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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.
Andy Home: US tariffs threaten to bring boom times for copper traders
Physical copper traders are benefiting from the uncertainty created by the unpredictable tariffs of U.S. president Donald Trump.
Threatened U.S. duties on copper imports have opened up an opportunity of a lifetime for those who are in the business to move physical metals around the world.
CME copper contracts are now trading at a substantial premium over the London Metal Exchange contract (LME), opening up an enormous import arbitrage opportunity.
The rush to get physical copper to the United States before the deadline for tariffs has a knock-on effect on global trading patterns.
Investors are hesitant, as they fear the impact of a trade war on future copper prices.
Tariff turbulence
Since Trump's investigation of copper imports on national-security grounds, traders have tried to price in the possibility of U.S. Tariffs.
Tariff trade is represented by the CME premium, which is the price of an international LME over the price that has been cleared through U.S. Customs.
It's also proving to be an extremely volatile trade, a reflection of the White House’s contradictory speech.
In his address to Congress, Trump stated that he had "imposed a 25 percent duty on foreign aluminum and copper, as well as lumber and steel". This was a surprise to the copper industry, as the Section 232 investigation of imports had only been announced last month.
The CME premium for London briefly soared to over $1,000 per ton on this comment, before retreating as the consensus concluded that Trump's mention was likely just a slip-up.
COPPER RUSSH
The arbitrage between CME-LME copper prices is not a concern for those who profit from regional differences in pricing.
The CME premium, based on London in May, closed around $800 per tonne last week, meaning that the shipment of metals to the U.S. has already been a profitable business.
Tariffs will make it even more profitable. It is important to obtain as much metal as possible, and then clear it through U.S. Customs prior to any changes in import duty.
In the last two week, 115,800 tonnes of metal were cancelled at the London Metal Exchange in preparation for the physical loading-out.
The LME warehouse system's volume of copper on warrant has dropped to a new low of 147.875 tons, a drop of nine months.
This metal is unlikely to be shipped directly to the United States due the low ratio of LME stock that meets the CME contract.
What is grabbed from LME warehouses will more than likely be traded with producers and consumers for CME-deliverable brand names from Chile, Mexico, and Peru.
DISLOCATIONS
It's an indication that the availability of copper is decreasing as it is being shipped directly to the United States or rerouted there.
As stocks fall, it is not surprising that LME spreads have decreased. The cash-to-3-months period
This has in turn shifted the arbitrage rate between London and Shanghai, giving Chinese smelters a chance to export at a profit.
The global physical copper market is likely to be affected by potential U.S. Tariffs.
Trade houses that have the market power to capitalize on supply chain shifts will reap the benefits of the regional dislocations.
FUND MANAGERS FEEL FEAR OF TREAD
The investment community has been largely ignored while physical traders spend their time searching the world for the best type of copper to send to the United States.
The CME copper contract has almost equal allocations between bulls and a bears. This results in an 8 721 contract marginal collective net-long.
Not only is there a price gap between the physical and futures market for copper, but also an engagement gap.
Investors tend to use "Doctor Copper" to make macro-trades, using the metal to speculate on global industrial growth.
The bigger picture of the economy is bleak as the U.S. government increases tariffs on Chinese products and threatens to impose reciprocal tariffs with all trading partners.
A survey of North American economists has revealed that the risk of recession is increasing.
Fund managers are cautious about the prospects of higher copper prices for the remainder of the year. They're also reluctant to short a market which is showing signs of tightness - albeit a highly regionalised one.
While Trump's tariff turmoil confuses the futures markets, the copper trade in physical form is making money now.
The author is a columnist at
(source: Reuters)