AI way or the highway ~ ⛾:Kaffibolla

Still not using artificial intelligence on the job? You better be soon, at least if you count among the 670 financiers working at Norway's $1.8 trillion sovereign wealth fund. "It isn't voluntary to use AI or not," Norges Chief Executive Officer Nicolai Tangen told us in an interview. "If you don't use it, you will never be promoted. You won't get a job."

The executive, who's already frozen hiring, expects AI to boost efficiency across the asset-management industry. Some bankers expect the technology to transform the global economy just as the steam engine did during the 19th century.

Underscoring the mounting industry pressure, Europe's biggest lender dismissed more than two dozen analysts today. HSBC Holdings embarked on one Wall Street's biggest research restructurings after CEO Georges Elhedery pledged to streamline the lender and boost efficiency. --Jonathan Tirone

What You Need to Know Today

Germany dethroned Japan as the world's top creditor nation. It's the first time in 34 years that Tokyo has given up the title. Germany's ascent reflects its substantial current account surplus, which reached €248.7 billion ($282 billion) in 2024 thanks largely to a strong trade performance. It's that very trade surplus that has turned Berlin into a target for the Trump administration. We're told the European Union is seeking to accelerate trade talks with the US and intends to focus on on lowering tariff barriers.

Europe's space race is getting a lift from a billionaire donor to President Donald Trump. Peter Thiel's Founders Fund is adding to its space portfolio by leading a €43 million investment in EnduroSat, a Bulgarian manufacturer of satellites. The startup will use the money to increase next-generation satellite production and open a new manufacturing facility. Meanwhile, Thiel's fellow Silicon Valley billionaire, Elon Musk is preparing an all-hands-style X livestream to discuss his long-term goal of sending humans to Mars.

SpaceX Starship Flight 8 takes off at Boca Chica beach, Texas, on March 6. Photographer: Brandon Bell/Getty Images North America

Tesla continues to tank in Europe, with European car sales roughly halving in April to just 7,261 units. The decline suggests Musk's controversial politics and association with Trump are hurting the brand's popularity. For the first time, Tesla's EV sales were overtaken by BYD. The Chinese carmaker's stock fell today after sweeping price cuts stoked concern of another wave of discounting in the cutthroat electric vehicle market.

French inflation dropped to its lowest level in five years, with consumers in Europe's second-biggest economy spending less on energy and manufactured goods. The subdued data reflect a wider pullback across the 20-nation euro zone, with May readings from the region's biggest economies all expected to come in below the ECB's goal for the first time in eight months.

Fading inflation may embolden policymakers pushing for additional decreases in interest rates to respond to US tariff threats. French President Emmanuel Macron meanwhile traveled to Vietnam to discuss expanding economic ties with southeast Asia.

South Africa's President Cyril Ramaphosa laughed off Trump's Oval Office ambush, in his first comments since returning from his encounter with his American counterpart. "I was bemused," the leader said today during a conference in Cape Town. "I was there thinking what is happening?" Last week's face-to-face meeting marked the first between the leaders following months of tension, after Trump froze aid to South Africa over his claims about attacks on White farmers.

European power firms are rushing to hedge against calm weather. After spending about $380 billion over the past decade to nearly double wind-power capacity in Europe, utilities are now turning to an obscure and little-known market to protect themselves against a prolonged spell of windless days. The derivatives are part of a broader effort to smooth market disruptions. JPMorgan's German unit was fined €500,000 for failing to adequately respond to a power market survey carried out by France's regulator related to soaring prices during the energy crisis.

Planning a summer road trip? Then check out car lovers' tips on how to plan the perfect drive. We've rounded up the very best advice from true open-road enthusiasts who have plenty of sun-drenched, long-day-warm-night excursions under their belts.

Summertime drives are all about going slow, making memories and soaking up the scenery. Photographer: Matt Morris

What You'll Need to Know Tomorrow

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Technology

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Higher Education

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Editorial Board

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ESG

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Greener Living

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For Your Commute

On any given month, Kyoto might receive from 3 million to 4 million tourists, outnumbering locals at least 2 to 1. So it's no wonder that every international hotel brand has been intent on planting its flag in Japan's culture capital. The bevy of luxury labels is so vast it's become harder and harder to sift through the prospects. And with eye-watering prices—a five-star room can easily cost more than $1,000 per night despite the floundering yen—it's a choice most travelers can't afford to get wrong. With that in mind, here's the skinny on a dozen of Kyoto's most talked-about hotels, including the reasons to book and some caveats worth considering.