Monday, October 19, 2026
Home Blog Page 8

Stocks dip on AI jitters, big banks kick off US earnings season

Investors have ridden the AI wave in the past four years as massive spending powered corporate profits and economic growth

The chart of the German share price index DAX (Deutscher Aktienindex) at the stock exchange in Frankfurt, Germany, October 12, 2026. REUTERS/Staff

International News via Reuters:

World stocks dipped on Tuesday as renewed AI concerns hit high-flying chipmakers and drove investors to the safety of government bonds, while big Wall Street banks kicked off the US quarterly reporting season.

Reports of progress by Chinese memory chip maker CXMT fuelled concerns about increased competition from China’s AI players, while Broadcom CEO Hock Tan likened some of the flows into the broader AI sector to “casino gambling”.

The MSCI’s main world stocks index dipped 0.13%, with tech-heavy stock markets of Asia and the United States feeling the brunt of the selloff.

Investors have ridden the AI wave in the past four years as massive spending powered corporate profits and economic growth, although worries over concentration risks and whether a payoff will come soon enough have weighed.

US Nasdaq futures fell 0.7%, with memory chipmaker Micron Technology down 3.8% in premarket trading and Nvidia dropping 0.8%. 

South Korea’s KOSPI, a market at the heart of the global AI boom, sank more than 5%, in its sharpest one-day drop since mid-August. 

European stocks bucked the trend, helped by limited exposure to the tech sector as well as a drop in oil prices. The pan-European STOXX 600 rose 0.4% to a one-week high.

“Markets have become increasingly aware of the fact that the chip industry, especially on the memory side, is ultimately a cyclical industry,” said Julien Lafargue, chief market strategist at Barclays Private Bank.

“People were potentially expecting the sector to remain undisrupted maybe for another couple of years. It looks like the news overnight means that maybe this timeline has to shrink and the competition could be more fierce as soon as next year.”

STEADYING BOND YIELDS 

The benchmark 10-year yield dipped to 5.187%, inching away from the 24-year high of 5.364% it hit last week. 

A toxic mix of inflationary pressure from elevated energy prices and worries about ballooning government debt has triggered several bond selloffs in recent weeks, pushing borrowing costs to multi-decade highs across the globe. 

Charu Chanana, chief investment strategist at Saxo Bank, said investors were moving back into Treasuries after the recent sharp rise in yields, but she saw it as “a tactical rally”.

“Sticky inflation, elevated oil prices and heavy government borrowing remain obstacles to a sustained bond recovery,” she said.

Traders are awaiting US inflation data on Wednesday for clues on the Federal Reserve’s policy path. They are pricing in an 80.6% chance that it holds rates steady later this month, up from 51% a month earlier, the CME FedWatch tool showed.

EARNINGS TEST AWAITS

Investor attention was on US bank earnings to get a gauge on the impact of the recent surge in Treasury yields on dealmaking, lending growth and funding costs.

JPMorgan Chase inched up 1% in early trading after it reported a profit increase in the third quarter, driven by investment banking and trading performances. Wells Fargo dropped 0.8%, while Goldman Sachs climbed 3% after their results. 

Oil prices eased as traders assessed supply risks from attacks on Saudi Arabia while weighing the prospect of additional diesel supplies from Russia. Brent crude futures dipped 1.8% to $104.76 per barrel, holding just below a two-week high touched a day earlier. [O/R]

The dollar eased from 18-month highs, along with a drop in yields and oil prices. The euro last bought $1.1188, while the Japanese yen was at 158.12 per dollar. [FRX/]

Reporting by Ankur Banerjee in Singapore and Sruthi Shankar in Bengaluru; Editing by Saad Sayeed, Kate Mayberry and Alexander Smith

LSEG in talks to buy Permira’s Octus financial data group for about $3.5 billion

No final agreement has been reached and no transaction is guaranteed

A worker walks near an LSEG (London Stock Exchange Group) branded cube inside the LSEG headquarters in Paternoster Square, London, Britain, September 8, 2026. REUTERS/Toby Melville

International News via Reuters:

The London Stock Exchange Group is in talks with private equity firm Permira to acquire Octus for about $3.5 billion, the London-listed group said Tuesday, confirming a Reuters report. 

No final agreement has been reached and no transaction is guaranteed, LSEG said, adding that the New York-headquartered financial data group has a strong track record of double-digit revenue growth based on a high-retention subscription model.

LSEG shares, which had dipped more than 2% on the Reuters report earlier on Tuesday, extended losses to fall 4.7% by 1342 GMT.

“Octus’ coverage and solutions are highly complementary to LSEG’s existing fixed income data & analytics and private markets solutions,” LSEG said, adding that a deal would be immediately accretive to LSEG’s Data & Analytics and group revenue growth.

PERMIRA BOUGHT CONTROLLING STAKE IN OCTUS IN 2022

London-based Permira is working with advisers to evaluate interest in Octus, two people with knowledge of the situation said. Permira declined to comment.

The private equity firm, which has been planning a sale of Octus since last year, has also held talks with other potential buyers, one of the people said. It acquired a controlling stake in Octus at a valuation of $1.3 billion from Warburg Pincus in 2022. 

Octus provides information on credit markets, with a focus on companies in financial distress, for banks and investors. It employs journalists, analysts and legal experts, using technology to scour regulatory and court filings. 

A potential Octus transaction, if it went ahead, would mark a further uptick in dealmaking in the data analytics sector, despite a ​selloff in listed stocks earlier this year.  

YipitData, backed by investors including Carlyle Group, is exploring a sale that could value the data analytics provider at more than $2.5 billion, while Vista Equity Partners is exploring a sale of private markets data provider Allvue. 

LSEG has been under pressure to improve its performance from activist investor Elliott Management, which disclosed a stake in the exchange operator in February.

LSEG is the largest customer of Reuters, which provides news for its Workspace news and data platform and other products. 

Reporting by Amy-Jo Crowley in London; Additional reporting by Milana Vinn in New York and Tommy Reggiori Wilkes in London; Editing by Anousha Sakoui, Elisa Martinuzzi, Alexander Smith and Jan Harvey

Professional tennis returns to Bermuda with back-to-back ITF tournaments

International tennis is set to make a high-profile return to Bermuda later this month, with the W.E.R. Joell Tennis Stadium is confirmed to host consecutive International Tennis Federation (ITF) M15 tournaments.

The Pembroke venue will welcome a competitive global field across back-to-back weeks as rising stars on the men’s professional circuit battle for crucial ATP ranking points and silverware.

Action serves off with the opening tournament from Monday, 26 October to 1 November, before the second leg takes centre stage from 2 November to 8 November.

Both tournaments feature a $15,000 purse, providing an important stepping stone for emerging international talent looking to climb the ladder of the professional game.

For Bermuda, the double-header marks a welcome boost to the island’s sporting calendar, offering local fans courtside seats to elite tour action while delivering vital exposure to top-tier competition on home soil.

Hackers heat French supermarket fridges, sparking fires and spoiling food

The Paris prosecutor’s office said on Monday that a “large-scale” attack was “affecting connected refrigerators in several major food retailers across France”, leading to food losses and fires

View of the closed frozen food aisle at a supermarket near Nantes after a cyberattack targeted refrigeration systems at French supermarket chains, causing food losses and fires at several stores, France, October 12, 2026. REUTERS/Stephane Mahe

International News via Reuters:

Hackers raised the temperature of refrigerators and freezers at hundreds of French supermarkets to as high as 50 degrees Celsius (122 degrees Fahrenheit) overnight, causing fires and spoiling food.    

The Paris prosecutor’s office said on Monday that a “large-scale” attack was “affecting connected refrigerators in several major food retailers across France”, leading to food losses and fires.

Prime Minister Sebastien Lecornu has instructed France’s National Cybersecurity Agency (ANSSI) to investigate, a person in his office said. 

France was coordinating with European counterparts because other countries could also be affected, the person said, adding that authorities were assessing whether other French companies were at risk.    

Felix Aime, a senior cyber threat intelligence analyst at Sekoia Threat Detection and Research, said Spain, Portugal, Poland, Germany and Belgium had also been affected.

Carrefour said 80 of its supermarkets were hit, while Monoprix, which operates about 490 stores in France, said 5% of its stores were affected.

Les Mousquetaires, owner of retailer Intermarche, said fridges at around 150 of its stores were heated up to 50 C for six hours overnight. A spokesperson said all affected food had been discarded to eliminate health risks.

Paris resident Geert de Clercq witnessed staff at an Intermarche in central Paris throwing cartfuls of defrosted frozen foods into a giant trash container, with molten ice cream sloshing out of broken tubs on the street.

Cooperative U CEO Dominique Schelcher said his supermarket group had also been targeted.    

“Targeting equipment essential to the preservation of fresh products and to the food supply of the French people is of extreme gravity and is unprecedented,” he wrote on X.

Food retailers E.Leclerc and Auchan did not respond to requests for comment.

There was no immediate estimate of industry-wide losses, but Intermarche CEO Thierry Cotillard told BFM TV the “unprecedented” attack would represent losses amounting to “tens of millions of euros nationwide in a single day.”

Christel Delberghe, director general at European retail association Eurocommerce, said, “This incident underlines the importance of resilience across the entire supply chain.”

COLD AISLES CONTROLLED OVER INTERNET

Supermarket cold aisles are typically run by control panels that manage an entire store’s fridges and freezers and can be accessed over the internet, which lets maintenance companies adjust them from anywhere.

The source close to Lecornu said ANSSI had identified a vulnerability in software supplied by Danish company Danfoss.

Danfoss said it was “aware of incidents in France affecting a limited number of refrigeration management systems”.

The affected units “were running outdated firmware”, Danfoss said, adding that it had “long advised customers to keep supported systems updated with the latest firmware and to migrate legacy systems to current-generation solutions”. 

On August 9, cybersecurity firm Claroty’s Team82 published research detailing vulnerabilities in the Danfoss AK-SM 800A controller. According to the report, software updates issued by Danfoss addressed issues that could have allowed attackers to bypass authentication controls and execute code on compromised devices.    

The attacks resemble disruptions reported at about a dozen US military commissaries in late August that led to food losses after fridges were affected.

In a statement, French retail association Fédération du Commerce et de la Distribution called for “full transparency” from Danfoss about the incident. It said supermarkets aimed to protect consumers and return to normal operations as soon as possible. The FCD said some impacted stores were already back up and running.

DUTCH SECURITY ISSUE

Dutch retailer Ahold Delhaize, which operates the Netherlands’ largest supermarket chain Albert Heijn and has major operations in the US, said it was dealing with a “security issue” on its network and had taken several systems offline as a precaution.

A message on the retailer’s smartphone app said it was unable to deliver groceries because of a “cybersecurity incident”.    

Online orders account for about 10% of Albert Heijn sales. Physical stores remained open, while Dutch news agency ANP reported that rival retailers had seen a surge in delivery orders.

Ahold Delhaize said there was no reason to see a link between the incidents in France and its supermarkets.

Ahold is the fourth-largest grocery retailer in the US. Websites for its Stop & Shop, Giant, Hannaford and Food Lion chains displayed notices saying “site temporarily down”.

It was unclear whether other operations had been affected.

Reporting by Leo Marchandon, Helen Reid, AJ Vincens, Makini Brice, Toby Sterling; Writing by Gabriel Stargardter; Editing by Richard Lough, Alexander Smith, Mark Potter and Cynthia Osterman

EU looking at oil and gas windfall profit tax, as energy prices soar

Oil and gas companies have reaped bumper profits this year, as energy prices have surged during the US-Israeli war with Iran, amid disruptions to shipping through the Strait of Hormuz and Iranian attacks on Gulf neighbours

FILE PHOTO: Wopke Hoekstra stands before the plenary session during the UN Climate Change Conference (COP30), in Belem, Brazil, November 22, 2025. REUTERS/Adriano Machado/File Photo

International News via Reuters:

The European Union is examining a bloc-wide windfall profit tax on oil and gas companies, the EU’s tax chief told Reuters on Monday, as governments scramble for funds to help citizens with soaring energy bills.    

Oil and gas companies have reaped bumper profits this year, as energy prices have surged during the US-Israeli war with Iran, amid disruptions to shipping through the Strait of Hormuz and Iranian attacks on Gulf neighbours.

Wopke Hoekstra, the European Commissioner responsible for climate and taxation, said the Commission was setting up a working group to examine the merits and drawbacks of a levy and assess whether such a measure would be viable.

“Citizens, and particularly vulnerable citizens, are confronted with dramatic increases in their energy bills. And some companies are reaping truly excessive benefits without delivering any additional service or any additional products. They’re reaping the benefits from the world being in turmoil,” Hoekstra said in an interview.

“To many citizens and many politicians, that feels off… I think we all have sympathy for the underlying logic, regardless of where we exactly take the conversation,” he said.

Benchmark Brent crude futures prices climbed to multi‑year highs near $120 a barrel in late April and remain more than 70% above their level at the start of the year, boosting profits for oil refiners and producers.

Germany, Spain, Portugal, Italy, Poland and Austria have urged the EU to examine a bloc-wide windfall profit tax.

Hoekstra said Brussels would carefully assess the legal status of any potential measure.

The EU introduced a windfall profit levy on oil, gas, coal and refining companies in 2022 after Russia’s full-scale invasion of Ukraine sent energy prices soaring. Legal challenges are still pending after companies including ExxonMobil argued the measure was unlawful. 

“We’re still litigating court cases from the decision in 2022 to do something similar,” Hoekstra said. “So that is something that we need to take into account as well.”

The 2022 scheme imposed a minimum 33% levy on surplus profits, defined as profits more than 20% above a company’s average earnings in previous years. It raised nearly €29 billion ($32 billion), according to a Commission report.

Some EU countries have already introduced national windfall levies. Portugal, for example, imposed a 33% tax on extraordinary profits earned in 2026 ​by oil and refining companies.

($1 = 0.8961 euros)

Reporting by Kate Abnett. Editing by Mark Potter

Microsoft plans huge deployment of its own AI chips, with an eye on saving costs 

The Maia 300, as the chip is called, is the third generation of the company’s custom chips designed to handle AI data crunching such as coding and carrying out complex business tasks on a user’s behalf

Microsoft CEO Satya Madella speaks at Microsoft Windows & Surface event where new on-device AI capabilities for Windows PCs using Nvidia’s new RTX Spark chips were announced, in San Francisco, California, US, October 7, 2026. REUTERS/Manuel Orbegozo

International News via Reuters:

Microsoft announced the next generation of its custom AI chip on Monday and said it plans to deploy potentially more than a million of them next year to back its internal AI services.

The Maia 300, as the chip is called, is the third generation of the company’s custom chips designed to handle AI data crunching such as coding and carrying out complex business tasks on a user’s behalf. Its predecessor is already running Microsoft’s in-house AI models, as well as models from OpenAI delivered on Microsoft’s Azure cloud computing service.

The new version comes amid a flurry of custom chips from both cloud computing rivals and AI firms such as OpenAI aimed at loosening the hold of Nvidia on the AI computing market.

To construct the chip, Microsoft took a different technical path from Nvidia whose AI accelerators use one massive computing chip surrounded by high-bandwidth memory chips.

The central computing processor in Microsoft’s Maia 300 silicon is composed of “chiplets”  —   typically specialized chips bonded together  —  that use 2-nanometer technology from Taiwan Semiconductor Manufacturing Co for key computing functions.

Other chiplets included in the design use cheaper 3-nanometer tech for functions such as moving data off the processor and elsewhere inside the system.

The Maia 300 processors will go into racks that contain 96 chips and use about 167 kilowatts of power, compared with the 142 kilowatts used by Nvidia’s most recent GB300 AI server racks with 72 of its graphics processing units (GPUs).

Microsoft said the Maia 300 chips will get about 40% more useful computing done per megawatt than “leading GPU-based systems,” though it did not name the systems it used for a comparison.

“It’s basically delivering more intelligence for every watt, every dollar, and every byte of memory by optimizing across the entire system,” Rani Borkar, president of Azure hardware systems and infrastructure at Microsoft, told Reuters in an interview.

Microsoft said it plans to roll out “multi-gigawatt deployments” of the Maia 300 chip starting next year. Microsoft has said it expects to spend more than $175 billion in capital expenditures this calendar year.

Reporting by Stephen Nellis and Max Cherney in San Francisco; Editing by Sanjeev Miglani

Hurricane Simon crawls along Mexico’s Pacific coast, bringing floods and evacuations

The US National Hurricane Center said Simon was about 55 miles (90 km) west-southwest of Cabo Corrientes in Jalisco state at 8 a.m.

People watch waves crash against the waterfront promenade as Hurricane Simon approaches Mexico’s Pacific coast in Puerto Vallarta, Mexico, October 11, 2026. REUTERS/Christian Ruano

International News via Reuters:

Hurricane Simon crept northwest just off Mexico’s Pacific coast on Monday, lashing western states with dangerous winds, heavy rain and flooding that put riverside communities on alert for possible evacuations.

The US National Hurricane Center said Simon was about 55 miles (90 km) west-southwest of Cabo Corrientes in Jalisco state at 8 a.m. (1400 GMT), packing maximum sustained winds of 110 mph (175 kph), making it a Category 2 hurricane. 

Simon has weakened since Saturday when it was a Category 4 system.

“Simon is slowly losing wind intensity and could ultimately stall this week and never make a true landfall as an organized storm,” said Alex DaSilva, a hurricane expert at private forecaster AccuWeather.

Simon is forecast to make landfall on Thursday in Mexico’s Sinaloa state.

“The slower Simon moves, the more rain potential the storm carries, but right now most of that rain is offshore and to the south of the storm’s center ultimately sparing the feet of rain we thought this storm could initially bring,” said DaSilva.

Simon was moving northwest at just 3 mph (6 kph) and was expected to continue along that track before turning northeast and moving inland across west-central Mexico around midweek.

Authorities said that Simon could bring life-threatening flooding and mudslides to parts of the Pacific coast and nearby mountains. 

The hurricane is forecast to dump an additional 2 to 4 inches (5 to 10 cm) of rain across coastal areas of southwest and west-central Mexico, with isolated amounts of 6 to 8 inches (15 to 20 cm) in parts of Jalisco and Sinaloa. The National Hurricane Center said isolated storm totals could reach 30 inches (76 cm) in parts of Michoacan, Colima and Jalisco.

The head of Mexico’s civil protection agency, Laura Velazquez, said one person was reported to have died due to the storm in Guerrero state, home to the popular tourist destination of Acapulco.

In the coastal town of Cihuatlan in southwestern Jalisco, patrols warned residents to prepare for potential evacuation as the Marabasco River rose. Floodwater inundated streets and low-lying areas of the town overnight.

In the port city of Manzanillo in Colima state, residents waded through flooded homes and streets as navy personnel helped remove water. 

“Everything got flooded,” said resident Maria Elena Vazquez from inside her home, pants rolled up as the water came up to her ankles.

The National Hurricane Center said Simon was expected to produce dangerous storm surge and large destructive waves close to where it approaches the coast. Swells from the hurricane are also forecast to create life-threatening surf and rip current conditions along southwestern and west-central Mexico over the next few days.

Following weeks of storms that have battered Mexico, at least 10 people are missing in the state of Baja California and one minor was killed in the coastal city of Ensenada.

Reporting by Alberto Fajardo and Daniel Becerril in Manzanillo, Mexico; Writing by Kylie Madry and Paolo Laudani in Mexico City; Editing by Will Dunham and Cynthia Osterman

Small island’s big heart on display at prayer vigil

Hundreds turned out for a sunset prayer vigil in remembrance of the six people believed to have died when an air ambulance disappeared en route from Bermuda to Boston

Bermuda is a small island with a big heart – and that heart was on display in Sandys on Saturday.

Hundreds turned out for a sunset prayer vigil on White Hill Field, in remembrance of the six people believed to have died when an air ambulance disappeared en route from Bermuda to Boston.

Those who attended were given a poignant message by a close relative of LaVonne Bean and Sergio Lottimore, the two Bermudians who have been lost – “Hug someone you love, because you never know… it might be the last time.”

The gathering, organised by the West End Ministerial Alliance, was also in support of the families and loved ones of those who were on the missing flight.

Bishop Stephen Jones emphasised how Bermuda’s close-knit community must come together at a time such as this.

He said, “we really wanted to reach out and be more than just a phone call or a prayer…

“Let’s come together as a nation, as a people saying – ‘we’re praying for you, we love you’…

“It’s 21 square miles… There’s no way something like this could not impact everybody… Everyone knows everybody. Everybody’s got cousins and family and friends”.

The community held hands as Reverend Howard Dill prayed for the members of the family who were present.

Hundreds of people join hands at a prayer vigil on Saturday. Photos by Christian Adair and Gary Foster Skelton

Rev. Dill prayed, “you said in your word, you will comfort those who are in need of comfort. So, God, we’re asking you right now in the name of your son, Jesus the Christ, to comfort your people…”

Following more prayers, messages and music, the most touching moment came at the close of the hour-long service. Gavin Smith, nephew of Ms Bean and cousin to Mr Lottimore, spoke tenderly of his family’s loss, and thanked the community for “keeping Aunt LaVonne and Sergio in your hearts”.”.


Bermudian mother and son Marilyn Lavonne Bean and Sergio Wayne Lottimore were on a Latitude Air Ambulance flight which disappeared en route from Bermuda to Boston on Saturday October 3rd.

Canadian Pilots Captain Philip Gregory Childerhose and First Officer Thomas Henry Farquhar were also lost in the tragedy, as were flight nurse Sarah Jane Paton, and respiratory therapist Jolene Beth Weir.

The U.S. Coast Guard found debris in the ocean south of Nantucket Island off Cape Cod, Massachusetts, before suspending the search on October 4th.

The Transportation Safety Board of Canada with support from the NTSB has deployed a team to lead the investigation into the incident.

First phase of affordable housing breaks ground

Work has begun on the first of a series of affordable housing construction projects

‘Village at Albert Row’ affordable housing project. Photo by Christian Adair

Ground was broken this morning on the first of a series of affordable housing construction projects.

Zane De Silva, Minister of Housing, was joined at the site of the Albert Row project in Sandys by fellow MPs and representatives of the Bermuda Land Management Corporation and the Bermuda Housing Corporation.
Minister De Silva said this is more than a start of a construction project – it is a tangible step forward in addressing the challenges facing our community.


Minister De Silva said the project is being delivered by Coastal Precast Systems of Virginia in the U.S., and that local contractors will play a central role throught the project, overseen by the BLMC.

Construction is expected to be completed in approximately 12 months.


Statement by Zane DeSilva, Deputy Premier and Minister of Housing and Municipalities: