Italian luxury fashion house Prada S.p.A. $1913.HK has confirmed that Gianfranco D’Attis, the CEO of the Prada brand, will step down at the end of the month. The company stated that the decision was reached “by mutual agreement.” Andrea Guerra, the Group CEO of Prada, will assume the brand’s chief executive duties on an interim basis.
Global oil demand is set to continue growing until the end of this decade, driven by resilient consumption in the United States and a slower-than-expected shift to electric vehicles (EVs), according to the International Energy Agency (IEA). The agency reaffirmed that worldwide demand is projected to peak by 2029, although China, the world’s top oil importer, will likely reach its demand ceiling by 2027 due to faster EV adoption.
The so-called Magnificent Seven—a group of highly valued tech giants—experienced a notable correction in early 2025 after several years of robust growth. This correction was driven by a shift in investor sentiment, moving capital away from expensive growth stocks towards more value-oriented, risk-tolerant sectors. However, recent data as of June 10, 2025, shows a sharp rebound in the Magnificent Seven stocks, which have collectively surged 33% since the early-April market lows. For comparison, the broad Morningstar U.S. Market Index has increased by 22% during the same timeframe, highlighting a stronger-than-average recovery for this elite group.
SBI Shinsei Bank, a subsidiary of SBI Holdings $8473.T, is preparing to relist on the Tokyo Stock Exchange (TSE), according to sources familiar with the matter. The filing, expected as early as next month, marks the bank’s strategic return to public markets following years of restructuring and integration under the umbrella of one of Japan’s largest fintech and financial conglomerates.
On Tuesday evening, the U.S. Federal Reserve announced a pivotal regulatory update regarding Wells Fargo & Company $WFC. The central bank lifted the $1.95 trillion asset cap imposed on Wells Fargo in 2018 following a high-profile sales practices scandal. This development marks a significant milestone in Wells Fargo's regulatory rehabilitation and signals enhanced confidence in the bank’s governance and risk controls. Following the announcement, Wells Fargo’s shares rose 2.1% in early trading to $77.27, reflecting positive investor sentiment.
A Russian subsidiary of Microsoft Corp. $MSFT has filed for bankruptcy, according to an official filing on Russia’s public registry, Fedresurs, dated Friday. This development marks a formal legal step in the tech giant’s continued disengagement from the Russian market following geopolitical tensions and increasing state-led restrictions on foreign software providers.
Saudi Arabia, the world’s largest oil exporter, is intensifying its refining capacity to bolster profits amid declining crude oil prices and reduced export revenues. This strategic pivot reflects the kingdom’s response to evolving global energy demand patterns and price volatility in the oil markets. By investing heavily in refining and petrochemical infrastructure domestically and internationally, Saudi Arabia aims to capitalize on higher value-added products such as refined fuels and plastics.
China, the world’s largest liquefied natural gas (LNG) importer, is showing a significant decline in LNG inflows in early 2025 as rising domestic natural gas production and increased pipeline imports reduce demand for spot cargoes. According to official customs data, LNG imports dropped to 20 million metric tons in the first four months of the year—down sharply from nearly 29 million tons in the same period of 2024.
In a move that could reshape the Italian banking landscape, UniCredit S.p.A. $UCG.MI has reportedly filed an appeal with the Administrative Court of Rome. The appeal targets the application of Italy’s so-called “golden powers” in relation to UniCredit’s potential acquisition of Banco BPM $BNCZF —a mid-tier financial institution seen as a strategic consolidation target.
VF Corporation $VFC, a Denver-based global apparel and footwear manufacturer, reported Q4 earnings that fell short of Wall Street expectations, triggering an 11% drop in its stock price during pre-market trading. The company cited a challenging macroeconomic backdrop that has dampened consumer sentiment and discretionary spending across key markets.
Xiaomi Corp. $1810.HK, a leading Chinese electronics manufacturer, announced on Tuesday the beginning of mass production of its proprietary mobile chipset, the Xring O1. The move marks a pivotal step in Xiaomi’s broader ambition to reduce reliance on third-party semiconductor suppliers and develop in-house capabilities that support its expanding ecosystem of smart devices.
Netflix Inc. $NFLX, the world's largest subscription video-on-demand platform, continues to see robust adoption of its ad-supported plan, reaching 94 million users as of May 2025. This marks a sharp increase from 70 million in November 2024, highlighting a significant shift in consumer behavior in response to persistent global economic uncertainty.
