Editor

Exclusive-US worries about steel supply for infrastructure after Nippon-US steel deal

By Alexandra Alper WASHINGTON (Reuters) – Nippon Steel’s proposed $14.9 billion takeover of U.S. Steel would create national security risks because it could hurt the supply of steel needed for critical transportation, infrastructure, construction and agriculture projects, the U.S. said in a letter sent to the companies and seen by Reuters. Decisions by Nippon could “lead to a reduction in domestic steel production capacity,” the Committee on Foreign Investment in the U.S. (CFIUS) said in … Read more…

Categories Uncategorized

Exclusive-Vista and Blackstone in talks to acquire software maker Smartsheet, sources say

By Milana Vinn NEW YORK (Reuters) – A private equity consortium including Vista Equity Partners and Blackstone is in talks to acquire Smartsheet, a U.S. maker of workplace collaboration software with a market value of about $7 billion, people familiar with the matter said on Thursday. A deal could be signed in the coming weeks if the talks don’t fall apart, the sources said, requesting anonymity as the discussions are confidential. The terms being discussed … Read more…

Faster US settlement hit harder than expected, says Citi survey

By Laura Matthews NEW YORK (Reuters) – A shift to shorter settlement for U.S. securities transactions earlier this year had a greater-than-anticipated impact on market participants across the board, with Europe reporting the greatest hit, a Citigroup survey showed. The U.S. sped up its settlement cycle in May, requiring that equities, corporate and municipal bonds and other securities transactions settle one business day after the trade, instead of two, or T+1. The transition “was more … Read more…

Exclusive-OpenAI co-founder Sutskever’s new safety-focused AI startup SSI raises $1 billion

By Kenrick Cai, Krystal Hu and Anna Tong SAN FRANCISCO/NEW YORK – Safe Superintelligence (SSI), newly co-founded by OpenAI’s former chief scientist Ilya Sutskever, has raised $1 billion in cash to help develop safe artificial intelligence systems that far surpass human capabilities, company executives told Reuters. SSI, which currently has 10 employees, plans to use the funds to acquire computing power and hire top talent. It will focus on building a small highly trusted team … Read more…

Categories Uncategorized

Trump campaign says it raised $130 million in August

WASHINGTON (Reuters) – Republican U.S. presidential candidate Donald Trump’s campaign raised $130 million in August, ending that month with $295 million cash on hand, the campaign said in a statement on Wednesday. The fundraising was slightly lower in August when compared to July. The Trump campaign raised $138.7 million in July and had a cash on hand total of $327 million at the end of July. (Reporting by Kanishka Singh in Washington; Editing by Katharine … Read more…

Categories Uncategorized

Biden preparing to block Nippon’s US Steel takeover, source says

By Jeff Mason WASHINGTON (Reuters) -U.S. President Joe Biden is preparing to block Nippon Steel’s acquisition of U.S. Steel, a source said on Wednesday. The move by Biden would deal a blow to the proposed $14.9 billion deal. The president has previously expressed concern over Nippon’s deal to buy the 122-year-old iconic U.S. steelmaker. U.S. Steel warned earlier on Wednesday that a failure to merge with Nippon Steel would put thousands of U.S. union jobs … Read more…

AI likely to weigh on oil prices over the next decade, Goldman says

(Reuters) – Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday. WHY IT’S IMPORTANT The impact of AI on energy and metals has mostly focused on the demand side given the expected boost to power demand. Negative impact on oil prices could decrease incomes of producers like the members of Organization … Read more…

World stocks tiptoe, dollar holds as investors await US data

By Yoruk Bahceli and Tom Westbrook (Reuters) – World stocks steadied on Tuesday and the dollar remained near a two-week high as investors turned cautious awaiting a raft of economic data that may determine how deeply the U.S. will cut interest rates. Focus was on the U.S. ISM manufacturing activity survey due later in the day, setting the scene ahead of jobs data due on Friday that will be crucial for whether the Federal Reserve … Read more…

Nvidia and chip index tumble as investors pause AI rally

By Noel Randewich (Reuters) – Shares of AI heavyweight Nvidia tumbled on Tuesday, with Wall Street’s chip index slumping 7% as investors softened their optimism about AI in a broad market sell-off following tepid economic data. Nvidia, viewed as Wall Street’s biggest winner in a race to dominate emerging AI technology, dropped over 8%, while the PHLX chip index was on track for its deepest one-day percentage drop in a month. With Tuesday’s decline, Nvidia’s … Read more…

US gasoline slumps to near 3-year low on end of driving season, oil slump

By Shariq Khan NEW YORK (Reuters) – U.S. gasoline futures fell nearly 6% on Tuesday to their lowest since December 2021, as the end of the driving season weighed on demand for the motor fuel amid a sell-off in the broader oil market. Gasoline futures for October deliveries settled 5.5% lower at $1.98 per gallon, their biggest losses in a single session since July 2022. The motor fuel was the biggest decliner amid a broader … Read more…