| We start with a division of opinion over the future of Western Australia’s Pilbara region. Rio Tinto executive Simon Trott has defended the iron ore hub’s prospects, after mining billionaire Andrew Forrest delivered a downbeat message.  Simon Trott, chief executive officer of iron ore at Rio Tinto Group, during the Australian Financial Review Mining Summit in Perth, Australia, on Wednesday, May 21, 2025. Photographer: Matt Jelonek/Bloomberg Bitcoin briefly hit an all-time high after stablecoin legislation in the US stoked hopes of regulatory clarity under President Donald Trump. The largest cryptocurrency climbed as much as 2.7% to a record $109,856, before paring much of the gain while broader financial markets retreated. A high-ranking Bank of America Corp dealmaker who lost his job in March in a round of cuts is awaiting his fate on a second front, as the Justice Department sifts evidence in an insider-trading probe. The US Attorney’s Office in Manhattan has been looking into whether Jason Satsky, who was global head of power, utilities and energy infrastructure investment banking, tipped off someone ahead of an $8 billion takeover announced in 2022, according to people with knowledge of the matter. Meanwhile, LVMH is warning investors and analysts that demand remains soft after the luxury conglomerate missed revenue estimates for the first three months of the year, people familiar with the matter said. With a view to managing expectations, LVMH Moët Hennessy Louis Vuitton SE is putting out cautious signals on second-quarter trends amid lackluster consumer confidence, particularly in China, according to the people, who declined to be identified discussing information that’s not public.  A bag on display at a Christian Dior SE store on Rodeo Drive in Beverly Hills, California, US, on Wednesday, April 30, 2025. Photographer: Eric Thayer/Bloomberg |
