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Politics

Elon Musk emerges as top funder for U.S. Republicans as SpaceX federal awards surge

Elon Musk has spent about $366 million on at least 40 U.S. midterm election contests, emerging as the largest individual donor, while SpaceX won $6.78 billion in federal government work over the same period. Filings show much of the spending flowed to Republican groups and America PAC. With Congress overseeing budgets and regulation, attention is focusing on how election outcomes could affect Musk-linked companies, contracts and probes.

AI & Enterprise

US removes DeepSeek from government systems; China says it will not stand idly by

China pushed back after the United States barred the use of products from Chinese AI startup DeepSeek in federal civilian agencies’ IT systems and ordered their removal. The U.S. Department of Homeland Security also banned new procurement of DeepSeek-related products and services. A notice cited threat pathways and concerns that servers in China could allow access to sensitive U.S. data. China’s foreign and commerce ministries condemned the move and vowed countermeasures.

Finance

Visa wins PBOC preparatory approval for China card clearing unit

Visa has received approval from the People’s Bank of China to begin preparations to set up a bank card clearing institution in China through its wholly owned unit, Visa Information Technology Beijing. The approval is a preliminary step and does not allow immediate operations. The report said Visa must complete preparations within a year and then apply for a formal licence. American Express and Mastercard previously obtained clearing licences from the PBOC.