Goldman Sachs is preparing to lift the bonus cap imposed on hundreds of British employees during the EU era. Some successful and highest-paid traders and investment bankers are expected to receive future bonuses of several times their basic wages. Goldman Sachs Group International CEO Richard Gnodde announced the initiative internally on Thursday, a person familiar with the matter said. A Goldman Sachs spokesperson said, “This move allows us to more flexibly manage fixed costs throughout the cycle and pay for performance. It brings the UK closer to the practices of other global financial centers to support the UK as an attractive place for talent.” The UK earlier limited bonuses to twice the basic wage, but now abolishing this rule means that the London financial industry can begin to readjust wages.

According to BYD Auto, the BYD Destroyer 05 Honor Edition sold 32,800 vehicles in April, with sales exceeding 10,000 for two consecutive months.

According to the Cathay Pacific Junan Research Report, the Federal Reserve's interest rate meeting in May 2024 kept interest rates unchanged and slowed down the pace of contraction. Powell expressed that there is a possibility that interest rates will not be cut during the year. The overall statement was “hawk” compared to the previous period. We believe that subsequent interest rate cuts may begin in the fourth quarter as the month-on-month downward trend in inflation becomes more certain, as US consumption is constrained and real estate and inventories are weak upward. The number of interest rate cuts is not the key; it is even more critical. It is expected that in the short term, there will still be a game about whether to cut interest rates during the year, but inflation is still sticky, and it is difficult to determine when to cut interest rates. US stocks may still be in tight trading. It is expected that US stocks will still have downward risks in the second quarter, and there is still an upward risk in US bond interest rates.

Investment fund All Blue Capital's series of failed stock transactions may have left Nomura Holdings and Mizuho Financial Group facing potential losses of more than $100 million. According to New York legal documents and sources familiar with the matter, All Blue, led by trader Matt Novak, made a series of false short bets with multiple counterparties earlier this year and allegedly was unable to settle these deals. Documents show that the fund's two contracts entered the liquidation phase in the British Virgin Islands in March. People familiar with the matter said that the fund's failure to settle bets triggered a series of events, causing Tokyo-based Nomura Securities to lose 14 billion yen (US$89 million). According to documents, Mizuho claims that All Blue owes $19 million has not yet been repaid as part of Mizuho's legal action in New York. The scale of potential losses has prompted outsiders to question the risk management practices of Japan's two largest banks.

Microsoft recently released a new transparency report outlining the various measures formulated and deployed in 2023 to responsibly release various generative products. In the “Responsible Artificial Intelligence Transparency Report”, Microsoft introduced achievements in the safe deployment of artificial intelligence products, created a total of 30 responsible artificial intelligence tools, expanded responsible artificial intelligence teams, and required teams developing generative artificial intelligence applications to measure and map risks throughout the development cycle. It's also expanding its Red Team (penetration testing team) work to include internal Red Team, which deliberately attempts to bypass security features in its artificial intelligence model, and Red Team apps to allow third-party testing before releasing new models.

After a lapse of nearly 4 years, the Beijing International Auto Show restarted. The auto show is a window where you can see not only changes in technology and products, but also the confidence of Chinese companies and entrepreneurs. Some netizens said that people who say China has excess production capacity should really visit the Beijing Auto Show. Not only is there no so-called “overcapacity” there, but it also nurtures new hope for global green development.

Dama released a research report stating that while maintaining the Hong Kong Stock Exchange's “reduced holdings” rating, the target price was raised from HK$221 to HK$223. The forecast was updated after the Hong Kong Stock Exchange's first quarter results were announced, and the earnings per share growth forecast for 2024 to 2026 were slightly raised by 1.1%, 0.8% and 0.8%. Due to the Hong Kong Stock Exchange's increase in manpower and salary adjustments, the bank raised its total expenditure assumptions from 2024 to 2026 by 4.8%, 4.5% and 3.1%, respectively, leading to a decline in EBITDA profit margin, from 72.3% in 2023 to 70.5% in 2024.

On May 3, the National Development and Reform Commission published an article on its WeChat account. For some time now, some country officials and media have blatantly criticized China's “overcapacity” of new energy products, paving the way for them to engage in unilateralism and implement trade protection policies. In fact, whether judging from the international division of labor, global supply and demand, or market rules, the so-called “overcapacity” of China's new energy products is nothing but a topical trap carefully concocted by some countries to use this as a reason to implement trade protection measures. The results will not only not benefit themselves, but will also disrupt the stability and smooth flow of the global industrial chain supply chain, damage the world economy and trade growth, and drag down the pace of the green transformation of the global economy.

We learned from China Railway Group that on May 2, railways across the country sent 17.592 million passengers, and transportation was safe, smooth and orderly. Today, railways across the country are expected to send 16.15 million passengers and arrange to open 797 additional passenger trains. (CCTV News)

As of press release, Xiaopeng Automobile-W is up 8.78%, Ideal Automobile-W is up 6.04%, Zero Sports Auto is up 4.32%, and Geely is up 3.04%.