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Sony and Warner Music sue Anthropic for songs used in AI training
The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI training. Universal Music Group filed lawsuits against Anthropic and Anthropic AI in 2023, as well as earlier this year. These cases are still ongoing. Anthropic was the first AI firm to settle a dispute last year, paying $1.5 billion?to resolve a lawsuit brought by a group authors. Sony and Warner stated in their complaint that Anthropic considers this to be a cost of doing business, given that the company's entire business model is built on copyright infringement. "And $1.5 Billion is clearly not enough to deter infringement by a company who has parlayed mass infringement into an astounding 2-trillion dollar valuation," Sony and Warner said in their complaint. Anthropic's spokesperson stated on Monday that this is the third case brought by the same attorneys, recycling accusations from previous cases before the court. The spokesperson stated that the company would defend itself "robustly", and that AI training made fair use of copyrighted material, citing the judge in the case against them. On Monday, neither a spokesperson nor an attorney from Sony Music or Warner Music responded to requests for comment on the case. The complaint claims that Anthropic obtained illegally the publishers' sheet music and lyrics through torrent downloads in order to train Claude. Claude is able to reproduce copyrighted songs "verbatim", when prompted. Sony and Warner said that Claude was taught by Claude to "generate vast amounts of purportedly new' AI generated song lyrics" which compete with Music Publishers legitimate copyrighted work as harmful market alternatives. The labels want damages up to $150,000 per copyright infringed and an order from the court barring Anthropic's use of their works.
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Sources say that the Yaroslavl refinery in Russia has shut down two units of crude distillation after a drone attack.
An oil refinery in Russia's Yaroslavl region, Slavneft-Yaroslavnefteorgsintez, or ?YANOS, suspended oil processing at two ?of its three crude distillation units after a drone ?attack on August ?28, two industry ?sources ?told . The local governor stated on Friday that the facility had been hit by debris from an Ukrainian drone. Sources claim that the attack caused damage to the AVT-3 primary unit of crude distillation with a daily capacity of 17,140 metric tonnes, which is about 40% of the refinery's total capacity. The AVT-4 unit, with a daily capacity of 14,300 tons, represents 33% of the total capacity. The refinery's last operating crude distillation plant has a capacity of 11,430 tonnes per day. This is equivalent to 27% of?the?plant's capacity. YANOS didn't immediately respond to a comment request. Sources could not be identified because they weren't authorised to publicly speak on the subject. The St. Petersburg International Mercantile Exchange reported that no gasoline was sold by the plant on August 31. Diesel fuel sales also dropped several times. YANOS is owned by Slavneft which is controlled jointly by Rosneft and Gazprom Neft. The refinery, located about 250 km (155 miles), northeast of Moscow, has an oil processing capacity of 300.000 barrels per day or 15,000,000 metric tons annually. According to industry sources, YANOS will process 14.9 million metric tonne of crude oil by 2024. This will result in 2.6 million metric tons of gasoline, 4.0 millions tons of diesel fuel, and 4.7million tons of fuel oil.
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German long yields are at their highest level in 15 years; ECB rate is priced to be near 3% by late 2027
On Monday, German and French government bond yields reached their highest level in more than a decade as the price of oil and natural gas rose. Federal Reserve Chair Kevin Warsh also'suggested that rate hikes might be necessary if inflation continues to exceed target. Investors are watching closely the bond supply of both countries, as Germany increases spending on infrastructure and defense and France enters a tough budget battle. Investors are also concerned that geopolitical tensions may fuel more defence spending. The oil prices increased after new fighting broke out between the U.S. The Iranian army claimed that it attacked the Al Minhad Air Base of the United Arab Emirates after an attack by the U.S., but the UAE denied the claims. Investors also pay attention to the crack spread, which is a measure of refinery margins. The ICE heating oils/Brent cracks spread During the war, oil prices were at $36 and then rose to $84.50. Even if oil price drops on a deal to open the Strait of Hormuz, margins will likely remain high while damaged refinery capacities take time to rebuild. Natural Gas Prices at Highest Since March The price of natural gas, which is a major driver for inflation expectations in the eurozone, increased 5%, reaching EUR70.70. This was their highest level since March. Early August, they were around EUR51. Gas Infrastructure Europe data shows that EU gas stores are 64.7% filled, which is the lowest level ever for this time of year and 12.4% below last year. The yield on Germany's 10-year bonds rose 5 basis points, to 3.3233%. This is the highest level since May 2011. After Warsh's remarks, the yield curve of U.S. Treasury 2-year bonds flattened and the yields increased. On Monday, they were not much different. Commerzbank's rate strategist,?Rainer?Guntermann, said that Bunds are not immune to the U.S. Treasuries market headwinds but they should still perform well as the markets are prepared for the next European Central Bank interest rate hike. He added that "month-end flows" should provide temporary relief to today. The German 2-year bond rate was up 3 basis points at 2.9237%. This is the highest it has been since July 2024. French short-dated bond yields also reached their highest level since summer 2024, at 3.1202%. Preliminary data shows that the rate of inflation in Germany could rise this month. Traders are pricing in the ECB’s?deposit rates at around 2.70% in December. This implies an 80% probability of a rate hike from the current 2.25%. Investors also expect rates to move closer to 3% in late 2027. The deposit rate is priced at 2.98% for September 2027. Mark Haefele is the chief investment officer of UBS Global Wealth Management. "Although there is a greater risk of a hike in September, the most recent sequential?inflation figures are consistent with a further deflation," said Mr. He. FRENCH BORROWING? COSTS AT THE HIGHEST FOR ALMOST 18 years The 10-year yield on French bonds rose by 4.5 basis points to 4.1729%. This is the highest level since November 2008. The 30-year bond yield reached 4.9408% - its highest level since September 2008. The yields on Italian 10-year notes and 30-year bills reached their highest levels since June 2024 and December 2023, at 4.11640% et 4.9355%.
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German unions warn that massive opposition is expected in the Volkswagen turnaround dispute
IG Metall - Germany's largest union - warned on Monday that it would resist any attempts by Volkswagen to undo a restructuring package previously agreed. However, the union did not threaten strikes in advance of a critical board meeting scheduled for the end of this week. Since July, Volkswagen's management has been at odds with its unions over what could be the biggest overhaul of the automaker to date. This includes?plant closings, the carving-out and 50,000 more layoffs. It would be less than two-years after the most recent package, which was reached following months of intense talks and warning strikes, as Europe's largest carmaker tried to?address tariffs, Asian competitors, and a weak Chinese marketplace. Thorsten Groeger, a manager at one of the sites facing closure, told workers in Hanover that if the board tried to question the agreement 'again', the factory floors would be up in arms. "We will fight it with all of our strength." Volkswagen's supervisory council will meet Friday to vote on three competing restructuring proposals. This could lead to a full-blown escalation, which may result in a special shareholder meeting. Arno Antlitz said that the group will do "everything it can to protect jobs as effectively as we possibly can" and warned there is no viable production plan for factories in Hanover Emden Neckarsulm Zwickau. Antlitz stated that if the excess capacity was not reduced and production continued at these sites as before, it would result in a cost disadvantage permanent of approximately EUR1.5 billion ($1.74billion) per year. Volkswagen is one of Germany's largest private employers. The crisis has prompted regional state heads to speak out, worried that plant closures could hurt their position, as the far right AfD continues to climb in the polls. Michael Kretschmer is the leader of Saxony where Volkswagen's Zwickau factory is located. He said that the workers, management, and 'political leaders' must all work together in order to minimize the impact of job cuts and capacity reductions. Kretschmer said, "We need to all work together." He said, "Manufacturing in Germany must become easier, cheaper, and better."
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California utility shares fall as wildfire bill fails in its attempt to reduce liability risks
California's electric utilities' shares fell'sharply' on Monday, after a Senate Bill amendment failed to do much to'reduce' their exposure to wildfire liabilities or address the 'long-term''solvency' of the state's Wildfire Fund. Sempra shares fell 3.4%, while PG&E's and Edison International's fell 19.7%, 21.3% and respectively. BMO Capital Markets lowered PG&E from "outperform" to "market perform". Mizuho Securities also downgraded the utilities. The amended Senate Bill creates fast-pay programs?for survivors of wildfires, expands efforts to prevent and prepare for wildfires and changes the rules that govern the Wildfire Fund's Continuation account. According to analysts at?Mizuho, the legislation does not provide a mechanism for replenishing the wildfire funds. It also does not separate the liability of utilities from the solvency and viability of the fund. The fund is partially funded by utilities. California utilities are facing increasing wildfire liabilities. PG&E is expected to emerge from bankruptcy in 2020, after its equipment has been linked to several deadly blazes. The state has created a Wildfire Fund of $21 billion to cover future claims. Meanwhile, utilities are pushing for reforms that will reduce their exposure to costs associated with wildfires. BMO Capital Markets stated that the bill would not guarantee the fund's solvency in the long term or protect utilities against wildfire-driven bankruptcy. The new $21 price goal for PG&E is based on the assumption that wildfire liabilities will not be capped after 2030. The bill permits the administrator of the Continuation Account, to issue bonds in support of?the account? and?related costs. Mizuho stated that the provision would not add new money to the fund, but rather extend its existence. The law also protects the ability of insurers to recover payments related to wildfires from?utilities, and prohibits private equity groups from purchasing wildfire claims or financing wildfire advertising. California Governor Gavin Newsom released a statement saying, "We have reached a compromise which?blocks hedge fund profiteering from wildfire survivors, bars utility executives taking bonuses when their company starts a fire and puts money in the hands of survivors faster."
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California utility stocks fall as amended wildfire law preserves insurer claims
Utilities shares fell in premarket trade on Monday after an amendment to the Senate bill in California failed to significantly alter the liability exposure of grid operators in the state. Sempra shares fell 3.5%, while PG&E shares fell 15.7%, Edison International fell 10.4% and PG&E fell 15.7%. Wildfires have made the state 'particularly vulnerable in the past couple of years. Some lawmakers wanted to introduce broader cost sharing reforms to prevent pressure on the Wildfire Fund. California lawmakers, however, settled on allowing issuance of bonds to increase financing and didn't make any changes to the insurers right to recover from utilities. In a statement, California Governor Gavin Newsom stated that "we reached a compromis which blocks hedge funds profiteering from wildfire survivors and bars utility executives taking?bonuses? when their company starts a fire. This compromise will get money to survivors faster." Brokerage?BMO lowered?PG&E's rating to "market perform" from "outperform" after the amendment. Mizuho lowered?Edison's rating to "neutral" from "outperform." The brokerage analysts said that the proposed legislation "does not ensure the long-term solvency of the wildfire fund (and the associated liability cap)," which exposes investors to an open-ended 'wildfire-related tail-risk.
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Japan's oil imports rose 17% in July, as US supplies jumped
Japan's crude oil imports increased by 17% from the previous year in July, as a result of a surge in U.S. Official data released on Monday showed that?shipments, a resurgence in Saudi Arabian purchases and lower supplies from Middle Eastern producers were offset by a rise in?supplies. The Ministry of Trade, Economy and Industry reported that imports increased to 2,38 million barrels a day (11.72 millions kilolitres) for the second consecutive month despite disruptions caused by the U.S./Israeli war against Iran. Imports to?the Middle East dropped 21.4% from July. The United Arab Emirates, Japan's two largest suppliers, and Saudi Arabia both saw a decline of 18.4% and 7.4% respectively. The drop was however less than the declines of 68.7% in April, 49.7% in may and 32.4% June. Imports from the United States jumped five-fold in comparison to a year ago, reaching?about 879.800 bpd (4.3 million kl). Japan imported crude oil from Ecuador, Mexico, Vietnam, and South Sudan. In?2025, the?Middle East will account for 94% of Japan’s crude oil imports. In July, this?share dropped to?58.9%. This was the 10th consecutive decline year-on-year.
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Oil will remain above $80 per barrel despite Middle East supply concerns
Analysts maintain 'forecasts of oil prices above $80.00 a barrel by 2026, as shipping disruptions related to the U.S. - Iran?conflict are expected to reduce supplies. A poll revealed. A survey conducted in August by 31 economists and analyst predicted that Brent crude will average $85.08 per barrel in 2026, and U.S. oil $80.20 per barrel. This is roughly in line July's predictions of $85.22 and $80.14 respectively. "China is the greatest downside risk, as import demand remains sluggish so long as oil prices remain above $80/bbl. Suvro Sarkar is the head of energy research for DBS Bank. He said that the urge to replenish inventories would only occur at lower oil prices. According to analysts polled, the global oil demand is expected to decline by between?1million and 1.6million barrels per day by 2026. China's crude imports dropped to a near-decade low in June, and imports for July remained 24.3% below the year before. SHIPPING DISRUPTIONS SUPPORT PRICING The U.S. - Iran war, which began late in February and escalated to attacks on energy and transport infrastructure throughout the Gulf region, has dramatically reduced vessel traffic along Middle Eastern waterways including the Strait of Hormuz. In August, progress in the efforts to restore shipping along the Strait of Hormuz was limited. U.S. forces attacked two launchers in Iran's Larak island on Sunday. This was the first U.S. attack on Iran since July. Iran has responded by attacking U.S. bases in Jordan. Iranian media cited the Revolutionary Guards. Brent crude traded mainly between $80 and $90 a barrel. Iran and Oman continue to work on details of an agreement regarding the Strait of Hormuz, according to which both countries will share revenue generated by the waterway. Price Futures Group senior analyst Phil Flynn said that traders no longer price an imminent collapse of Gulf exports. However, they do not price a "swift" return to normal. A survey revealed that analysts expect the global oil market to remain in deficit by 2026. Estimates ranged from 1,65 million to 3,5 million barrels of oil per day. SUPPLY SHOCK DOMINATES The International Energy Agency predicts that global demand will fall?by 1.6million bpd by 2026. OPEC, however, forecasts a growth of 580,000 bpd - albeit 200,000 bpd lower than its earlier projections. OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies - announced in August a 188,000 bpd increase?for the month of September. This completed the group's rollback of about 1.65million bpd of voluntary output cuts?introduced by 2023. OPEC+ has lost its ability to influence oil prices six months after the Iran War. Supply disruptions in the Middle East have overshadowed their output decisions, and China's reduced imports, the largest oil importer in the world, are helping to balance the markets.
GRT Jewellers, India's largest jeweller, to buy a stake in TBZ for up to $109 Million
Abinaya V. and Praveen Parmasivam
BENGALURU - India’s Tribhovandas Bhimji Zaveri announced a deal on Monday for GRT Jewellers to take a majority stake in the jewellery retailer. The price was set at a maximum of 10.34 billion rupees (108.66 million dollars).
GRT Jewellers, subject to regulatory approvals, will purchase a 74.12% share from the 162-year old brand's top shareholders. This acquisition will trigger an open offer of 26% more under India's takeover laws.
The stake is worth approximately 15.11 billion?rupees based on TBZ?s?market cap of 20.38 billion rupees.
India's jewellers are reducing their expansion plans in response to record gold prices, and increased import tariffs for gold and silver.
?TBZ & GRT both have a strong presence when it comes to gold and 'diamond jewelry, which are integral for weddings - and other auspicious events - in India. India is the second largest gold consumer in the world, and imports meet almost all its demand.
Akshay D’Souza, consumer sector consultant told? that "getting control" often requires a discount in order to upgrade stores, improve implementation, or absorb the integration risk.
"Tribhovandas Bhimji Zaveri appears to also have significant debt on its balance sheet, and this will result in lower valuations?especially if the recent revenues are supported with a gold bull run."
According to LSEG data, the company's net debt was 7.8 billion rupees in March 2026.
GRT 'Jewellers Managing Director GR Aanthapadmanabhan stated that Tribhovandas - which began as a single shop in 1864 - fits into GRT’s strategy to increase its footprint throughout India with its 37 stores.
GRT, founded in Chennai in 1964 operates 68 stores in India and one store in Singapore.
(source: Reuters)