Summarize this content to 2000 words in 6 paragraphs in Arabic One thing to start: The UK\u2019s competition regulator will speed up its investigations in order to try and unlock greater investment into the country, the newly installed chair of the regulator has said.And a scoop: Donald Trump\u2019s Treasury secretary Scott Bessent is pushing for new universal tariffs on US imports to start at 2.5 per cent and rise gradually, according to four people familiar with the proposal.In today\u2019s newsletter:\u00a0The \u2018Sputnik moment\u2019 for AITakeover talks with SGS collapseWhere junior lawyers want to workDeepSeek sparks soul searching in Big TechFew investors or advisers were aware of DeepSeek last week. Yet the Chinese start-up arrived in global markets on Monday morning with a thunderous clap.The company last week revealed its latest in a series of models that match the performance of US rivals, even though it has previously claimed to use far fewer Nvidia chips.\u00a0The apparent efficiency gains in model training have sparked investor doubts about the dominant US tech strategy of pouring hundreds of billions of dollars into a handful of Silicon Valley AI groups to build the most powerful large language models.But the pain started on Monday.\u00a0Global tech and energy stocks capitulated as the news ricocheted across global markets over the weekend. The sell-off started with Asian chipmakers and European semiconductor supply chain stocks, and eventually made its way to Silicon Valley.Shares in California-based Nvidia, one of the biggest beneficiaries of spending on AI chips, plunged almost 17 per cent, wiping out about $600bn of market value, a record loss in value for any company.While the stocks could still rebound this week, some investors suggested the moves were already historic.\u00a0Venture capital investor Marc Andreessen called the new Chinese model \u201cAI\u2019s Sputnik moment\u201d, drawing a comparison with when the Soviet Union shocked the US by putting the first satellite into orbit.Chinese AI companies have been innovating ways to drive down the cost of training and running models, partly in response to Washington\u2019s chip restrictions that have forced them to rely on outdated technology.The first major sign of their success came over the weekend, when DeepSeek shot to the top of Apple\u2019s App Store downloads list in the US.\u00a0Some investors said the market was reassessing whether capital expenditure on AI had been too high in the US, led by companies such as OpenAI, which pledged last week to spend $500bn over four years with SoftBank on AI infrastructure.\u201cIt shows how vulnerable the AI trade still is, like every trade that is consensus and based on the assumption of an unassailable lead,\u201d Luca Paolini, chief strategist at Pictet Asset Management, told the FT.Hedge fund manager Liang Wenfeng started DeepSeek as a side hustle, funded by proceeds from his quant hedge fund called High-Flyer.\u00a0In 2021, Liang ploughed money into buying Nvidia GPUs for his AI ambitions before the chips were banned from export to China.\u00a0One rival founder who knows Liang well said he was \u201ctruly visionary\u201d and \u201cnerdy\u201d. And \u201cunlike other bosses at tech companies, he really understands how the technology works\u201d.The European mega-deal that wasn\u2019tDD and Lex warned you: the \u20ac30bn cross-border takeover talks between Switzerland\u2019s SGS and France\u2019s Bureau Veritas were more complicated than at first glance.When news broke of the discussions a couple weeks ago, the talks were at an advanced stage and just weeks away from agreeing a deal to create a new player in the testing and certification services industry.The market had hopes for a deal, while one source involved said there was \u201creal conviction\u201d for some consolidation in the fast-growing yet fragmented industry.However, on Monday the two groups confirmed their deal talks had ended without an accord. It was SGS that walked away from discussions due to contractual issues, people familiar with the matter told FT\u2019s Adrienne Klasa and DD\u2019s Ivan Levingston. (SGS and Bureau Veritas declined to comment.)This was not the first time that SGS and Bureau Veritas talked about a tie-up.\u00a0Various conversations have taken place over the years between the leaders in the sector without success, but this one looked like it would go the distance for a hot minute.\u00a0Yet there were early signs that the combination \u2014 which would have been welcome for a still-recovering European merger market \u2014 would be difficult to get over the line. For one, DD broke the news that SGS was not the only potential suitor for Bureau Veritas.\u00a0Bureau Veritas called off merger discussions with FTSE 100 group Intertek in late autumn 2024 immediately before commencing the SGS talks.What\u2019s more, Lex wrote at the time that the merger might not have delivered for shareholders. \u201cQuality control merger fails investor smell test,\u201d Lex headlined.Then there\u2019s the history. Both SGS and Bureau Veritas have anchor shareholders in Groupe Bruxelles Lambert and Wendel, respectively.DD can\u2019t help but recall another Swiss-French merger with strong investors, when France\u2019s Lafarge combined with Switzerland\u2019s Holcim to create a global cement leader. That \u201cmerger of egos\u201d has not set the best precedent.\u00a0Young lawyers flock to PEAs growing numbers of UK-listed companies look to move to the US, young lawyers at top London firms are losing interest in working on listings in the city.They increasingly favour roles advising on private equity deals over traditionally prestigious work for publicly listed companies. The rise of private capital and the decline in stock exchange listings are officially reshaping the legal sector.As one co-head of equity capital markets at a \u201cmagic circle\u201d law firm told the FT: \u201cThe lack of [equity capital market] activity, and natural attrition of talent, is resulting in the slow drip-drip loss of ECM expertise \u2014 in the legal sector, and elsewhere.\u201dAt another \u201cmagic circle\u201d firm a partner said that private equity had been oversubscribed in recent trainee rotations.Not surprisingly, legal recruiters also say that there\u2019s a lack of interest in ECM positions these days from younger lawyers. This interest has been eclipsed by private equity and for good reason.The growing influence of high-paying US firms, which have a strong private equity focus, has encouraged junior associates to move into that practice area.The market trend does not look good. Last year the London Stock Exchange suffered its worst year for departures since 2009.Overall, UK ECM activity fell 56 per cent to $31.5bn in the 10 years to 2024, according to Dealogic data. It has barely recovered after a sharp drop in 2022.\u00a0\u00a0Job moves\u00a0Julius Baer has said that its chair Romeo Lacher will step down, in the latest management shake-up at the Swiss wealth manager following a crisis triggered by its exposure to failed property group Signa.Citigroup\u2019s global head of its private banking arm, Ida Liu, announced she\u2019s leaving. It\u2019s not known where she\u2019s heading, but her decision follows a number of other departures by senior women at the bank.\u00a0Doug Emhoff, the husband to the former US vice-president Kamala Harris, will become a partner at law firm Willkie Farr & Gallagher.\u00a0Smart readsSit-down with Lina In an interview with the FT, recently departed Federal Trade Commission chair Lina Khan warned of \u201ccatastrophic consequences\u201d for America if Donald Trump\u2019s antitrust officials fail to scrutinise private equity.Art baron Private equity chief Stephen Schwarzman is stirring the London art market with record purchases, the FT writes. His most recent interest: 18th-century portraits.Price cut The LNG export company Venture Global had grand ambitions of debuting on the public market at an equity value of $116bn, Lex writes. The reality undermines the IPO market\u2019s recovery hopes.\u00a0\u00a0News round-upInvestors offloaded record volume of private equity stakes in 2024 (FT)UK banks clash with Bank of England over rules on loss-absorbing debt (FT)Vanke\u2019s woes reignite fears for China\u2019s property sector (FT)Tesla sues EU over tariffs on electric vehicles from China (FT)Ryanair blames Boeing delay as it cuts passenger forecast (FT)Volkswagen open to Chinese rivals taking over excess production lines in Europe (FT)UK-listed lobby group strikes US deal in consolidation play (FT)<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic One thing to start: The UK\u2019s competition regulator will speed up its investigations in order to try and unlock greater investment into the country, the newly installed chair of the regulator has said.And a scoop: Donald Trump\u2019s Treasury secretary Scott Bessent is pushing for<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-184497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/184497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=184497"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/184497\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=184497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=184497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=184497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}