TechCrunch : Murder at Burning Man turns Silicon Valley’s desert playground into

Murder at Burning Man turns Silicon Valley’s desert playground into a crime scene

A homicide investigation has rocked the final days of Burning Man after a man was found dead “lying in a pool of blood” Saturday night at the Nevada desert festival, according to the Pershing County Sheriff’s Office. According to the New York Times, the grim discovery occurred around 9:14 p.m. just as the festival’s iconic wooden “Man” effigy began its traditional burn.

The victim, described as a white adult male whose identity remains unknown, was found by a festival participant who flagged down a deputy. Sheriff Jerry Allen confirmed that deputies, Bureau of Land Management rangers, and local rangers immediately secured a perimeter while the Washoe County Sheriff’s Office forensic team collected evidence.

The murder comes as Burning Man long ago evolved from a countercultural gathering into a networking hub for Silicon Valley’s tech elite. Tesla CEO Elon Musk once declared that “Burning Man is Silicon Valley,” and Mark Zuckerberg famously helicoptered in to serve grilled cheese sandwiches. Amazon’s Jeff Bezos has also made the desert pilgrimage.

But perhaps no tech leaders have deeper ties to the festival than Google founders Larry Page and Sergey Brin, who have been devoted attendees for years. Their connection reportedly runs so deep that long before Google Doodles became known for celebrating holidays, the very first Google Doodle was launched on August 30, 1998 to tell users that Page and Brin were out of office at Burning Man.

This homicide investigation marks the latest in a series of bizarre incidents at the festival over its 38-year history. In 2017, a man died after throwing himself into the burning effigy, while deaths from motorcycle crashes and vehicle accidents have occurred since the 1990s. In another strange twist, last week, a baby named Aurora was born at the festival to parents who had no idea they were expecting.

The investigation faces unique challenges as Sheriff Allen noted it’s “a complicated investigation of a crime in a city which will be gone by the middle of the week.” With the festival scheduled to end Monday and the traditional exodus of 70,000 attendees beginning, authorities may face pressure to extend the timeline or restrict departures to preserve the crime scene and conduct interviews.

“Although this act appears to be a singular crime, all participants should always be vigilant of their surroundings and acquaintances,” the sheriff’s office warned, as the temporary desert metropolis prepares for its annual dismantling.

>>> Europe : Brokers Upgrades & Downgrades - 1st of September 2025 V2(+)

>>> Up
* BT PT Raised to 140 pence from 130 pence at Citi
* Kojamo Raised to Buy at Van Lanschot Kempen; PT 12 euros (+)
* Konecranes Raised to Buy at Goldman; PT 95 euros
* Nordea Bank Raised to Buy at SEB Equities; PT 15.36 euros
* Paramount Skydance Raised to Buy at CFRA
* Paramount Skydance Raised to Buy at CFRA on Management Team
* Seadrill PT Raised to $40 from $36 at Citi
* Shurgard Raised to Equal-Weight at Morgan Stanley
* SocGen Raised to Buy at Deutsche Bank; PT 63 euros (+)
* TeamViewer Raised to Buy at BofA; PT 16.30 euros
* VAT Raised to Buy at Goldman; PT 308 Swiss francs

>>> Down
* Amadeus Cut to Underperform at BofA; PT 69 euros (+)
* Canatu Cut to Accumulate at Inderes; PT 10 euros
* Evonik Cut to Hold at Bankhaus Metzler; PT 19 euros (+)
* Handelsbanken Cut to Hold at SEB Equities; PT 130 kronor
* Newmont Corp Cut to Neutral at Macquarie; PT $72
* Northern Ocean Cut to Neutral at Clarksons; PT 6 kroner (+)
* Orsted PT Cut to 175 kroner from 255 kroner at BofA (+)
* ProSieben Cut to Sell at M.M. Warburg; PT 6.80 euros (+)
* Ringmetall SE Cut to Hold at SMC Research; PT 5.20 euros (+)
* Segro Cut to Equal-Weight at Morgan Stanley
* Shaftesbury Capital Cut to Equal-Weight at Morgan Stanley
* Simon Property Cut to Hold at Stifel; PT $179
* SmartCraft Cut to Hold at ABG; PT 28 kroner
* Super Micro Computer Cut to Hold at GF Securities; PT $42

>>> Initiation
* AdvancedAdvT Rated New Buy at Shore Capital; PT 240 pence
* Coor Rated New Buy at Pareto Securities; PT 56 kronor (+)
* SoftwareONE Rated New Buy at Arctic Securities

>>> Call
* Goldman’s Bell Says the Case for European Stocks Remains Strong
* Tesco PT Boosted at JPMorgan, Placed on Positive Catalyst Watch
* Unite New Property Top Pick at Morgan Stanley, Shurgard Upgraded

FT : Milan: London in the 1990s — with a dolce vita twist

FT : Milan: London in the 1990s — with a dolce vita twist

Throngs of wealthy newcomers have arrived in Milan including Nassef Sawiris, Egypt’s richest man, Richard Gnodde, vice-chair of Goldman Sachs and Yoël Zaoui, co-founder of advisory boutique Zaoui & Co. Rolly van Rappard, co-founder of private equity group CVC Capital Partners, is weighing a move. 

They are just the tip of the iceberg. Milan’s charm and a friendly tax regime have lured several thousand foreigners to Italy’s financial centre, write Harriet Agnew, Josh Spero, Ortenca Aliaj and Silvia Sciorilli Borrelli. 

New foreign residents — or a returning Italian who has lived abroad for at least nine years — can pay a flat tax of €200,000 a year on any foreign income and assets for up to 15 years and be fully exempt from inheritance tax on foreign assets during that period. What’s more, over 100,000 people have benefited from a scheme for those arriving from overseas that gives a 50 per cent reduction on taxable Italian income, with most moving to Milan.

Italy’s fiscal sweeteners come as the UK has abolished its 226-year-old rules for non-domiciled residents, exposing their overseas assets to a 40 per cent inheritance tax and their foreign income and gains to the wider British regime. Tax on carried interest — private equity managers’ profits on successful deals — has in effect also risen to 34 per cent in the UK, while Italy has a flat rate of 26 per cent.

Asset managers are moving too. As part of a wider European expansion, alternatives firms including CVC, Preservation Capital and Ares have been opening and expanding offices in Milan in recent years, joined by hedge funds, including Capstone Investment Advisors and Steve Cohen’s Point72 Asset Management.

But it’s not all good news. The influx of wealthy foreigners has caused friction with locals as property and rental prices have soared, while a corruption probe is under way over some redevelopment in the city’s most exclusive neighbourhood.

FT : Xi Jinping outlines China’s ambition to reshape world order in showpiece su

Xi Jinping outlines China’s ambition to reshape world order in showpiece summit
Shock-and-awe ‘victory day’ military parade this week seeks to recast second world war narrative

Xi Jinping has called on Russia, India and other countries in the region to join China in leveraging their economic influence to challenge the west at a time of rising geopolitical and trade tensions.

The Chinese president, hosting a regional security forum, told more than 20 leaders that with the world undergoing “turbulence and change”, they needed to uphold an “orderly multipolar world”.

This included championing free trade and “a more just and reasonable global governance system”, in a clear challenge to the current US-led system.

“We should expand the scope of co-operation, make the most of each country’s unique strengths, and shoulder together the shared responsibility of promoting regional peace, stability and prosperity,” Xi told world leaders including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi on Monday.

Beijing is using the two-day meeting in Tianjin, northern China, as a chance to showcase itself as a pillar of global governance in contrast to the administration of US President Donald Trump, whose tariffs have hit friends and foes alike in the region.

Xi has held multiple bilateral meetings on the sidelines of the summit, including with Modi, and will meet Putin on Tuesday.

The Chinese leader outlined plans loans and grants and reiterated China’s calls for a new regional development bank.

The meeting of the Shanghai Cooperation Organization security group coincides with the 80th anniversary of Japan’s defeat in the second world war, which China will mark on Wednesday, as Beijing seeks to recast history with itself in the role of guardian of the postwar international order.

Putin, North Korea’s Kim Jong Un and a score of leaders including those of Iran, Myanmar and Pakistan will also attend a lavish parade where China will show off military hardware.

While the weaponry and the presence of countries considered pariahs in the west will draw attention and concern, Beijing’s underlying goal is more subtle, analysts said.

Xi wants to amplify China’s role in the second world war and the ensuing peace, when the new global order was established under the auspices of the UN. He also wants to use the anniversary to reinforce China’s claims of sovereignty over Taiwan, and its standing among developing countries as an alternative leader to the US.

As Trump shakes up the multilateral system, Beijing sees an opportunity to reinterpret the international order and advance its ambition of a multi-polar world, analysts said.

The victory day anniversary is a vehicle for that narrative, with Xi on Monday Xi calling on countries to promote the “correct” perspective of the second world war.

“It’s a good global context for China to use this moment to say: ‘Hey, you know, here we are, the originator of multilateralism — now we’re taking multilateralism in a new inclusive direction’,” said David Bandurski, director of the China Media Project and an expert on Chinese propaganda.

For Beijing, an important first step is to reshape common narratives about China’s role in the Allied victory in the second world war and play down the US contribution, analysts said. China dates its “war of resistance against Japanese aggression” to 1931 — a decade before the US entered the conflict.

“China and the Soviet Union were the principal theatres of that war in Asia and Europe respectively,” Xi wrote ahead of a visit in May to Moscow, where he watched Russia’s Victory Day parade alongside Putin, who he has called his “old friend”. 

“The two countries served as the mainstay of resistance against Japanese militarism and German Nazism, making pivotal contributions to the victory of the World Anti-Fascist War,” Xi said.

For Beijing, part of its effort to shift the US-led “rules-based international order” is aimed at reinforcing its claims over Taiwan.

In Xi’s last second world war anniversary speech in 2015, he did not mention Taiwan. Communist party propaganda that year acknowledged the role of China’s wartime Kuomintang nationalist government.

That was due to improving relations at the time between Beijing and a KMT-led government in Taiwan, where the nationalists fled in 1949 after losing a civil war with the Communists. The nationalists had taken the main role in fighting Japan, and their government led the postwar negotiations.

This year, the Communist party is pushing hard on the narrative that they were the central pillar in the war of resistance against Japan

Since 2015, China has also become more aggressive towards Taiwan, holding extensive military exercises, particularly after last year’s election of Democratic Progressive party President Lai Ching-te, whom Beijing considers a dangerous separatist.

Beijing roots its claims over Taiwan in two Allied wartime arrangements — the Cairo and Potsdam declarations — that called for Taiwan to be returned from Japan to China after the conflict.

This year, it linked these pacts for the first time to the UN’s 1971 “derecognition” of Taiwan’s then-KMT government to support Beijing’s sovereignty claim over the island, said Chang Wu-Ueh, director of the Center for Cross-Strait Relations at Taiwan’s Tamkang University.

“China’s sovereignty claims . . . are profoundly connected to its support for the UN as the core organization of postwar global governance,” Kainan Gao and Margaret Pearson wrote in a paper for the Brookings Institution.

Such narratives are disputed in the west. The US, by contrast, cites the 1951 Treaty of San Francisco — in which the Allies formally ended the war with Japan — which left open the question of to whom Tokyo should cede control of Taiwan. Beijing rejects this treaty.

And while experts acknowledge China’s immense sacrifices, “you have to acknowledge that in the end, the Pacific war between the US and Japan is the one that’s decisive in terms of ending the war”, said China historian Rana Mitter. The Soviet Union also largely sat on the sidelines due to a non-aggression pact with Japan.

For many in the west, Wednesday’s victory day parade itself — and the attendance of leaders such as Putin amid Russia’s full-scale war in Ukraine — will undercut Beijing’s message as champion of stability and multilateralism.

“Beijing’s attempts to take advantage of Trumpian chaos to shore up its international image has its limits,” said Amanda Hsiao, director for China at consultancy Eurasia Group.

“In this case, it will be undercut by a massive display of military hard power and its close ties and narrative alignment with Moscow.”

Ultimately, however, the parade and Xi’s efforts to change the narrative of the war are mainly aimed at a domestic audience and partners in the global south, not the US and its allies. 

“This is a good way to show the party domestically, internally, that Xi Jinping and the current leadership of the politburo standing committee is strong and globally respected,” said Bandurski.

>>> What to look at today - 1st of September 2025

Asian equities came under pressure after a tech selloff hit Wall Street Friday, with chip shares among the losers. Hong Kong was an outlier as Alibaba Group Holding Ltd. surged. The MSCI Asia Pacific Index slipped 0.2% with chipmakers pushing the Nikkei-225 index down by 1.8%. Samsung Electronics Co. and SK Hynix Inc. slid after the US revoked China chip-gear permits. A gauge of technology shares in Hong Kong jumped as much as 2.6% with Alibaba surging 17% and lifting shares in the broader AI sphere, including Baidu Inc. and Tencent Holdings Ltd.
Silver reached its highest since 2011 while gold gained for a fifth day, trading around $3,475 an ounce. Indonesian stocks tumbled the most in nearly five months amid political instability. Equity-index futures for the US pared initial gains to trade flat, with the market closed Monday for Labor Day. On Friday, a federal appeals court ruled President Donald Trump’s sweeping trade tariffs were illegal. Asian markets followed Wall Street lower after Nvidia Corp.’s slide Friday and a weak outlook from Marvell Technology Inc., snapping a tech-fueled rally that has lifted markets since April. Still, Alibaba’s surge reaffirmed the view that China’s tech sector is starting to close the gap with US peers in core areas such as AI, said Charu Chanana, chief investment strategist at Saxo Markets. It’s a crucial time for equities and the next few weeks will give Wall Street a clear reading on whether the stock market rally will continue — or if it’s doomed to get derailed. Jobs reports, a key inflation reading and the Federal Reserve’s interest rate decision all hit over the next 14 trading sessions, setting the tone for investors as they return from summer vacations.  The events arrive with stock market seemingly at a crossroads as the S&P 500 Index heads into September, historically its worst month of the year. September’s record remains on traders’ minds “but few managers will liquidate core holdings on seasonality alone,” Chris Weston, head of research at Pepperstone Group, wrote in a note.  Political risks in Southeast Asian markets are also back in focus. Indonesia’s President Prabowo Subianto canceled a trip to China after deadly unrest over living costs and inequality, with protesters targeting the finance minister and several lawmakers. In Thailand, parties are jockeying to form the next government following the disqualification of Prime Minister Paetongtarn Shinawatra. Meanwhile, Fed Bank of San Francisco President Mary Daly suggested policymakers will be ready to lower interest rates soon, adding that inflation stemming from tariffs will likely prove temporary.
In commodities, oil declined after capping a monthly drop, with traders focused on concerns over a potential glut and geopolitical tensions. Traders are assessing whether India will yield to US pressure to end crude imports from Russia after Washington imposed secondary tariffs against the South Asian nation.

Nikkei -1.649% Hang Seng +1.99% CSI +0.43% Shanghai +0.31% Shenzen +0.56%

Eur$ 1.1705 CNH 7.1278 CNY 7.1316 JPY 146.98 GBP 1.3519 CHF 0.7998 RUB 81.0603 TRY 41.1421 WTI$ 63.74 -0.42% Gold 3,473 +0.75% BTC 107,515 -1.49% ETH 4,389 -1.47%

S&P -0.08% Nasdaq -0.13% EuroStoxx +0.17% FTSE +0.00% Dax +0.16% SMI +0.06%

Macro :
- China Factory Activity Slump Continues Despite Tariff Relief
- ECB’s Rehn Sees Risk of Inflation Easing, Helsingin Sanomat Says
- Margin Regime Change Arrives for $4 Trillion Options Market
- EU to tap entire €150bn loans-for-arms programme, France, Italy, Spain and Poland among countries requesting support from project designed to spur defence spending - FT
- US Approves Possible $8.5b Military Sale to Denmark
- US Approves Possible $150m Sale of Satellite Gear to Ukraine
- Junk Bonds Are on a Tear This Summer, Investors are piling back into funds that buy junk-rated corporate bonds and loans, despite elevated default rates - WSJ
- Yemen’s Houthis Say PM Was Killed in Israeli Strike Thursday

Keep an eye on :
- ABVX FP : Hedge Funds Scored Big Wins in July on French Biotech Company Abivax -- WSJ
- ABVX US : Macquarie Healthcare Adds Abivax, Cuts Eli Lilly
- 9988 HK : BABA US : Alibaba Shares Soar Most Since 2022 After Making Headway in AI +18.6%
- BA/ LN :UK secures largest ever warship deal from Norway, The £10bn agreement will deliver major boost for British defence industry and Glasgow shipyards - FT
- BAYN GY : Bayer, Merck Heart Drug Vericiguat Didn’t Meet Key Goal in Trial
- BIIB US : Biogen Gets FDA OK for at-Home Version of Alzheimer’s Drug
- BP/ LN : US Seeks Changes to BP’s Proposed New Gulf Oil Project
- B¨/ LN : UK Can Get More From Oil, Gas With Faster Tax Change, Lobby Says
- 1211 JK : BYD : -6.21%
- CAT US : Caterpillar Offers to Buy RPMGlobal for A$5.00/Share Cash
- CPI AV : CPI Europe to Buy Czech Residential Portfolio From CPIPG
- DD US : DuPont Agrees to Divest Unit That Makes Kevlar for $1.8b
- EDF FP : EDF Workers Plan Strike as France Political Crisis Deepens
- EQNR NO : Equinor to Participate in Orsted Rights Issue
- 4523 JP : Eisai and Biogen Self-Injected Alzheimer Drug Wins US Approval
- FLYY US : *SPIRIT AVIATION SHARES HALTED AFTER DROPPING 46% POST MARKET
- GSK LN : GSK Treatment Granted Orphan Drug Status by FDA
- IMPN SW : Implenia Wins Construction Contracts in Germany Worth >€200M
- IFX GY : Trump’s Tariff regime has created deep uncertainty for chip industry: Infineon
- INTC US : Intel Receives $5.7b in Accelerated Funding From US Govt Deal
- Koenigsegg IPO : Koenigsegg Chair Says Firm Considers Future Listing, DI Reports
- KHC US : Kraft Heinz Nearing Breakup Announcement as Soon as Next Week, Sources Say -- WSJ
- MC FP : Tiffany and Louis Vuitton Sites Are Coming to LA’s Rodeo Drive
- MB IM : Paschi Board May Decide to Raise Mediobanca Bid: Repubblica
- MRK US : Bayer, Merck Heart Drug Vericiguat Didn’t Meet Key Goal in Trial
- NIO US : 9866 HK : +2.87%
- OS US : OneStream Shares Rise on Betaville ‘Uncooked Alert’ on M&A
- ORCL US : Oracle billionaire’s institute gives Oxford major grant for AI vaccine research
- ORSTED DC : Equinor to Participate in Orsted Rights Issue
- RNO FP : French August New Car Registrations Rise 2.2%: PFA Association
- RR/ LN : Rolls-Royce Mulls Funding Options for Reactor Unit, FT Says
- SAN FP : Sanofi’s Wayrilz Approved in US for Immune Thrombocytopenia
- SB1NO NO : Unite New Property Top Pick at Morgan Stanley, Shurgard Upgraded
- S US : SentinelOne Sparks Takeover Speculation With Strong Outlook And AI Differentiation
- 000660 KS : Samsung, SK Hynix Sag After US Revokes China Chip Gear Permits
- Stada : CapVest Is Said to Near €10 Billion Deal for Drugmaker Stada
- TSLA US : Tesla Sees South Korean Retail Exodus as Crypto’s Allure Grows
- UHR SW : Swatch CEO Hayek Rules Out Taking Company Private: FAZ
- 9868 HK : XPeng Year to Date Deliveries 271,615 Units Vs. 77,209 Y/y -0.60%

>>> Europe : Brokers Upgrades & Downgrades - 1st of September 2025

>>> Up
* BT PT Raised to 140 pence from 130 pence at Citi
* Konecranes Raised to Buy at Goldman; PT 95 euros
* Nordea Bank Raised to Buy at SEB Equities; PT 15.36 euros
* Paramount Skydance Raised to Buy at CFRA
* Paramount Skydance Raised to Buy at CFRA on Management Team
* Seadrill PT Raised to $40 from $36 at Citi
* Shurgard Raised to Equal-Weight at Morgan Stanley
* TeamViewer Raised to Buy at BofA; PT 16.30 euros
* VAT Raised to Buy at Goldman; PT 308 Swiss francs

>>> Down
* Canatu Cut to Accumulate at Inderes; PT 10 euros
* Handelsbanken Cut to Hold at SEB Equities; PT 130 kronor
* Newmont Corp Cut to Neutral at Macquarie; PT $72
* Segro Cut to Equal-Weight at Morgan Stanley
* Shaftesbury Capital Cut to Equal-Weight at Morgan Stanley
* Simon Property Cut to Hold at Stifel; PT $179
* SmartCraft Cut to Hold at ABG; PT 28 kroner
* Super Micro Computer Cut to Hold at GF Securities; PT $42

>>> Initiation
* AdvancedAdvT Rated New Buy at Shore Capital; PT 240 pence
* SoftwareONE Rated New Buy at Arctic Securities

>>> Call
* Goldman’s Bell Says the Case for European Stocks Remains Strong
* Tesco PT Boosted at JPMorgan, Placed on Positive Catalyst Watch
* Unite New Property Top Pick at Morgan Stanley, Shurgard Upgraded

>>> Stoxx 600 Pre-Market Indications

  • Konecranes (K34 TH) +4.7%
    • Konecranes Raised to Buy at Goldman; PT 95 euros
  • VAT (19V TH) +3.2%
    • VAT Raised to Buy at Goldman; PT 308 Swiss francs
  • BAE (BSP TH) +3%
  • Orsted (D2G TH) +2.8%
    • *EQUINOR TO SUBSCRIBE FOR UP TO DKK6B IN ORSTED RIGHTS ISSUE
  • Legal & General (LGI TH) +2.5%
  • Sabadell (BDSB TH) +2.4%
  • Fresnillo (FNL TH) +2.2%
  • Novo (NOV TH) +1.4%
  • Diageo (GUI TH) +1.4%
  • Rolls-Royce (RRU TH) +1.3%
  • Handelsbanken (SVHH TH) -0.9%
    • Handelsbanken Cut to Hold at SEB Equities; PT 130 kronor
  • Bavarian Nordic (BV3 TH) -1%
  • Philips (PHI1 TH) -1.1%
  • Amadeus (AI3A TH) -1.4%
  • Amrize (J0J TH) -1.6%