Raphael Stevens

More stories

  • 88 Shares99 Views

    in Finance

    How the Republican megabill targets immigrant finances

    Republican legislation known as the “One Big Beautiful Bill Act,” which has President Donald Trump’s backing, would make the financial lives of immigrants more difficult, experts said.
    That includes both immigrants who are here lawfully and unlawfully.
    The GOP would strip access to the child tax credit from certain immigrant households.
    Lawmakers would also tax remittances and add fees for certain actions like applying for asylum.

    Senate Majority Leader John Thune (R-SD) speaks to reporters at Capitol Hill on June 24, 2025 in Washington.
    Tasos Katopodis | Getty Images News | Getty Images

    A Republican megabill that lawmakers are trying to pass by the Fourth of July would clamp down on the finances of immigrant households, including those in the U.S. legally, economists and policy experts said.
    The legislation, championed by President Donald Trump, would restrict access to tax benefits like the child tax credit. Republican lawmakers in the House and Senate have also included a tax on the money immigrants send abroad, called remittances, and a $1,000 fee for those who seek asylum.

    The provisions “make life harder for immigrants in the U.S., both legal and undocumented immigrants,” said Tara Watson, director of the Center for Economic Security and Opportunity at the Brookings Institution.
    “I think this will make a significant difference” in their financial lives, Watson said.
    More from Personal Finance:GOP megabill proposes new Medicaid work requirementsHouse, Senate tax bills both end many clean energy creditsGOP bill may add to medical debt for households
    The Republican-majority House Judiciary Committee, chaired by Rep. Jim Jordan, R-Ohio, said in a statement last month that some of the financial measures aim to make immigration services “self-sustaining.”
    “This is about providing resources to enforce our immigration laws … and implement responsible fiscal policy,” the committee said.

    Republicans are cutting safety net spending more broadly to help finance their so-called one big beautiful bill, the centerpiece of which is a multitrillion-dollar package of tax cuts. The benefits of those largely accrue to wealthy households, data shows.
    The cuts also come as the Trump administration pursues an aggressive deportation agenda.

    The legislation is still in flux and differs somewhat between House and Senate versions. The Senate may vote on its measure as soon as this week.
    In some cases, GOP lawmakers may not be able to restrict benefits to the extent they’d like.
    For example, the Senate parliamentarian, a nonpartisan procedural advisor, ruled in recent days that the GOP must strip a provision from the legislation that would curb some immigrants’ eligibility for Supplemental Nutrition Assistance Program benefits, formerly known as food stamps.
    The parliamentarian also dealt a blow to Republicans’ proposals to deny certain legal immigrants from federal health benefits, according to a Senate Budget Committee release on Thursday. The bill text included provisions to cut access to Medicaid, Medicare and Affordable Care Act insurance subsidies from refugees and individuals seeking asylum, among others.
    It’s unclear how Republicans may alter the legislation to reconcile these rulings.

    Barring immigrants from tax benefits

    A view of the Internal Revenue Service (IRS) building in Washington, D.C., U.S., February 16, 2025.
    Annabelle Gordon | Reuters

    Among the most impactful tax changes is one that would restrict the child tax credit, Watson said.
    A 2017 tax law enacted during Trump’s first term barred parents from claiming the credit for children who don’t have a Social Security number. The House and Senate would make this provision permanent, impacting an estimated 1 million children.
    GOP lawmakers would further cut access for kids whose parents don’t have a Social Security number. The change would “exclusively” impact kids who are U.S. citizens or legal residents, according to the Institute on Taxation and Economic Policy.
    The House bill’s language on this issue is stricter than the Senate, Watson said.
    In the House bill, kids would be ineligible for the credit if either of their parents doesn’t have a Social Security number, she said. The Senate would allow a child to receive the benefit if at least one parent has a work-eligible SSN.
    The House bill’s policy would cut access to about 4.5 million children with Social Security numbers, according to the Center for Migration Studies.
    The five states in which the largest estimated number of kids would be impacted are California (910,000), Texas (875,000), Florida (247,000), New York (226,000) and Illinois (196,000), the center said.

    Parents and caregivers with the Economic Security Project gather outside the White House to advocate for the Child Tax Credit in advance of the White House Conference on Hunger, Nutrition, and Health on Sept. 20, 2022.
    Larry French | Getty Images Entertainment | Getty Images

    “If a U.S. citizen is married to an undocumented immigrant, or if a citizen child has an undocumented parent, then the House bill considers the citizen to have forfeited their right to a range of tax breaks,” ITEP researchers Carl Davis and Sarah Austin wrote in an analysis in May.
    Beyond the child tax credit, those also include existing tax breaks like the American Opportunity Tax Credit and Lifetime Learning Credit and new benefits proposed in the legislation, from so-called Trump accounts to tax breaks for tips and overtime, experts said.
    Many immigrants are members of such mixed-status families, Davis and Austin wrote.
    The policy debate comes as the Trump administration is trying to end birthright citizenship, the precedent that anyone born on U.S. soil automatically gets citizenship at birth. The Supreme Court is expected to soon rule on the policy.

    The House bill also requires all parents to file a joint tax return if they are married and claiming the child tax credit, according to the National Immigration Law Center.
    This provision would also impact nonimmigrant households in which married couples typically file separate tax returns, as happens if one spouse has substantial student loan debt or has been a victim of identity theft, for example, Davis and Austin wrote.

    Tax on remittances

    A man works on the street exchanging dollars for lempiras (official Honduran currency) in Tegucigalpa on April 8, 2024. Guatemala, El Salvador, Honduras, and Nicaragua together received almost US$42 billion in family remittances in 2023, according to AFP calculations based on official data from central banks and the intergovernmental Central American Monetary Council, a record figure that represents a quarter of the combined GDP of these countries.
    Orlando Sierra | Afp | Getty Images

    Republicans would put a tax on “remittances.” These are transfers of money such as earnings to family members and others abroad.
    Remittances have been “growing rapidly” and have become the largest source of foreign income for many developing countries, Dilip Ratha, lead economist for migration and remittances at the World Bank, wrote in 2023.
    India, Mexico, China, the Philippines and Pakistan are the top five recipients for global remittances, according to World Bank data from last year. The U.S. was the largest source of global remittances in 2023, it said.
    The House and Senate bills would put a 3.5% tax on remittances, to be paid by the sender.
    Such taxes would come on top of remittance fees that providers like banks or money transfer services like Western Union already charge to send money abroad electronically. Such fees can be high, perhaps 10% or more, Ratha wrote.
    There are some differences. For example, the House would require this tax for all noncitizens, while the Senate would do so for those without Social Security numbers, according to the National Immigration Law Center. Others would be able to claim a tax credit for any taxes they pay on remittances.

    New fees for asylum, other applicants

    The Senate and House bills would add fees for immigrants who apply for asylum or interact with many other levers of the U.S. immigration system.
    According to the National Immigration Law Center, the fees include, among others:

    A $1,000 application fee for asylum, a protection that lets individuals remain in the U.S. instead of being deported to a nation where they fear persecution or harm. (There’s no current fee.)
    Asylees would need to pay at least another $550 every six months to get work authorization. (There’s no current fee.)
    A $500 application fee for Temporary Protected Status. (The current fee is $50 and another $30 for biometrics.)
    A $5,000 fee for anyone apprehended between ports of entry and determined inadmissible. (There’s no current fee.)

    These are minimum fees without waivers, and the legislation provides for regular annual increases, according to the National Immigration Law Center. More

  • 113 Shares99 Views

    in Finance

    China’s Xiaomi undercuts Tesla with yet another cheaper car

    In the latest step in an intensifying price war, Chinese smartphone company Xiaomi revealed its luxury YU7 SUV will cost less than Tesla’s Model Y.
    Xiaomi’s luxury YU7 SUV will start at 253,500 yuan ($35,322), CEO Lei Jun announced Thursday, pointing out that is 10,000 yuan cheaper than Tesla’s Model Y.

    People check out an electric SUV Xiaomi YU7 at a Xiaomi Store in Hangzhou in east China’s Zhejiang province Thursday, June 26, 2025.
    Feature China | Future Publishing | Getty Images

    BEIJING — Chinese smartphone company Xiaomi is taking aim straight at rival Tesla with a new electric SUV.
    Xiaomi’s luxury YU7 SUV will start at 253,500 yuan ($35,322), CEO Lei Jun said Thursday, pointing out that the vehicle is 10,000 yuan cheaper than Tesla’s Model Y, which starts at 263,500 yuan in China.

    Prior to the official price announcement, a Citi report had listed expectations that the YU7 SUV would be priced around 250,000 yuan to 320,000 yuan ($34,800 to $44,590), forecasting monthly sales of about 30,000 units. Once the pace picks up, Citi predicts annual sales of 300,000 to 360,000 units.
    Xiaomi’s company’s SU7 sedan launched last year was also priced below Tesla’s Model 3.
    Lei on Thursday claimed the YU7 beat Tesla’s Model Y on a range of metrics, but still came short on driver assist. The YU7 comes with driver-assist software, the most advanced version of which is powered by Nvidia’s Thor chip. Pre-sales start at 10 p.m. on Thursday, with deliveries expected within one to five weeks.
    Just three minutes after the launch of YU7 pre-sales, Xioami said it had received more than 200,000 orders.

    Features

    Xiaomi had initially said it would launch its YU7 in July. The earlier event takes place amid an intensifying electric car price war.

    Xiaomi revealed its YU7 SUV in late May, less than a year after launching its first electric car, and claimed the vehicle would have a driving range of at least 760 kilometers (472 miles) on a single charge.
    That’s well above the 719 kilometers advertised for Tesla’s extended-range Model Y. Driving range has been a selling point for consumers worried about frequent battery charging.
    While Xiaomi has not promoted its artificial intelligence as much as other consumer brands, Thursday’s launch event showcased several AI car features, such as allowing drivers to change a song using hand motions, or ask a phone app to describe where the car is parked.
    The YU7 also supports Apple Car Play and Apple Music, Lei said.

    Smart glasses

    The Chinese smartphone and home appliance company launched several other products on Thursday, including highly-anticipated artificial intelligence-connected glasses.
    The AI glasses, which rival Meta’s Ray Bans smart offering, can change the tint of the lenses and scan a QR code to make payments, mimicking China’s mobile smartphone apps. Xiaomi also announced similar features to those of the Meta glasses, such as being able to take photos and videos, as well as use interactive AI to identify a flower or translate text.
    Xiaomi’s AI glasses start at 1,999 yuan ($279). A Xiaomi spokesperson said there were currently no plans to sell the glasses overseas. Meta’s version isn’t officially sold in China.

    Weekly analysis and insights from Asia’s largest economy in your inboxSubscribe now More

  • 188 Shares99 Views

    in Business

    Family offices double down on private credit and infrastructure during private equity slump, survey finds

    Private investment firms of wealthy families are investing more in alternatives, according to a new BlackRock survey.
    As investor frustrations with private equity mount, private credit and infrastructure are gaining market share with family offices.
    BlackRock’s Armando Senra told CNBC which niches these elite investors are flocking to and why.

    Vithun Khamsong | Moment | Getty Images

    A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
    Investment firms of the ultra-rich are increasingly investing in alternative assets like real estate and venture capital, according to a new survey by BlackRock. Family offices averaged a 42% portfolio allocation to alternatives in recent months, up 3 percentage points from last year, and are making substantial changes to how they invest that capital.

    Nearly one-third (32%) of single-family offices planned to increase their allocations to private credit this year, according to the survey. The second most-popular asset class was infrastructure, with 30% of respondents reporting they intend to invest more in the sector through either debt or equity. The survey polled 175 family offices overseeing more than $320 billion combined between March 17 and May 19.
    Private equity still has positive momentum, though 12% of respondents said they plan to decrease their allocations to funds or direct investments. When asked about the asset class’ prospects this year, 30% reported feeling optimistic while 22% said their attitude was pessimistic.

    BlackRock’s Armando Senra told CNBC that family offices overall are still investing more capital in private equity. They are, however, spreading their bets when it comes to private markets, hence the growing market share of private credit and infrastructure.
    “Private equity continues to be a centerpiece of the portfolio,” said Senra, who leads the asset manager’s institutional business in the Americas. “I think that what you see is more of a desire to diversify for a number of reasons.”
    Liquidity is a key factor, he said, as the slowdown in exits means private equity investors have to wait longer for returns.

    Senra also cited the low-risk appeal of infrastructure investing, which he said can provide a “private-equity-type return with significantly lower risk.” Three-quarters of respondents to the BlackRock survey reported feeling bullish or optimistic about infrastructure, with only 5% expressing pessimism.
    The sector is also a way for family offices to invest in the artificial intelligence boom.
    “AI has big infrastructure needs,” Senra said, noting increased demand for data centers and improved energy grids.
    In May, Jeff Bezos’ family office backed a $155 million seed round for Atlas Data Storage, a firm that uses a DNA-style system to store data more efficiently and at a lower cost.

    Get Inside Wealth directly to your inbox

    As for private credit, some family offices are wary of the hype. While 51% of respondents said they were optimistic or bullish on private credit, 21% reported pessimistic or bearish attitudes. The rush of capital into private credit has raised concerns about the quality of the borrowing companies and how many would default on loans in the event of a recession.
    Senra said caution is natural when an asset class surges in popularity.
    “I think that whenever you have enough class that captures a lot of attention, you really need to separate those managers that have experience across different market environments,” he said.
    That said, 62% of respondents favored special situation debt, which is typically extended to companies that are restructuring or are facing stress. The second most-preferred private debt category was direct lending. Done right, according to the report, private credit can offer more investor protection than private equity. More

  • 188 Shares159 Views

    in Business

    PayPal teams up with the Big Ten and Big 12 to enable payments to student-athletes

    PayPal has signed a multiyear agreement with the Big Ten and Big 12 conferences.
    The deal will allows schools to pay student-athletes through PayPal.
    The partnership follows the recent court decision in House v. NCAA, which allows schools to directly compensate student-athletes.

    Global payment company PayPal announced on Thursday that it has inked a deal with the Big Ten and Big 12 conferences to allow student-athletes to receive compensation through the fintech company’s platform.
    The announcement comes just weeks after a court settlement in the House v. NCAA case, which dramatically shifts the college sports landscape by allowing schools to compensate student-athletes for the first time. The settlement allows individual schools to distribute up to $20.5 million to current athletes over the next year, and provides up to $2.8 billion in compensation to former players across the NCAA.

    The new agreement will allow Big Ten and Big 12 athletic departments to dispense these payments using PayPal exclusively.
    PayPal said the initial rollout is expected to begin this summer. The House settlement takes effect on July 1.
    The deal will allow students at Big Ten and Big 12 universities to receive their compensation quickly and securely, PayPal said. The company added students will also have the option to pay their college tuition via PayPal, which will become a preferred payment partner at select schools.
    “We’re proud to help lead this transformation in college athletics by making it easier and fasterfor student-athletes to get paid and continue to bring trusted and innovative commerce solutions to the heart of campus life,” PayPal President and CEO Alex Chriss said in a statement.
    Big 12 Commissioner Brett Yormark told CNBC’s “Squawk Box” he expects other conferences will soon partner with PayPal, as well.

    “It is a great day for student-athletes, and I’m sure other conferences are going to embrace this opportunity,” Yormark said. “I was told last night, the ACC is up next, so you’re going to see this program roll out across campuses throughout the country.”
    As part of the deal, PayPal is also introducing conference-branded debit cards available with each school’s logo.
    Chriss said the company’s research shows that more and more college students are wanting to pay with debit and “buy now, pay later” as their credit option.
    “It’s becoming the way that people want to spend…they don’t want credit cards as often,” Chriss told Squawk Box, noting that “buy now, pay later” grew 20% for the company last quarter.
    PayPal’s mobile payment service Venmo is also expanding its position in college sports.
    Venmo will be the presenting partner for the first-ever Big Ten Rivalry Series and will serve as the official partner of the Big 12 Conference. The company is also working with Big Ten and Big 12 schools to allow students to use Venmo at college bookstores and for campus athletics for items such as tickets, concessions and merchandise.
    The Big Ten Conference expanded to 18 schools last August includes the University of Maryland, Penn State University, University of Michigan and the Ohio State University. The Big 12 Conference includes 16 schools such as Arizona State University, the University of Central Florida and the University of Houston. More

  • 125 Shares199 Views

    in Business

    Pixar’s ‘Elio’ is emblematic of a bigger headwind for Hollywood

    Disney’s original animated film “Elio” tallied just $21 million in ticket sales during its first three days in theaters, a record low for the Pixar animation studio.
    “Elio” isn’t an outlier. Animation as a whole has seen sequels outperform new stories in recent years.
    The movie industry has long relied on franchise films to drive revenue at the box office, but that trend has expanded exponentially in recent years as competition in the space has grown and audience habits have shifted.

    A still from Disney and Pixar’s animated film “Elio.”

    Disney’s Pixar animation studio had its worst opening ever over the weekend — and its problems aren’t unique.
    “Elio,” the story of a young boy who is mistakenly identified as Earth’s ambassador to the universe, tallied just $21 million in ticket sales during its first three days in theaters, a record low for the studio.

    The underwhelming performance fits a recent pattern among Pixar’s releases. While franchise films have lured in moviegoers, the studio’s original fare has had far less success in recent years.
    Just look at 2023’s “Elemental,” which brought in the previous lowest-opening haul of $29.6 million, compared to 2024’s “Inside Out 2,” the studio’s second-highest opener at $154.2 million in domestic ticket sales, according to data from Comscore.

    But, it’s not just Pixar that has seen its original storylines fall flat. Disney’s other animation arm, Walt Disney Animation, and even rival animation studios within Universal and Paramount, have seen sequels outperform new stories like “Elio” that aren’t tied to previous works. This phenomenon has also held across the board with live-action films, as well.
    “A survey of animated film performance post-pandemic shows that the gap between original [intellectual property] and sequel film performances has grown enormously wide, which is a potential problem for studios looking to grow their IP portfolio,” Doug Creutz, analyst at TD Cowen, wrote in a note to investors published Monday.
    In the wake of the pandemic, studios have sought to deliver films that audiences are already familiar with, including sequels and stories based on books or comics. That’s contributed to a flood of franchise content from studios with massive media libraries.

    Of nearly 30 animated wide releases since 2022, less than a third can be categorized as original, Comscore data shows.

    A storied history

    Disney has long been an animated feature empire, since its very first title “Snow White and the Seven Dwarfs” in 1937. It’s been a dominating force in the industry for decades, with only a few hiccups along the way.
    Part of that strength came from the acquisition of Pixar in 2006.
    At the time, Walt Disney Animation was coming off several years of misses — “Treasure Planet,” “Brother Bear,” “Home on the Range” and “Chicken Little” among them — while Pixar had delivered hit after hit with titles like “Monsters Inc.,” “Finding Nemo” and “The Incredibles.”
    Over the next decade, the two animation engines churned out popular original films like “Frozen,” “Wreck-It Ralph,” “Zootopia,” “Inside Out” and “Coco.” At the same time, Disney began to tap back into successful, well-known stories.

    Still from Pixar’s “Turning Red.”

    However, in the wake of the pandemic, its animation arm, especially Pixar, struggled. With ongoing restrictions and worries about emerging Covid variants, parents kept their kids at home, and Disney sent “Soul,” “Luca” and “Turning Red” directly to its newly minted streaming service Disney+.
    For a while, industry experts blamed this strategy for Disney’s inability to lure in audiences to see non-franchise movies in theaters. There were also some who felt the company had become too socially conscious with its storytelling and alienated a segment of potential moviegoers.
    However, at the same time, competition in the animation industry was on the rise from Universal, Sony, Warner Bros. and Paramount. Families had more content to choose from, not just on the big screen, but at home from streaming services. So, parents became pickier about what titles they’d take their kids to and which ones they’d wait to enter the home market.
    “Elio” opened on June 20, just weeks after the live-action remakes of Disney’s “Lilo & Stitch” and Universal’s “How to Train Your Dragon.” Those films were still drawing audiences by the time the new Pixar film entered the fray.

    A wider trend

    This heightened competition and the shift in consumer habits has led Hollywood as a whole to rely even more heavily on existing stories with built-in fan bases.
    “For audiences, sequels are comfort food,” said Peter Csathy, chairman of Creative Media. “It’s the anti-‘Forrest Gump’ effect, you always know what you’re going to get.”
    The movie industry has long relied on franchise films to drive revenue at the box office, but that trend has expanded exponentially in recent years. Since 2016, no more than five films in the top 20 highest-grossing domestic releases each year have been original titles.
    In fact, in 2024, none of the top 20 films were original storylines.

    “For Disney and the other major traditional studios, animation sequels are the one safe bet in a world filled with growing existential threats, as they face forever-altered streaming economics, new big tech Hollywood moguls, and now the great unknown of generative AI,” Csathy said. “The media landscape has never been murkier. Wall Street has never been more demanding. So sequels to animation success stories are the one remaining safe haven. Sure bets for a highly unsure time.”
    The saving grace for original fare like “Elio” is the potential for a second wind.
    The films could still have long runs in theaters, collecting ticket sales in the weeks and months after opening weekend, and thrive on streaming platforms down the line. Belated fandom then opens up further opportunities for future installments, tie-ins or merchandising.
    Look at “Encanto,” which hit theaters during the pandemic. The film had limited theatrical success because it arrived in theaters at a time of great uncertainty around public health safety, but became popular in the home market. So much so, that Disney is incorporating the film in updates its making to its Animal Kingdom theme park in Florida.
    Disclosure: Comcast is the parent company of CNBC and NBCUniversal. More

  • 250 Shares169 Views

    in Finance

    How the stock market made it back to a new record — even with so much still to worry about

    Traders work on the floor at the New York Stock Exchange on June 23, 2025.
    Brendan McDermid | Reuters

    An aggressive trade war, Middle East escalation and AI competitions overseas — None of 2025’s big curveballs managed to spoil the market’s epic comeback from the year’s lows as stocks stand within reach of a new record. Here’s why.
    The S&P 500 is just 0.85% away from closing at a new record, rebounding from a near 20% sell-off in April. The tech-focused Nasdaq 100 is already one step ahead, hitting an all-time high on Tuesday. The latest leg higher came as investors bet a ceasefire in the Middle East could prevent a major disruption to global oil supply.

    “I’m surprised by the magnitude of the rebound,” said Kevin Simpson, portfolio manager at Capital Wealth Planning. “When you factor in the geopolitical backdrop — the ongoing conflict, volatility and uncertainty — I wouldn’t have expected the S&P 500 to snap back to new highs this quickly. This kind of strength speaks to just how much liquidity is still in the system and how eager investors are to buy dips in a market dominated by megacap tech and AI enthusiasm.” 

    Loading chart…

    Overall, the wall of worry has been crumbling little by little over the past four months. Perhaps most importantly, President Donald Trump backed off from the stiffest tariffs on key U.S. partners as countries continue to negotiate trade deals in the summer. Earlier this month, the U.S. reached a trade truce with China with Beijing agreeing to supply rare earths.
    “We expect more trade deals to provide some additional clarity and eventually reduce corporate, consumer and investor anxiety,” Chris Haverland, global equity strategist at Wells Fargo Investment Institute., said in a note. “Deregulation, tax cuts and lower short-term borrowing rates should further bolster earnings.”
    Also, corporate earnings have held up well despite policy uncertainty. For the second quarter, the S&P 500 earnings grew by 4.9%, marking the eighth consecutive quarter of year-over-year earnings growth for the index, according to FactSet.
    Economy in good shape
    Another reason for market resilience is the U.S. economy, which remains on solid footing. The unemployment rate remains low at 4.2% also the May nonfarm payrolls report showed only a slight softening in the labor market. The most recent inflation data also indicated that tariffs have done little to affect prices.

    The Federal Reserve expects to make two rate reductions later this year, according to the closely watched “dot plot.” Fed Chair Jerome Powell reiterated that he expects policymakers to stay on hold until they have a better handle on the impact tariffs will have on prices.
    “In our baseline scenario we believe a US recession will be avoided,” Dubravko Lakos-Bujas, chief global equity strategist at JPMorgan, said in a note to clients. “Recent weakness in some of the labour market indicators and limited pass-through from tariffs to inflation so far could prompt a Fed easing earlier than our December forecast.”
    AI story intact
    Meanwhile, the artificial intelligence story that has supported the market well over two years continues to be unfazed. The latest earnings season has restored investor confidence — Nvidia continued to grow at a rapid clip, while Big Tech’s spending on AI hasn’t slowed down. Investors were rattled at the beginning of the year as China’s DeepSeek startup raised the question whether the billions of dollars of investment was justified.

    Stock chart icon

    Nvidia leading the rally

    “The secular trend of AI remains robust, and recent adoption and monetization trends should underpin the next leg of the AI rally amid a supportive backdrop,” Ulrike Hoffmann-Burchardi, head CIO global equities at UBS, said in a note to clients.
    JPMorgan estimated that AI could drive $1 trillion of spending by 2030, including investments in generative AI computing, networking and storage infrastructure.
    Still, the next few weeks could bring more volatility to the market. Investors are bracing for a July 8 deadline for reciprocal tariff suspension, while more jobs data are on deck next week to gauge the health of the labor market.
    “Markets often tend to see more volatility in the build up to conflicts and then rally or turn to other factors once it’s started,” said Carol Schleif, chief market strategist at BMO Private Wealth. More

  • 263 Shares149 Views

    in Finance

    China’s fintech giant Ant doubles down on health care with new AI app — and it wants it to go global

    Alibaba-affiliate Ant Group is doubling down on health care with a new app, based on artificial intelligence tech that it says could be rolled out overseas.
    In a telling sign of global aspirations, the new health care app launched on Thursday has a straightforward English name — AQ — which the company says stands for “ask any question.”

    Alibaba-affiliate Ant Group released a new AI-powered healthcare app on June 26, 2025.

    BEIJING — Alibaba-affiliate Ant Group is doubling down on health care with a new smartphone app, based on artificial intelligence technology that the company says could be rolled out overseas.
    It’s the latest sign of how China-developed AI is quickly building consumer applications. Ant, operator of the popular Alipay mobile payments app, has focused much of its AI development efforts on health care based on large language models from DeepSeek, Alibaba and Ant.

    In a telling sign of global aspirations, the new health-care app launched on Thursday has a straightforward English name — AQ — which stands for “answer your question,” said Zhang Junjie, general manager of health-care business at Alipay.
    Users can consult AI avatars of real-life medical specialists before getting priority access for a diagnostic appointment or hospital care if the situation is serious enough, he said. AQ can tap more than 5,000 hospitals and nearly 1 million doctors in China, according to Ant.
    While Ant’s focus is on the mainland China market for now, the new app or its tech could be licensed out to a third party, Zhang said, without specifying a time frame. He said many foreigners in China have already used a pilot version of the app, and that Ant plans to release versions of the app in other languages.

    Chinese companies from startups to more established companies such as Tencent and Ping An Insurance have long sought to capitalize on the integration of internet and software with health care. In the last several months, U.S.-based tech giants such as Microsoft and Amazon.com have also announced progress on AI-powered health-care tools.
    In China, a large data pool and nationwide emphasis on digitalization have helped provide a foundation for AI-powered health-care functions, according to a report last month from the Cheung Kong Graduate School of Business. It pointed out that China’s national health insurance system covers more than 95% of the country’s 1.4 billion people, while about 70% of hospitals have digital record-keeping systems.

    A proven user base

    Alipay is one of the two major mobile payments apps in mainland China. In addition to payments, the app can be used to pay the water bill, hail a taxi or order groceries from Alibaba’s supermarket chain.
    The payments app has also branched into health care over the last decade, with features such as allowing users to digitally make an appointment at one of China’s notoriously crowded public hospitals, instead of having to wait in line for a ticket.
    Those Alipay health-care services have already reached nearly 800 million users in China, Zhang said.
    The standalone AQ app incorporates those features, along with AI-powered functions such as doctor recommendations, medical report analysis and personalized medical advice.
    Alipay has expanded to users outside China, as has its mobile payments rival WeChat.
    — Correction: This story was updated to reflect the correct number of users in China that Alipay health-care services have reached. More

  • 88 Shares129 Views

    in Finance

    Why commodities are on a rollercoaster ride

    According to Tommy Norris—a tough oilman with a complicated love life, played by Billy Bob Thornton in “Landman”—the ideal price for a barrel of oil is $78. At that level, he explains, producers make a healthy profit and have spare money for exploration, while consumers are broadly comfortable. Today the price of Brent crude, the global benchmark, is $65. Not only is that too low for Mr Norris, it is also too volatile: in recent weeks prices have swung in response to missiles in the Middle East. More