Markets

Citi is restructuring its technology teams in Shanghai and Dalian, China, leading to approximately 3,500 job cuts. The bank reportedly communicated separation details on June 5th, with compensation exceeding statutory requirements. While the packages may not match those of other multinationals like Microsoft, they are still notably more generous than typical Chinese business severance.

Commerce Secretary Howard Lutnick testified before Congress, indicating potential renegotiations of the Biden administration’s semiconductor subsidies under the CHIPS Act due to concerns of overgenerosity. The administration is reevaluating grants, aiming for better returns on investment, and hinting at cancellation of some deals. TSMC’s increased investment commitment is cited as a positive example. The industry anticipates the impact of revisions impacting future semiconductor independence.

Dong Mingzhu, chairwoman of Gree Electric, inaugurated a new store in Zhengzhou. During a live product demonstration, she interrupted a sales associate’s comment about a soup pot, emphasizing the importance of focusing on product details. Dong, known for her directness, explained this wasn’t criticism but a focus on excellence, a sentiment seemingly supported by the audience.

Celanese Corporation (CE) will participate in the Deutsche Bank Global Industrials and Materials Conference. President and CEO Scott Richardson will present a fireside chat on June 5, 2025, at 11:50 AM ET. A live webcast and replay (available for a year) will be accessible on the Celanese Investor Relations website. Celanese is a global specialty materials and chemicals leader, employing over 11,000 people and with $10.3 billion in 2024 net sales.

SK Hynix has surpassed Samsung to become the world’s largest DRAM revenue generator in Q1 2025, fueled by high bandwidth memory (HBM) demand. A report from Omdia shows SK Hynix generated $9.718 billion in revenue, securing a 36% market share and dethroning Samsung, which held the top spot since 1992. Although a slight decrease from Q4 2024, SK Hynix’s performance highlights the shifting dynamics in the DRAM market.

The Trump administration implemented new travel restrictions targeting 19 countries, citing concerns about border security and visa overstays. Twelve nations face a complete entry ban, while seven others have partial restrictions. These measures, part of the “Make America Great Again” agenda, are likely to face legal challenges and diplomatic criticism due to their potential impact on specific populations. Exemptions exist for certain individuals.

Helius Medical Technologies has priced its public offering, offering 2,768,600 shares of Class A common stock equivalents with warrants for an additional 2,768,600 shares at $3.27 per unit. Warrants have a 2.5-year lifespan and an initial exercise price of $7.35. The offering is expected to close June 6, 2025, with gross proceeds of $9.1 million. Maxim Group LLC is the placement agent.

A recent report accuses five Taiwanese cyber espionage groups (APT-C-01, 62, 64, 65, and 67) of orchestrating attacks on mainland systems. The report, which directly links these groups to Taiwan’s “Cyber Warfare Unit,” highlights APT-C-67 (Ursula)’s alleged involvement in recent attacks, including targeting critical infrastructure. Experts note the groups utilize known vulnerabilities and rely on less sophisticated techniques, making them easier to detect. The report also highlights broader cyber threats and emphasizes AI’s role in future cybersecurity.

The Ninth Circuit Court of Appeals denied Apple’s request to stay a lower court order concerning its App Store operations. This ruling impacts Apple’s ability to control in-app purchases by disallowing developers to direct users to external payment options. The ongoing antitrust battle, initiated by Epic Games, is the root of this legal dispute. Apple plans to appeal the decision, disagreeing with the ruling that they violated a previous court order promoting market competition.

HUTCHMED and Innovent Biologics announced the NMPA acceptance of a New Drug Application for fruquintinib and sintilimab combination therapy. This targets advanced renal cell carcinoma patients who failed prior tyrosine kinase inhibitor treatment. Based on positive FRUSICA-2 trial results, it met its primary endpoint of progression-free survival. The therapy may address the unmet needs for second-line treatment, with ongoing research to expand its applications and indications in immuno-oncology.