The Wall Street Journal also reported on Wednesday that OpenAI has signed a $300 billion deal with Oracle for computing power
International News via Reuters:
Oracle’s shares rose on Thursday, adding to a record run in the previous session and lifting stocks across the tech sector, as the company inches closer to the coveted trillion-dollar club on soaring gains from its AI cloud business.
The enterprise software maker’s remarkable rise, fueled by a wave of multi-billion-dollar cloud deals, puts the spotlight on the scramble for computing power from companies that are pouring billions to become leaders in the AI race.The stock’s gains also put Oracle co-founder Larry Ellison on course to beat Elon Musk as the world’s richest man.
“Oracle lit a fire under the rekindled AI trade,” said Richard Hunter, head of markets at Interactive Investor, adding that the company’s billion-dollar demand outlook has triggered a “ripple effect” for AI-related stocks.
The Wall Street Journal also reported on Wednesday that OpenAI has signed a $300 billion deal with Oracle for computing power, among the biggest in history, likely accounting for the bulk of the new revenue Oracle outlined on Tuesday.
Oracle’s shares were last up 2% in premarket trading after climbing as much as 35.9% on Wednesday, lifting the company’s market capitalization to a record $933 billion, as of last close.
Co-founder Ellison saw his net worth soar by nearly $100 billion to $392.6 billion, largely driven by his 41% stake in Oracle, compared with Tesla CEO Musk’s $439.9 billion fortune that still tops Forbes’ global wealth rankings.
Shares of Nvidia and Broadcom, which supply semiconductors used in data centers, were also marginally up, extending gains from the previous session.Peers in Asia also surged.
Oracle’s shares were trading at a premium compared to its cloud services peers. Their 12-month forward price-to-earnings multiple was 45.3, compared to Amazon’s 31.3 and Microsoft’s 31.
Reporting by Joel Jose in Bengaluru; Editing by Arpan Varghese and Shinjini Ganguli
Sterling has come back from has a one-month low hit in early September
International News via Reuters:
The pound fell against a broadly stronger dollar on Thursday as markets focused on impending key U.S. inflation data and a European Central Bank policy meeting, as well as next week’s Federal Reserve and Bank of England meetings.
Sterling was down 0.2% at $1.3505 at around 1000 GMT. The pound was 0.1% lower against the euro at 86.545.
Sterling has come back from has a one-month low hit in early September after a sell-off in long-dated government bonds pushed yields to their highest since the late 1990s amid jitters over the UK’s public finances.
It is part of a broader storm hitting the long-dated government debt of G7 major world economies.
Pressure is mounting on finance minister Rachel Reeves to keep Britain’s deficit in check with the next budget announcement due at the end of November.
“Rising government borrowing costs, in the form of higher yields on its bonds, or gilts, mean Rachel Reeves will want to put together a tax-and-spending plan that appeases bond vigilantes,” Russ Mould, AJ Bell investment director, said in a note.
Reeves said on Thursday she would look at reforming business property taxes to make it easier for smaller firms to expand, as she seeks to boost growth.
The Bank of England’s monetary policy committee convenes next Thursday to deliver its next rate decision. Money markets are betting it will hold rates steady at 4%.
Elsewhere, British house prices in August experienced the most widespread falls in more than a year-and-a-half, a survey showed.
Reporting by Lucy Raitano; Editing by Kevin Liffey
Politicians across the political spectrum reacted with horror to the killing of Charlie Kirk
International News via Reuters:
Politicians across the political spectrum reacted with horror to the killing of Charlie Kirk, a 31-year-old right-wing activist, commentator and ally of U.S. President Donald Trump shot on Wednesday as he spoke at an outdoor event at a Utah university.
Here are some reactions:
U.S. PRESIDENT DONALD TRUMP
“The Great, and even Legendary, Charlie Kirk, is dead. No one understood or had the Heart of the Youth in the United States of America better than Charlie. He was loved and admired by ALL, especially me, and now, he is no longer with us. Melania and my Sympathies go out to his beautiful wife Erika, and family. Charlie, we love you!”
VICE PRESIDENT JD VANCE
“Eternal rest grant unto him, O Lord.”
JOE BIDEN, FORMER U.S. PRESIDENT, DEMOCRAT:
“There is no place in our country for this kind of violence. It must end now. Jill and I are praying for Charlie Kirk’s family and loved ones.”
BARACK OBAMA, FORMER U.S. PRESIDENT, DEMOCRAT:
“We don’t yet know what motivated the person who shot and killed Charlie Kirk, but this kind of despicable violence has no place in our democracy.”
U.S. AGRICULTURE SECRETARY BROOKE ROLLINS:
“The death of my sweetest friend and fellow warrior for Christ and for America Charlie Kirk is a profound tragedy … This tragedy centers upon him and his beloved family, but make no mistake: this is a tragedy for America too, no matter what your politics. Trading away the politics of reason and persuasion — Charlie’s life’s work — for the false politics of violence and murder is trading away America itself.”
ISRAELI PRIME MINISTER BENJAMIN NETANYAHU:
“Charlie Kirk was murdered for speaking truth and defending freedom. A lion-hearted friend of Israel, he fought the lies and stood tall for Judeo-Christian civilization. I spoke to him only two weeks ago and invited him to Israel. Sadly, that visit will not take place. We lost an incredible human being. His boundless pride in America and his valiant belief in free speech will leave a lasting impact.”
UK FOREIGN SECRETARY YVETTE COOPER
“Deeply shocked by the killing of Charlie Kirk in Utah. Political violence has no place in our societies. Our thoughts and condolences are with his family.”
TEXAS GOVERNOR GREG ABBOTT, REPUBLICAN:
“Charlie’s voice was a beacon for millions of young Americans searching for truth, courage, and conviction. This senseless act of violence has no place in America.”
DONALD TRUMP, JR.:
“I love you brother. You gave so many people the courage to speak up and we will not ever be silenced.”
REPUBLICAN NATIONAL COMMITTEE CHAIRMAN JOE GRUTERS:
“Charlie Kirk was a father, husband, and dedicated patriot who spent his life defending conservative values and inspiring young Americans. Our hearts break for his wife, children, loved ones, and countless supporters across the country. The horrifying violence at Utah Valley University that took the life of Charlie Kirk is utterly appalling. Republicans and Democrats alike must stand united in condemning this brutality that has no place in America.”
U.S. SENATOR MIKE LEE, A REPUBLICAN FROM UTAH
“This murder was a cowardly act of violence, an attack on champions of freedom like Charlie, the students who gathered for civil debate, and all Americans who peacefully strive to save our nation. The terrorists will not win. Charlie will.”
ITALY’S PRIME MINISTER GIORGIA MELONI
“The news of the killing of Charlie Kirk, a young and popular Republican activist, is shocking. A heinous murder, a deep wound for democracy and for those who believe in freedom. My condolences go out to his family, his loved ones, and the American conservative community.”
DUTCH FAR-RIGHT LEADER GEERT WILDERS
“Charlie Kirk was 100% right here. Out of respect for him and his bravery I repeat his true words that are valid for Europe as well: Islam is the sword the left is using to slit the throat of Europe
“Rest in peace, Charlie Kirk. Condolences to his family and America.”
Compiled by Jonathan Allen in New York, Reuters bureaus; Editing by Donna Bryson, Matthew Lewis and Andrew Cawthorne
Miriam Shaya-King has been “pounding the pavement” with her husband since the start of his 18-month political career
Miriam Shaya-King, a therapist and court mediator and the wife of new OBA Leader Robert King, says she has been with him all the way during his speedy political career. (WATCH above)
Robert King was officially sworn-in as Opposition Leader today. He has the full support of his wife Miriam, and is willing to ruffle feathers within the party
Robert King was officially sworn-in as the Leader of the Opposition today , and he believes his swift rise to the top is “a natural progression”.
Mr King says he took this path to affect change in the community. “You stand for politics in the first instance because you want to become an MP,” he says, “but you don’t want to remain an MP. You want to become a Minister.”
“…and for myself, it’s to go all the way to the top – not because of the position, but what a position allows me to do.”
Andrew Murdoch, Governor of Bermuda, conducted the swearing-in ceremony this afternoon in his Paget residence. (SCROLL DOWN for full Swearing-in Ceremony)
A relative new-comer to politics, Mr. King has risen rapidly in the One Bermuda Alliance, claiming the helm in the leadership contest last Saturday.
At the ceremony today, he said he is humbled to lead the O.B.A.’s team of parliamentarians, who he believes will act with courage to serve Bermuda.
Speaking to Gary Foster Skelton after the ceremony, Mr King says his clear communication makes him different from many other politicians, and he acknowledges his willingness to ruffle feathers within the party. (WATCH above)
The transaction, for which no financial details were provided, is part of a wider Stellantis effort to reorganise its operations as the auto industry moves towards electrification
International News via Reuters:
Carmaker Stellantis agreed on Wednesday to sell its Italian VM Motori engine making unit to a group of Italian investors who also control engine part maker Marval.
The transaction, for which no financial details were provided, is part of a wider Stellantis effort to reorganise its operations as the auto industry moves towards electrification, while contracting market demand in Europe reduces the need of traditional petrol engines.
The binding deal with Stellantis was signed by Gamma Holding, a vehicle created by Marval’s controlling investors, Marval’s CEO Vincenzo Nunziata said.
VM Motori, which employs over 350 people in its north Italian facility of Cento, historically made engines for Fiat Chrysler, now part of Stellantis, including large 6-cylinder diesel ones for markets like the U.S. But since 2022 it has been focusing on industrial and marine engines, after stopping serving the car industry.
A spokesman for Stellantis confirmed the completion of the transaction with the shareholders of Marval, aimed at promoting “the creation of a national centre of excellence in the field of industrial engine technology”.
Turin-based Marval is backed by Azzurra Capital private equity fund.
The deal is expected to be finalised by the end of this year, Marval’s Nunziata said.
Stellantis operates two other engine making plants in southern Italy, in Termoli and Pratola Serra, supplying automotive production.
Nunziata said buyers would keep jobs and current production at VM Motori, with the aim of expanding Marval, which currently specialises in key parts for engines and transmissions used in agricultural machinery, earthmoving equipment, commercial vehicles and trucks, as well as sports cars.
Marval employees some 800 people in its facilities in Italy, Britain and China. Its customers include John Deere, Daimler Truck, Iveco, Scania, China’s BYD and Sany.
“We aim to continue VM’s industrial development,” Nunziata said. “Our project focuses on the industrial continuity of the site and the enhancement of local skills, increasing the design, production and supply chain assets that have always distinguished this company.”
Marval posted revenues of 160 million euros ($187 million) in 2024. ($1 = 0.8548 euros)
Reporting by Giulio PiovaccariEditing by Keith Weir
Bermudian basketball prospect Ralph Scott is nearing a decision on his collegiate future, as the highly sought-after 6-foot-8 small forward continues a series of official visits to some of America’s top programs.
Scott, who plays at IMG Academy, has reportedly drawn significant interest from a wide range of Division 1 coaches. This summer, his national ranking soared after he was named MVP of the 2025 Basketball Without Borders Americas camp.
He has recently taken official visits to several premier institutions, including Texas A&M and the University of Houston. The Texas A&M Aggies men’s basketball team competes in the Southeastern Conference (SEC), while the Houston Cougars are members of the Big 12 Conference. Both programs have a rich history and are known for their ability to develop professional talent.
Scott’s recruitment remains open, with coaches from multiple other schools vying for his commitment. His final decision will be a significant step in his journey to the highest level of the sport.
Developing countries have made several attempts to put the issue on the agenda at past U.N. climate summits, but the EU has said trade should be discussed at the World Trade Organization
International News via Reuters:
Brazil will propose the creation of a new forum for governments to discuss how climate policy affects trade – an issue that the World Trade Organization and U.N. climate talks have so far failed to tackle, three officials familiar with the plans said.
Emerging economies, including Brazil, South Africa and India, have accused the European Union of restricting trade through its environmental policies, such as a ban on imports linked to deforestation that is due to go into effect in December.
Developing countries have made several attempts to put the issue on the agenda at past U.N. climate summits, but the EU has said trade should be discussed at the World Trade Organization.
Brazil, which will host the U.N. climate summit, COP30, in November, is looking to break that stalemate.
Brazil’s COP30 President Andre Correa do Lago will make the proposal during the WTO’s annual public forum next week, said one of the officials.
The aim is to gather sufficient support so that the new forum can be launched with members in place during the COP30 summit in November, the source said.
The officials were not authorized to speak publicly on the matter and declined to be identified.
Brazil’s COP presidency did not immediately respond to a request for comment.
One of the officials cited concerns about the impact of two EU environment policies on international trade: the EU’s anti-deforestation law, and its carbon border tariff, which will impose pollution fees on imported steel and cement from January.
“We are concerned about this growing trend of limiting trade using climate change as an excuse, and today we do not have an adequate forum to discuss it,” said the official who is Brazilian.
“The Europeans do not want to discuss trade at the UNFCCC, and the WTO is not equipped to discuss climate.”
The new forum could also be a source of solutions such as new tools to track deforestation that are affordable for producers and acceptable for buyers in Europe, the source said.
A spokesperson for the European Commission did not immediately respond to a request for comment.
The EU, which has some of the world’s most ambitious climate change policies, has previously said its carbon border levy is not a trade measure, but a tool to put foreign producers on a level footing with European manufacturers, who already pay for their CO2 emissions.
A draft of the EU’s negotiating mandate for the COP30 summit, seen by Reuters, said the bloc was open to discussing the international impact of its climate policies “bilaterally and in the context of the WTO, the Paris Agreement context and other appropriate fora.”
Brazil’s proposed forum would have at least two working groups – one on climate and trade, and one on the energy transition, according to the sources. They added that the idea was for governments’ representatives for both trade and climate to meet at least every few months.
Reporting by Lisandra Paraguassu and Kate Abnett; Editing by Brad Haynes
The Minister for the Cabinet Office and Digital Innovation, the Hon. Diallo Rabain, JP, MP, accompanied by Permanent Secretary Jeane Nikolai and Postmaster General Samuel Brangman, is representing Bermuda at the Universal Postal Union’s (UPU) 28th Universal Postal Congress (the Congress), the premier global gathering for postal services, regulators, and government officials.
The UPU, a specialised United Nations agency, is the world’s largest logistics network. It sets international rules for postal services and fosters cooperation among its 192 member countries. In addition to representing Bermuda, the Postmaster General is attending in his capacity as Secretary General of the Caribbean Postal Union, a role he assumed in 2024.
The Congress, held every four years, is focused on the rapidly changing global postal landscape. With traditional letter mail in decline and e-commerce and parcel delivery surging, postal networks worldwide are working to modernise operations, embrace new technologies, and meet rising customer expectations for speed, transparency, and reliability.
Bermuda is participating in the Universal Postal Congress to ensure our voice is heard in the critical discussions shaping the future of postal services. Our delegation is contributing directly to the sessions most relevant to Bermuda and our people.
Plenary sessions have centred on several key themes:
Digital Transformation: Leveraging technologies such as AI and automation to improve efficiency and enhance tracking.
Operational Challenges: Managing rising parcel volumes, last-mile delivery, and high transport costs.
Sustainability: Promoting eco-friendly practices and reducing carbon footprints across postal networks.
International Cooperation: Strengthening secure, seamless cross-border mail and parcel exchanges.
Expanding Financial Inclusion: Learning from global best practices such as The Gambia’s landmark agreement to provide digital wallets accessible on any phone—even without internet access.
De Minimis Thresholds: Exploring operational solutions to offset the impact of the recent U.S. suspension of duty-free allowances.
As part of the visit, the delegation also met with representatives from the Dubai Government Accelerators Centre — Mr. Abdulla AlJarwan, Deputy Director, International Strategic Accelerators; Dr. Radheya AlHashmi, Executive Director; and Ms. Dalal AlHai, Senior Projects Manager, International Strategic Accelerators. Discussions focused on the success of the recently concluded 100-Day Accelerator programmes in Bermuda, highlighting the hurdles faced in delivering government initiatives and the innovative solutions developed. Both sides agreed to explore additional ways to apply Dubai’s proven methodologies to support the continued digitalisation of Bermuda’s Government.
The delegation also briefly met with Alex Williams, Deputy Director at the UK Department for Business and Trade. As Bermuda is an Overseas Territory, Mr. Williams holds voting rights at the Congress on Bermuda’s behalf, and discussions reaffirmed the importance of this partnership in representing Bermuda’s postal interests on the global stage.
Minister Rabain underscored the importance of Bermuda’s participation, “Attending this Congress ensures Bermuda remains aligned with international standards and best practices. The insights and connections gained here are vital to modernising our postal network, strengthening sustainability, and ensuring our services remain competitive and relevant in a rapidly digitalising world.”
The Bermuda delegation’s attendance reflects the Government’s commitment to ensuring that the island’s postal services continue to evolve to meet the needs of citizens and businesses in an interconnected global economy.
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