Europe
BBC Business

Elon Musk says Tesla-SpaceX merger being considered

Elon Musk has said he likes the idea of a merger of Tesla and SpaceX, two of his most notable companies, and it is under active consideration. "Do I think it would be a good idea? Yes," Musk said during a call with financial analysts over the quarterly business results of SpaceX on Tuesday. While Musk noted the certainty of such a merger should not be assumed, and it would need shareholders' support, he said special committees within both companies have been formed to examine the move. "The special committees have not reached agreement on terms of any transaction and there's no guarantee that they will," Musk added. "But I do think there is a lot of merit to merging and a lot to be gained." With Tesla valued roughly $1.5 trillion and SpaceX valued at $2 trillion, a combination of the two companies would mark one of the largest mergers in history. The company, which builds space rockets and Starlink internet satellites, is now expanding into offering cloud compute capacity for other tech companies, like Anthropic and Google. That line of business has become the most profitable part of SpaceX, bringing in $7.5bn according to the latest quarterly results. Starlink also tallied revenue of $5.2bn. SpaceX as a whole, however, is not profitable and has lost $1.1bn so far this year. Shares of Tesla, which reports its own quarterly results on Wednesday, rose 2% after being down slightly for weeks. Over the last year, Musk has taken to bringing more of his various companies under fewer banners. Before it went public earlier this year, SpaceX acquired xAI and X, the platform formerly known as Twitter, both of which Musk owned. The recent launch of Terafab, a combined effort to manufacture computer chips between Tesla and SpaceX, was another signal that Musk sees his companies as potentially more effective when working together. Musk said on Tuesday a full merger between the two companies would make sense for the work each is doing around chips, artificial intelligence, software and more.

Elon Musk says Tesla-SpaceX merger being considered
Europe
BBC Business

'I wasn't thinking straight' says five jobs civil servant

Image source, PA MediaImage caption, Kashim Chowdhury wears dark sunglasses, a hat, hoody and gloves as he arrives at court. His face is largely obscured. A civil servant accused of fraudulently juggling multiple public sector jobs has told the court he "wasn't thinking straight" when he allegedly misled future bosses about his employment status. Kashim Chowdhury said he was "in a panic" when he applied for a job at the Department of Health (DHSC), failing to declare he was already working at the Department for the Environment (Defra). The prosecution said he already had three full-time jobs at the time, including roles at the London Borough of Tower Hamlets and East London NHS Trust. The 55-year-old, who is from east London, is on trial accused of nine counts of fraud. He denies acting dishonestly or intending to make a dishonest gain. Chowdhury said he was "in a panic'' because he feared losing his Defra job and was uncertain about his future. He told the jury he was "not paying attention, I was not thinking straight',' when filling out the application. The prosecution said Chowdhury held five jobs on full-time salaries at the height of the alleged deceit. In the spring of 2023, he was employed by the Defra, the UK Health Security Agency, the Food Standards Agency, the Department for Business and Trade and the Home Office. The jury was told that throughout this period he was contracted to work 183 hours a week - more than the number of hours that exist in seven days. Each job paid a full-time wage, with Chowdhury paid £11,000 for a single month's work in 2023. Prosecutors say Chowdhury "exploited" the work-from-home culture which began during the Covid-19 pandemic to hide his multiple jobs and took sick leave from some employers to manage the workload. But Chowdhury told the court he had not wanted the jobs at the DHSC, Department for Business and Trade and the Home Office. He told the jury: ''I sent out a flurry of these applications. The offers for these jobs came all at once. I had discussions with my line managers saying that I did not want these jobs and explained my circumstances. These were all short term and probationary and my priority was to look after my mother.''

'I wasn't thinking straight' says five jobs civil servant
Europe
BBC Business

The 'trillion pound' oil fund the government believes Britain could have built

Chancellor John Healey announced the creation of an Energy Wealth Fund at the Jackdaw gas approval announcement on Wednesday, with £2bn of funding diverted from the existing National Wealth Fund. A selection of energy exporting countries, mainly in the Gulf, but also including Norway, over the years have amassed multi-trillion funds using oil and gas revenues to create epic national piggy banks. It has been a long-standing debate in UK economic policy circles. If neighbouring Norway has amassed a $2.4tn war chest from the same North Sea, where exactly did the UK's sovereign wealth fund go? It is an apposite question on the week when the national debt also hit £3tn for the first time. "The proceeds of this oil and gas coming ashore now can be invested for the future generations," the chancellor said. "If we had done this when North Sea oil was first discovered in the 1980s, we'd have a British Sovereign Wealth Fund now that would be worth probably a trillion pounds." On Wednesday, for the first time, Treasury officials actually calculated how much that missing British fund could have been worth. The trillion pound number comes from internal Treasury modelling. The assumption was that the UK's historical North Sea receipts of £200bn had been invested, with no withdrawals and grown at a rate comparable to Norway's. "Norway demonstrates the power of long-term investment: the government wants to learn from that principle, rather than copy its model wholesale," one insider told me. It was a "missed opportunity" which "had we systematically invested those receipts, we could have built a huge national asset for future generations", they said. It is a giant "What if?" asked often by economists critical of the Margaret Thatcher era. The peak oil revenues were, in their view, frittered away in pre-election tax cuts, which ended up being spent on 1980s garden conservatories.

The 'trillion pound' oil fund the government believes Britain could have built
Asia
The Hindu BusinessLine

Axiro Semiconductor announces investment in ThinSiC

Axiro Semiconductor Pvt. Ltd., a wholly owned subsidiary of CG Power and Industrial Solutions Limited, today announced a strategic investment in ThinSiC Inc., a Silicon Valley-based semiconductor company developing next-generation low-cost silicon carbide (SiC) power devices. Axiro joins ThinSiC as Lead Investor in its latest financing round and enters into a long-term commercial partnership to support the development and commercialisation of ThinSiC’s silicon carbide power device technology. The investment advances Axiro’s strategy of building a broad, high-performance semiconductor portfolio — anchored in its core RF, mmWave, and advanced connectivity capabilities and now extending into power electronics, where silicon carbide is emerging as a viable alternative to silicon for applications in rail traction, industrial drives, and grid infrastructure. Through CG Power’s deep presence across India’s power transmission and industrial infrastructure, Axiro is positioned to serve as a strategic commercial channel for ThinSiC’s technology in India and beyond. “This investment reflects our conviction that silicon carbide will be central to the next generation of power electronics — and that cost has been the single biggest barrier to its broader adoption. At Axiro, we are building deep capabilities in RF, mmWave, and advanced connectivity, while extending into power semiconductors, where we see significant opportunity through the CG Power group’s presence across India’s power transmission and industrial infrastructure. ThinSiC’s technology addresses exactly the cost and scalability challenges that have held high voltage SiC back,” Dr. Naveen Yanduru, CEO, Axiro Semiconductor “We are excited to have Axiro as an investor and partner. Their semiconductor expertise, their strategic vision for power, and their access to one of India’s leading industrial groups would help us accelerate the commercialization our advanced SiC devices,” TS Ravi, Founder and Chief Executive Officer, ThinSiC Inc. 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.

Axiro Semiconductor announces investment in ThinSiC
Asia
The Hindu BusinessLine

Tamil Nadu Cabinet clears incentives for eight new industrial projects worth ₹3,767 crore

The Tamil Nadu Cabinet, headed by Chief Minister C Joseph Vijay, on Thursday approved a structured package of incentives for eight new industrial companies setting up or expanding projects across Coimbatore, Krishnagiri, Kanchipuram, Chengalpattu and Erode districts, involving investments of ₹3,767 crore and generating employment opportunities for 4,853 people. The proposed projects span emerging sectors, including technical textiles, aerospace and defence, life sciences and electronics, among others, according to sources. The Cabinet also approved the expansion plans of three companies. The government did not disclose the names of the companies or provide a district-wise break-up of the investments and employment generation. Separately, the Cabinet approved a proposal to constitute a multi-member commission, headed by a retired High Court judge, to conduct the Social Justice Survey. Briefing the media after the Cabinet meeting, CTR Nirmal Kumar said the survey was one of the key poll promises of the Tamilaga Vettri Kazhagam (TVK) ahead of the 2026 Assembly election. The Governor’s inaugural address to the State Assembly had also referred to the proposal. The survey is expected to be conducted next year, after the completion of the ongoing Census. The commission to oversee the exercise will be constituted by February or March next year, he said. 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.

Tamil Nadu Cabinet clears incentives for eight new industrial projects worth ₹3,767 crore
Asia
The Hindu BusinessLine

IMD update: Coastal AP, TN, Kerala brace for wet spell as new depression looms

An emerging wet spell (in blue shade) is forecast to unfold over South Peninsula even as a heavy rain wave (in orange) from a looming depression approaches south Andhra Pradesh coast by Saturday. | Photo Credit: www.windy.com The South Peninsula is bracing for another wet spell early next week as a fresh low-pressure area over the south Andaman Sea is forecast to intensify into a depression over the south-east Bay of Bengal. India Meteorological Department (IMD) said Coastal Andhra Pradesh and Yanam are in line for isolated very heavy rainfall on Monday and Tuesday and heavy on Sunday and Wednesday. The Andaman and Nicobar Islands could receive heavy rain on Sunday as the developing system advances from the Andaman Sea. Isolated heavy rainfall over Coastal Karnataka, Kerala and Mahe, and south interior Karnataka on Monday and Tuesday. Tamil Nadu, Puducherry and Karaikal are likely to receive isolated heavy rain on Tuesday and Wednesday. Coastal Andhra Pradesh and Yanam face a longer spell, with heavy rainfall forecast on Sunday and Wednesday and isolated very heavy rainfall on Monday and Tuesday. The fresh ‘low’ could strengthen into a depression over the south-east Bay and the Andaman and Nicobar Islands by Saturday before moving closer to north Tamil Nadu and south Coastal Andhra Pradesh coasts. It would have time and space to intensify further, depending on the atmospheric and oceanic conditions it encounters. Sea-surface temperatures around the Andaman and Nicobar Islands and the south-east Bay were close to 30°C on Thursday, providing a potentially favourable source of energy. However, the depression’s evolution would also depend on the behaviour of erstwhile very severe cyclone Arnab’s remnant over land that which weakened into a depression on Thursday, and their interaction with an incoming active western disturbance. It is an unusual sequence for a fresh depression to follow so closely on the heels of a very severe cyclone, whose passage and associated heavy rainfall would have brought some cooling to the ocean. The extent of any such cooling, and its implications for the new system, will be among the factors influencing its development. The fresh wet spell across the South Peninsula and parts of Central, North-West and East India is expected to be driven by the interaction between the depression and an active western disturbance approaching from the west. The resulting weather could bring rain, thunderstorms, lightning and gusty winds across several regions through the weekend and into next week. The western disturbance, located over north Pakistan with an upper-air trough ahead of it, is approaching west Rajasthan and could extend its influence as far south as Vapi in Gujarat. An induced upper-air cyclonic circulation lies over south Punjab, while another persists over south Konkan and the neighbourhood. A trough extends from the circulation associated with Arnab’s remnants over south Chhattisgarh and adjoining south Odisha to the circulation over south Konkan, crossing Telangana and north interior Karnataka. This configuration is helping sustain the current rain-producing conditions across central and southern India. The IMD has warned of isolated extremely heavy rainfall over north Bihar on Friday, even as the fresh low over the south Andaman Sea is expected to bring heavy rain to the Andaman and Nicobar Islands on Sunday. Isolated very heavy rainfall is also likely over the hills of West Bengal and the Andaman and Nicobar Islands on Friday. Rainfall is expected to spread across the northern plains and adjoining regions. Isolated to scattered rain is forecast over Punjab and west Uttar Pradesh on Friday and Saturday, Haryana, Chandigarh and Delhi on Saturday, east Uttar Pradesh for four days from Saturday, West Rajasthan on Friday and east Rajasthan for three days from Friday. Fairly widespread to widespread rainfall is likely over east Uttar Pradesh and Haryana, Chandigarh and Delhi on Friday. Meanwhile, Arnab remnant unleashed torrential rain over Odisha and Coastal Andhra Pradesh and Yanam on Wednesday, a day before the system weakened into a depression. Heavy to very heavy rainfall was reported from parts of Odisha and Coastal Andhra Pradesh, while heavy rain affected West Bengal, Jharkhand, Chhattisgarh and Telangana.

IMD update: Coastal AP, TN, Kerala brace for wet spell as new depression looms
North America
CNBC Economy

U.S. Treasury dismisses IMF debt warning and 'messy' forecasting

The International Monetary Fund should check its own forecasting record before criticizing U.S. fiscal policy, David Zervos, newly appointed counselor to the Treasury Secretary, said on Thursday. "When we see pieces on the IMF, it's good to remember how messy their forecasts have been in the past," Zervos said in emailed comments to CNBC. The former Wall Street economist was responding to the IMF's Managing Director Kristalina Georgieva, who cautioned during the IMF-World Bank annual meetings in Bangkok on Wednesday that strong U.S. economic growth would not be sufficient to put mounting federal debt on a sustainable course. Georgieva was herself responding to U.S. Treasury Secretary Scott Bessent, who told CNBC in August that the U.S. could "grow our way out" of a rising debt-to-GDP ratio, after government debt surpassed $40 trillion. Zervos, formerly chief market strategist at Jefferies, said Thursday: "In 2008, [the IMF's World Economic Outlook] had world growth at 3% and we had the first global contraction in post-world history a year later. We saw them positive on Southeast Asia in 1997 before the collapse." "We saw them very negative on Russia in 2022, and Russia actually barely saw a blip down in growth before it started growing strongly. We saw them very positive on Argentina after their big bailout of $57 billion. And by 2020, Argentina was basically in default again. And the history books go on and on, whether it's Greece, whether it was the transitory call on inflation in the U.S." Many economists warn that mounting U.S. interest payments and a high deficit have raised the risk of an unsustainable debt spiral. However, they are divided on whether the U.S. could be pushed into a true fiscal crisis. The IMF's Georgieva has issued similar warnings to other big economies over the need for fiscal consolidation, telling CNBC on Oct. 7 that her message to France was: "Get your house in order." Other economic institutions are also sounding the alarm over the rising cost of servicing global debt, which topped $365 trillion in the first half of the year. The Institute of International Finance argued in a September report that a "vicious cycle between elections and short-term quick fixes" to debt challenges was reducing the ability to spend money on public services. 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.

U.S. Treasury dismisses IMF debt warning and 'messy' forecasting
Europe
The Guardian

Marine life in Gulf of Mexico has still not fully recovered from 2010 BP oil spill

The Deepwater Horizon oil spill led to the ‘sudden, severe and persistent declines in the abundance’ of marine life, study says. Photograph: A Martin UW Photography/Getty ImagesView image in fullscreenThe Deepwater Horizon oil spill led to the ‘sudden, severe and persistent declines in the abundance’ of marine life, study says. Photograph: A Martin UW Photography/Getty ImagesDeepwater Horizon oil spillMarine life in Gulf of Mexico has still not fully recovered from 2010 BP oil spillNew study reveals dramatic population drops in fish, cephalopods and more after the Deepwater Horizon spill Marine life in the Gulf of Mexico plummeted by about 60% after BP’s 2010 Deepwater Horizon oil spill and has still not fully recovered, according to a new study. The April 2010 explosion of an offshore drilling unit 50 miles off the Louisiana coast triggered the largest marine oil spill in history, releasing 134m gallons of oil into the ocean. According to the study published Monday in PNAS, the disaster – which also killed 11 people and injured 17 others – led to the “sudden, severe and persistent declines in the abundance” of marine life for more than a decade. Conducted using acoustic sonar, multi-depth trawling nets and genetic studies, the study revealed dramatic population drops across the gulf between 2011 and 2015: fish declined by 63.5%, macrocrustaceans including shrimp and krill fell by 62% – severely affecting a primary food source for whales – and cephalopods such as squid and octopus dropped by 59.7%. Researchers found that the post-spill population crash outpaced any decline recorded in similar waters over the past 60 years. They also noted that natural factors like temperature, oxygen and food availability did not vary with the decline, confirming the spill as the primary cause. The marine species most severely affected were also among the most vital to open-ocean ecosystems and global food webs. Krill, a primary food source for deep-sea fish and shrimp, plunged by 72.8%. Bristlemouths – likely the most abundant backboned animals on Earth – fell by 69%. Meanwhile, lanternfishes, which sustain seabirds, dolphins, sharks and commercial fisheries, dropped by 62.9%. A 2023 survey of the area found that many of these populations have not recovered sustainably. Because large amounts of marine species were instantly killed or affected due to chemicals stored in their eggs, this led to sharp reductions in population sizes, in turn leading to reduced genetic variations, the study found. View image in fullscreenA boat makes its way through crude oil that leaked from the Deepwater Horizon wellhead in the Gulf of Mexico on 28 April 2010 near New Orleans, Louisiana. Photograph: Chris Graythen/Getty ImagesScientists examined genetic diversity in three lanternfish species that suffered severe population crashes, which subsequently led to inbreeding among the survivors. “The rate of genomic diversity decline is remarkable given the short temporal scale,” the study noted. The study also examined chemical dispersants applied during the oil spill cleanup. While these agents break oil into smaller droplets, they also spread polycyclic aromatic hydrocarbons (PAHs) – among crude oil’s most toxic components – deep into the water column, increasing toxicity exposure for mid-water and deep-sea marine life. Six years after the spill, researchers found elevated levels of PAHs in deep-sea fish eggs and cephalopod tissues, which severely impaired reproduction. The study further highlighted that residual oil – even at sublethal concentrations – may have hindered the ability of certain species, including damselfish and stingrays, to locate mates through olfactory cues. “If you keep the oil from coming to the surface, then it won’t be affecting as many shallow water [animals] or humans that were there to work on the spill,” the study’s lead researcher, Tracey Sutton, a biological oceanographer at Florida’s Nova Southeastern University, said.

Marine life in Gulf of Mexico has still not fully recovered from 2010 BP oil spill
Europe
BBC Business

Meta fined $25bn for 'lies' over user data privacy

Meta, the company behind Facebook, Instagram and WhatsApp has been hit with the largest ever fine against it for its business practices. A judge in New Mexico on Wednesday ordered the company to pay $25bn (£18.6bn) following a two-week trial earlier this year that found it had spent years lying to the public about how it handled Facebook user data. "The lies extend beyond Facebook's data practices as well," the judge said, adding they went to "the heart of Facebook's core business practices". Meta's head lawyer CJ Mahoney said the ruling made it "all but impossible to do business in the state of New Mexico". The company intends to appeal, a move Mahoney said will be successful. The fine is the largest to date against Meta, which has either been fined or agreed to settle several other lawsuits this year, including an $18bn deal with California over child safety. New Mexico's lawsuit stemmed from the role of Meta, then still doing business as Facebook, in what became known as the Cambridge Analytica scandal. That firm utilised data and information from millions of Facebook users as part of its work in political consulting, including on work related to the 2016 US Presidential election, which saw Donald Trump elected for the first time. New Mexico had also accused Meta of intentionally misleading the public on how it benefitted from content that included hate speech, and how such rules against it were enforced. The jury found the company had intentionally misled the public on those claims, too. Meta disputed those accusations. "At its core, this lawsuit seeks to impose a tax on speech to enforce new rules for what people can say online," Mahoney added. Lawyers for New Mexico sued the company over many statements Meta executives had made over the years that user data was never shared with or accessed by third parties without a user's permission, when in reality it had been. They claimed that the entire population of the state, roughly two million people, was impacted by Meta's dishonesty regarding the way it controlled user data. A jury found that Meta had violated state laws more than 40 million times. "For too long, powerful technology companies have operated as though their size and influence put them beyond the reach of the law," New Mexico Attorney General Raúl Torrez said on Wednesday.

Meta fined $25bn for 'lies' over user data privacy