion in the US over the next decade, focusing on these areas.
In the realm of politics, US President Donald Trump said the military had conducted a lethal strike on a Venezuelan vessel in the Caribbean, targeting alleged "narcoterrorists." This operation appears to be the first time his administration has used deadly force against drug trafficking groups in Latin America.
International relations are also shaping up to be a key focus. The UAE voiced strong opposition to Israel's annexation plans, stating that it would be a "red line" and could foreclose the idea of regional integration and be the death knell of the two-state solution. Israel's plans could also put the Abraham Accords in jeopardy, according to a top Emirati official.
Chinese leader Xi Jinping unveiled his Global Governance Initiative, aiming to rework the international system in China's vision. Xi also won approval for a development bank attached to the Shanghai Cooperation Organisation, another Beijing-aligned multilateral lender.
In the healthcare sector, scientists are hailing promising breakthroughs in the fight against cancer. One new therapy appears to kill tumors without damaging healthy flesh, and a cheap generic drug linked to increasing lifespans may work by protecting against DNA damage, according to research.
On the economic front, household spending growth in the Gulf is set to be nearly double that of the US over the next five years, creating a huge opportunity for consumer firms. However, long-dated government bonds worldwide tumbled on growing fears of excessive government spending, rising inflation, and political instability.
Elsewhere, Syria recently exported its first official crude oil shipment since 2010, marking a return of a key driver of its economy. Russia hammered Ukraine with 526 drones overnight, a further escalation of Moscow's aerial assault. A landslide in western Sudan killed at least 1,000 people, intensifying hardship in a country besieged by years of civil war.
In other news, Google avoided the most severe consequences for its search business nearly one year after a federal court ruled it held an illegal monopoly over the online search market. A federal judge also ruled that US President Donald Trump's deployment of the National Guard to California to quell protests over immigration raids in June, violated the Posse Comitatus Act.
Finally, Brazil's Supreme Court will begin hearing closing arguments in the trial of former President Jair Bolsonaro, who is accused of orchestrating a coup to stay in power. The US military killed 11 people in a strike on a vessel off the coast of Venezuela, which the White House says was carrying illegal narcotics.
Stay tuned for more updates as these stories continue to unfold.
