Latest Developments

North America
CNBC Finance

MGM Resorts shares sink 11% after Barry Diller's People Inc. rescinds takeover offer

Barry Diller's People Inc. has rescinded its proposal to buy MGM Resorts International, sending shares of the casino giant down roughly 11% on Thursday. The update comes nearly four months after Diller's company offered to purchase MGM Resorts for $48.30 per share. People Inc. already owns a roughly 26.1% stake in MGM. Diller, chairman of People Inc. — formerly known as IAC — attributed the decision to the complicated nature of the deal. "There are lots of ingredients that go into a proposal of this kind on its way to completion," Diller said in the press release. "We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time." CNBC's David Faber reported Thursday that Diller backed off the deal in part because of the significant debt load it would have created for the company. "We at People Incorporated remain open to and interested in the possibility of a strategic transaction with MGM Resorts and look forward to considering a range of alternatives," he said in the release. Earlier this week, shareholders of Caesars Entertainment approved an offer from billionaire Tilman Fertitta to acquire the casino company for $17.6 billion. Caesars shareholders will receive $31 per share in cash. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

MGM Resorts shares sink 11% after Barry Diller's People Inc. rescinds takeover offer
North America
CNBC Economy

World heads into food crises 'blind' as U.S. aid cuts squeeze UN food agency, experts warn

SINGAPORE — Other nations will have to fill the funding gap at the UN Food and Agriculture Organization as Washington pulls back, according to Phil Hogan, a former European Union commissioner who is now running to lead the world's biggest food agency. "It is important to continue to support [the agency] financially ... as the United States pulls back from some of these programs, other member countries of the FAO will have to step in to ensure all the animal disease issues and food safety issues remain in place," Hogan told CNBC in an exclusive interview in Singapore on Wednesday. The Trump administration has drastically scaled back U.S. foreign aid by dismantling the U.S. Agency for International Development (USAID), once the world's largest humanitarian donor. Hogan, Ireland's former EU agriculture and trade commissioner, is now the frontrunner to become director-general of the Rome-based agency that oversees global rules for food security and sounds alarms over looming famines. He is on a weeks-long tour in Asia to meet regional leaders, ahead of a vote among member countries next summer when current chief Qu Dongyu's term expires in July. UN agencies and virtually all international humanitarian response NGOs and research organizations are struggling for funding as donors, notably but not only the U.S., have sharply reduced foreign assistance, said Chris Barrett, an agricultural and development economist at Cornell University. The funding shortfalls mean "less monitoring and surveillance for early warning of looming problems," and limit the world's ability to cushion the blows to poor families suddenly facing higher food prices," said Barrett. That ultimately leads to more severe hunger problems and sociopolitical unrest as populations grow frustrated with governments that cannot safeguard their food security, he warned. More than a quarter of the world's population faced moderate or severe food insecurity in 2025, and over 266 million people face acute hunger this year, according to the World Health Organization and UN World Food Programme. The conflict around the Strait of Hormuz and the war in Ukraine are "contributing towards potential disasters in 2027 in many parts of the world," Hogan said, adding that El Niño would compound the risk. The Middle East war and the subsequent crisis in the strategically vital Strait of ‌Hormuz have stoked fears of a global agrifood ​catastrophe as flows of fertilizer and energy exports essentially ground to a halt. The FAO sounded the alarm that poor countries were most exposed, as delayed commodity supplies could lead to lower output, higher inflation and weaker global growth. The prolonged war in Ukraine has also snarled global wheat trade through the Black Sea, compounding economic effects and undermining food security in vulnerable countries. Forecasts of a powerful El Niño weather event may further threaten global food security. Any reform plan for the agency must reckon with a tighter budget, Hogan said. "We have to be conscious of the fact that we have less money." His first 100 days would focus on moving staff out of headquarters and into offices in so-called "hunger hotspots" characterized by severe food shortages. The candidate also stressed cost efficiency and collaborations with other UN agencies in implementing the organization's mandate of providing regular access to enough high-quality food and ending hunger and malnutrition.

World heads into food crises 'blind' as U.S. aid cuts squeeze UN food agency, experts warn
Asia
The Hindu BusinessLine

Govt pushes rare-earth magnet capacity, India seeks control over critical manufacturing inputs: Shaktikanta Das

The government is moving to build domestic capacity for rare-earth permanent magnets. | Photo Credit: ANI The government is moving to build domestic capacity for rare-earth permanent magnets, which are critical for automobiles, electronic hardware and other manufacturing, Principal Secretary-2 to the Prime Minister Shaktikanta Das said at the Kautilya Economic Conclave 2026. Das said the government has responded to vulnerabilities in the global rare-earth magnet supply chain by initiating measures to develop domestic capabilities in the sector, pointing to the importance of these materials for a wide range of industries. “The central government came out immediately thereafter with a major initiative to develop domestic capacity in rare earth permanent magnets,” Das said. He said rare-earth magnets are an important component for manufacturing and that building domestic capacity would be relevant for sectors including automobiles and electronic hardware. “Because that is one critical component on which automobile manufacturing, electronic hardware manufacturing, and so much other manufacturing depends,” Das said. Das was referring to China's earlier restrictions on rare-earth related exports, which he said had highlighted the extent of global dependence on Chinese supplies. “China had imposed certain restrictions. It was a problem for almost the whole world, and because almost 80 to 90 per cent of rare earth magnet supply and that entire ecosystem originates in China,” he said. The remarks point to a broader push to strengthen India's domestic capabilities in a strategically important part of the manufacturing supply chain, with rare-earth permanent magnets having applications across multiple industries. China's Ministry of Commerce had earlier announced expanded rare-earth export controls in October 2025, as per a news report by Reuters. The ministry said the measures covered additional rare-earth elements and related materials, while also adding scrutiny for certain foreign companies using Chinese rare-earth materials or equipment. The rules included controls covering rare-earth permanent magnet materials and components containing specified rare earths. The ministry's notification listed samarium-cobalt permanent magnets and certain neodymium permanent magnets containing terbium or dysprosium, as well as parts, components and modules containing these materials. The notification also said export applications for certain advanced semiconductor-related items and artificial intelligence research with potential military applications would be considered on a case-by-case basis, Reuters reported. Against this backdrop, Das's comments suggest that developing domestic rare-earth magnet capacity is being viewed as an important part of strengthening the manufacturing ecosystem. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Govt pushes rare-earth magnet capacity, India seeks control over critical manufacturing inputs: Shaktikanta Das
Europe
BBC Business

Avanti West Coast services to be nationalised next year

Image source, Danehouse/Getty ImagesByPeter HoskinsBusiness reporterPublished53 minutes agoAvanti West Coast train services will be nationalised from March next year, the government has announced. "For years, we've heard stories of Avanti underperforming, with passengers left paying the price. Enough is enough," Transport Secretary Heidi Alexander said. The move is part of a government plan to improve rail infrastructure, cut train delays and improve experiences for passengers. Avanti West Coast's managing director said he was "proud of what we've achieved over the last six years". The company's contract was due to come to an end on 7 March. In a post on social media, Prime Minister Andy Burnham echoed Alexander's comments. "For years, people have been expected to put up with Avanti's cancellations, delays, overcrowding, and a service that has failed them time and time again," he said. Andy Mellors, managing director at Avanti West Coast, said: "We're proud of what we've achieved over the last six years – from refurbishing our Pendolino fleet and introducing our new Evero trains to running more services than ever before." He added: "Over the coming months, we'll work closely with the government to ensure a seamless transition into public ownership while remaining focused on delivering for our customers and communities." In May, Avanti West Coast said one-in-seven rail services will be cut on its busiest routes following a government request to reduce spending. The company - a joint venture between FirstGroup (70%) and Italian state operator Trenitalia (30%) - predicted the move would cause minimum disruption to passengers and not reduce revenues. Companies such as Avanti West Coast have their finances heavily influenced by the Department for Transport (DfT) due to contracts introduced in March 2020 at the start of the Covid-19 pandemic. All train services operated under DfT contracts are being transferred to public ownership.

Avanti West Coast services to be nationalised next year
Asia
The Hindu BusinessLine

Kudankulam NPP to add 1,000 MW capacity next year with Unit 3 start-up: Rosatom

The third unit of the Kudankulam Nuclear Power Plant (NPP) with a capacity of 1,000 megawatts (MW) is expected to commence operations by next year. Kudankulam NPP project — India’s largest nuclear power plant — is the flagship project of Russian-Indian technological and energy cooperation. The first two units have been operating successfully, at overdesign capacity of 1020-1030 MWt (megawatt thermal), supplying electricity to the entire South Indian region. While the Nuclear Power Corporation of India Ltd (NPCIL) owns, operates, and builds the plant, Rosatom — primarily through its engineering subsidiaries such Atomstroyexport — handles key technical areas including nuclear steam supply system and core reactor technology Kirill Komarov, the first deputy director general for corporate development and international business at Rosatom, told businessline: “Unit number three is very close to physical start-up. Maybe next year it can happen. Units 4, 5 and 6 are all in a very good construction phase, and at the end they will meet a significant share of the electricity needs of the State of Tamil Nadu —with a population of around 85 million — and neighbouring States with a combined population of over 100 million.” Units 1 and 2 of the plant with cumulative capacity of 2,000 MW are operational. The project, located in Tirunelveli (Tamil Nadu) was conceived in 1988, and the construction began in 2002, The first two units became operational in December 2014 and March 2017, respectively. As per the NPCIL, currently the manufacturing and progressive delivery of various equipment and components are in progress at unit 3. Civil construction work of main buildings like Reactor Building, Reactor Auxiliary Building, Turbine Building etc. and Hydro Technical structures, etc. are in progress. Erection of core catcher is completed. “Since 2022, we have been supplying India with advanced nuclear fuel for Rosatom designed VVER-1000 reactors, enabling both operating units of the Kudankulam NPP to switch to an extended 18-month fuel cycle. The longer cycle will reduce the frequency of refuelling outages, enabling the units to generate more electricity and operate more cost-effectively,” Komarov explained. He emphasised that India’s target of installing 100 gigawatt (GW) of nuclear powered capacity by 2047 is ambitious but achievable. “Such an ambitious task is very difficult for only one company,” he said, referring to the NPCIL, which currently operates and is building most of India’s nuclear fleet. Rosatom, he said, had already reached 50 per cent localisation at Kudankulam, and was ready to replicate the model with new Indian companies entering the nuclear sector. Russia’s state-owned nuclear energy corporation Rosatom, which accounts for about 20 per cent of Russia’s power generation, ranks first globally in terms of the order portfolio size for constructing nuclear power plants (NPPs), with 46 units at various implementation stages across 10 countries, including China, India, Bangladesh, Türkiye, Egypt, Hungary, Iran, and Kazakhstan. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Kudankulam NPP to add 1,000 MW capacity next year with Unit 3 start-up: Rosatom
Europe
The Guardian

EU says Trump’s plan to ban US diesel exports would ‘negatively impact both sides’

Trump is reportedly considering a 90-day export ban on diesel fuel to ease high pump prices for US households. Photograph: Patrick T Fallon/AFP/Getty ImagesView image in fullscreenTrump is reportedly considering a 90-day export ban on diesel fuel to ease high pump prices for US households. Photograph: Patrick T Fallon/AFP/Getty ImagesOilEU says Trump’s plan to ban US diesel exports would ‘negatively impact both sides’US president’s suggested 90-day export ban before midterm elections could bring even higher fuel prices across Europe The EU has warned Donald Trump against plans to ban US diesel exports to the global market, saying the move would negatively affect Europe and the US. The European Commission has reacted with “concern” to reports this week that the US president could prevent diesel from reaching the global market. Trump is reportedly considering a 90-day export ban to provide a temporary respite from high pump prices for US households before the midterm elections, after US diesel reached a record average of $6.52 (£4.93) a gallon. “I’ve ​said let’s not send ‌out the diesel. ‌We make a lot of diesel … I’ve called for it. ‌I’ve called for it within my people,” he said. Olof Gill, a spokesperson for the EU’s executive arm, said on Thursday “any disruption would risk negatively impacting both sides” and the EU expected “close partners to consult each other before taking measures that affect shared markets”. The EU made the diplomatic intervention as experts said that the potential export ban could be “devastating” for Europe, and traders scrambled to assess the continent’s reliance on imports from the US. The US energy secretary, Chris Wright, has warned that banning exports was a “blunt tool” that could harm US fuel supplies in the long term. For Europe, the ban could be far more damaging. US diesel exports have made up a third of the continent’s imports this year, as supplies from war-damaged refineries in the Middle East and Russia have plummeted. By August, the US supplied about half of Europe’s diesel imports. Pump prices have already climbed to record highs across Germany and the Netherlands, leading to calls for political leaders to protect households from rising costs. In the UK, motorists may be only days away from fresh all-time highs, raising concerns over the economic impact of further price hikes for hard-pressed households. The RAC said the average cost of diesel was 197.75p a litre on Thursday, up from 142.38p before the start of the Iran war. “A US export ban would be devastating for diesel supply in Europe, which would struggle to replace supply,” said Josh Michalowski, the head of European diesel pricing at Argus Media, a commodities data provider. View image in fullscreenDiesel prices in some parts of the UK have passed £2 a litre – and reached £2.17 a litre at BP Kinross Services in Perthshire, Scotland. Photograph: Murdo MacLeod/The GuardianFuel stations across Europe are unlikely to run dry, because Europe produces about 70% of the diesel it consumes from domestic refineries. It also stores fuels in reserve. But experts fear that competing for cargoes on the global market would lead to higher market prices.

EU says Trump’s plan to ban US diesel exports would ‘negatively impact both sides’
Europe
The Guardian

Democracy blindsides Silicon Valley’s power players looking to transform the world with AI

The Stanford ethicist Rob Reich was once invited to a dinner organized by a Silicon Valley mogul to discuss what a state designed to maximize science and tech powered by commercial models might look like. The gathered technologists were drawn to the idea of building a small nation-state dedicated to the endeavor, Reich recalls in “System Error: Where Big Tech Went Wrong and How We Can Reboot it”. When Reich asked whether this state would be a democracy, he got a cool no. “Democracy is too slow, and it holds science back,” he was told. “To optimize for science, we need a beneficent technocrat in charge.” The technos were onto something. Silicon Valley’s power players have just been blindsided by democracy, which has slammed into their program to transform the world with artificial intelligence. A cabal that never doubted the greatness of their ambitions unexpectedly finds their project in the hot seat, forcing them into the unusual position of having to persuade the great unwashed of the merits of their endeavor. So far, the public is not buying. And for all their blindingly high IQs and their massively endowed wallets, Silicon Valley’s greats don’t quite know what to do. Everyday Americans are up in arms against the AI datacenters sprouting across their communities. Villages, counties, cities and states are imposing moratoria and bans on further development. While the backlash has largely focused on stopping the proliferation of sprawling sites packed with energy-guzzling computer servers, the revolt is not merely nimby opposition to local development. Public opinion has also turned decidedly sour on the AI project that has called these datacenters into being. Some 73% of Americans think the costs of datacenters outweigh the benefits, according to a survey by the Marquette University Law School. The same survey found that 70% of Americans think that AI is bad for society. Americans were not always this down on the tech. In 2021, only 37% declared themselves more concerned than excited about the technology, according to surveys by the Pew Research Center. But the share has climbed to 52%. Even 55% of young adults – usually the most excited cohort – have soured on it. And this is not a partisan fear. Democrats and Republicans alike are vastly more concerned than excited. Interestingly, Americans are generally more mistrustful of the technology than people in other countries. View image in fullscreenDemonstrators rally during a protest calling for a citywide datacenter moratorium outside city hall in Philadelphia, Pennsylvania, on 14 September 2026. Photograph: Bloomberg/Getty ImagesThis surely has something to do with the terrifying announcements that have come out of Silicon Valley recently. A widely shared belief that there’s at least a 10% chance that AI could cause human extinction has, rightly, scared the bejesus out of many and follows repeated statements that artificial intelligence will end all jobs as we know them. Assuming we do avoid an AI apocalypse, vague promises of an AI cure for cancer and a universal basic income or some such to replace wages across the economy sound hollow coming from a clutch of out-of-touch billionaires with questionable moral codes in a country with huge holes in its social safety net. The political backlash is built on a deeper discomfort, though, beyond fear of the dystopia threatened by the masters of the valley. A fear built in the here and now and fueled by a brooding mistrust in US democracy itself, distrust of a political system that allowed a clutch of weird, sci-fi addled plutocrats to pursue a civilization-threatening project behind people’s backs. As noted Henry Farrell, a political scientist at Johns Hopkins University, “the push against datacenters speaks to the frustration of people who don’t feel they are making the choices in their lives.” People are not wrong about this. As AI ethicist Rumman Chowdhury points out, the dominant narrative out of Silicon Valley, that AI systems are becoming so powerful that nobody – including the companies that developed them – can stop them, is a stratagem to avoid responsibility for whatever harm their products may cause, depriving meat-and-bones humans of any recourse to law. The popular backlash is unlikely to stop the buildout of datacenters. Donald Trump remains steadfastly on the side of the moguls hoping to build an AI future. In response to the popular backlash, the Environmental Protection Agency is planning to nix the rule that requires states to solicit public input on applications for air pollution permits for industrial facilities like datacenters and the power plants that feed them, which could keep locals in the dark until construction starts. The sorry truth is that tech’s power does insulate it from small democratic pressure. “If there is one sector in the US that is still globally dominant and profitable, it is tech,” Boston University historian Quinn Slobodian said. “They can be confident that even if there is a change of leadership, the next person will have to dance with them anyway.” Critically, there is a bipartisan consensus that ensuring the US’s capabilities in artificial intelligence remain ahead of China’s is of paramount importance. Fear of Chinese catch-up is likely to keep driving policy, overriding voters’ concerns about the risks embodied in this new technology.

Democracy blindsides Silicon Valley’s power players looking to transform the world with AI
Europe
BBC Business

You need £17,000 for a first home - here's how to do it

If buying your own home is the finishing line, then saving up the money to get there is a marathon. The "Your First Home" scheme, announced on Saturday, aims to help first-time buyers in England get on the housing ladder with a small deposit. Currently a 5% deposit on the current average UK house price of £272,000 plus moving costs and legal fees - will set you back about £16,850, according to financial information service Moneyfacts. That's daunting, but here are four ways that experts say you can at least make a start on saving for a deposit. Depositing an amount you can afford into a regular savers account the day after you are paid is a good way to start, suggests Anna Bowes, savings expert at financial advisers The Private Office. "It becomes like another bill, but one that you can benefit from in the future," she says. Some of the ones which pay the highest interest are only accessible if you hold a current account with the provider, she says. Other considerations are whether you can lock the money away for longer, to receive a better savings rate. If you don't have a buffer of other savings, then experts say an easy access account gives you the chance to dip into the money to pay an unexpected bill. You can save up to £4,000 a year in a Lifetime Individual Savings Account (LISA) and the government guarantees a 25% bonus. So, if you put the full amount in then the government will add £1,000 a year. Money saved in a LISA can only be used to buy a first home up to the value of £450,000 - a threshold that has not changed since 2017. The only other time you can withdraw the money is after the age of 60 or in the exceptional case that you are terminally ill with less than 12 months to live.

You need £17,000 for a first home - here's how to do it
North America
CNBC Finance

Lowe's is launching a drone delivery service in partnership with DoorDash, Alphabet

Lowe's is launching a drone delivery service in partnership with DoorDash and Alphabet's Wing, CNBC has learned exclusively. The company said the new drone delivery service — a first in the home improvement retail space — will give customers access to over 100 products in a delivery window as fast as 20 minutes. A pilot program is already live in North Carolina, with plans for expansion. Customers can order products directly through DoorDash, which will have drone delivery listed as an option for eligible customers. The drones currently transport orders of roughly 2.5 pounds per flight and operate within a 5-mile radius of the store in Matthews, North Carolina, according to the company. Seemantini Godbole, chief information and artificial intelligence officer at Lowe's, said shoppers often tell the company they realize halfway through a project that they're missing a crucial item. "Drone delivery fits perfectly because this was one of the friction points, like you're doing a project, and you're getting interrupted," Godbole said. "[But] you never left your home, you never left your job site, and then you just continued with the project. That's the whole premise." She said the company is still testing the service, but if it's successful, Lowe's may expand the drone program beyond the North Carolina store. "We wanted our tech teams to be positioned. ... We literally are going to the store every day," she said. "We are observing. We are listening to the feedback from our store associates and from DoorDash, and we could make changes as needed and be really agile, and so that's why we started here." Godbole added that the drone delivery is not "technology for the sake of tech," but rather is a move to keep up with the changing needs of the Lowe's customer as part of the company's overall technology strategy. With the announcement, Lowe's joins a growing cohort of retailers adding drone delivery to their options to optimize convenience and technology for customers in an effort to lift sales. Amazon, Walmart and Uber Eats already use drones to offer fast delivery to customers. Godbole said the distinction for Lowe's is that it's the first home improvement retailer to offer drone delivery. But drone technology has also faced criticism across the country from people concerned about noise and privacy issues, especially in states like New Jersey. Navigating more crowded airspace also requires regulatory approval. Godbole said Lowe's is working to ensure its drones meet all standards and is leaning on the expertise of both DoorDash and Wing.

Lowe's is launching a drone delivery service in partnership with DoorDash, Alphabet