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Category: 3. Business
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Exclusive | Activist Investor to Push Avantor to Make Changes or Sell Itself – The Wall Street Journal
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SoftBank selects banks for US IPO of payments app PayPay, Reuters reports
The logo of Japanese company SoftBank Group is seen outside the company’s headquarters in Tokyo on January 22, 2025.
Kazuhiro Nogi | Afp | Getty Images
SoftBank has selected investment banks to help organize a potential initial public offering in the United States for its Japanese payments app operator PayPay, according to two people familiar with the matter.
The banks leading preparations for the listing are Goldman Sachs, JPMorgan Chase & Co, Mizuho Financial Group and Morgan Stanley, the sources said.
The PayPay offering may raise more than $2 billion from investors when it takes place, which the sources said could be as soon as the final quarter of this year.
The sources declined to be named as the information is not public and cautioned that factors including timing and the amount the IPO could raise are subject to market conditions.
SoftBank, Goldman Sachs, JPMorgan, Mizuho, and Morgan Stanley declined to comment.
PayPay played a role in encouraging Japanese consumers to move away from a long-standing preference for cash by offering rebates on payments through its mobile app.
It also offers financial services including banking and credit cards.
Reuters reported two years ago that SoftBank was considering a U.S. listing for PayPay, with the conglomerate saying earlier this year it wanted to IPO the business.
Should it happen, it will be the first U.S. listing of a SoftBank majority investment since the blockbuster IPO of Arm Holdings. SoftBank took the chip designer public in 2023 at a valuation of $54.5 billion, which has subsequently increased to today’s market capitalization of more than $145 billion.
U.S. IPO activity has gained momentum in a long-awaited rebound, supported by strong tech earnings and signs of progress in trade negotiations that have helped restore investor confidence.
The wave of solid market debuts marks a reversal from earlier this year, when uncertainty over President Donald Trump’s tariff policies stalled new listings.
PayPay’s ownership is split between a number of SoftBank entities: wireless carrier SoftBank Corp, the Vision Fund investment arm, and internet business LY Corp, which is a joint venture between SoftBank and Naver Corp.
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UK employers report weaker hiring and pay growth in July – Reuters
- UK employers report weaker hiring and pay growth in July Reuters
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EU jobs and US trade: Navigating change
Recent months have seen a series of US tariff announcements targeting European exports, including aluminium, steel, and cars. At the same time, global economic conditions have become more challenging. Slowing global growth and inflationary pressures although receding have compounded challenges faced by EU exporters. Exchange rate volatility, supply chain disruptions, and shifting consumer demand patterns further complicate the outlook.
This has created more uncertainty for EU businesses and workers. Following the tariff announcements, the International Monetary Fund and the European Commission have already lowered their 2025 growth forecasts (IMF 2025, European Commission 2025a). Sudden changes in the exchange rate and volatility in financial markets are also making it harder for companies to plan and invest. Recent studies have modelled different tariff and retaliation scenarios and also assessed the different channels through which tariffs impact economies (e.g. Cerdeiro et al. 2025).
While much attention has focused on the effects of tariffs on trade flows and growth, less research has explored how these changes could affect jobs. Tariffs can impact EU employment by raising the cost of EU goods in the US market, eroding the EU’s price competitiveness with potentially adverse consequences for demand of European goods. This, in turn, can reduce export-linked employment in the EU. The scale of the impact depends on several factors.
First, if EU companies can redirect exports elsewhere, including within the EU, the negative impact on employment can be reduced. Trade diversion was a major mitigating factor, for example, for Chinese exporters after the US tariff increases in 2018 (ECB 2025). However, the scope and speed of such reallocation of exports, and consequent labour performance, would depend on the degree of sectoral heterogeneity in global demand patterns and on competition from countries facing similar trade barriers (Corsello et al. 2025).
Second, the impact of tariffs on EU employment is affected by the degree to which EU firms and US retailers are able or willing to pass on the higher costs of tariffs to their consumers, which would then affect overall exports. Cavallo et al. (2021) found that earlier US tariffs on Chinese imports introduced in 2018 and 2019 were almost entirely passed through to US consumers. For the EU, the extent of this pass-through depends on how easily EU goods can be substituted with those from other countries. This depends critically on the elasticity of substitution between EU goods and those from other trading partners.
Third, in some cases, especially if other countries face higher tariffs, EU exporters may actually gain market share. For instance, Chen et al. (2025) show how Mexican export industries increased employment and wages after the US imposed tariffs on China in 2018.
Beyond these direct trade effects, rising tariffs may also exert downward pressure on EU employment through broader macroeconomic channels. A prolonged deterioration in global trade relations may depress global investment and growth more broadly, indirectly affecting employment across Europe.
EU employment exposure to US exports
Understanding risks to the EU labour market from shifts in trade flows requires an in-depth look at current trade patterns with the US, taking into account how jobs supporting US exports are distributed across sectors and regions. As of 2022, about 5.2 million EU jobs (2.4% of total employment) were supported by exports to the US. This has been calculated using the European Commission’s Macroeconomic Globalisation Indicators,
which estimate export-dependent jobs by sector and country incorporating intra-EU linkages across the value chain.
Exposure varies considerably across EU countries: 6.7% of all jobs in Ireland are linked to US exports,
compared to just to 1% in Croatia (Figure 1).Manufacturing plays a central role in the EU’s trade with the US, accounting for nearly one-third of all US export-supported jobs in the EU. In 2022, around 1.61 million jobs, representing 31% of export-dependent employment, were in manufacturing. Other important sectors include wholesale and retail trade (14%), professional, scientific and technical activities (12%), and administrative and support services (10%) (Figure 1). As recent tariffs target goods rather than services, the following section focuses on employment linked to exports of goods to the US.
Figure 1 Share of jobs dependent on exports to the US of goods and services, split by sector, 2022 (% of total jobs)
Note: Includes most recent FIGARO data (2022).
Source: European Commission calculations based on national accounts data and FIGARO tablesIn 2022, 1.54 million EU manufacturing jobs, or 5.1% of the sector, depended on US goods exports. Within manufacturing, trade exposure is far from uniform. Certain subsectors display markedly higher exposure (Figure 2). In the pharmaceuticals industry, nearly 14% of jobs depended on US demand, making it the most exposed subsector. Similarly, machinery and equipment (7.6%) and basic metals (7.1%) also show relatively high levels of exposure.
Figure 2 Job exposure to US goods exports by manufacturing sector, EU, 2022
Note: Only includes jobs supported by exports of goods and wholesale and retail trade, i.e. NACE sectors A-G.
Source: European Commission calculations based on national accounts data and FIGARO tablesRegional differences in export-linked employment
To assess the US trade exposure of regional labour markets, we calculated the share of employment in each sector and region that is supported by exports to the US, expressed relative to total regional employment. This measure is then adjusted by the (national) share of sectoral employment supported by US exports, thus accounting for differences in national sectoral trade flows.
Figure 3 Regional employment exposure to goods exports to the US located in manufacturing, weighted by total regional employment, 2024
Note: Only includes jobs supported by exports of goods and wholesale and retail trade, i.e. NACE sectors A-G. FIGARO data is from 2022, while LFS uses 2024.
Source: European Commission calculations based on LFS and FIGARO tablesThe share of employment in manufacturing supported by US exports ranges from as low as 0.04% to as high as 3.1% of total employment across EU regions (Figure 3). The most exposed regions are concentrated in Ireland and Northern Italy (notably Veneto, Marche, Emilie-Romagna, and Piemonte), which together account for seven of the ten most trade-exposed regions. Other high-exposure areas include parts of Germany, Czechia, Austria and Hungary (for example, Tübingen, Közép-Dunántúl, and Voralberg). These regions are deeply connected to global supply chains and have a higher share of manufacturing employment—making them more vulnerable to trade disruptions. The European Commission (2025b) further explores the US trade exposure of different manufacturing sectors by region, revealing pronounced variations across regions depending on their sectoral specialisation.
This analysis shows that about 5.2 million jobs in the EU support exports to the US. Changes in US trade policy could disproportionally affect some sectors and regions more than others. In particular, the manufacturing sector (i.e. pharmaceuticals, and machinery and equipment) would be most affected as well as certain regions in Ireland, Northern Italy, and Germany.
Authors’ note: The views expressed are those of the authors and do not necessarily reflect those of the European Commission.
References
Cavallo, A, G Gopinath, B Neiman, and J Tang, (2021), “Tariff Pass-Through at the Border and at the Store: Evidence from US Trade Policy,” American Economic Review: Insights 3(1): 19-34.
Cerdeiro, D, R Mano, D Muir, R Portillo, D Rodriguez-Guzman, L Rotunno, M Ruta, E Van Heuvelen and P Wingender (2025), “Recent trade policy actions: Insights from multiple models”, VoxEU.org, 12 May.
Chen, N, D Novy and D Solórzano (2025), “How the 2018/19 US tariffs against China boosted exports and employment in Mexico”, VoxEU.org, 21 June.
Corsello, F, S Pica and F Venditti (2025), “The Great Wall of Chinese goods: The effect of tariff-induced re-routing on euro area consumer prices”, VoxEU.org, 12 June.
ECB (2025), “The implications of US-China trade tensions for the euro-area – lessons from the tariffs imposed by the first Trump Administration”, Economic Bulletin Issue 3.
European Commission (2025a), European Economic Forecast – Spring 2025.
European Commission (2025b), “Quarterly review of employment and social developments in Europe (ESDE): Employment exposure to exports to the US”, Publications Office of the European Union, July.
Eurostat (2024), “Macroeconomic globalisation indicators based on FIGARO – Insights into the measurement of value added and employment in the EU”, 2024 edition.
IMF (2025), World economic outlook – a critical juncture amid policy shifts, April.
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Doctor Says He Sacrificed His 20s To Build Wealth — Now He’s Asking Other ‘Rich’ Men If Marriage Is Worth the Risk When She Makes Less Money
If you’ve ever spent your 20s pulling all-nighters, racking up student debt, and delaying every ounce of fun in the name of “the grind,” you’ll probably relate to one doctor’s dilemma.
After years of sacrifice, delayed gratification, and living on hospital coffee, he finally made it. He’s wealthy. He owns a home just outside a high-cost-of-living area. He drives the same car he had in residency. And now, he’s thinking about getting married. But there’s a catch.
As he explained in a post on the Rich subreddit, he spent “the best years of his life in medical training,” and now he’s wondering if tying the knot is financially wise—especially since, statistically, his future wife will likely earn less than he does. If things don’t work out, he asked, what would that mean for his wealth? Could everything he built during his youth—while his peers were partying and traveling—end up divided?
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“Statistically, my future wife would make less income,” he wrote, “so if it doesn’t work out, what’s my outlook financially?”
The responses poured in, and they weren’t just from armchair philosophers. Many had the net worth—and experience—to back up their opinions.
One Redditor, also wealthy and in his thirties, put it simply: “Marriage only really works if you’re both all in… the best protection you can have in marriage isn’t a prenup, it’s choosing a wife that values you and making sure you always value your wife.”
Another added that fears of “giving half your money away” are missing the full picture. “If your spouse makes sacrifices in their life to ensure that you reach your earning potential… they are adding immense value to your life.” He noted his own experience as a stay-at-home partner while his spouse advanced professionally, calling it a mutually beneficial trade-off, not a financial liability.
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Some responses were more blunt. “People who don’t get married for fear of losing money are straight up pathetic,” one user wrote. Another pointed out, “Most wealthy people are married. They have all this money, and they make it work. Only the poor and the middle class talk about marriage like it is financial doom.”
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Australia's Santos extends due diligence deadline for $18.7 billion ADNOC-led offer – Reuters
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Nvidia AMD 15% of China chip sales revenues to U.S. FT reports
A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023.
Florence Lo | Reuters
Nvidia and Advanced Micro Devices have agreed to give the U.S. government a share of revenues from certain chips sold in China, the Financial Times reported, in an unprecedented arrangement with the White House.
In exchange for 15% of revenues from the chip sales, the two chipmakers will receive export licenses to sell Nvidia’s H20 and AMD’s MI308 chips in China, according to the FT.
The arrangement comes as President Donald Trump’s tariffs continue to reverberate through the global economy, underscoring the White House’s willingness to carve out exceptions as a bargaining tool.
Nvidia CEO Jensen Huang met with Trump last week, according to the FT.
In a statement, Nvidia told the Financial Times: “We follow rules the U.S. government sets for our participation in worldwide markets.”
Last week, Trump had said he would implement a 100% tariff on imports of semiconductors and chips, unless a company was “building in the United States.”
Read the complete Financial Times report here.
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Exclusive-SK Hynix expects AI memory market to grow 30% a year to 2030
By Heekyong Yang and Max A. Cherney
SEOUL/SAN FRANCISCO (Reuters) -South Korea’s SK Hynix forecasts that the market for a specialized form of memory chip designed for artificial intelligence will grow 30% a year until 2030, a senior executive said in an interview with Reuters.
The upbeat projection for global growth in high-bandwidth memory (HBM) for use in AI brushes off concern over rising price pressures in a sector that for decades has been treated like commodities such as oil or coal.
“AI demand from the end user is pretty much, very firm and strong,” said SK Hynix’s Choi Joon-yong, the head of HBM business planning at SK Hynix.
The billions of dollars in AI capital spending that cloud computing companies such as Amazon, Microsoft and Alphabet’s Google are projecting will likely be revised upwards in the future, which would be “positive” for the HBM market, Choi said.
The relationship between AI build-outs and HBM purchases is “very straightforward” and there is a correlation between the two, Choi said. SK Hynix’s projections are conservative and include constraints such as available energy, he said.
But the memory business is undergoing a significant strategic change during this period as well. HBM – a type of dynamic random access memory or DRAM standard first produced in 2013 – involves stacking chips vertically to save space and reduce power consumption, helping to process the large volumes of data generated by complex AI applications.
SK Hynix expects this market for custom HBM to grow to tens of billions of dollars by 2030, Choi said.
Due to technological changes in the way SK Hynix and rivals such as Micron Technology and Samsung Electronics build next-generation HBM4, their products include a customer-specific logic die, or “base die”, that helps manage the memory.
That means it is no longer possible to easily replace a rival’s memory product with a nearly identical chip or product.
Part of SK Hynix’s optimism for future HBM market growth includes the likelihood that customers will want even further customisation than what SK Hynix already does, Choi said.
At the moment it is mostly larger customers such as Nvidia that receive individual customisation, while smaller clients get a traditional one-size-fits-all approach.
“Each customer has different taste,” Choi said, adding that some want specific performance or power characteristics.
SK Hynix is currently the main HBM supplier to Nvidia, although Samsung and Micron supply it with smaller volumes. Last week, Samsung cautioned during its earnings conference call that current generation HBM3E supply would likely outpace demand growth in the near term, a shift that could weigh on prices.
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Intel CEO to visit White House on Monday, WSJ reports – Reuters
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Week Ahead for FX, Bonds: U.S. Inflation, China Activity Data in Focus
By Dow Jones Newswires staff
Below are the most important global events likely to affect FX and bond markets in the week starting Aug. 11.
U.S. inflation data for July will be closely watched, particularly after recent weak jobs data increased prospects for U.S. interest-rate cuts, while retail sales will also give a clue about how tariffs are affecting consumers.
Investors will also watch closely for any further news on tariffs after reciprocal duties recently came into effect against multiple countries.
In Europe, U.K. gross domestic product data will be watched after the Bank of England cut interest rates but was cautious about prospects for further reductions in borrowing costs. A rate decision is also due in Norway.
In Asia, a closely watched deluge of data from China is expected to be released, offering fresh clues on the health of the world's second-largest economy. Central bank decisions from Australia and Thailand will shed light on policymakers' thinking, while price data from India and growth figures from Singapore and Malaysia will provide insight into how trade-reliant economies are faring.
U.S.
U.S. inflation data for July on Tuesday will mark the key focus for investors in the coming week.
These figures have the potential to switch the market's attention toward concerns about the inflationary impact of tariffs, after hefty tariffs on multiple countries took effect on Aug. 7. This follows recent much weaker-than-expected U.S. jobs data, which significantly increased the prospect of the Federal Reserve cutting interest rates in September.
The recent U.S. ISM services PMI data showed a significant rise in the prices paid sub-index, which reminded markets that "inflation is still a force to be reckoned with," said Chris Beauchamp, chief market analyst at trading platform IG, in a note.
Economists at Citi said investors will be watching to see the extent to which tariffs are affecting prices after the previous data for June showed "early signs of larger increases in goods prices."
They expect this pass-through to expand modestly in July, resulting in a stronger increase in core goods prices. The impact is likely to be more evident into the fall however, and shouldn't prevent the Fed from cutting rates next month, particularly given a weak labor market, they said.
Evidence on pipeline inflationary pressures will be provided later, with July producer price data due on Thursday.
Other data later in the week could highlight a wobbly economy, however. Weekly jobless claims data are due Thursday, followed by retail sales for July and the University of Michigan preliminary consumer survey for August on Friday.
Investors will also pay close attention to any further news on U.S. tariff plans for specific sectors in the coming week, particularly on pharmaceuticals. Reciprocal U.S. tariffs on imports from multiple countries came into force on Aug. 7.
Latin America
Inflation data from Brazil for July are due on Tuesday.
Eurozone
The week is relatively light in terms of eurozone data.
Final inflation figures for July are released from Italy on Monday, then from Germany and Spain on Wednesday and from France on Thursday.
Germany's ZEW economic sentiment index for August will be released on Tuesday and will give an indication of how much relatively high U.S. tariffs on eurozone goods have knocked sentiment.
Eurozone industrial production for June is due on Thursday, alongside second-estimate eurozone GDP data for the second quarter.
Government-bond issuance swings into the seasonal slowdown with auctions from Finland on Tuesday and Germany on Wednesday. Germany will offer 5 billion euros in August 2035 Bunds.
U.K.
The Bank of England reduced interest rates by 25 basis points in its latest decision. However, the vote was very tight, with four out of nine members preferring to leave rates unchanged. The vote highlighted a very tricky outlook for the economy, with inflation high as the economy weakens.
The tight vote, concerns about inflation and the BOE's forecast that annual inflation would peak at 4.0% in September caused sterling and gilt yields to rise as investors pared back expectations for another rate reduction in November.
Upcoming data, however, have the potential to switch investors' focus back toward concerns about the economic outlook. These include jobs and wages data on Tuesday, followed by gross domestic product data for the second quarter and June industrial production on Thursday.
Other data include the British Retail Consortium's retail sales survey for July on Tuesday and the RICS housing survey for July on Thursday.
The U.K. plans to sell government bonds maturing in March 2030 on Tuesday.
Scandinavia
Inflation data for July are due from Norway on Monday and from Sweden on Thursday.
Norges Bank also announces a policy decision on Thursday, where interest rates are expected to be left on hold at 4.25% after they were lowered at the previous meeting.
"We expect Norges Bank to leave rates on hold and reiterate the message from June that while further interest rate cuts are likely this year, 'a restrictive monetary policy is still needed'," Capital Economics economist Jack Allen-Reynolds said in a note.
Sweden will auction 1 billion kroner in 2031-dated bonds and 5 billion kroner in May 2035-dated bonds on Wednesday.
Japan
Japan will release second-quarter gross domestic product figures, after the Bank of Japan reiterated its view that growth will likely moderate. The central bank expects underlying CPI inflation to improve only gradually, citing continuing uncertainties around global trade policies, according to minutes from its July meeting.
Goldman Sachs economists now forecast an annualized 0.1% gain for the quarter ending June, a slight upward revision from their previous forecast of 0%. They attribute this to resilient private consumption and solid capital expenditure, despite a slowdown in exports as U.S. tariffs take effect.
While a trade deal with the U.S. has helped reduce some uncertainty, Bank of Japan Governor Kazuo Ueda remains cautious. He noted that the economic impact of high tariffs remains unclear, and underlying inflation is still below the 2% target.
"We expect the BOJ to maintain the policy rate as a precautionary measure for the time being," Goldman Sachs economists wrote, reiterating their view that the next interest-rate hike will likely come in January 2026.
China
A flurry of official data due Friday will offer the most comprehensive look yet at China's economic momentum in July. A Wall Street Journal survey of economists suggests industrial production and investment likely softened from a year earlier, as extreme weather, including heavy rainfall, disrupted activity. However, consumption appears to have held up, buoyed by continued government subsidies.
Industrial output likely grew 5.8% on year in July, down from 6.8% growth in June, while fixed-asset investment is expected to have risen 2.7% in the January to July period, slightly below the 2.8% pace set in the first half. Retail sales, a key consumption indicator, likely rose 5.0% in July, up from June's 4.8% growth, supported by the summer travel rush.
The deluge of data will also offer an update on the struggling property sector, with economists expecting no meaningful rebound. Property investment, new housing starts, and first-hand home sales likely continued to decline.
Economists say the mixed data is unlikely to prompt additional policy easing.
"China's Politburo meeting on July 30, held after the China-U.S. trade talks in Stockholm, indicated no additional stimulus but focused on fine-tuning the existing fund utilization," ANZ economists said, suggesting authorities are broadly comfortable with current momentum.
Meanwhile, investors await clarity on whether Beijing and Washington will extend their tariff truce ahead of the Aug. 12 deadline.
While China's exports continued to outperform expectations in July, with U.S.-bound shipments falling for a fourth straight month but rising elsewhere, economists expect the pace to slow later this year as front-loading fades.
"Export growth may decelerate as the effect of front-loading in anticipation of U.S. tariffs wears off," said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
Australia and New Zealand
It will be a data-heavy week in Australia, with the Reserve Bank of Australia set to deliver a third interest-rate cut this cycle and update its economic forecasts.
RBA Governor Michele Bullock is expected to maintain a cautious tone, emphasizing global risks and the need to move gradually. Markets will pay close attention to any changes in the RBA's unemployment forecasts, especially after a surprise uptick in the jobless rate last month.
Key economic data includes second-quarter wage growth on Wednesday and July employment figures on Thursday. While the RBA is expected to highlight strength in sectors like construction, another rise in unemployment could increase pressure on the bank to ease further.
India
India's inflation data, due Tuesday, will show whether consumer prices continued to ease in line with the central bank's expectations.
Analysts at ANZ and Citi expect July to record the lowest monthly inflation reading since the current series began in 2012. ANZ attributes the subdued reading to deflation in food and beverages and stable gold prices.
Citi analysts added that favorable base effects and below-trend seasonal increases in vegetable prices likely contributed to the cooling inflation.
Thailand
The Bank of Thailand is set to announce its interest-rate decision on Wednesday, just weeks after the U.S. imposed a 19% tariff on Thai goods, a rate notably lower than the 36% announced in April.
Barclays economists expect the BOT to hold rates steady, noting that the 19% tariff aligns with the central bank's reference scenario and doesn't yet pose a major downside risk to growth projections.
Malaysia
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August 10, 2025 17:14 ET (21:14 GMT)
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