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Google to invest $15 Billion in AI Data Centres in Andhra Pradesh, India
Google announced on Tuesday that it will invest $15 billion in data centres for an artificial-intelligence hub in India’s Andhra Pradesh over the next five year period. This is one of the largest investments the company has ever made in the country. Thomas Kurian, CEO of Google Cloud, said that the hub is the largest AI hub outside the U.S. Alphabet Inc's campus of a 1-gigawatt-power data centre will be located in Visakhapatnam, a port city. The investment was initially estimated at $10 billion by officials from the state in southern India. This move coincides with a fiercer competition among the big tech companies who are investing heavily in building new data centres infrastructure to meet booming demands for AI services. Google has committed to spend $85 billion to expand data center capacity this year. AI demands enormous computing power. This is driving demand for specialized Data Centers that allow tech companies to connect thousands of chips in clusters. Microsoft and Amazon have invested billions in building data centres across India, one of the fastest growing markets for global tech giants. Nearly a billion people access the internet from India. Google's plans were first reported in July. Google's data center will be the biggest in Asia in terms of capacity and investment. It is also part of an expansion of the data centre portfolio in the region, which includes Singapore, Malaysia, and Thailand. Nara Lokesh, the state's IT minister, said that such initiatives would be a strategic asset in an age where data was becoming the new oil. Reporting by Munsif Vegattil from Bengaluru, and Sarita Chaganti in New Delhi. Editing by Himani Sarkar & Lincoln Feast.
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India's listing performance since 2020
LG Electronics India had a spectacular stock market debut Tuesday. It listed at a 50% premium to its original issue price of 1,140 Rupees per share. This is the most successful listing of a billion dollar Indian initial public offer since Eternal (the parent company for food delivery platform Zomato and restaurant listing platform Zomato) debuted in the year 2021. Check out how India's billion-dollar IPOs performed in the last decade. SBI CARDS and PAYMENT Services (MARCH 2019) State Bank of India’s credit card division, which is India’s largest lender by assets, fell 13% on its market debut as COVID-19 fears dampened the enthusiasm for the largest public listing in the country. ETERNAL - FORMERLY KNOWN as ZOMATO (JULY, 2021) The food and grocery platform listed at a 51.3% premium to its initial price. This gives the startup an estimated valuation of $13 billion, and sets the stage for the other startups in the US who are waiting with their own listing plans. ONE97 (NOVEMBER 2020) Paytm's parent company made one of India's worst stock market debuts. Its shares were listed at a discount of 9% and closed on the first day of trading 27% below the offer price, due to concerns about profitability and high enterprise value. LIFE INSURANCE COMPANY OF INDIA (MAY 2022) The shares of India's largest insurer fell nearly 9% on the market debut, amid market volatility and worries about its loss of market share to competitors. HYUNDAI MOTOR INDIA - OCTOBER 2024 Retail investors were lukewarm in their response to the largest-ever IPO of the country amid concerns over a high valuation and a slowdown in auto industry. SWIGGY (NOVEMBER 2024) SoftBank's food and grocery delivery platform was listed at a premium of 5.6% and continued to gain throughout the day. This indicates growing investor confidence. NTPC GREEN ENERGY - NOVEMBER 2024 Investors bet on the growing demand for clean energy in the country and the company’s diverse portfolio. HDB FINANCIAL SERVICE (JULY 2020) Investors bet on the long-term growth potential of India, the world's biggest country. TATA CAPITAL (OCTOBER 2025) Investors were not too excited about the Tata Group’s first IPO since two years, due to a crowded IPO marketplace and a lack of discount on valuations compared to other listed companies.
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Australian shares rise as mining rally offsets bank pressure
Australian shares rose on Tuesday, as gains by gold and base-metal miners countered weakness among banks and consumer stocks. This was after the central banking struck a cautious tone regarding inflation and policy ease. After a 0.8% decline on Monday, the S&P/ASX 200 rose by 0.2% to 8,899.40. Minutes The Reserve Bank of Australia meeting in September reinforced its cautious and data-dependent approach towards inflation and spending, ahead of its next decision on policy in early November. Markets now price roughly even odds of a November 4 rate cut and a 60% chance of one in December, down from 70% earlier after a stronger-than-expected inflation reading late last month. Three of the four "Big Four" bank fell as much as one percent each. According to Junvum Kim of Saxo Markets, a senior Asia-Pacific sales trader, the slowing rate cuts are bad for banks primarily due to the fact that lower interest rates stimulate the property market, and home loans represent a large portion of their revenue. Kim stated that the minutes from RBA's September meeting raised doubts about whether we will end this year without another rate reduction, disappointing investors. Consumer discretionary stocks were the biggest drag on the market, falling 1% and reaching their lowest level since early August. The mining sub-index, on the other hand rose about 2.5%. This was largely due to gold miners who soared when bullion broke through $4,100 an ounce, on the prospect of U.S. interest rate cuts. Northern Star Resources & Evolution Mining both jumped by 2.8% and respectively 1.9%. Rio Tinto's shares rose 1.8% following a sequential increase in quarterly shipments of the commodity. However, the company said that it needed a stronger push to reach its annual target in the last quarter. BHP Group increased by 2.2% while Fortescue gained about 1.8%. New Zealand's benchmark S&P/NZX50 index fell 0.6% and finished the session at 13,276.99.
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Tchiroma, the opposition candidate in the presidential election of Cameroon, claims victory and urges Biya concede
Issa tchiroma, the opposition candidate in Cameroon's presidential election on October 12, declared victory late Monday night. He urged President Paul Biya not to be deterred by the results and to "honor the truth of the vote box". "Our victory is obvious." Tchiroma, in a Facebook post from his hometown in Garoua (north of Central African State), said that it must be respected. The people have made their choice. "This choice must be respected." Tchiroma (76), a former spokesperson for the government and minister of employment, broke with Biya in early this year, and launched a campaign which attracted large crowds, and received endorsements from an alliance of opposition parties, and civic groups. Biya is the oldest head of state in the world at 92 years old. He has been in power for 43 years. Analysts expected that his control of state institutions, and fragmented opposition would give him the edge in this election despite public discontent with economic stagnation and security. Tchiroma thanked voters who resisted intimidation by staying late at the polling station to protect their votes. Tchiroma added: "I thank all the candidates who have sent me congratulations and acknowledged the will of people." He warned: "We put the regime ahead of its responsibilities. Either it shows greatness and accepts the truth at the ballot box or it chooses a turbulent country that will leave a permanent scar on the heart of our nation." The government hasn't officially responded to Tchiroma’s declaration. The Minister of Territorial Administration Paul Atanga Nji, however, warned that unilaterally publishing results could be considered as "high treason", adding that the Constitutional Council is the only body with the authority to declare the winner. The Cameroon electoral law allows for results to be posted and published at polling stations. However, the final results must be approved by the Constitutional Council. It has until the 26th of October to announce the result. Tchiroma announced that he will soon release a breakdown by region of the vote totals compiled from results publicly displayed. This victory is neither the work of a single man nor a single party. He said, "It is the triumph of a nation." He also called upon the military, security services and government administrators to remain loyal "to the republic, not to the regime". The Cameroon electoral system, which uses a single round of voting, gives the presidency to the candidate who receives the most votes. Over 8 million voters were registered. Reporting by Desire Danga Essigue, Blaise Essigue; Writing by Bate Felice; Editing and Michael Perry.
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Dance ship-to-ship at the MORNING BID EUROPE
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. The container ports are now the new economic battlefields. The U.S., China and other nations are intensifying their negotiations. As a result, they will begin to charge port fees for ocean shipping companies that transport everything from crude oil to toys. S&P futures lost 0.4% of their gains after China's Commerce Ministry said that the U.S. could not make threats and also seek to negotiate. This came just days after Donald Trump, on Friday, announced new tariffs on Chinese products starting November 1. Trade worries snuffed a Wall Street stock rebound that started on Monday, after U.S. Treasury Sec. Scott Bessent stated Trump is still on track to meet Chinese Leader Xi Jinping at the end of October in South Korea. After OpenAI announced that it had partnered with Broadcom in order to produce its own artificial intelligence processors, regional stocks briefly rose above the water. This pushed Taiwan Semiconductor Manufacturing Company's shares to record levels, while South Korea’s Kospi rose 0.9% as Samsung Electronics announced a 32% increase in its third-quarter profits, exceeding estimates. China's No. Sources said that BYD's stock rose by 1% as it tipped Spain as the top candidate to build a third auto factory in Europe. The yen strengthened a little against the dollar, after Japan's Finance Minister warned that the country needed a new strategy to deal with inflation rather than yesterday's villain, deflation. Gold rose 1.3% to $4164.90 an ounce. The precious metals are continuing to break records. Bitcoin fell 1.8% to $113,719.84 at the last minute, but ether dropped 3% to $4.161.86. Early European trading saw pan-regional futures up 0.2% last, German DAX Futures rise 0.1%, and FTSE Futures down 0.1%. The following are the key developments that may influence Tuesday's markets: Economic Data Germany: CPI for September and HICP, ZEW Economic Sentiment for October United Kingdom: Changes in the number of Unemployment Claimsant and HMRC Payrolls for September; ILO Unemployment rate and Average Weekly Earnings For August Debt auctions Germany: 2-year government debt auction
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Oil prices rise as US and China ease trade tensions
Early signs of a thawing in U.S. China trade tensions helped to boost market sentiment and ease concerns about global fuel demand. Treasury Secretary Scott Bessent stated on Monday that U.S. president Donald Trump is committed to meeting Chinese president Xi Jinping this month in South Korea, as the two countries work to ease tensions over tariffs and export controls. He added that there were many communications between both sides at the weekend, and more meetings are expected. Brent crude futures were up 22 cents or 0.4% to $63.54 a barrel by 0405 GMT. U.S. West Texas Intermediate crude oil was at $59.71 a barrel, an increase of 22 cents or 0.4%. Brent closed 0.9% higher in the previous session and U.S. WTI ended up 1%. Oil prices stabilized after investors weighed U.S. China tensions against the demand, Saxo Bank analysts wrote in a report. They added that Trump's tone had mellowed and he was now open to a possible deal. Oil markets have historically been buoyed by the prospect of stronger trade ties, which investors expect to lead to increased global growth. Recent developments such as Beijing's increased export controls on rare Earths, and Trump's threat of 100% tariffs on software and export restrictions from November 1 have dampened sentiment. The oil price dropped to its lowest level since May last week. Trump also cast doubts on the prospects of a meeting between Xi and Trump during the Asia-Pacific Economic Cooperation summit (APEC), which is scheduled for South Korea on October 30th and November 1st, saying on Truth Social that "now there appears to be no reason for doing so." The relationship between Washington and Beijing is expected to remain in the spotlight despite the fact that the markets have been able to sell off due to the more conciliatory tone. Daniel Hynes, ANZ analyst, said that the oil industry is still navigating geopolitical issues. China announced it would tax U.S. ships, including oil tanks, that arrive at its shores. This led to several cancellations at the last minute and an increase in shipping costs. Trump's decision to end the Gaza War, which has lasted two years and caused turmoil in the Middle East, on Monday limited the upside of the stock market. The Organization of the Petroleum Exporting Countries and its allies, including Russia, stated in their monthly report that the oil shortage would be reduced by 2026 as the OPEC+ alliance continues to increase planned production. Reporting by Anjana Anil from Bengaluru, and Emily Chow from Singapore. Editing by Jacqueline Wong, Clarence Fernandez.
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Shanghai copper prices rise as US-China tensions ease
Shanghai copper prices rebounded Tuesday, as investors focused on supply shortages and mine disruptions instead of fears about a possible escalation of U.S.-China tensions. As of 0330 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 1.38% to 86,070 Yuan ($12,060.87) a metric ton. The hope of a deescalation between the two world economic giants grew when U.S. Treasury Sec. Scott Bessent stated that President Donald Trump was still on track to meet Chinese Leader Xi Jinping at the end of October in South Korea. Copper prices are supported by mine disruptions including the suspension of Grasberg operations in Indonesia at the end of last month. This is due to expectations of a deficit of supply in 2026. Analysts at Chinese broker Minmetal Futures reported that demand also improved after a price decline on Monday. As of 0354 GMT on Tuesday, the benchmark three-month contract for copper on London Metal Exchange (LME), was down 0.24% to $10,794 per ton after a gain of more than 2% on Monday. Aluminium gained 0.24% among other SHFE base-metals, while zinc was up 0.18%. Nickel fell 0.43%. Tin dropped 0.58%. Lead was not changed. The LME also saw a rise in aluminium of 0.43% and lead by 0.2%. Zinc, nickel, and tin, however, were not much changed. $1 = 7.1363 Chinese Yuan (Reporting and editing by Subhranshu Sahu; Lewis Jackson)
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Swedish Firm to Deliver Carbon-Neutral Surveys for Baltic Sea OW Projects
Swedish offshore survey specialist Njord Survey has signed a long-term framework agreement with German transmission system operator (TSO) 50Hertz to support offshore wind development in Baltic Sea.Under the agreement, Njord Survey will deliver geophysical and ROV seabed survey services to support offshore wind development in the Baltic Sea, contributing to the reinforcement of Europe’s future power grid.According to the company, biofuel will be used by all vessels which minimize emissions.“This agreement with 50Hertz reflects our dedication to building lasting client relationships. It underlines the strength of our commercial strategy and confirms Njord Survey’s role as a trusted partner in Europe’s offshore energy transition,” said Martin Wikmar, CEO of Njord Survey:“We are honored by the trust 50Hertz has placed in us. With our people and technology, we will provide the high-quality data needed for safe and efficient project design in Germany – supporting the secure integration of renewable energy into the European grid,” added Philip Ljungström, Project Director at Njord Survey.
Canada's oil sands CEOs press back against proposed oil and gas emissions cap
Canada's most significant oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the business' CEOs told lawmakers in Ottawa on Thursday.
Executives from Suncor Energy, Imperial Oil , Cenovus Energy, Enbridge and Shell appeared via videolink before a House of Commons committee to respond to concerns on their efforts to cut emissions.
Prime Minister Justin Trudeau's Liberal federal government is preparing to present a cap on oil and gas emissions however deals with stiff opposition from manufacturers, who argue the legislation is unneeded due to the fact that Canada already has regulative incentives in place, consisting of a price on carbon produced by industry.
I do support a rate on carbon across the economy since I. believe that will drive the innovation, the financial rewards. on all of our part to continue to enhance our service, stated. Suncor CEO Rich Kruger.
I fundamentally fret that a cap on emissions, the method it's. constructed, will be a cap on production, he included.
The oil and gas sector is Canada's highest-polluting. market, accounting for more than a quarter of all emissions,. and in 2022 made record earnings as oil costs skyrocketed during. Russia's intrusion of Ukraine. Environment campaigners state business. should invest more of their revenues in decarbonization.
Kruger's opposition to a cap was echoed by Imperial CEO Brad. Corson and Cenovus CEO Jon McKenzie.
Canada has a few of the most stringent regulative. requirements of any location worldwide, which is why when it. pertains to something like an emissions cap, I think it's. unnecessary, stated Corson. There's plenty of other cars and. requirements in location.
Climate supporters said oil sands business lack. extensive methods to decarbonize regardless of repeated. pledges to do.
Today's statement is a tip that additional. regulation is urgently needed if Canada's oil and gas sector is. going to meaningfully decrease its emissions, said. Marie-Christine Bouchard, oil and gas program director at the. Pembina Institute.
PATHWAYS ALLIANCE
Canada is the world's fourth-largest oil producer, with a lot of. of its 5 million barrels each day of production coming from the. northern Alberta's oil sands.
Suncor, Imperial and Cenovus become part of the Pathways. Alliance, a group of oil sands producers proposing to invest. C$ 16 billion ($ 11.70 billion) in a carbon capture and storage. ( CCS) task. However, progress has actually been sluggish and the group is. looking for more public financing from federal and provincial. governments before making a last investment choice.
Before we can put shovels in the ground, we need numerous. federal government authorizations and approvals and we require regulatory. certainty and co-investment commitments, McKenzie stated.
The CEOs supported keeping a rate on carbon contamination,. which would assist supply a revenue stream for Pathways'. sequestered emissions, although McKenzie said it required to be. universally used and could not target simply one market.
Carbon prices has become a political problem after federal. opposition leader Pierre Poilievre pledged to scrap Canada's. consumer carbon tax, prompting questions over the future of the. industrial carbon price.
Poilievre's Conservatives are leading the Liberals in surveys. ahead of an anticipated election next year.
The session was at times combative, with some legislators. criticising the CEOs for the high emissions strength of their. crude. Laurel Collins of the left-leaning New Democratic Celebration. asked Suncor's Kruger how he slept in the evening offered the danger of. environment change.
I appreciate your desire to create headings, to point. fingers that attempt to villanize the market, Kruger stated in. reaction.
(source: Reuters)