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25 minutes ago
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China Stops US Commerce Employee From Leaving, Reports Say
(Bloomberg) -- China has stopped an American citizen who works for the US Commerce Department from leaving the nation for several months, according to media reports — an episode that coincides with Beijing and Washington trying to arrange a leaders' summit so they can address their differences on trade. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The Chinese-American individual who works for the Patent and Trademark Office had traveled to meet relatives, the Washington Post reported, citing four people familiar with the matter, who asked not to be identified discussing the sensitive issue. The US sent a very high-level message to Beijing to let the man depart, the newspaper added, citing one person. It said it didn't know the name of the man facing a so-called exit ban, which was put in place over an apparent failure to disclose on a visa application that he worked for the US government. Officials from Beijing and Washington — including in the Commerce Department — are negotiating a trade deal after President Donald Trump hit goods from China with heavy tariffs that he later paused. Trump also wants a meeting with Chinese leader Xi Jinping to sort through their problems, which touch on technology curbs, rare earths and the status of Taiwan. To get the sitdown and a trade pact, Trump has recently softened his harsh campaign rhetoric that focused on the US's massive trade deficit with China and resulting job losses. Earlier this month, US Secretary of State Marco Rubio said after meeting his Chinese counterpart, Wang Yi, that there was 'a strong desire on both sides' for a Xi-Trump meeting. The outlook for such a meeting could be complicated if the episode involving the employee of the US Commerce Department escalates. The incident is somewhat magnified because Wells Fargo & Co. recently suspended travel to the world's second-biggest economy after one of its top trade financing bankers was blocked from leaving. 'These cases in combination are significant and will have a chilling effect on US business travel to China,' said Jeremy Chan, a senior analyst on the China and Northeast Asia team at Eurasia Group, who once worked as a diplomat in China and Japan. 'Given that Trump's team is reportedly planning to bring a group of CEOs along with him for his summit with Xi later this year, these reports may complicate that effort or make US business executives less willing to participate.' The Commerce Department employee, a veteran of the US army, was detained when he arrived in the southwestern city of Chengdu in April, the South China Morning Post reported Sunday, citing a person familiar with the situation. He was being prevented from leaving China because his case was 'related to actions Beijing deemed harmful to national security,' the newspaper reported, though the specifics couldn't be confirmed. Since the man arrived in Chengdu, he had also traveled to the Chinese capital with a US official, the newspaper reported. The Patent and Trademark Office the man works for handles US patents and registers trademarks. It says on its website that its 'mission is to drive US innovation and global competitiveness.' A spokesperson US Embassy in Beijing said that its 'highest priority is the safety and security of US citizens overseas.' It added that 'we track these cases closely, and have raised our concern with Chinese authorities about the impact these arbitrary exit bans have on our bilateral relations and urged them to immediately allow impacted US citizens to return home.' The Foreign Ministry in Beijing didn't respond to a request for comment. China's use of exit bans has been a point of contention between Beijing and Washington in recent years. The US State Department has repeatedly advised citizens to reconsider travel to China based on what it called the 'arbitrary enforcement of local laws, including in relation to exit bans.' The move by Wells Fargo came after Chenyue Mao, an Atlanta-based managing director for the bank who was born in Shanghai, was banned from departing after entering China in recent weeks, according to a person with knowledge of the situation. The case underscores multinational companies' fears about the risks of operating in China, especially in regard to staff safety and restrictions on movement. Among notable incidents in recent years, the Wall Street Journal in 2023 reported a senior executive at US risk advisory firm Kroll was prevented from leaving China. In 2019, Bloomberg reported that a UBS Group AG wealth manager was detained for about three months before returning home. An academic analysis published in 2022, based on data from six governments, found 128 cases of foreign citizens facing Chinese exit bans, with at least a third of the cases driven by business disputes. Chinese law prohibits people suspected of crimes from leaving the country. Chinese citizens judged to have endangered national security can also face exit bans under the country's recently updated espionage law. --With assistance from Catherine Lucey and James Mayger. (Updates with comments from Eurasia Group analyst.) 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Yahoo
25 minutes ago
- Yahoo
Eton Solutions Secures $58M Series C to Bring AI-Driven Wealth Management Technology to the World's Leading Family Offices, PEs and Funds
Navis Capital Partners Leads Round to Accelerate AI innovation and Global Expansion of Solution That 800 Families Use to Manage More Than $1 Trillion in Assets RESEARCH TRIANGLE PARK, N.C., July 21, 2025--(BUSINESS WIRE)--Eton Solutions, the wealth management platform that the world's wealthiest single and multi-family offices rely on to manage over $1 trillion in assets, today announced the finalization of its $58 Million Series C round, which unfolded in two tranches. The raise was led by repeat investor Navis Capital Partners, a leading private equity firm focused on companies in high-growth markets with an edge in their industries. The funding comes as Eton Solutions experiences rapid growth. In the past three years, the company has more than quadrupled its revenue and expanded its client base by 340% across 15 countries. The company's AtlasFive® platform has become the system of record for elite wealth management and is already in use by more than 800 of the world's wealthiest families. The company has made significant investments in artificial intelligence and expanded features to arrive at a holistic solution that's now responsible for managing 130,000 entities, overseeing 205,000+ investments, $65 billion in annual bill payments, and processing more than 14 million annual transactions. It's upon this data-rich foundation that Eton Solutions has developed more than 400 AI use cases. The company will use the funding to fuel product innovation and AI development of its AtlasFive® platform and expand its suite of products targeting the PE and Funds industry. Built on Eton Solutions' decades of wealth management and financial domain expertise, its forthcoming products will serve a broader range of ultra-high net-worth levels, beginning with individuals with $25 million or more in assets. They will also serve a steadily expanding client base for the company, now consisting of Single and Multi-Family Offices, Private Equity firms, Funds, Registered Investment Advisors, Accounting firms, Business Managers and Global Private Banks. The growth of family offices in the U.S., UK, Switzerland, APAC and the UAE. In recent years, the growth of ultra-high-net-worth families and individuals has resulted in a significant expansion of family offices globally. According to Deloitte, the number of single-family offices worldwide hit 9,030 last year and will reach 10,720 by 2030. While North America currently has the largest number of family offices, Asia Pacific is expected to outpace it in terms of growth speed by 2030. Eton Solutions, with a U.S. headquarters in North Carolina and international headquarters in Singapore, has a substantial presence in North America, Asia Pacific, Europe and the Middle East. It is well positioned–both physically and strategically–to cater to this growth and the resulting demand. "Our total addressable market is increasing every year, and our technology is expanding to meet it," said Satyen Patel, Executive Chairman at Eton Solutions. "We've built an ecosystem that is uniquely able to meet every wealth management need–and has the security, privacy, workflow and data foundation necessary to do so–all in one place. Our focus as we enter our second decade is reimagining how wealth managers across the board manage liquid and alternative investments for their clients–whether one or many. This investment will let us super charge our expansion to meet the growing markets and their demand for AI-driven efficiencies that create even more value." Over the last ten years, the company has invested $50 million in the development of its core and upcoming product releases. This year, it hosted its first ever global client summit, attracting 75 representatives from more than 40 family offices from around the world. The company has 425 employees. Navis Capital Partners, which manages over $5 billion in assets, cited Eton's unique position in the market as key to their investment decision. "We've witnessed how Eton's technology enables family offices to achieve unprecedented efficiency and insight," said Rajendra Pai, Partner at Navis Capital Partners. "Their platform has become an essential infrastructure for managing complex wealth at scale. We're excited to continue supporting their growth and innovation." Eton Solutions has built a prestigious international client base, including the founders of the world's leading technology companies, hotel groups, oil and energy companies, entertainment groups, investment firms and more. Its all-in-one technology platform seamlessly connects all data, services and stakeholders within single and multi-family offices–replacing and streamlining a workflow previously made up of several disparate point solutions and manual processes. The company's ERP platform is additionally used as a white-labeled solution by Institutional clients who manage complex liquid and alternative investments for their clients. View source version on Contacts Media Contact:Ritika Kar | | +91 97113 06380Mudit Gupta | | +91 8383922178 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
25 minutes ago
- Yahoo
Alaska Airlines grounds all flights after IT outage
Alaska Airlines has grounded its planes following an IT outage. The carrier said it experienced the outage impacting its operations at around 8pm Pacific time on Sunday (4am Monday UK time). It did not specify the nature of the outage. "We requested a temporary, system-wide ground stop for Alaska and Horizon Air flights until the issue is resolved," the Seattle-based airline said in a statement. Horizon Air is the regional subsidiary operating Alaska Airlines flights. Alaska Airlines apologised for the ground stop of its flights and warned of "residual impacts to our operation throughout the evening". "Please check the status of your flight before leaving for the airport," it added. Read more from Sky News:Man who died in MRI was wearing weight-lifting chainTrump diagnosed with chronic venous insufficiency Alaska Air Group maintains an operational fleet of 238 Boeing 737 aircraft and 87 Embraer 175 aircraft, according to its website. In June, Hawaiian Airlines, which is also owned by Alaska Air Group, said some of its IT systems were disrupted by a hack. The firm said it was still trying to determine the financial impact of the incident.
