??Apple and Meta to face EU charges under new tech regulations, Nvidia surpasses Microsoft as world's most valuable company and more.

Hello, dear readers! ??We hope you had a great week.? Here's your weekly update on the latest news from finance and markets.

Apple and Meta are expected to face EU charges for not complying with new Digital Markets Act (DMA) rules by summer, according to sources. Boeing CEO Dave Calhoun is set to address a U.S. Senate committee on Tuesday regarding concerns about the company's safety culture following a mid-air emergency involving an Alaska Airlines 737 MAX 9 in January. On Tuesday, Nvidia became the world's most valuable company, surpassing Microsoft, thanks to its leading role in AI technology. Boeing Starliner's return from the International Space Station with its first crew has been delayed to June 26. Boeing Starliner's return from the International Space Station with its first crew has been delayed to June 26, a NASA official said on Tuesday. U.S. banking regulators have rejected Citigroup's "living will", a detailed plan on how the bank would manage a catastrophic failure.

Stay tuned for more updates in the dynamic world of finance and markets! ??

Apple and Meta to face EU charges under new tech regulations

Apple and Meta are expected to face EU charges for not complying with new Digital Markets Act (DMA) rules by summer, according to sources. The European Commission, which began investigating Apple, Meta, and Google in March, considers Apple and Meta priority cases under these rules. The DMA aims to reduce Big Tech's dominance and make it easier for smaller competitors to thrive and for users to switch between online services like social media, browsers, and app stores. EU regulators plan to issue preliminary findings, akin to antitrust charges, before the August break, starting with Apple, followed by Meta. Both companies are accused of practices that restrict competition. Apple’s charges are linked to its App Store policies and fees, while Meta's focus is on its new subscription model for ad-free Facebook and Instagram. The companies can propose solutions before a final decision is made, potentially by November. The EU may fine violators up to 10% of their global annual revenue.

Boeing's CEO will inform the US Congress that the company's culture is not flawless

Boeing CEO Dave Calhoun is set to address a U.S. Senate committee on Tuesday regarding concerns about the company's safety culture following a mid-air emergency involving an Alaska Airlines 737 MAX 9 in January. Calhoun acknowledges the imperfections in Boeing's culture but assures that they are taking steps to improve. He emphasizes the importance of getting things right in the aviation industry. Since the incident, Boeing has faced increased scrutiny from regulators and airlines, leading to management changes. Calhoun will highlight that they have listened to their employees and implemented their suggestions, including bringing in an independent quality expert. Additionally, Boeing is in discussions to re-acquire Spirit AeroSystems, the manufacturer of the 737 MAX fuselage. The Federal Aviation Administration has admitted to being too hands-off in its oversight of Boeing prior to the January incident.

Nvidia surpasses Microsoft as world's most valuable company

On Tuesday, Nvidia became the world's most valuable company, surpassing Microsoft, thanks to its leading role in AI technology. Nvidia's shares rose 3.5% to $135.58, boosting its market value to $3.335 trillion. This came shortly after it overtook Apple to become the second most valuable company. In comparison, Microsoft's market value dropped to $3.317 trillion after a 0.45% dip in its shares, while Apple's value decreased to $3.286 trillion with a 1% drop in its stock. Nvidia's market surge, driven by the AI boom, has pushed the S&P 500 and Nasdaq to new highs, though some investors worry that the enthusiasm for AI might fade if spending on the technology slows down. Nvidia has also become the most traded company on Wall Street, with an average daily turnover of $50 billion, far exceeding the $10 billion each for Apple, Microsoft, and Tesla. Nvidia now represents about 16% of all trading in S&P 500 companies.

Boeing Starliner return delayed to June 26

Boeing Starliner's return from the International Space Station with its first crew has been delayed to June 26, a NASA official said on Tuesday. NASA astronauts Butch Wilmore and Suni Williams launched aboard Starliner on June 5 and reached the ISS after a 24-hour flight, despite facing helium leaks and thruster issues. This mission is crucial for NASA to certify Starliner for regular astronaut missions. The delay gives the team more time to analyze data. The spacecraft can stay docked for up to 45 days and is expected to land in the desert of Utah or New Mexico, depending on weather. The return journey is expected to take about six hours.

US regulators reject Citigroup's "living will" plan

U.S. banking regulators have rejected Citigroup's "living will", a detailed plan on how the bank would manage a catastrophic failure, as reported by The Financial Times. In a private meeting, the majority of the Federal Deposit Insurance Corporation (FDIC) board voted against Citi's plan, citing "deficient" data controls. This decision reflects the FDIC's concerns over Citi's data governance capabilities. Citi has faced long-standing regulatory scrutiny over its data management. In response, the bank stated that it is investing heavily to modernize its infrastructure and enhance data and regulatory reporting processes. While the FDIC's rejection is notable, it is expected to be mostly symbolic since the Federal Reserve is not expected to take similar action. The Fed will release its own analysis of large bank "living will" by the end of the month. Although a "living will" deficiency can lead to severe regulatory actions, such measures only occur if both the Fed and FDIC deem a bank's plan inadequate.

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