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CONTINENTAL POSTS STRONGEST Q1 EARNINGS SINCE 2021

Continentall, one of Europe’s top auto suppliers, reported €586M in adjusted EBIT for Q1, more than doubling last year’s result and beating estimates. Cost cuts and a rebound in tire sales helped offset weak EV demand and China headwinds. Sales came in at €9.7B, with full-year guidance left unchanged.
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ASSOCIATED BRITISH FOODS IN TALKS WITH ENDLESS ON POSSIBLE DEAL
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$DASH TO ACQUIRE DELIVEROO IN $3.9B DEAL

DoorDash is buying UK-based Deliveroo for 180 pence/share in cash, valuing the deal at £2.9B ($3.9B). The move gives DoorDash a foothold in 10 new markets and brings its combined order volume with Deliveroo to about $90B last year. https://t.co/tzUG8DQLLF
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PHILIPS LOWERS PROFIT OUTLOOK ON $340M TARIFF HIT

Dutch med-tech giant Philips cut its full-year margin guidance to 10.8–11.3%, down 100bps, as U.S.-China trade tensions are expected to cost up to €300M. Q1 sales dipped 2%, mainly on weak China demand, but EBITA beat at €354M. Philips plans to localize more U.S. production to offset the hit.
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PwC is cutting about 1,500 jobs in the U.S., or roughly 2% of its workforce, citing unusually low attrition in recent years. The Big Four accounting firm employs over 75,000 people in the country and says the decision was made after careful consideration.
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OpenAI is set to buy Windsurf — the AI coding assistant formerly known as Codeium — for around $3 billion, marking its largest acquisition to date. https://t.co/EZhUqOcPJi
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CBO says Trump’s “Golden Dome” missile defense plan could cost up to $542 billion over 20 years. The system would rely on space-based interceptors, a still-unproven tech, and faces higher costs due to growing ICBM threats from North Korea, China, and Russia.

Source: Bloomberg
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Microsoft $MSFT is upping its carbon removal agreement with Sweden’s Stockholm Exergi to 5.08 million tons over 10 years, up 50% from the prior deal. The $1.3B plant will use BECCS tech to capture CO₂ and store it under the North Sea via Northern Lights.
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CHINA FOREIGN MINISTRY:

AS AGREED BY BOTH SIDES, CHINA 🇨🇳 AND THE EUROPEAN 🇪🇺 PARLIAMENT HAVE DECIDED TO COMPLETELY LIFT RESTRICTIONS ON MUTUAL EXCHANGES AT THE SAME TIME
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WeRide $WRD and $UBER are expanding their autonomous driving partnership to 15 more cities over the next five years, building on launches in Abu Dhabi and Dubai. Uber will manage fleet ops while WeRide’s Robotaxis roll out globally through the Uber app. https://t.co/LIhX3mQUoY
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A new bipartisan bill aims to crack down on AI chip smuggling to China by requiring post-sale tracking of chips like those made by Nvidia $NVDA. Lawmakers say the tech to verify chip location already exists and should be used to enforce U.S. export controls.

Source: Reuters https://t.co/wnuEJKpVmB
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EU 🇪🇺 SEFCOVIC: ANOTHER €170B US-EXPORTS MAY BE IMPACTED BY TARIFFS; EU-US TARIFF SITUATION IS NOT ACCEPTABLE
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The DOJ wants Google to sell its AdX exchange and DFP ad server after a judge ruled it illegally monopolized digital ad markets. “A comprehensive set of remedies…is necessary,” the DOJ said. $GOOGL says divestiture isn’t a viable fix and proposes a compliance monitor instead.
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HKMA chief Eddie Yue says Hong Kong has been cutting duration in US Treasuries and diversifying into non-U.S. assets. The Exchange Fund is also shifting currency exposure in its investment portfolio to manage risk.

FWIW, Hong Kong ranks as the 12th largest foreign holder of USTs https://t.co/ELjHI6zi5w
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GERMANY'S 🇩🇪 MERZ FALLS SHORT OF MAJORITY NEEDED TO BECOME CHANCELLOR IN FIRST ROUND OF VOTING IN PARLIAMENT
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