US manufacturing activity contracted in May — for a third month
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AG Campbell fines Boston restaurant $1.8 million for tip pool violations
Chefs at Zuma in the Back Bay in 2019.
Aram Boghosian for The Boston Globe
The state Attorney General's office fined a high-end Boston restaurant more than $1.8 million for illegally requiring service workers to share pooled tips with managers. Massachusetts Attorney General Andrea Campbell announced Monday that it had cited the parent company of Japanese sushi restaurant Zuma, and its manager Garrett Ronan, about $1,813,850 in total for the tip pool violations. Some workers will receive up to $50,000 which includes penalties and unpaid wages. Campbell's office charges that between July 2022 and July 2024, some managers at Zuma participated in a tip pool at the restaurant, which violates state wage laws. Zuma and its parent company did not immediately respond to a request for comment Monday afternoon. In Massachusetts, tip pooling is only permitted for wait staff, bartenders, and other service employees. Staff with managerial responsibilities cannot share in a tip pool, even if they help serve customers, according to Massachusetts laws. An employee complaint alleging that workers promoted to managerial roles remained a part of the restaurant's tip pool prompted the investigation, which was handled by the Fair Labor Division at the attorney general's office. Boston's Zuma location at the Four Seasons Hotel at One Dalton is one of its London-based parent company Azumi's 28 permanent and 11 residency locations across the world, according to the company's website. The fine announced Monday is part of Campbell's broader push to 'protect workers from exploitation, ensure workers are paid the wages they are owed, and hold employers who violate labor and wage laws accountable,' the attorney general's office said. — STELLA TANNENBAUM
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CRYPTO
Circle, backers seek $896 million after boosting IPO size
The Circle website.
Gabby Jones/Bloomberg
Circle Internet Group Inc. and its shareholders have increased the size and price of the company's initial public offering, suggesting strong investor demand for the stock. The stablecoin issuer and some of its backers are now offering 32 million shares at a price range of $27 to $28 a pop, according to a filing Monday with the US Securities and Exchange Commission. Circle and the selling shareholders were previously offering 24 million shares at a range of $24 to $26 each. The sale could raise as much as $896 million at the top of the new range, and hand Circle a market capitalization of nearly $6.2 billion, according to Bloomberg calculations. Accounting for employee stock options, restricted share units, and warrants, the company would have a fully diluted value of about $7.2 billion. The IPO has drawn orders for stock in double digit multiples of the shares available, according to people familiar with the matter. The offering is set to close to orders at 4 p.m. New York time on Tuesday, the people said, asking not to be identified as the information isn't public. A representative for Circle declined to comment. — BLOOMBERG NEWS
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PHILANTHROPY
Majority of $200 billion Gates Foundation funds to go to Africa
The Gates Foundation campus in Seattle.
Lindsey Wasson/Associated Press
Africa is set to be the largest beneficiary of the $200 billion that the Gates Foundation plans to give away over the next two decades, cofounder Bill Gates said. 'The majority of that funding will be spent on helping you address challenges here in Africa,' he told an African Union gathering in Addis Ababa, Ethiopia, Monday, according to an emailed statement from his foundation. The organization said last month that it plans to give away the money over 20 years before shutting down in 2045. That implies Gates — currently the fifth-richest person in the world — plans to transfer many billions to his foundation as part of a goal to give away 99 percent of his wealth. He's currently worth about $175 billion, according to the Bloomberg Billionaires Index. — BLOOMBERG NEWS
ENERGY
Trump wants to sell 1 million barrel reserve of diesel fuel
President Trump departed the White House in Washington on May 30.
HAIYUN JIANG/NYT
The Trump administration wants to put a 1 million barrel cache of diesel fuel on the market, saying the reserve meant to provide an emergency supply of home heating oil for the Northeast has never been used for its intended purpose. The sale and closure of the Northeast Home Heating Oil Reserve would generate $100 million to be used for deficit reduction, according to Department of Energy budget details recently made public. The sale of the reserve would require approval by Congress, which gave the Biden administration the green light to sell off and close a 1 million barrel emergency cache of gasoline last year. The 1 million barrels of diesel is equal to roughly a quarter of overall US daily demand, while the US Energy Information Administration estimates that about 4 percent of the nation's households use heating oil to warm their homes. The diesel fuel reserve, which is housed in commercial storage facilities across the Northeast, was used in the aftermath of Hurricane Sandy in 2012 to provide fuel for emergency responders in New York and New Jersey, as well as in the wake of snow storms that same year, according to the Energy Department. Created under former president Bill Clinton, the reserve is designed to provide Northeast consumers with 10 days of supply, the time required for ships to carry additional heating oil from the Gulf of Mexico to New York Harbor, according to the Energy Department. — BLOOMBERG NEWS
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PHARMACEUTICALS
Bristol to pay BioNTech up to $11.1 billion in cancer deal
BioNTech headquarters in Mainz, Germany.
Michael Probst/Associated Press
Bristol-Myers Squibb Co. will pay BioNTech SE as much as $11.1 billion to license a next-generation cancer drug, as competition intensifies in an area of oncology that seeks to harness the immune system to attack tumors. The German biotech will receive $1.5 billion upfront and $2 billion in installments through 2028, the companies said Monday. BioNTech will also be eligible for as much as $7.6 billion in milestone payments, and the partners will split development and manufacturing costs and profits equally. It's the latest in a slew of deals as pharmaceutical companies battle for a share of a market currently led by Merck & Co.'s Keytruda, the world's best-selling drug. Global sales of immuno-oncology treatments could reach $60 billion a year by 2027, according to Bloomberg Intelligence. Bristol-Myers has been pumping billions into its pipeline ahead of a patent cliff. Its deal for BioNTech's compound — dubbed BNT327 — comes weeks after rival Pfizer Inc. agreed to pay 3SBio Inc. as much as $6.1 billion, a record for a Chinese biotech, to license a similar cancer asset. It also marks a major payoff for BioNTech, which licensed BNT327 from Chinese biotech Biotheus in 2023 and later bought the company outright for up to $950 million. — BLOOMBERG NEWS
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28 minutes ago
- Yahoo
Trump's Late-Night Lament Over Xi Deepens Impasse in Trade Fight
(Bloomberg) -- President Donald Trump is positioning a personal discussion with his Chinese counterpart as the key to preventing the world's largest economies from spiraling deeper into their trade and technology fight. The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access ICE Moves to DNA-Test Families Targeted for Deportation with New Contract LA City Council Passes Budget That Trims Police, Fire Spending NYC Residents Want Safer Streets, Cheaper Housing, Survey Says But Chinese leader Xi Jinping is making clear that a phone call doesn't come without a price — a resolute stand so far that's apparently keeping Trump up late into the night. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Trump posted on Truth Social at around 2:17 a.m. Washington time. His complaint came after a flurry of US officials claimed this week the two men were set to speak. Exactly what the Chinese are asking the White House to relinquish in order to secure the one-on-one remains unclear. But the US president's unanswered pleas are looking more like a standoff without an off ramp. Beijing, meanwhile, is making overtures in the direction of Europe, which is engaged in its own tariff dispute with Trump. 'If China doesn't want a call, it could be that they don't intend to comply or are intentionally holding their cards for the time being,' said Kelly Ann Shaw, a partner at Akin Gump and former senior adviser to Trump during his first term. 'If there isn't a call, I would expect further escalation in the bilateral relationship before things de-escalate again.' At the heart of the stalemate is a mismatch in negotiating styles that, if it continues, threatens to derail the bilateral relationship. While Trump wants to hash things out with his counterpart, Chinese officials are reluctant to commit before working out deliverables at lower levels. Oval Office showdowns with the leaders of South Africa and Ukraine in recent weeks have likely offered little reassurance to Beijing to accept Trump's terms. A 'Disconnect' 'There's a fundamental disconnect here,' former acting White House Chief of Staff Mick Mulvaney told Bloomberg Television on Tuesday. 'Trump wants to talk at the very highest levels. That's not always how the Chinese want to do business.' While it isn't impossible for the US and China to strike a deal, expectations for what it would entail look out of sync. Policymakers in Beijing want to have broader access to high-end US chips, essentially for AI and military advancement, as well as the opportunity for more Chinese investment in the US. Beijing could be open to buying more US agricultural products, too. Rolling back sweeping controls on cutting-edge technology expanded under Joe Biden would be politically toxic in Washington, where there's rare consensus among Democrats and Republicans that China poses a national security threat. Officials in Washington also believe Beijing has been dumping goods on the US for decades, threatening American jobs and industry, and are seeking major concessions. That both sides are talking past each other has become evident in the confusion over China's position on rare earths — metals that are core to America's national-security supply chains and automakers in particular. Trump and his team have accused Beijing of breaking the trade agreement announced in mid-May, where both countries significantly lowered tariffs and China agreed to remove other retaliatory measures it imposed in response to earlier duty hikes. In Washington's view, that meant China would immediately grant licenses to export rare earths to American companies that had been cut off. Stalling for Time US Trade Representative Jamieson Greer said China has slow-walked the process. Companies that are reliant on the inputs are feeling the supply squeeze, with some temporarily shuttering production. From Beijing's perspective, it's following procedure on a license system that exports to all nations must follow. As tensions over such shipments grow, the Trump administration has continued to impose restrictions on chip technology and exports of jet engine parts to China. Beijing publicly criticized the moves and, according to the Trump team, continued choking off critical minerals supplies to American companies. While giving Trump the cold shoulder, China is tilting its attention toward Europe, where it sees an opening for deeper trade ties after Trump hit the European Union with tariffs and threatened steeper ones. In anticipation of the EU-China summit in late July in Beijing, Europe's trade chief Maros Sefcovic on Tuesday met Chinese Commerce Minister Wang Wentao in Paris. Ahead of next month's summit, China is considering placing an order for hundreds of Airbus SE aircraft as soon as next month to celebrate the economies' long-term ties, Bloomberg News reported. That represents another blow to Boeing Co., which hasn't won a major order from China since at least 2017 due to the trade tensions and other issues. It all stands in contrast to Trump's first trade offensive against China, when it took just 10 weeks for China to announce Xi would fly to Mar-a-Lago for talks with the US. The result was a so-called phase one trade deal aimed at boosting Chinese purchases of American products — an agreement that went dormant during the Biden administration. This time around, ties have derailed much more quickly — despite Chinese efforts to steady things. January Call Just before Trump's most recent inauguration, Xi called Trump and told the incoming leader he was hoping for a good start to US-China ties, with both sides agreeing to stay in touch. Days later, Trump began targeting fentanyl cooperation, attacking a relatively bright spot in bilateral ties where Beijing has said the US owes it a 'big thank you' for efforts to curtail smuggling. China has repeatedly pointed to demand from Americans as the root cause of fentanyl abuse. Trump followed up with a 20% tariff, setting off tit-for-tat rounds of levies that essentially imposed a trade embargo on the two nations. A US federal court ruled Trump's duties were illegal, sapping the president of leverage, but the order was put on hold as a higher court considers an appeal. Also playing into Xi's reluctance is the fact China is in a stronger position now than in the last trade war to weather Trump's unpredictability. The world's No. 2 economy has been diversifying beyond the US market, its people are relatively united in the face of Trump's threats, and the US is alienating friends and foes alike with its overhaul of economic and defense policy. 'One problem is that Trump is trying to use deal-making to normalize trade aggression,' said Josef Gregory Mahoney, a professor of international relations at Shanghai's East China Normal University. 'Another issue is that he remains an opportunist, and even when deals are struck you can't count on him to keep them, or the next administration.' YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
Yahoo
30 minutes ago
- Yahoo
Avant Technologies and Partner, Ainnova, Finalizing Automated Retinal Camera Prototype Ahead of Full-Scale Development
LAS VEGAS, June 4, 2025 /PRNewswire/ -- Avant Technologies, Inc. (OTCQB: AVAI) ("Avant" or the "Company"), and its JV partner, Ainnova Tech, Inc., (Ainnova), a leading healthcare technology company focused on revolutionizing early disease detection using artificial intelligence (AI), today announced the Company is in the final stages of prototyping its proprietary automated retinal camera. Ainnova's new device will offer users a low cost, easier to use camera that captures images automatically and then uploads those images to the Company's Vision AI software platform, which then produces a "risk report" in mere seconds. Vinicio Vargas, Chief Executive Officer at Ainnova and member of the Board of Directors of the joint venture company, Ai-nova Acquisition Corp., said, "The cost of a fundus camera has always been a barrier to entry into in this market, so our low-cost camera, which is a fraction of the cost of currently available cameras on the market, should allow us to not only enter the market, but to capture a large share of the market. "Another significant advantage will be that our camera will be seamlessly packaged together with our Vision AI platform, allowing us to refer more patients in less time and accurately to medical specialists. Also, one of our objectives is to integrate other technologies to this preventive screening, expanding the scope from only diabetic patients to patients who have other risk factors and want to prevent other diseases from a more complete approach." Vision AI is a powerful cutting-edge, AI-driven platform that can quickly and accurately detect the early markers of a host of diseases by applying AI models to examine imaging data from the eye to expedite earlier detection and allow patients to better manage their disease. The diseases that Vision AI can detect, include diabetic retinopathy, other retinopathies, such as glaucoma, macular edema, age-related macular degeneration, and other anomalies, as well as other diseases that do not require retinal images, and instead, use other datapoints that Ainnova has integrated into the software like the detection of cardiovascular disease (CVD), type 2 diabetes, liver fibrosis, and chronic kidney disease (CKD). Currently, Ainnova's Vision AI software works well with any fundus camera on the market; however, Ainnova and Avant are aiming for exclusivity by developing a lower-cost, easier to use camera. Ai-nova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova, will develop the retinal cameras as part of the joint venture and licensing deal to facilitate the development of Ainnova's technology portfolio. AAC owns the global licensing rights to develop, maintain, and market Ainnova's technology portfolio. About Ainnova Tech, Inc. Ainnova is a Nevada-based healthtech startup with headquarters in San Jose, Costa Rica, and Houston, Texas. Founded by an experienced and innovative team that is dedicated to leveraging artificial intelligence for early disease detection. Recognized with multiple global awards and renowned partnerships with hospitals and medical device companies, we proudly introduce Vision AI – our cutting-edge platform designed to prevent blindness and detect the early onset of diabetes. Explore how Ainnova is revolutionizing healthcare through advanced technology and proactive solutions. About Avant Technologies, Inc. Avant Technologies, Inc. is an emerging technology company developing solutions in artificial intelligence in healthcare. With a focus on pushing the boundaries of what is possible in AI and machine learning, Avant serves a diverse range of industries, driving progress and efficiency through state-of-the-art technology. More information about Avant can be found at You can also follow us on social media at: Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements because of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website ( In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company's ability to raise capital on acceptable terms, if at all, the Company's successful development of its products and the integration into its existing products and the commercial acceptance of the Company's products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date after the date of the press release. Contact:Avant Technologies, Inc. info@ View original content to download multimedia: SOURCE Avant Technologies Inc.
Yahoo
30 minutes ago
- Yahoo
Bloomberg Expands Alternative Data Offering with Web Traffic Data from Similarweb
Doubles company coverage of Bloomberg's {ALTD} and empowers Bloomberg Terminal clients to generate deeper insights and make more informed investment decisions using alternative data NEW YORK, June 04, 2025--(BUSINESS WIRE)--Bloomberg today announced the availability of Similarweb's web traffic data on the Bloomberg Terminal via {ALTD}, significantly enhancing its alternative data offering with near real-time insights into online traffic performance that will grow to cover 3,000 public and private companies. Complementing existing alternative datasets on Bloomberg's Alternative Data Analytics Platform, which include consumer transaction data analytics from Bloomberg Second Measure and foot traffic data analytics from the addition of Similarweb data analytics allows investors to better nowcast company KPIs and discover emerging trends in company performance. Similarweb, a global leader in web analytics and digital performance data, delivers robust web and app analytics sourced from over 200 million devices, 100 million websites, and 4 million apps worldwide. Now available through {ALTD}, the web traffic dataset provides Bloomberg Terminal users with granular, daily-level intelligence on web traffic across 190 countries. The data is delivered on a 7-day lag with 5 years of history. "We're thrilled to bring Similarweb's web traffic data to the Bloomberg Terminal at a time when understanding online behavior is more critical than ever," said Or Offer, Co-Founder and CEO of Similarweb. "In today's digital-first economy, a company's online footprint often reveals shifts in performance long before traditional indicators. By collaborating with Bloomberg, we're giving investors a powerful edge—enabling them to spot emerging trends, benchmark competitive activity and make even more confident decisions, all within the Bloomberg Terminal workflows they already value." "As clients increasingly seek faster, more predictive signals—especially in today's volatile markets—Bloomberg is continuing to invest in alternative datasets that offer early, actionable insights," said Richard Lai, Global Head of Alternative Data at Bloomberg. "By embedding Similarweb's digital intelligence data directly into the Bloomberg Terminal, we're enabling our clients to make timelier and better-informed investment decisions through another incredibly powerful dataset. We are thrilled to be partnering with Similarweb, an industry leader, in offering these valuable insights to our clients." Key highlights of Bloomberg's expansion of {ALTD} with data from Similarweb include: Increase in Company Coverage: Company coverage in {ALTD} will expand to more than 3,000 companies, including international and private companies. Expanding Sector Coverage: Coverage will increase across high-interest sectors including SaaS, e-commerce, AI, streaming, TMT, and health care. Enhanced Data Signal: Similarweb will allow for improved tracking of company KPIs, and trend validation across alternative datasets. Similarweb is the latest alternative dataset integrated with {ALTD} (launched in 2023). By making the data available alongside consumer transaction data analytics from Bloomberg Second Measure and foot traffic analytics from Bloomberg provides a multi-dimensional view of company performance and macroeconomic shifts, offering investors a decisive edge. About Bloomberg Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit or request a Similarweb Similarweb powers businesses to win their markets with Digital Data. By providing essential web and app data, analytics, and insights, we empower our users to discover business opportunities, identify competitive threats, optimize strategy, acquire the right customers, and increase monetization. Similarweb products are integrated into users' workflow, powered by advanced technology, and based on leading comprehensive Digital Data. Learn more: Similarweb | Similarweb Digital Data Free Tools: Analyze any website or app | Verify your website | Browser extension Follow us: Blog | LinkedIn | YouTube | Instagram | X Disclaimer: All names, brands, trademarks, and registered trademarks are the property of their respective owners. The data, reports, and other materials provided or made available by Similarweb consist of or include estimated metrics and digital insights generated by Similarweb using its proprietary algorithms, based on information collected by Similarweb from multiple sources using its advanced data methodologies. Similarweb shall not be responsible for the accuracy of such data, reports, and materials and shall have no liability for any decision made or action taken by any third party based in whole or in part on such data, reports, and materials. View source version on Contacts Media ContactsHannah Logan, hlogan5@ +1-212-617-9742Susan Doyle, sdoyle37@ +1-202-807-2213Press: David F. Investors: Rami
