How time became money: clocks, capitalism and wealth

Swiss voters have decisively rejected a proposed 50% inheritance tax aimed at the super-rich, with estimates indicating that 79% voted against the measure in a recent referendum. This outcome reflects a strong opposition to wealth redistribution policies among the electorate.

OpenAI, the company behind ChatGPT, is facing increasing pressure as competitors begin to close the gap in the artificial intelligence market, raising concerns about its future dominance. The company, valued at $500 billion, has yet to achieve profitability, which is further compounded by its partners carrying significant debt.

China's services activity has reached a three-year low, with data from the national statistics agency indicating a persistent decline in demand across the economy. Concurrently, factory activity continues to contract, reflecting ongoing challenges in both sectors.

President Donald Trump announced the closure of Venezuelan airspace, coinciding with a significant increase in U.S. military presence near the country. This decision is part of a broader strategy aimed at combating drug cartels and supporting efforts to remove President Nicolás Maduro from power.

Airbus has announced that approximately 6,000 A320 jets require a software update to address potential vulnerabilities caused by solar radiation, which could affect critical flight control data. This update is expected to cause significant disruptions for airline travelers as it coincides with peak travel times.

CME has resumed trading after a significant outage that halted futures trading in equities, bonds, and commodities for over 10 hours, causing disruptions across global markets. The fault originated from a data center issue, which raised immediate concerns among traders and investors alike.

Ukraine faces a critical juncture as Kyiv grapples with choices that present immediate challenges and potential long-term consequences, reflecting a Catch-22 situation where decisions made now could lead to worse outcomes later. The ongoing conflict with Russia exacerbates these dilemmas, particularly in the context of financial stability and international support.

War-linked assets have seen a rally as Ukraine's bondholders express optimism about avoiding further losses amid renewed U.S. efforts for peace in Ukraine. This development indicates a shift in market sentiment as investors respond to potential resolutions in the ongoing conflict.