
OVHcloud teams up with Crayon to develop European data infrastructure
-France's OVHcloud, Europe's largest data centre provider, has partnered with Norway's cloud software provider Crayon to develop a sovereign European data infrastructure, with both hardware and software components originating from European companies.
The collaboration will enable customers of both companies to access and integrate solutions across more than 45 regions, the companies said in a joint statement.
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UAE fund buys $100 million of Trump's World Liberty tokens
LONDON :A United Arab Emirates-based fund has bought $100 million worth of digital tokens issued by World Liberty Financial, the crypto venture of U.S. President Donald Trump's family, becoming its largest publicly known investor. Aqua 1 Foundation said in a statement on Thursday its purchase of the tokens, known as $WLFI, sought to speed up the creation of a "blockchain-powered financial ecosystem" with stablecoins and tokenised traditional assets at its heart. A spokesperson for World Liberty confirmed the investment to Reuters. A so-called governance token, $WLFI cannot be traded but gives holders the right to vote on changes to the business' underlying code. World Liberty said this week it was "working behind the scenes" to make the token transferable. "WLFI and Aqua 1 will jointly identify and nurture high-potential blockchain projects together," Aqua 1 founding partner Dave Lee said in the statement. The fund's investment and compliance teams would help World Liberty expand in South America, Europe and Asia, it added. Despite its investment, Aqua 1 maintains a minimal online presence. Its X account has only three posts and approximately 1,120 followers while its website was created on May 28, according to data from two web domain trackers. World Liberty also plans to support the launch of a separate Aqua 1 fund aimed at boosting the "digital economy transformation" in the Middle East through blockchain and artificial intelligence, the statement said. Aqua 1 did not immediately respond to a request for comment, and the World Liberty spokesperson had no further immediate comment. Launched two months before the 2024 U.S. presidential election by Trump and his business partners, World Liberty has yielded hundreds of millions of dollars in revenue for the Republican president's family business. World Liberty has drawn criticism from Democratic lawmakers and government ethics watchdogs over potential conflicts of interest. The Trump Organization has said the president's investments, assets and business interests are held in a trust managed by his children. World Liberty aims to open access to financial services via digital tokens, without intermediaries such as banks. It has launched a stablecoin called USD1 that was bolstered in May when an Abu Dhabi investment firm chose it for a $2 billion investment in giant crypto exchange Binance.


CNA
2 hours ago
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Global equity funds see outflows for second straight week
Global equity funds saw money outflows for a second straight week in the seven days to June 25 as investors booked profits near record market highs and turned cautious ahead of key U.S. economic output and inflation reports. Investors divested a net $20.87 billion worth of global equity funds during the week, the most for a week since March 19, data from LSEG Lipper showed. The MSCI World Index reached 911.56 on Friday, hitting a new record for the fourth successive day on optimism over a ceasefire between Israel and Iran. U.S. equity funds saw a net $20.48 billion worth of outflows, the largest weekly withdrawal in three months. European funds also registered a net $2.61 billion worth of outflows, while Asian funds attracted about $857 million, the first weekly inflow in three weeks. The global sectoral funds segment saw about $2.56 billion in net outflows during the week, with investors ending four weeks of buying. They withdrew a net $2.67 billion from the technology sector, the most since March 12. In contrast, the industrial sector attracted a net $1 billion, the 11th weekly inflow in a row. At the same time, demand for debt funds cooled to a nine-week low, with inflows at a net $4.69 billion during the week. Investors hunted for yield as they pumped $4.45 billion into high-yield bond funds, the most for a week since October 2024. Global money market funds saw a third consecutive week of outflows as a net $10.62 billion was withdrawn. Gold and precious metals commodity funds attracted money for a fifth successive week, with a net $1.67 billion of inflows. The energy segment also saw a net $375 million of inflows. In emerging markets, bond funds attracted $2.67 billion in a ninth consecutive week of net inflows. Equity funds, however, saw a net $1.11 billion of outflows, data for a combined 29,677 funds showed.


CNA
2 hours ago
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Dollar question hovers over top central bankers meeting in Sintra
FRANKFURT :A million-dollar question will hang over the world's top central bankers when they meet in Sintra, Portugal, next week: Is the monetary system centred on the U.S. currency beginning to unravel? The central bank heads of the United States, the euro zone, Britain, Japan and South Korea will also have a chance to give their views on how global trade tensions and war in the Middle East are affecting the outlook for inflation and growth at the European Central Bank's annual get-together. But with inflation seemingly under control in most countries, the much deeper issue likely to permeate their discussions is: Could U.S. President Donald Trump's protectionist and unpredictable economic policies bring an end to the system that has ruled global finance for 80 years? "Like everybody else, they are struggling to figure out what kind of world we're heading into," said BNP Paribas chief economist Isabelle Mateos y Lago, who will also attend the forum in the picturesque hill town near Lisbon. "They've probably realised we're not going to get any answers anytime soon. And so the question is: How do you run monetary policy in that kind of environment?" Investors will hope to get some clues when Fed chair Jerome Powell, ECB President Christine Lagarde and the governors of the central bank of Japan, Britain and South Korea sit down for a panel discussion at the ECB's Forum on Central Banking on Tuesday. Among them, Powell will probably be in the hottest seat. He has been under intense pressure from Trump to cut interest rates but he has so far resisted. Any sign that the Fed's independence from the White House is under threat could erode the dollar's status as the world's currency of choice for trading, saving and investing. With his position bolstered by a recent U.S. Supreme Court ruling, Powell is likely to stick to his guns. But he faces an increasingly divided Federal Open Market Committee. Trump may also name Powell's successor well before his term expires next May, potentially undermining Powell's message. "A successor perceived by the market to be more open to accommodating Trump's damaging the independence of the Fed in setting policy," economists at Investec wrote. These fears have driven the dollar down to an almost four-year low of $1.17 against the euro in recent months. EURO'S MOMENT? ECB President Christine Lagarde will be in a relatively novel position for any chief of the euro zone's central bank: promoting the single currency as a bastion of stability. While her predecessor Mario Draghi faced speculation about a collapse of the euro until only a few years ago, Lagarde is capitalising on the dollar's woes to promote "euro's moment". If pessimism about the single currency proved overdone a decade ago, economists - and Lagarde herself - are adamant the European Union has its work cut out if it is to elevate the euro from its status as distant second in the global currency chart. The EU, still more a confederation of states than anything resembling a union, is widely seen as needing greater financial, economic and military integration before it can challenge the dollar's status. A net 16 per cent of 75 central banks surveyed by OMFIF said they plan to increase euro holdings over the next 12 to 24 months, making it the most in-demand currency but still far less popular than gold. "I'm more optimistic about what's happening in Europe than I've been in a long time, but there's no guarantee of success," BNP Paribas' Mateos y Lago said. The central bankers of South Korea, Japan and Britain are likely to face some tricky questions of their own. The Bank of Japan is becoming increasingly cautious about raising interest rates - despite some internal qualms and sticky food-price inflation - due to the expected impact of U.S. tariffs. The Bank of Korea, which had been fearing a flood of cheap Chinese goods, could be forced to end its current easing cycle due to a sudden upswing in the property market. The Bank of England, where three of nine policymakers voted for a cut earlier this month, is also trying to work out whether signs of a slowdown in the labour market will ease still-strong inflation pressures from fast pay growth. "You start to see a lot more division in terms of voting and amongst the economists," KBRA's European Macro Strategist Gordon Kerr said. "I think everybody just needs to be paying attention and be ready to react."