Saudi Aramco CEO warns of severe oil market losses
Amin Nasser, CEO of Saudi Aramco, warned that the global oil market could lose 100 million barrels per week if the Strait of Hormuz remains closed, with an estimated 1 billion barrels already lost due to ongoing disruptions. He stated that normalization of the market may not occur until 2027 if the closure persists, as over 600 ships, primarily oil tankers, are currently stranded in the region. Meanwhile, Adnoc Gas projected a decrease in its second-quarter net income by $400 million to $600 million due to the impact of the closure.
Sony Music Publishing to Acquire Recognition Music Group for $4 Billion
Sony Music Publishing has agreed to acquire Recognition Music Group's complete catalog from funds managed by Blackstone for nearly $4 billion, gaining ownership of over 45,000 songs by prominent artists including Beyoncé, Lady Gaga, and Leonard Cohen. This transaction is part of a partnership with GIC, aimed at expanding high-quality music catalog assets globally.
Amazon acquires Globalstar for $11.57 billion
Amazon announced an $11.57 billion acquisition of Globalstar to enhance its satellite business and compete with SpaceX's Starlink network. The deal will enable Amazon to deploy thousands of satellites through its Amazon Leo project, aiming for a next-generation satellite system by 2028. Currently, Starlink operates over 10,000 satellites, while Amazon's Leo has around 200, necessitating significant production increases to meet its goals.
Santa Clara County sues Meta over fraudulent ads
Santa Clara County filed a civil lawsuit against Meta Platforms Inc. on May 12, 2026, accusing the company of profiting from billions of fraudulent advertisements on its platforms, including Facebook and Instagram. The complaint alleges that Meta's algorithms targeted vulnerable users with scam ads and that the company may have earned up to $7 billion annually from such advertisements. The county seeks restitution, civil damages, and changes to Meta's advertising practices.
