Category: 3. Business

I test-ride electric kick scooters as a part of my job. They’re fantastic to ride and zip around town, but they are not cool nor particularly comfortable. You’re standing on this L-shaped object, like a meerkat on wheels. Motorcycles, on the other hand? There is no other category of vehicle that oozes this much style, especially one that looks like Maeving’s new RM2.

If you love the roar of a motorbike and the smell of petrol, this electric motorcycle is probably not for you. Seb Inglis-Jones, Maeving’s cofounder, tells me the company is after a demographic of people who perhaps want something more robust than an electric bicycle but not as intense as a gas-powered bike. Someone who may actually prefer the practically silent ride experience (read: me). However, you still need a motorcycle license in the US to ride.

The Maeving RM2 opens up for preorder today in the US for $10,995, a small jump from the prior RM1S and a bigger price bump from the original RM1. They’ll ship in January 2026. It shares the same powertrain as the RM1S, hitting a top speed of 70 miles per hour with an 80-mile range.

However, the RM2’s calling card is the bench seat, so you can finally ride with a passenger. The tank is shorter and wider to accommodate the pillion seat, but you can enjoy a more upright sitting experience. An added boon: You can also add a rear rack and top box for helmet storage.

Electric Start

Maeving’s RM2 comes in red.

Photograph: Julian Chokkattu

Maeving was founded in the UK right before the pandemic by Inglis-Jones and Will Stirrup, neither of whom had a background in motorbikes (or vehicles, for that matter). The duo decided to build a company together after meeting at university, with two stipulations. They didn’t want to start a business right out of college with no experience, and whatever they built should in some way help combat climate change. Stirrup went to work in the finance world after college, and Inglis-Jones dove into a sales and marketing career.

 

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Nigeria’s Central Bank Advances Fintech Collaboration at Global Meetings

The Central Bank of Nigeria (CBN) has renewed its push to align financial innovation with regulatory oversight, hosting a strategic fintech roundtable on the sidelines of the IMF–World Bank Annual Meetings in Washington. The dialogue brought together policymakers, investors, and executives from Nigeria’s expanding digital finance sector to discuss how the country can balance innovation with financial stability.

Governor Olayemi Cardoso outlined the central bank’s goal of creating a financial environment where technology can thrive under prudent supervision. The initiative underscored the CBN’s intent to develop a policy framework that fosters inclusion and innovation while safeguarding consumer confidence and institutional trust.

The meeting, which drew participants from both local and international organizations, reflected the central bank’s broader effort to integrate Nigeria’s fintech ecosystem into its long-term economic strategy. Officials said the session served as an opportunity to review global best practices and gather input for the next stage of regulatory reform.

 

Fintech as a Pillar of Economic Modernization

Nigeria has emerged as one of Africa’s leading fintech markets, with startups transforming payments, credit access, and remittances. Yet this rapid growth has presented regulators with complex challenges around data protection, interoperability, and systemic risk.

At the Washington meeting, CBN officials reiterated that the institution’s approach remains “pro-innovation” but guided by prudence. The bank emphasized its dual mandate: promoting innovation-driven growth while preserving the soundness of the financial system. This principle has shaped the CBN’s recent reforms, from payment interoperability frameworks to new guidelines for digital banks.

Governor Cardoso’s remarks reflected this balance, emphasizing that technology should serve inclusion and efficiency without eroding trust. According to central bank statements, the insights gathered from the roundtable will feed directly into ongoing consultations with market participants as part of Nigeria’s evolving fintech policy blueprint.

 

Collaboration and Confidence in the Fintech Sector

Participants in the Washington roundtable discussed how global standards could inform Nigeria’s domestic regulation and how the private sector can contribute to policy design. The conversation highlighted that sustaining investor confidence requires predictability, transparency, and strong governance.

By engaging directly with fintech firms, the central bank aims to ensure that regulatory design evolves with market needs. The CBN views structured industry engagement as critical to building trust between regulators and innovators, a theme that has guided several of its recent initiatives, including the FinTech Regulatory Sandbox and the National Payments Strategy.

Observers noted that the roundtable signaled a shift from reactive supervision to a more collaborative model, in which regulators and private firms share information and co-develop frameworks for financial innovation. The CBN sees this as a prerequisite for maintaining Nigeria’s competitive advantage as an emerging digital economy.

 

Balancing Innovation with Oversight

The discussion in Washington placed particular emphasis on infrastructure resilience, compliance, and market confidence. While Nigeria’s fintech market has attracted substantial domestic and foreign investment, the CBN remains cautious about risks tied to cybersecurity, liquidity management, and financial crime.

Officials underscored that technological advancement must not come at the expense of prudential discipline. The bank’s position reflects a growing global consensus that digital finance innovation should be accompanied by strong safeguards against fraud, money laundering, and operational failures.

Through its policy agenda, the CBN continues to reinforce the integrity of Nigeria’s financial system while supporting innovations that expand access to credit and payments. The institution’s recent work on interoperability aims to ensure that consumers can transact across platforms without friction, an essential step toward a unified national payments ecosystem.

 

Toward a Sustainable Fintech Framework

The Washington roundtable is part of a broader series of structured engagements between the CBN and the private sector. These sessions are designed to refine regulations for digital assets, mobile money, and payment service providers while preserving monetary stability.

The CBN’s next phase of reform will focus on establishing clear operational standards for fintech companies seeking licensing under the bank’s regulatory sandbox. This framework allows startups to test products under controlled conditions, balancing innovation with consumer protection.

By integrating these mechanisms, the central bank seeks to strengthen its oversight capacity and build confidence among both domestic and international investors. The emphasis on inclusion and resilience aligns with the CBN’s long-term vision of a digital financial system that supports Nigeria’s economic diversification goals.

 

Outlook

The Central Bank of Nigeria’s engagement with fintech leaders at the IMF–World Bank Meetings marks an important step in shaping the country’s digital finance future. The dialogue reflects a shift toward regulatory partnership and strategic openness at a time when global financial institutions are redefining their role in technological transformation.

For Nigeria, the outcome of these discussions will likely determine how effectively its financial sector can attract capital, expand access, and safeguard stability in a rapidly digitalizing economy. The CBN’s commitment to inclusive innovation and prudent regulation suggests that fintech will remain a central component of Nigeria’s strategy for sustainable growth in the years ahead.

 

Hong Kong University of Science and Technology (HKUST) start-up Stellerus Technology aims to be the world’s first provider of satellite-enabled three-dimensional wind data to help wind power, transport and insurance firms boost revenues, cut costs and manage risks, according to its founders.

Stellerus, founded in 2023 by the university’s academics, would leverage China’s cost competitiveness in satellite manufacturing to make global 3D wind data collection economically viable, said Su Hui, the chairwoman and co-founder.

3D wind data – wind direction and speed and their changes with altitude – is crucial for improving weather forecasting, especially severe climate events.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

“After I came to Hong Kong, I realised the technology for implementing such a project in mainland China was quite developed and the cost would be much lower than overseas,” Su said. “In the US, such a satellite could cost US$100 million to build, compared with 20 million yuan [US$2.8 million] in China.”

Su Hui, the chairwoman and co-founder of Stellerus Technology. Photo: Edmond So alt=Su Hui, the chairwoman and co-founder of Stellerus Technology. Photo: Edmond So>

Su, a hydraulic expert, joined the HKUST’s department of civil and environmental engineering in 2022 as chair professor. She was formerly a principal scientist and weather programme manager at the Jet Propulsion Laboratory at Nasa.

By deploying advanced optical sensors, Stellerus could collect data and use artificial intelligence to analyse carbon dioxide, methane and water vapour in the atmosphere to calculate changes in wind direction and speed, she said.

“Such detailed data is lacking for meteorological observation and analysis globally,” she said. “Various organisations, including Nasa, plan to embark on such a project, but none has been implemented so far due to the high cost of launching a satellite constellation.”

Nasa was testing laser technology for developing space-based 3D wind measurements, according to its website. It was also collaborating with the US National Oceanic and Atmospheric Administration to develop advanced remote weather sensing instruments that can be flown aboard satellites to collect highly precise data to improve weather forecasting globally.

In August 2023, HKUST partnered with Chang Guang Satellite Technology – a Jilin government-backed firm and China’s first commercial remote sensing satellite company – to become Hong Kong’s first higher education institution to launch an Earth environmental satellite.

Stellerus paid the university a licensing fee to obtain wind prediction data, which was derived from high-resolution digital images, with each pixel depicting half a square metre of area on the ground.

Stellerus, the winner of the HKUST-Sino Group entrepreneurship competition last month, had been designing new satellites for climate observation, said CEO David Liu.

The Hong Kong Science and Technology Park-based company, which has raised “tens of millions” of dollars from investors since inception, aimed to launch a pair of satellites via the Tianzhou-10 spacecraft within the next 18 months, followed by another five, Liu added.

The six satellites would form a constellation, which should be sufficient for global coverage of wind data, Liu said, adding Stellerus aimed to supply the data to developers of applications for the aviation, shipping and insurance industries.

“The applications include aircraft route optimisation for fuel saving and air turbulence avoidance, shipping route planning for fuel efficiency, as well as climate risk management and product pricing by property and casualty insurers,” he said.

Stellerus was in advanced talks with wind-farm developers and state-owned power grid operators, which were interested in using its 3D wind data for a fee, Liu added.

China has the world’s largest fleet of wind farms.

The data would help wind farm operators enhance power sales and save tens of millions of yuan spent on building wind monitoring towers, said Jeffrey Xu Mingyuan, the chief technology officer at Stellerus.

“Currently, it is very costly to obtain accurate wind data, especially for offshore operators,” he said. “We aim to tackle the technology bottleneck by providing more affordable and better quality data useful for siting wind farms, energy storage, trading and grid access planning.”

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.

In conversation with Fortune Editor-in-Chief Alyson Shontell, as well as Alphabet President and Chief Investment Officer Ruth Porat and Barclays Group CEO C.S. Venkatakrishnan, Al-Falih described what he sees as a world where “everyone is concerned” about supply chains still “pushed to the limit,” more than five years after the onset of the pandemic. “Supply chain resilience for both companies and nations and policy makers and governments is dominant,” he said, also citing digital disruption as a key inflection point.

“Underneath this,” Minister Al-Falih told Shontell, there’s a human concern he sees driving leaders’ actions today: “I believe people are looking for partners with whom they can trust who are not short-term, transactional.” The minister framed Saudi Arabia’s Vision 2030 not simply as a national reform agenda, but as a blueprint for global collaboration rooted in mutual resilience — the belief that long-term prosperity depends on shared growth across nations and industries.​

“Interdependence remains the defining truth of our time,” Minister Al-Falih said in his opening remarks, urging businesses to embrace cross-border partnerships rather than retreat behind protectionist walls. He described the Kingdom as a “platform for global growth,” emphasizing that resilience in the modern economy requires openness, innovation, and integration with like-minded partners. His message was clear: Saudi Arabia aims to be the world’s most reliable investment destination for companies navigating geopolitical fractures, shifting supply chains, and the green transition.​

A decade of transformation

Since its launch in 2016 under Crown Prince Mohammed bin Salman, Vision 2030 has redrawn Saudi Arabia’s economic map. The minister highlighted that non-oil sectors now account for 56% of the national GDP, up from 40% at the program’s inception. Unemployment has dropped below 7% while women’s participation in the labor force has more than doubled to 37% (the latest World Bank data shows 34%), far surpassing early reform targets.​

Saudi Arabia’s capital markets, now ranked among the world’s top 10, have become a magnet for international investors, highlighted by the blockbuster IPO of national champion oil firm Saudi Aramco in 2019, now ranked among the top 10 most valuable companies in the world—and the most profitable company ever as of 2023. Multinational companies are establishing regional headquarters in Riyadh at an accelerated pace, Minister Al-Falih noted: 675 as of this year, already exceeding Vision 2030’s target of 500 by 2030. The minister praised these developments as proof that structural change, once theoretical, is now an engine of global competitiveness.​

From oil superpower to clean energy leader

Minister Al-Falih also repositioned Saudi Arabia’s traditional role in global energy markets. Long a linchpin of oil and gas supply, the Kingdom now seeks to be just as dominant in renewables — from solar and wind to green hydrogen. “Our ambition is to enable the industries of the future to flourish,” he said, pointing to plans that leverage both the Kingdom’s vast natural resources and rapidly growing renewable portfolio.​

He underscored that Saudi Arabia’s competitive edge — low energy costs, geographic centrality, and expanding data infrastructure — makes it ideal for energy-intensive industries, from AI and cloud computing to advanced manufacturing. Riyadh, he announced, is already emerging as a leading global hub for data centers, gaming, and e-sports.​

In his closing remarks, Minister Al-Falih invited global companies to “discover for themselves” the ambition and capacity driving Saudi Arabia’s transformation. The nation’s investment strategy, he argued, rests on three pillars — competitiveness, connectivity, and capability — each supported by world-class infrastructure and regulatory modernization.​

Saudi Arabia’s evolving identity as both a reformer and a reliable partner resonates far beyond the Gulf. In an era when multinationals are diversifying away from single-market dependencies, Minister Al-Falih’s remarks made clear that Riyadh wants to anchor that shift — offering predictability, efficiency, and partnership in a volatile world.

Speaking alongside Saudi Arabia’s Minister of Investment, Khalid Al-Falih, and Barclays Group CEO C.S. Venkatakrishnan, Porat painted a sweeping vision of AI’s economic, social, and scientific potential, highlighting how many Nobel prize-winners she is fortunate to work alongside at Alphabet. She framed artificial intelligence not merely as a technological advance, but as a transformative force capable of reshaping entire industries, powering economic growth, and driving human progress at an unprecedented pace.

Porat said “people are playing” with AI through chatbots, and that is “great, because that gets you on the journey. But then the question is: what does it mean for my country? What does it mean for my business?” She argued that it’s underappreciated how “we’re already living” through significant breakthroughs in health and science.

Could AI cure cancer?

Porat pointed to breakthroughs in health care as proof of AI’s broader promise. She highlighted DeepMind’s AlphaFold, which maps protein structures in 3D, noting it has been described as “the greatest contribution to drug discovery in our lifetime.” The open-source project has been used by millions of scientists in more than 190 countries, accelerating research into diseases previously considered intractable.

She also said significant work is being done on early diagnosis of diseases. “We all know early diagnosis can be the difference between survival or not or how difficult the course of treatment is.” In cancer, for instance, that comes in seeing metastatic cells early enough to treat the disease before it spreads. This is very much the proverbial “finding the needle in the haystack,” she said, likening its application to cybersecurity and finding malicious code.

“We should be able to cure cancer in our lifetime,” Porat asserted, calling AI a key driver of scientific discovery. She spoke of early cancer detection, AI-powered cybersecurity defenses that identify threats before they occur, and productivity gains that free workers “from the administrative tasks that take us away from what matters most.”

Balancing speed and responsibility

Porat and Venkatakrishnan both discussed how the moment demands urgency from governments and businesses alike. “Every head of state I meet,” Porat explained, “wants to be part of this digital transformation.” She pointed to staggering potential economic benefits, noting that estimates show AI could unlock a $200 billion GDP boost for Saudi Arabia and “trillions globally.” But unlocking that value, she argued, will require serious investment in both energy and infrastructure.

In the United States, for example, she said simply modernizing the electrical grid could create 100 gigawatts of unused capacity, a figure backed up by independent research. She said the power is effectively sitting there, “waiting to be connected.” Another bottleneck is a lack of talent in the form of the blue-collar trades, specifically electricians, Porat noted, echoing other Fortune 500 leaders such as Ford CEO Jim Farley. Google, she added, is investing in training programs for electricians as part of its workforce initiatives, acknowledging that technological progress only matters if societies prepare workers to participate in it. “There are jobs that come in trades as well as the outside across business.”

Venkatakrishnan discussed the “huge amount of investment, hundreds of billions if not trillions happening all over the world.” He impliclitly acknowledged discussions about a potential bubble in AI infrastructure, saying that “in all large capital-investment cycles, there will be some misallocation, some misinvestment. It’s always true. And I think that’s important for people to guard against.” He argued that, whether the demand turns out to be 1x or 5x of a certain projection, investing in infrastructure—and by extension the tradesmen who build and run it—is a wise choice. Venkatakrishnan added that major capital cycles also require partners you can trust and “who are there for the long term and who will help you through the teething troubles.”

Her message echoed themes of inclusion and global partnership that ran throughout the panel, particularly as Saudi Arabia positions itself as a regional hub for digital infrastructure and AI investment. Al-Falih emphasized his country’s long-term strategy of building supply chain resilience and energy capacity to power the digital economy of the future.

Porat closed by urging leaders to really dig in and reimagine what’s possible in their own organizations. The transformative potential of this technology, she said, lies not only in boosting productivity but in elevating human creativity and purpose.

A Federal Reserve interest rate decision and a string of Magnificent Seven earnings are among the coming week’s top events for investors, who will also continue to monitor the effects of the government shutdown.

The Fed is generally expected to cut rates, and so many will look quickly to remarks from Fed Chair Jerome Powell for clues on what the central bank will do next. Last week the major U.S. indexes all posted gains, with a strong Friday session leaving the Dow finishing above 47000 for the first time.

Meanwhile, investors will digest a busy run of earnings as they listen for the latest on artificial intelligence (AI) developments and other updates from tech leaders Apple, Microsoft, Meta, Amazon, and Google parent Alphabet. Numbers from oil firms, health care providers, credit card issuers, heavy-equipment makers, travel bookers and beverage sellers are also due this week.

Read to the bottom for our calendar of key events—and one more thing. 

Rate Cut Expected Amid Shutdown-Driven Data Drought

Market watchers expect the Federal Reserve to reduce interest rates for a second time this year when it concludes its meeting on Wednesday. The central bank is seen reducing its federal funds rate by a quarter percentage point, bringing it down to a range of 3.75% to 4%.

The Fed’s next move comes amid increasing fears of weakness in the labor market; lower borrowing costs could help spur business activity and create more jobs. However, the rate cut decision arrives as inflation remains above the Fed’s target level, and rate cuts could mean upward pressure on prices.

The U.S. government shutdown is poised to enter its second month. The work stoppage has closed several statistical agencies that release data on employment, price levels, and other key economic metrics. Inflation data, factory orders, and the U.S. trade balance reports, originally scheduled for this week, are likely to be impacted by the shutdown. Private-sector data on consumer confidence, home price levels, and pending home sales are still on the schedule.

Magnificent Seven Reports Likely to Keep Focus on AI

Most of the Magnificent Seven will release quarterly earnings this week. They’re expected to provide more news and context on the state of artificial intelligence spending, which could add to the recent stretch of volatile market movements.

It’ll be a busy slate of corporate reports. Three big ones come Wednesday, with the world’s second-most valuable company, Microsoft, leading the list after it unveiled a new $40 billion AI data center deal that includes chipmaker Nvidia.  Alphabet’s report arrives as the search giant was reportedly close to sealing a major deal with AI startup Anthropic. Facebook parent Meta’s report is likely to provide more details into the company’s recent move into AI-power glasses. 

Thursday’s calendar is led by Apple, which is riding high after its share price hit a record on a strong sales report for its newly released iPhone 17 model. And investors may want to hear about internet outages at Amazon Web Services when it hosts its quarterly earnings call on Thursday afternoon. 

Earnings releases from Exxon Mobil, Visa, UnitedHealth Group, Caterpillar, Boeing, Eli Lilly, and Anheuser-Busch are likely to put attention on several other industrial sectors. 

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This Week’s Calendar

Monday, Oct. 27

• Data Delayed by the Shutdown: Durable-goods orders (September)
• Key Earnings: Welltower (WELL), Cadence Design Systems (CDNS), Waste Management (WM), Hartford Insurance Group (HIG)

Tuesday, Oct. 28

• Consumer confidence (October)
• More Data to Watch: S&P Case-Shiller home price index (August)
• Key Earnings: Visa (V), UnitedHealth Group (UNH), Novartis (NVS), Booking Holdings (BKNG), Royal Caribbean (RCL)

Wednesday, Oct. 29

• FOMC interest-rate decisions
• Fed Chair Jerome Powell press conference
• More Data to Watch: Pending home sales (September)
• Data Delayed by the Shutdown: Advanced U.S. trade balance in goods (September), Advanced retail inventories (September), Advanced wholesale inventories (September)
• Key Earnings: Microsoft (MSFT), Google (GOOG, GOOGL), Meta (META), Caterpillar (CAT), ServiceNow (NOW), Verizon (VZ), Boeing (BA), CVS (CVS), Starbucks (SBUX), Carvana (CVNA)

Thursday, Oct. 30

• Data Delayed by the Shutdown: Initial jobless claims (Week ending Oct. 25), Gross domestic product (Q3)
• Key Earnings: Apple (AAPL), Amazon (AMZN), Eli Lilly (LLY), Mastercard (MA), Merck (MRK), Shell (SHEL), Gilead Sciences (GILD), Anheuser-Busch (BUD), Comcast (CMCSA)

Friday, Oct. 31

• Chicago Business Barometer (PMI) (October)
• Data Delayed by the Shutdown: PCE index (September), Employment cost index (Q3)
• Key Earnings: Exxon Mobil (XOM), AbbVie (ABBV), Chevron (CVX), Colgate-Palmolive (CL)

One More Thing

The Los Angeles Dodgers and the Toronto Blue Jays are facing off in the World Series. While only one team can win the Commissioner’s Trophy, Investopedia’s Aaron McDade has more on how much the players from each team stand to gain from being part of the Fall Classic.

Story Continues

L3Harris Technologies, Inc. (NYSE:LHX) is among the 10 Largest Defense Stocks in 2025. On October 20, the company announced that it had been selected by the Republic of Korea for its airborne early warning and control (AEW&C) program.

Under the contract, the firm will partner with Bombardier, Korean Air, and ELTA Systems to deliver modified Bombardier Global 6500 AEW&C aircraft for the country’s air force. The program is valued at over $2.26 billion.

The advanced aircraft fleet will operate longer and fly faster, aiding in enhancing Korea’s mission readiness. The aircraft will also cruise at higher altitudes, providing combat-proven radar coverage and improved security, which will aid in swift detection and tackling of threats. Moreover, the communications suite will offer interoperability with the US, NATO, and other allied partners, resulting in a networked battlespace.

Christopher Kubasik, Chair and CEO, at L3Harris Technologies, Inc. (NYSE:LHX) shared the following remarks on the contract award:

“L3Harris is ready to deliver an advanced aircraft fleet that will strengthen mission effectiveness for a key American ally in the Indo-Pacific region. We look forward to collaborating with the Republic of Korea to develop, test, integrate and sustain this vital capability for years to come.”

L3Harris Technologies, Inc. (NYSE:LHX) provides end-to-end technology solutions connecting the air, land, space, sea, and cyber domains in national security. The stock has delivered impressive returns in 2025, rising over 42% year-to-date as of October 23.

While we acknowledge the potential of LHX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 14 Best Big Name Stocks to Invest in Right Now and 9 Defense Stocks That Will Skyrocket

Disclosure: None.