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Billionaires’ wealth grew by 25% on average in the year ended in April, research from Swiss bank UBS findsBusiness live – latest updatesThe number of billionaires in the world has jumped by 13% to a record 3,302 people, new figures show, as the super-rich accumulate wealth at an accelerating rate.Billionaires’ wealth grew by 25% on average in the year ended in April, compared with a 10.8% rise in average personal wealth around the world, the Swiss bank UBS found. Continue reading...

• TechnoMile COO Mick Fox highlights a new Forrester report, "The Contract Lifecycle Management Platforms Landscape, Q2 2026," which analyzes the current state of the CLM industry. • The report confirms a significant industry shift toward post-signature governance, emphasizing that value is created through active contract management rather than just the initial drafting phase. • This trend is particularly critical for federal contractors who must navigate complex regulatory environments and long-term performance requirements.

• South Korea has unveiled a massive $880 billion strategic plan to secure dominance in the AI chip market and compete with the US, China, and Taiwan. • The initiative leverages the nation's existing strength in advanced manufacturing and memory chip production for smartphones, computers, and AI servers. • This move is driven by the soaring global demand for computing power and the critical need for technological leadership in the semiconductor industry.

• The Bank for International Settlements (BIS) has warned that while AI supports global growth, the massive trillion-dollar spending on infrastructure and opaque financing could pose a systemic risk to financial stability. • Key concerns highlighted by the BIS include rising debt levels and the potential for financial instability stemming from the rapid, high-cost expansion of AI technologies. • In response to operational risks, the Reserve Bank of India (RBI) has mandated that banks and regulated entities conduct board-approved gap assessments on AI-related cybersecurity threats.

• The Communist Party of China (CPC) is emphasizing the role of political parties in the Global South as essential drivers for global governance and modernization. • During discussions, the CPC highlighted its commitment to fostering friendly cooperation with parties in developing nations to promote economic growth and public welfare. • Tamara Duisenova, former Kazakh deputy prime minister, noted that the mission of political parties extends beyond elections to building a social consensus on the future.

• Global financial firms are shifting their Asia-Pacific expansion focus toward South Korea, according to a recent survey conducted by ASIFMA and KPMG. • This strategic pivot is driven by South Korea's regulatory clarity, stable policy environment, and emerging capital market opportunities. • Conversely, firms are adopting a more cautious stance regarding investments in China and India due to operational challenges and geopolitical risks.

• The Bank for International Settlements (BIS) has warned that the current spending boom in artificial intelligence could create significant instability in global financial markets. • The report highlights risks stemming from inflated stock valuations, rising corporate borrowing, and unsustainable growth expectations for firms leading AI development. • This trend matters because a potential "debt boom" and a failure to meet growth targets could rattle markets, similar to previous tech speculation bubbles.