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Former DeepMind researcher from Google adds to the warnings that AI will 'kill humans'
Former Google DeepMind employees warned on Monday that AI technology could "kill off all humans", and that time was running out for the avoidance of this outcome. The public is becoming more concerned about the potential danger of AI. Anthropic researcher Jacob Coxon announced last week that he was resigning, partly because "people who are building AI believe it will kill us by the end the decade." Evan Hubinger, an anthropologist, responded to?Coxon’s comments by saying that he agreed with him and believed that there was a higher than?10% probability that AI would kill all humans in the next decade. Bilal Chughtai, a writer for X, wrote: "I recently resigned... from Google DeepMind where I worked on AGI alignment and safety research." "I honestly believe that AI could kill us all, and we may be running out of time." Chughtai was a research engineer at Google DeepMind and worked as such until July 2026. His LinkedIn profile states that he left the company. Google didn't respond to an outside of regular business hours request for "comment". Anthropic CEO Dario modei, in response to recent concerns, called for a halt in the pace of AI?development. He received rare support from SpaceXAI’s Elon Musk and OpenAI CEO Sam Altman, sparking a discussion on AI "doomerism." Chughtai said that steering AI safely is?possible, but coordination would be required "to avoid the manic race between AI companies." He added, "We must pace AI development at a rate that the society can handle. Emerging risks should be addressed before extreme harm occurs." The President Donald Trump has, however, dismissed the warnings. He said on social media that the AI industry's calls for regulation are a "hoax."
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Arbitration sought by Combined BHP Ports Unions over wage dispute
The union announced on Tuesday that it would take BHP, the world's largest?miner, to arbitration if the two parties could not agree on the?terms of a new wage?deal in Western Australia for the Port Hedland Iron Ore Operations. Port Hedland, the largest iron ore export center in the world and BHP's main shipping gateway to the Pilbara region, is the hub for BHP Pilbara operations. The union, which represents 450 workers on the site (operators and maintenance), will apply for a "intractable bargaining statement" which allows the Fair Work Commission to determine the terms of the agreement. Over the past nine months, both sides have been in talks to determine a wage agreement that will last four years. They've met almost weekly in recent weeks, with Fair Work Commission as a facilitator. ".....BHP refuses to negotiate an accord that reflects their specialized skills, the extreme conditions they work in and the personal sacrifices made by the employees who have generated more than $13 Billion in profits for the company?this past year", the Combined BHP Ports Unions stated in a press release. In response to a?request for comment, a BHP spokesperson stated: "Our focus is on delivering an?fair?and reasonable?agreement." BHP offers a 17% increase in pay for most workers over the four-year agreement. This includes a 'transition payment' of A$25,000 (17,802.50 USD) spread over two years as well as a rise in roster allowances. The union claims that 40% of workers would be worse off if this proposal were to go through.
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India's Tata share price jumps as RBI decision revives holding company's listing prospects
The shares of several Tata Group firms soared?on Tuesday, after India's Central Bank?rejected Tata Sons?application?to deregister as a non-bank lender. This revived prospects for a stock exchange listing for the holding company. Tata Chemicals shares jumped by 20% while Tata Motors Passenger Vehicles shares rose by 4.4%. Tata Consultancy and Tata Investment, a major provider of IT services, both advanced by 10% and 4.4%. Tata Sons'?potential listing could increase valuation and unlock value for Tata-linked companies. Tata Chemicals, Tata Motors, and Tata Investment?are listed Tata firms that own stakes in Tata Sons. Tata Sons assets alone totaled 1.75 trillion rupees (18.25 billion dollars) as of March 2025. The company has been privately owned for more than 100 years. It controls companies such as Tata Consultancy and Tata Motors. Tata Sons has been classified as a "core investment company" and is subject to RBI rules for non-bank lenders, which require that companies with assets over 1 trillion rupees or those with direct or indirect access to public funds be listed. Tata Sons announced last month that Chairman N Chandrasekaran will not seek reappointment. This has added to the 'uncertainty' surrounding the future leadership of the group.
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Mayor of Kyiv: Russia has hit petrol stations and warehouses in Kyiv
Vitali Klitschko, the mayor of Kyiv, Ukraine, said that a drone struck a petrol station early Tuesday morning. He also added that a drone had also struck warehouses in another part of the city. Witnesses heard an explosion in Kyiv The attack follows a?U.S. Donald Trump stated on Monday that Ukraine had agreed with Russia not to?hit each other's targets. Recently, Russia began targeting petrol stations in Kyiv and expanded the scope of facilities that were targeted. In the last few months, Russia has targeted around 300 petrol stations, mostly in or near Ukraine's frontline areas. In a social media statement, Poland's Armed Forces stated that as a precautionary measure, it had begun military aviation operations to secure its airspace. A regional governor on Telegram said that a Ukraine missile strike?damaged a warehouse owned by the ecommerce company Ozon, in the southern port of Taganrog. Separately, a?industrial facility?in the Samara Region on the Volga River was hit by a drone, said Governor Vyacheslav Federishchev on Telegram without naming this particular industrial facility. A number of large oil refineries are located in the?region. It was not possible to independently verify all the reports. Volodymyr Zelenskiy, the president of Ukraine, said that Kyiv would only support a U.S.-proposed ceasefire between Russia and Ukraine on energy sites if Washington could guarantee that Moscow was truly ready to end its conflict with Ukraine.
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China's oil throughput in August is up for the second consecutive month amid Iran war
China's oil throughput in August?rose for a second consecutive month but was still?6.9% lower than a year ago, according to?data released on Tuesday by the National Bureau of Statistics. In August, the world's largest oil buyer processed 59.07 metric tons crude oil, or 13,91 million barrels per day. This is an increase of 11.2% compared to July. Oil throughput in the first eight months was 456.12 millions metric tons or 13.7 million bpd. This is down 6.6% compared to a year earlier. According to data, China's domestic crude oil production in August rose by 0.8% on the year to a total of?18.43 metric tonne, or 4.34 millions bpd. Beijing does not release information on its reserves. However, calculations that add official crude imports and domestic production, then subtract refinery output, estimated a drop of 639,000 barrels per day (bpd) in August. This was the second largest drop since the Iran War began, following a decline of 936,000 barrels per day?in June. The data also revealed that the crude oil production for the year to date was 146.39 millions metric tons. This is a 0.9% increase from last year. The natural gas production in August increased by 0.8% from the previous year to?21.4 billion cubic meters (bcm). The output for the year to date is 175.7 bcm. This represents a 1.1% increase from a previous year.
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New Hope coal miner in Australia pays out highest dividends since 2022
New Hope Corp, a thermal coal -miner in Australia, declared its 'largest ever final dividend' on Tuesday. This was despite the fact that their annual profit had more than halved and they missed expectations. The shares rose to their highest level in over 3-1/2 years. Rob Bishop, CEO of. "We had a good year and we were able to pay out a large dividend," said he. New Hope announced a final dividend per share of 30 Australian cents for fiscal 2026. This is the highest since 2021 when it was 31 cents and surpasses last year's 15 Australian cents. The company's shares rose by as much as 4.1% in the early trading, reaching their highest level since January 2023. As of 0056 GMT, the broader market was down 0.5%. Sales and production of saleable coal increased by 7.6% and 11.8% respectively. This was due to the ramp-up at its New Acland Mine in Queensland, and the strong performance in the second half of the year at the Bengalla Mine in New South Wales. The annual net profit after taxes fell by 63.4% compared to the previous year, falling to A$161 million ($114.94 millions), the lowest level since fiscal 2021 when A$79million was recorded. Visible Alpha's estimate of A$182.2 millions was also not met. New Hope said that its earnings were negatively affected by a decline of 8.8% in the average realized sales price to A$143.2 per tonne. This was due to unfavourable exchange rate fluctuations, as well as an increase in the percentage of sales with high-ash across the group. The company's Bengalla Growth Project and ramp-up at the New Acland Mine?also contributed to the decline in profits. The company stated that it expects thermal coal prices will be well supported in the medium to long term, due to a shortage of supply caused by ageing assets and a lack of investment in new projects.
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Asian shares fall as oil prices and yields increase ahead of Fed and BOJ meetings
Asian shares struggled on Tuesday, as investors considered Middle East tensions. Industry figures also called for a halt in AI development. Meanwhile, higher oil prices and bond yields heightened caution ahead of 'key' central bank meetings taking place in the U.S. Yemen's Houthis, who are aligned with Iran, launched a new offensive on Saudi Arabia Monday. Riyadh had blamed Iran-backed fighters based in Iraq for an assault on the east-west oil pipeline of the kingdom that could disrupt up to 4% global supply. Gulf Arab states have also delayed planned talks with Iran. Brent crude was up by 1.21% at $106.96 a barrel, while U.S. Crude rose 1.27% to $102,68 per barrel. In a recent note, Yokoo Akihiko, an analyst at Mitsubishi UFJ Bank said that the markets are likely to continue to focus on the possibility that higher crude oil costs could contribute to 'inflationary forces, and in turn, drive interest rates higher. Leading AI figures have called for a'slow down in development of AI technology. This has continued to resonate through the markets, even as U.S. president Donald Trump has played down concerns about misuse. He said that existing U.S. protections are adequate and China would benefit from any doubts regarding AI development. MSCI's broadest Asia-Pacific share index outside Japan fell 0.12%. South Korea's 0.25% drop led the way. Japan's Nikkei index edged up 0.19% after reversing its early losses. Shares of chip-related companies were mixed. South Korea's Samsung Electronics lost 0.2%, while Japan's Kioxia rose 3.3%. Federal Open Market Committee will begin its two-day session later that day. The markets have priced in a 90% probability of a rate increase, which would be the first since mid-2023. Morgan Stanley analysts said in an?address that "while inflation continues to decelerate" recent upside surprises have made the pace of disinflation slower and less convincing. They expect a 25 basis point hike on Wednesday and December. "We can see both arguments for a hike or a hold. However, signs of second-round impacts from energy prices and strong demand linked to AI-related investments, as well as a neutral rate which is temporarily higher and concerns over credibility, mean that the balance of risk now argues in favor of a slightly more restrictive policy." Overnight, the benchmark yield on 10-year U.S. Treasury bonds reached 5% for first time in 2023. Germany's 10-year yield rose above 3.51% to its highest level since 2009, and U.S. Treasury bond yields also touched 5% overnight. Tuesday, Japan’s benchmark 10-year government bond rate jumped back to 3%. Bank of Japan will likely raise its interest rate to 1.25% by 25 basis points at the conclusion of its two-day session on Friday, and signify that more tightening is to come. The Bank of Japan is looking to bolster the yen following intervention that helped move the currency away from a low for 40 years. The dollar index, which measures greenbacks against a basket including the yen, and euro, increased 0.05%, to 99.53. Meanwhile, the euro fell 0.03%, to $1.1543. The dollar rose 0.17% against the Japanese yen to 154.61. Spot gold fell 0.15%, to $4,291.59 per ounce. Spot silver dropped 0.31%, to $63.03 per ounce.
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SB Energy will sell shares worth up to $500,000,000 to Japanese investors as part US IPO
A filing on Tuesday showed that the SoftBank Group-backed Data 'centre developer SB Energy will sell up to $500 million worth of shares to Japanese investors as part a a U.S. public listing. The filing stated that the firm would issue new shares to the Japanese investors and the funds raised would be used for "general operating costs" for the development of data centres, "power generation", and other infrastructure projects. The filing did not disclose the size of the U.S. Initial Public Offering. SoftBank could be looking for a $50 billion valuation for SB Energy. SB Energy's investment prospectus from September reported that Nvidia had committed to investing $1.5 billion at the IPO price in a private placing, while OpenAI was issued warrants valued at approximately $5.5 billion. Investor interest in artificial intelligence led to a flurry of 'public listing' in related firms this year. SpaceX listed in June, and Anthropic is preparing to list in the second half of.this year. Japanese investors?secured a total of $2.2 billion in SpaceX shares at its IPO.
INSTANT VIEW: Trump's hefty tariffs shock markets and cause S&P futures to fall
U.S. president Donald Trump escalated the trade war by announcing on Wednesday that he would impose reciprocal duties to match duties placed on U.S. products by other countries.
Trump told an audience in the White House Rose Garden that "it's our declaration" of independence. "We will set a minimum base tariff of 10%."
The rates for China will be 34% while those for the European Union, Japan and Canada would be 20% and 24% respectively.
S&P futures fell 3%, indicating that investors are expecting deep losses on Wall Street when it opens Thursday. S&P 500 Futures fell 3%. This suggests investors will suffer heavy losses on Wall Street when it opens Thursday. Nasdaq Futures, which reflect tech companies like Apple, Nvidia, and Microsoft, fell almost 4%. S&P 500 futures tumbled 3%, suggesting investors expect deep losses when Wall Street opens on Thursday.
COMMENTS:
SARAH KETTERER CEO, CAUSEWAY CAPITAL MANAGEMENT LOS ANGELES: "This is a salvo. This isn't a final list. It's only another round in what will be countless rounds of negotiation."
"Market weakness should allow you to invest in global equity markets. European spending is going to be huge and pivotal. It will also be very stimulating, especially if combined with increased bank lending. It's certainly not "Happy Days", but global equity markets, and especially European stocks that have trailed U.S. stock prices for 17 years, will be able to perform better. We believe that some of the gap will be closed."
BYRON ANDERSON HEAD OF FIXED RESULTS, LAFFER-TENGLER INVESTMENTS SCOTTSDALE ARIZONA
"We're back at the inflection points for Treasury yields. We're basically at the average of the previous two years. The bond market initially reacted as we had expected, namely by selling off. Did we receive reciprocal tariffs? The market is also not sure. "If we can get some moderation in today's market, it will be crucial to the bond scenario. It will also help calm down the markets." "Reciprocal Tariffs will eventually be deflationary, as our trading partners will begin to eliminate tariffs." If we do get some moderation, the market is not in a good position. We should also see the unwinding of the flight of safety. This means that treasury rates are rising and high yield credit spreads will be softer. Expect volatility as certain countries continue to defend their status quo."
NANCY TENGLER is CEO and CIO of LAFFER TENGLER Investments, SCOTTSDALE (ARIZONA). "The Administration prided itself in being the administration for the common man. The common man is employed by the automotive industry. If the auto tariffs are imposed, the demand for automobiles will decrease. You can stop there. As purchasing managers tried to stay ahead of tariffs, we have seen a pull-forward in economic numbers. Imports are up, which puts downward pressure on the GDP. The decline in manufacturing PMIs is most puzzling, as they printed contractionary readings last months due to the drop in new orders and employment. Carvana surged in after-hour trading on Trump tariffs. Tesla (mostly made in the U.S.A.) is also trading up. Ford and GM are both flat. Carvana will profit from the increased demand for used vehicles."
ADAM HETTS GLOBAL HEAD, MULTI ASSET, JANUS HENDERSON INVESTOR, DENVER: "Eye watering tariffs, country by country, scream negotiation tactics, and will keep the markets on edge in the near future. This means that there is room to lower tariffs, even though a baseline of 10% has been set. The administration has shown a surprising tolerance for market pain. Now the question is, how much tolerance does it have for real economic pain during negotiations? The S&P 500's recovery after a positive ADP jobs report was a reminder of the broader economic focus. The ISM nonfarm payrolls and services data this week will be closely scrutinized, as any weakness will fuel recession fears."
JOHN HARDY CHIEF MACRO STRATEGIST SAXO BANK COPENHAGEN : "I was shocked at how negative or heavy these tariffs are. This will lead to a lot of tit for tat negotiations. What concessions can the U.S. make to lower these tariffs, what leverage they use to convince other countries to reduce these levels, be it defense concerns in Europe or Japan. China, I suspect, sticks. The Chinese response may be interesting." The market's reaction is expected to be negative. Treasuries are a safe-haven trade, particularly at the low end of the yield spectrum. Even longer-term Treasuries may do well."
"If Republicans continue to hammer on about tax reductions, I wonder whether (longer-term Treasuries are a good investment). For now, the direction seems clear. "Gold, especially short-dated U.S. Treasury bonds, is the best option for safe-keeping. You can also use it as a wildcard for long-term investments."
WALTER TODD CHIEF INVESTOR, GREENWOOD CAPITAL GREENWOOD SOUTH CAROLINA WALTER: "We only have one side to the story. That's what we do. The other side is how other countries react to what we do. This is a major factor in how the market will ultimately respond to what's being said.
The other part of the puzzle is how individual countries or groups of countries react to what's being said... Depending on what other countries are doing, I still feel like the market is looking to use the 5,500 level of the S&P 500 as a springboard.
JASON BRITTON CHIEF INVESTMENT OFFICER REFLECTION ASSET MANAGEMENT CHARLESTON SOUTH CAROLINA 'I see this as a net positive. These tariff levels are a good starting point for future negotiations. Mexico and Canada remain exempted from any further tariffs. I believe the market will calm down, parse out the details and see that it is at best a mixed bag. "I am looking at the large technology companies who have huge piles of cash. I am a buyer of weakness if they are going to be squeezed by this retreat. "It's the market that's overreacting and I'm happy to take full advantage."
JOHN LUKE TYNER, APTUS CAPITAL AFFILIATES, FAIRHOPE ALABAMA Many other countries have imposed tariffs on the U.S. and, from Trump's and many other people's perspectives, it is unfair to offer more free trade while we are being pillaged by other countries. These tariffs are not temporary, they seem to be here to stay. The rhetoric has caused a decrease in consumer spending and corporate spending. It has created a bad feeling about the future which is slowing down things. "You've seen the slowdown in capital projects and CEOs' comments on markets and economy." You cannot kill the market and tax revenue and squash the economy at the same time. In many ways, the market is the economic system. So, the biggest risk is that, if the economy is really messed up in one spot, even for a short time, where does the debt to GDP end up in such an environment? "What happens to fiscal deficits if there is a 10% or 5% decline in GDP and other economic indicators? That's when things get really scary."
CHRIS ZACCARELLI CHIEF INVESTMENT OFFICER NORTHLIGHT ASSESSMENT, CHARLOTTE N.C.
Tariffs will increase corporate costs and decrease profits. "If we see a change in the economy, the markets will react differently, but for now, the knee-jerk reaction to price increases is the first one."
PETER CARDILLO CHIEF MARKET ECONOMIST, SPARTAN CAPITALSECURITIES, NEW YORK Now, it depends on the trading partners. Will they negotiate at the table or will they retaliate?" The effects of inflation could worsen and we could be heading toward recession."
The markets are under severe pressure, and one could say that they have reached an oversold state. "I think the markets will rally."
FREDERIQUE CARRIIER, HEAD of INVESTMENT STRATEGY, RBC Wealth Management "We expect the EU will retaliate quickly." "Europe will face steep blanket tariffs of up to 20%, which is higher than what was feared."
Profit taking on the European equity market could continue tomorrow. The impact of tariffs is unlikely to be as painful on European economies, because Europe doesn't trade with the US enough. However, it could be more severe depending on the way the situation develops, the EU response, and the extent to which tariffs harm business and consumer confidence.
(source: Reuters)