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On April 18, the heavy vehicle ban in Pakistan's capital officially took effect early this morning. Local long-distance bus stations have increased security measures, and metro and bus services have been reduced. The core logic behind this traffic upgrade in Islamabad is to enhance the atmosphere of 'mutual trust' by ensuring absolute physical security to compensate for the weak foundation of diplomatic trust. This aims to demonstrate to Washington and Tehran that the Islamabad negotiation table is not just a geographical transit point but also an absolute safe haven for information and security. Currently, the Pakistani government has not announced a schedule for the new round of US-Iran negotiations.

[Islamabad Enhances Traffic Control Ahead of US-Iran Negotiations]On April 18, the heavy vehicle ban in Pakistan's capital officially took effect early this morning. Local long-distance bus stations have increased security measures, and metro and bus services have been reduced. The core logic behind this traffic upgrade in Islamabad is to enhance the atmosphere of 'mutual trust' by ensuring absolute physical security to compensate for the weak foundation of diplomatic trust. This aims to demonstrate to Washington and Tehran that the Islamabad negotiation table is not just a geographical transit point but also an absolute safe haven for information and security. Currently, the Pakistani government has not announced a schedule for the new round of US-Iran negotiations.

Islamabad Enhances Traffic Control Ahead of US-Iran Negotiations

On April 18, President Trump stated that he is having very good dialogue with Iran, and that discussions are ongoing. He mentioned that they want to close the Strait of Hormuz again, but Iran cannot blackmail the United States. Some information will be available before the end of the day.

[Trump: Engaging in Very Good Dialogue with Iran, They Cannot Blackmail the U.S.]On April 18, President Trump stated that he is having very good dialogue with Iran, and that discussions are ongoing. He mentioned that they want to close the Strait of Hormuz again, but Iran cannot blackmail the United States. Some information will be available before the end of the day.

Trump: Engaging in Very Good Dialogue with Iran, They Cannot Blackmail the U.S.

On April 18, during a crucial phase of its IPO advancement, OpenAI lost three core executives in a single day, including Bill Peebles, head of the Sora project, Kevin Weil, Vice President of AI for Science, and Srinivas Narayanan, CTO of Enterprise Applications, all of whom publicly announced their departures. This personnel change coincides with a business contraction: the Sora project has been shut down, and the team is being redirected; the AI science tools and research team has been disbanded and merged into internal projects, with the overall strategic focus shifting towards programming models (Codex) and core product lines. Previously, there had also been personnel changes within the GPT-4o related teams, indicating a large-scale directional adjustment within the company. Meanwhile, the turmoil in the management has intensified, with several executives, including the head of AGI deployment, COO, and CMO, recently on leave or transitioning to other roles, raising concerns about the stability of internal organization as some heads of infrastructure projects have collectively moved to external startups. Governance-wise, according to the WSJ, some shareholders are expressing concerns about potential conflicts of interest between CEO Sam Altman's decisions and his personal investments. The controversies involve projects like the fusion company Helion, brain-computer interface company Merge Labs, and aerospace company Stoke Space, which are seen as diverging from the company's core business. Insiders have indicated that some shareholders have privately discussed the possibility of Bret Taylor, the board chair, replacing Altman as CEO. Currently, OpenAI is racing towards an IPO with an estimated valuation of around $850 billion, and the uncertainties surrounding its internal power structure and strategic direction have become a focal point for the capital markets. Notably, this is not the first management crisis; back in 2023, Altman was briefly removed by the board before quickly being reinstated, and this latest upheaval is seen by the market as a resurgence of governance conflicts.

[OpenAI Leadership Turmoil: Capital Conspiracy to Replace Altman, Three Executives Depart on Same Day]On April 18, during a crucial phase of its IPO advancement, OpenAI lost three core executives in a single day, including Bill Peebles, head of the Sora project, Kevin Weil, Vice President of AI for Science, and Srinivas Narayanan, CTO of Enterprise Applications, all of whom publicly announced their departures. This personnel change coincides with a business contraction: the Sora project has been shut down, and the team is being redirected; the AI science tools and research team has been disbanded and merged into internal projects, with the overall strategic focus shifting towards programming models (Codex) and core product lines. Previously, there had also been personnel changes within the GPT-4o related teams, indicating a large-scale directional adjustment within the company. Meanwhile, the turmoil in the management has intensified, with several executives, including the head of AGI deployment, COO, and CMO, recently on leave or transitioning to other roles, raising concerns about the stability of internal organization as some heads of infrastructure projects have collectively moved to external startups. Governance-wise, according to the WSJ, some shareholders are expressing concerns about potential conflicts of interest between CEO Sam Altman's decisions and his personal investments. The controversies involve projects like the fusion company Helion, brain-computer interface company Merge Labs, and aerospace company Stoke Space, which are seen as diverging from the company's core business. Insiders have indicated that some shareholders have privately discussed the possibility of Bret Taylor, the board chair, replacing Altman as CEO. Currently, OpenAI is racing towards an IPO with an estimated valuation of around $850 billion, and the uncertainties surrounding its internal power structure and strategic direction have become a focal point for the capital markets. Notably, this is not the first management crisis; back in 2023, Altman was briefly removed by the board before quickly being reinstated, and this latest upheaval is seen by the market as a resurgence of governance conflicts.

OpenAI Leadership Turmoil: Capital Conspiracy to Replace Altman, Three Executives Depart on Same Day

On April 18, according to AXIOS reporters, a U.S. Department of Defense official stated that since Saturday morning (local time), the Iranian Islamic Revolutionary Guard Corps has launched at least three attacks on merchant ships in the Strait of Hormuz.

[US Media: Iran Launched at Least Three Attacks on Merchant Ships in the Strait of Hormuz on Saturday]On April 18, according to AXIOS reporters, a U.S. Department of Defense official stated that since Saturday morning (local time), the Iranian Islamic Revolutionary Guard Corps has launched at least three attacks on merchant ships in the Strait of Hormuz.

US Media: Iran Launched at Least Three Attacks on Merchant Ships in the Strait of Hormuz on Saturday

According to the Wall Street Journal, the U.S. Department of Justice has informed French law enforcement that it will not assist them in investigating Musk's social platform X.

[U.S. Justice Department Will Not Assist France in Investigating Musk's Platform X]According to the Wall Street Journal, the U.S. Department of Justice has informed French law enforcement that it will not assist them in investigating Musk's social platform X.

U.S. Justice Department Will Not Assist France in Investigating Musk's Platform X

On April 18, U.S. Central Command stated that since the blockade of the Strait of Hormuz began, 23 vessels have turned around in compliance with U.S. military directives. The U.S. military is implementing a maritime blockade on vessels entering or leaving Iranian ports and coastal areas.

[U.S. Central Command: U.S. Military Implementing Maritime Blockade on Vessels Entering or Leaving Iranian Ports]On April 18, U.S. Central Command stated that since the blockade of the Strait of Hormuz began, 23 vessels have turned around in compliance with U.S. military directives. The U.S. military is implementing a maritime blockade on vessels entering or leaving Iranian ports and coastal areas.

U.S. Central Command: U.S. Military Implementing Maritime Blockade on Vessels Entering or Leaving Iranian Ports

On the 18th local time, Iranian Deputy Foreign Minister Katibzadeh stated that the messages from the U.S. are "contradictory and vague," and that the specific date for the next round of negotiations has not yet been determined. Katibzadeh expressed that Iran has no intention of interpreting the motives behind the U.S. statements, stating, "I do not want to judge their intentions; whether these statements comply with international law should be judged by the American people." Regarding U.S.-Iran negotiations, Katibzadeh mentioned that the specific timing for the next round of talks has not yet been established.

[Iranian Deputy Foreign Minister Says Date for Next Round of Talks with U.S. Not Yet Determined]On the 18th local time, Iranian Deputy Foreign Minister Katibzadeh stated that the messages from the U.S. are "contradictory and vague," and that the specific date for the next round of negotiations has not yet been determined. Katibzadeh expressed that Iran has no intention of interpreting the motives behind the U.S. statements, stating, "I do not want to judge their intentions; whether these statements comply with international law should be judged by the American people." Regarding U.S.-Iran negotiations, Katibzadeh mentioned that the specific timing for the next round of talks has not yet been established.

Iranian Deputy Foreign Minister Says Date for Next Round of Talks with U.S. Not Yet Determined

On April 18, Al Jazeera reported that when asked about a possible new round of negotiations with the U.S., Iranian Deputy Foreign Minister Seyed Katibzadeh stated that talks cannot proceed until both sides reach an agreement on a common framework. "We cannot determine the date for negotiations until we agree on the framework," Katibzadeh said. He emphasized that any content agreed upon by Iran in the negotiations must be able to uphold its rights under international law. Iran will not accept being an exception outside of international law, nor will it relinquish its rights.

[Iran's Deputy Foreign Minister: Date for Next Round of Talks with U.S. Uncertain Until Agreement is Reached]On April 18, Al Jazeera reported that when asked about a possible new round of negotiations with the U.S., Iranian Deputy Foreign Minister Seyed Katibzadeh stated that talks cannot proceed until both sides reach an agreement on a common framework. "We cannot determine the date for negotiations until we agree on the framework," Katibzadeh said. He emphasized that any content agreed upon by Iran in the negotiations must be able to uphold its rights under international law. Iran will not accept being an exception outside of international law, nor will it relinquish its rights.

Iran's Deputy Foreign Minister: Date for Next Round of Talks with U.S. Uncertain Until Agreement is Reached

On April 18, global markets saw a significant rebound over the past week, driven by expectations of easing tensions in the Middle East, but core uncertainties remain unresolved. Iran had announced the reopening of the Strait of Hormuz, leading to a rapid decline in oil prices, a broad strengthening of risk assets, new highs in US stocks, a weaker dollar, and gold approaching the $4,900 mark. However, Iran subsequently signaled that it remains under military control, combined with the US maintaining its blockade on Iran, which has heightened market concerns about the fluctuating situation. On a macro level, the biggest variable next week will still be the progress of US-Iran negotiations. President Trump indicated that negotiations could advance over the weekend and warned that if an agreement is not reached by next Wednesday, the ceasefire may end, and the risk of renewed conflict exists; meanwhile, Iran's stance on the negotiations remains cautious, particularly regarding key issues such as uranium enrichment. The market has shifted from pricing in 'escalation of conflict' to 'pricing in a path to de-escalation,' but any sudden changes could still trigger significant asset volatility. In terms of interest rate expectations, the decline in energy prices has alleviated inflationary pressures, with the market's expectation for a rate cut by the Federal Reserve this year rising to about 60%. Additionally, Kevin Warsh, the nominee for Federal Reserve Chair, will attend a Senate hearing next week, and his policy stance (especially whether it leans dovish) will be an important variable affecting gold and risk assets. Key upcoming data includes: Tuesday at 20:30, US March retail sales month-on-month; Thursday at 20:30, initial jobless claims for the week ending April 18; Thursday at 21:45, preliminary April S&P Global Manufacturing/Services PMI; and Friday at 22:00, final April University of Michigan Consumer Sentiment Index and one-year inflation expectations. In the short term, the market's main focus will revolve around three key variables: progress in US-Iran negotiations, oil price trends, and signals from the Federal Reserve.

[Macroeconomic Outlook for Next Week: Focus on US-Iran Negotiations and Federal Reserve Personnel Changes, Middle East Situation Continues to Disturb Markets]On April 18, global markets saw a significant rebound over the past week, driven by expectations of easing tensions in the Middle East, but core uncertainties remain unresolved. Iran had announced the reopening of the Strait of Hormuz, leading to a rapid decline in oil prices, a broad strengthening of risk assets, new highs in US stocks, a weaker dollar, and gold approaching the $4,900 mark. However, Iran subsequently signaled that it remains under military control, combined with the US maintaining its blockade on Iran, which has heightened market concerns about the fluctuating situation. On a macro level, the biggest variable next week will still be the progress of US-Iran negotiations. President Trump indicated that negotiations could advance over the weekend and warned that if an agreement is not reached by next Wednesday, the ceasefire may end, and the risk of renewed conflict exists; meanwhile, Iran's stance on the negotiations remains cautious, particularly regarding key issues such as uranium enrichment. The market has shifted from pricing in 'escalation of conflict' to 'pricing in a path to de-escalation,' but any sudden changes could still trigger significant asset volatility. In terms of interest rate expectations, the decline in energy prices has alleviated inflationary pressures, with the market's expectation for a rate cut by the Federal Reserve this year rising to about 60%. Additionally, Kevin Warsh, the nominee for Federal Reserve Chair, will attend a Senate hearing next week, and his policy stance (especially whether it leans dovish) will be an important variable affecting gold and risk assets. Key upcoming data includes: Tuesday at 20:30, US March retail sales month-on-month; Thursday at 20:30, initial jobless claims for the week ending April 18; Thursday at 21:45, preliminary April S&P Global Manufacturing/Services PMI; and Friday at 22:00, final April University of Michigan Consumer Sentiment Index and one-year inflation expectations. In the short term, the market's main focus will revolve around three key variables: progress in US-Iran negotiations, oil price trends, and signals from the Federal Reserve.

Macroeconomic Outlook for Next Week: Focus on US-Iran Negotiations and Federal Reserve Personnel Changes, Middle East Situation Continues to Disturb Markets

According to CoinDesk, the U.K. will need to introduce new laws or amend existing finance and data rules to accommodate a digital pound, two lawyers told CoinDesk. The Bank of England and the U.K. Treasury are seeking public feedback on their plans for the design of a digital pound – something officials say is likely to be needed in the future. Although the government is unlikely to make a decision on issuing one for at least the next couple of years, should the country decide to have a central bank digital currency (CBDC), new legislation will be needed to lay out the characteristics of a digital pound and current data, privacy and anti-money laundering rules should be amended to accommodate such a currency, two lawyers told CoinDesk.

Detail

【UK will need new laws to accommodate future digital pound, lawyers say】According to CoinDesk, the U.K. will need to introduce new laws or amend existing finance and data rules to accommodate a digital pound, two lawyers told CoinDesk. The Bank of England and the U.K. Treasury are seeking public feedback on their plans for the design of a digital pound – something officials say is likely to be needed in the future. Although the government is unlikely to make a decision on issuing one for at least the next couple of years, should the country decide to have a central bank digital currency (CBDC), new legislation will be needed to lay out the characteristics of a digital pound and current data, privacy and anti-money laundering rules should be amended to accommodate such a currency, two lawyers told CoinDesk.

UK will need new laws to accommodate future digital pound, lawyers say

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UK will need new laws to accommodate future digital pound, lawyers say

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