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US stocks close at an all-time high just months after plunging on tariff fears

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A worker uses a forklift to move fireworks in preparation for shipping, at the Phantom Fireworks warehouse in Warren, Ohio on June 25. (AP)

WASHINGTON, June 28, (AP): US stocks closed at an all-time high Friday, another milestone in the market’s remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy. The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from February 19 through April 8.

The market’s complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA. “Investors will breathe a sigh of relief,” he said. The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%. President Donald Trump’s decision Friday to halt trade talks with Canada threatened to derail Wall Street’s run to a record, but the market steadied after the S&P 500 briefly turned negative.

The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs. The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. A ceasefire between the two nations is still in place.

The price of crude oil in the US rose 0.4% to $65.52 a barrel. Prices have fallen back to pre-conflict levels. Investors are also monitoring potential progress on trade conflicts between the US and its trading partners, specifically China. The two countries have signed a trade deal that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, US Treasury Secretary Scott Bessent said Friday.

China’s Commerce Ministry also said that the two sides had “further confirmed the details of the framework” for their trade talks. But its statement did not explicitly mention an agreement to ensure US access to rare earths, and instead said it will review and approve “eligible export applications for controlled items.”

An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists’ projections. Inflation remains a big concern for businesses and consumers. Trump’s on-again-off-again tariff policy has made it difficult for companies to make financial forecasts. It has also put more pressure on consumers worried about already stubborn inflation.   

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‘Please be careful.’ There are risks and rewards as crypto heavyweights push tokenization

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NEW YORK, July 21, (AP): As cryptocurrencies become more intertwined with the traditional financial system, industry heavyweights are racing for a long-sought goal of turning real-world assets into digital tokens.

“Tokenization is going to open the door to a massive trading revolution,” said Vlad Tenev, the CEO of the trading platform Robinhood at a recent James Bond-themed tokenization launch event in the south of France.

Advocates say tokenization is the next leap forward in crypto and can help break down walls that have advantaged the wealthy and make trading cheaper, more transparent and more accessible for everyday investors.

But critics say tokenization threatens to undermine a century’s worth of securities law and investor protections that have made the U.S. financial system the envy of the world. And Robinhood’s push into tokenizing shares of private companies quickly faced pushback from one of the world’s most popular startups.

The basic idea behind tokenization: Use blockchain technology that powers cryptocurrencies to create digital tokens as stand-ins for things like bonds, real estate or even fractional ownership of a piece of art and that can be traded like crypto by virtually anyone, anywhere at any time.

The massive growth of stablecoins, which are a type of cryptocurrency typically bought and sold for $1, has helped fuel the appetite to tokenize other financial assets, crypto venture capitalist Katie Haun said on a recent podcast.

She said tokenization will upend investing in ways similar to how streamers radically changed how people watch television.

“You used to have to sit there on a Thursday night and watch Seinfeld,” Haun said. “You tune in at a specific time, you don’t get to choose your program, you couldn’t be watching a program like Squid Games from Korea. Netflix was market-expanding. In the same way, I think the tokenization of real-world assets will be market expanding.”

Robinhood began offering tokenized stock trading of major U.S. public companies for its European customers earlier this month and gave away tokens to some customers meant to represent shares in OpenAI and SpaceX, two highly valued private companies.

Several other firms are diving in. Crypto exchange Kraken also allows customers outside the U.S. to trade tokenized stocks while Coinbase has petitioned regulators to open the market to its U.S. customers. Wall Street giants BlackRock and Franklin Templeton currently offer tokenized money market funds. McKinsey projects that tokenized assets could reach $2 trillion by 2030.

The push for tokenization comes at a heady time in crypto, an industry that’s seen enormous growth from the creation and early development of bitcoin more than 15 years ago by libertarian-leaning computer enthusiasts to a growing acceptance in mainstream finance.

The world’s most popular cryptocurrency is now regularly setting all-time highs – more than $123,000 on Monday – while other forms of crypto like stablecoins are exploding in use and the Trump administration has pledged to usher in what’s been called the “golden age” for digital assets.

Lee Reiners, a lecturing fellow at Duke University, said the biggest winners in the push for tokenization could be a small handful of exchanges like Robinhood that see their trading volumes and influence spike.

“Which is kind of ironic given the origins of crypto, which was to bypass intermediaries,” Reiners said.

Interest in tokenization has also gotten a boost thanks to the election of President Donald Trump, who has made enacting more crypto-friendly regulations a top priority of his administration and signed a new law regulating stablecoins on Friday.

“Tokenization is an innovation and we at the SEC should be focused on how do we advance innovation at the marketplace,” said Securities and Exchange Commission Chairman Paul Atkins.

Securities law can be complex and even defining what is a security can be a hotly debated question, particularly in crypto. The crypto exchange Binance pulled back offerings of tokenized securities in 2021 after German regulators raised questions about potential violations of that country’s securities law.

Under Trump, the SEC has taken a much less expansive view than the previous administration and dropped or paused litigation against crypto companies that the agency had previously accused of violating securities law.

Hilary Allen, a professor at the American University Washington College of Law, said crypto companies have been emboldened by Trump’s victory to be more aggressive in pushing what they can offer.

“The most pressing risk is (tokenization) being used as a regulatory arbitrage play as a way of getting around the rules,” she said.

However, the SEC has struck a cautionary tone when it comes to tokens. Shortly after Robinhood’s announcement, SEC Commissioner Hester Peirce, who has been an outspoken crypto supporter, issued a statement saying companies issuing tokenized stock should consider “their disclosure obligations” under federal law.

“As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” Peirce said.

One of the most closely watched areas of tokenization involves private companies, which aren’t subject to strict financial reporting requirements like publicly traded ones.

Many hot startups are not going public as often as they used to and instead are increasingly relying on wealthy and institutional investors to raise large sums of money and stay private.

That’s unfair to the little guy, say advocates of tokenization.

“These are massive wealth generators for a very small group of rich, well-connected insiders who get access to these deals early,” said Robinhood executive Johann Kerbrat. “Crypto has the power to solve this inequality.”

But Robinhood’s giveaway of tokens meant to represent an investment in OpenAI immediately drew pushback from the company itself, which said it was not involved in Robinhood’s plan and did not endorse it.

“Any transfer of OpenAI equity requires our approval-we did not approve any transfer,” OpenAI said on social media. “Please be careful.”

Public companies have strict public reporting requirements about their financial health that private companies don’t have to produce. Such reporting requirements have helped protect investors and give a legitimacy to the U.S. financial system, said Allen, who said the push for tokenized sales of shares in private companies is “eerily familiar” to how things played out before the creation of the SEC nearly a century ago.

“Where we’re headed is where we were in the 1920s,” she said. “Door-to-door salesmen offering stocks and bonds, half of it had nothing behind it, people losing their life savings betting on stuff they didn’t understand.”

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Asian shares mixed after Wall Street logs 3rd straight winning week

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A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), (left), and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on July 21. (AP)

BANGKOK, July 21, (AP): Asian shares are mixed and US futures have edged higher after US stocks logged their third straight winning week. Markets were closed for a holiday in Japan, where the ruling Liberal Democrats have lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday’s election and the loss of their lower house majority in October.

A grim Prime Minister Shigeru Ishiba has vowed to stay on, but the outcome of the upper house election reflects voters’ frustration with rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan’s huge debt burden. Japan is also facing the imposition of 25% tariffs across the board on its exports to the US as talks with the Trump administration appear to have made little headway.

“We expect short-term political instability to intensify due to the difficulties of forming a majority coalition, a likely change in leadership, and a potential deadlock in trade negotiations,” Peter Hoflich of BMI, a part of the Fitch Group, said in a commentary. “Without a structural reset through snap elections, Japan is likely to face prolonged policy drift throughout 2026,” he said.

Chinese shares advanced after the central bank kept its key 1-year and 5-year loan prime interest rates unchanged. Hong Kong’s Hang Seng rose 0.6% to 24,977.18, while the Shanghai Composite index gained 0.7% to 3,559.79. Recent improved economic data have eased pressure on the Chinese leadership to soften credit.

Meanwhile, President Donald Trump’s administration has softened its criticism of Beijing, raising hopes that the two sides can work out a trade deal and avert the imposition of sharply higher tariffs on imports from China. South Korea’s Kospi picked up 0.7% to 3,210.81 after the government reported a slight improvement in exports in June. In Australia, the S&P/ASX 200 shed 1% to 8,668.20, while Taiwan’s Taiex dropped 0.2%.

In India, the Sensex rose 0.4%. Bangkok’s SET gained 0.2%. This week will bring updates on U.S. home sales, jobless claims and manufacturing. Several Big Tech companies including Alphabet and Tesla are due to provide earnings reports. On Friday, the S&P 500 handed back less than 1 point after setting an all-time high the day before. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite edged up by less than 0.1% to add its own record.   

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Kuwait seeks to strengthen civil aviation ties with Japan

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Kuwait seeks to strengthen civil aviation ties with Japan

Chairman of the Directorate General of Civil Aviation Sheikh Hamoud Mubarak Al-Hamoud Al-Jaber Al-Sabah with His Excellency the Japanese Ambassador to Kuwait, Kenichiro Mukai.

KUWAIT CITY, July 21: Sheikh Hamoud Mubarak Al-Hamoud Al-Jaber Al-Sabah, Chairman of the Directorate General of Civil Aviation (DGCA), expressed Kuwait’s strong interest in deepening cooperation with Japan across various sectors of civil aviation, including training, aviation safety and security, and airport infrastructure development.

The remarks came during Sheikh Hamoud’s meeting with the Japanese Ambassador to Kuwait, H.E. Kenichiro Mukai, as part of ongoing efforts to bolster bilateral ties between the two countries.

According to a DGCA press statement, the meeting addressed key areas of joint cooperation and opportunities to benefit from Japan’s extensive experience and advanced technologies in the aviation industry.

Sheikh Hamoud highlighted the long-standing and friendly relations between Kuwait and Japan, emphasizing Japan’s leadership in aviation technology and its potential contribution to Kuwait’s civil aviation development.

In response, Ambassador Mukai expressed his gratitude for the warm welcome and reaffirmed Japan’s commitment to strengthening collaboration with Kuwait in the aviation sector, underscoring shared interests in innovation, safety, and sustainable growth.

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