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Europe
BBC Business

Anthropic accuses Chinese rival Alibaba of illicitly extracting AI capabilities

US artificial intelligence (AI) giant Anthropic has accused Chinese e-commerce and technology firm Alibaba of "brazenly" and "illicitly" extracting its Claude AI model's capabilities. In a letter seen by the BBC, the San Francisco-based company said operators linked to Alibaba carried out almost 29 million exchanges with Claude using thousands of fraudulent accounts in what it called the largest extraction campaign of its kind. Anthropic urged Congress to penalise the companies behind attacks like this and to ramp up measures to prevent US tech from being stolen. The BBC has contacted Alibaba for comment and requested more details from Anthropic. Anthropic's letter, dated 10 June and addressed to US Senators Tim Scott and Elizabeth Warren, accused New York Stock Exchange-listed Alibaba of carrying out "the largest campaign to illicitly extract Claude's capabilities". According to Anthropic, the campaign was carried out through what are known as "distillation attacks", which extracted answers from a stronger AI model to train a weaker one. Alibaba-linked operators targeted Claude's most valuable capabilities, including its ability to tackle longer and more complex tasks and its approach to decision-making, Anthropic said. These type of attacks are carried out on an "industrial scale" to enable Chinese companies to harvest and repackage US AI capabilities as their own, the company said. The letter also cited other alleged attacks, which Anthropic said posed a threat to the US military. "Distillation attacks turn hundreds of billions of dollars in American investment and [research and development] into a massive subsidy for our geopolitical competitors," said Anthropic. It cited the US Department of Defense's claims that Alibaba and several major firms like car maker BYD and tech company Baidu are tied to the Chinese military. The companies have denied any such allegations, while Alibaba this week sued the US government in a bid to get its name removed from the Pentagon blacklist.

Anthropic accuses Chinese rival Alibaba of illicitly extracting AI capabilities
Asia
The Hindu BusinessLine

Sensex today | Stock Market LIVE: Sensex flat, Nifty above 24,100; Asian stocks fall as investors turn cautious over US-Iran tensions

Sensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 29th June 2026. Indian shares opened steady on Monday after posting ‌their longest weekly winning streak of 2026, ⁠as investors weigh support from renewed US-Iran diplomacy against lingering geopolitical risks. Nine of the 16 major sectors logged ‌gains at the open. The broader small-caps and mid-caps were flat. Other Asian markets fell 0.4%, ‌while Brent crude prices rose 0.6% on cautious sentiment following recent tensions ⁠in the Middle East. After three weeks of successive gain, analysts expect consolidation phase to continue. However, with settlement of F&O contracts round the corner (on June 30), analysts expect the market to remain volatile. Market participants will closely monitor Industrial Production (IIP) data, government fiscal deficit numbers, the final HSBC Manufacturing, Services and Composite PMI readings, and the latest foreign exchange reserves data for fresh insights into the health of the domestic economy. Kotak Mahindra Bank shares were down over 2% to Rs 399.35 on the NSE as against the previous close of Rs 409. The bank on Saturday said its MD and CEO Ashok Vaswani will quit upon completion of three-year tenure and will not seek re-appointment when his current term ends on December 31, 2026. Crude oil futures traded higher on Monday morning after a series of the US and Iranian attacks in West Asia that began on Thursday. However, reports said the US and Iran have stopped attacking each other. At 9.24 am on Monday, September Brent oil futures were at $73.32, up by 0.99 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $70.07, up by 1.21 per cent. July crude oil futures were trading at ₹6628 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6577, up by 0.78 per cent, and August futures were trading at ₹6629 against the previous close of ₹6579, up by 0.76 per cent. Top gainers of Nifty 50: Dr Reddy’s (+3.72%), Shriram Finance (+1.81%), Eternal (+1.53%), Sun Pharma (+1.53%), Trent (+1.45%) Top losers: Kotak Mahindra (-2.04%), Adani Enterprises (-1.31%), HCL Tech (-1.17%), Infosys (-1.03%), IndiGo (-1%) Sensex rose by 121.87 pts or 0.16% to 77,222.34 at 9.16 am after flat opening at 77,055.21, and Nifty 50 was up 42.45 pts or 0.18% to 24,098.45. On Thursday, Sensex settled 109.25 pts or 0.14% positive at 77,100.47, and Nifty 50 was up 34.35 pts or 0.14% to 24,056. Markets were closed on Friday on account of Muharram. Power Finance Corporation Limited (PFC) and REC Limited (REC) today approved the Scheme of Merger (Scheme) for merger of REC (Transferor Company) into PFC (Transferee Company) and their respec ve shareholders and creditors, under Sec ons 230 to 232 and other applicable provisions of the Companies Act, 2013. The merger of REC into PFC shall create a financing entity with an aggregate loan book of over ₹11 lakh crore. Read the full story here

Sensex today | Stock Market LIVE: Sensex flat, Nifty above 24,100; Asian stocks fall as investors turn cautious over US-Iran tensions
Asia
The Hindu BusinessLine

Gold slips as fresh US-Iran strikes boost oil, Fed rate-hike bets weigh

Iran, US agree to halt attacks and renew talks, Axios reports Iran launched strikes on US military sites in ​Bahrain, Kuwait US ADP employment and NFP data due this week Gold prices ​eased on Monday as recent US-Iran strikes in ⁠the Gulf pushed oil prices higher, while expectations of US Federal Reserve interest rate hikes further weighed on the non-yielding metal. Spot gold was down 0.7 per cent ‌at $4,061.35 per ounce, as of 0242 GMT. US gold futures for August delivery lost 0.5 per cent to $4,076.40. The metal ‌was headed for a fourth consecutive monthly loss of 10.4 per cent. “US ‌and ⁠Iran were at it again over the weekend, ⁠with fresh military strikes reported from both parties, which casts further doubt over how long oil can stay at these subdued levels and therefore over the broader ​inflation and interest rate ‌outlook,” said Tim Waterer, chief market analyst at KCM Trade. Oil prices rose after Iran launched missiles and drones at US military sites in Kuwait and Bahrain early on Sunday, shortly after ‌US President Donald Trump threatened to wipe out the Iranian ​leadership if they did not stick to the agreement to end their war. However, Tehran and Washington agreed ⁠to halt recent hostilities in the Gulf and renew talks regarding their dispute over the Strait of Hormuz, Axios reported on Sunday. Elevated ‌crude oil prices can fuel inflation and chances of interest rate hikes, and while gold is typically seen as an inflation hedge, it loses its appeal as a non-yielding asset in a high interest-rate environment. Traders expect three Fed rate hikes this year and are pricing in an about 80 per cent chance of a ‌December increase, according to the CME FedWatch Tool. Investors are now looking out ​for June’s ADP employment data and the US nonfarm payrolls data, both due later this week, to further gauge ⁠the Fed’s monetary policy stance. “Gold could see the $5,000 level again ⁠this year but this would be based on further de-escalation, oil having a sustained move to pre-war levels to dull ‌the inflationary impact of the conflict, and a softer dollar,” said Waterer. Spot silver fell 1.1 per cent to $58.51 per ounce, while platinum ​gained 1 per cent to $1,630.13, and palladium rose 0.8 per cent at $1,218.92. 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.

Gold slips as fresh US-Iran strikes boost oil, Fed rate-hike bets weigh
North America
CNBC Economy

Bank of England holds interest rates at 3.75% amid Iran war peace prospects

The Bank of England held U.K. interest rates at 3.75% on Thursday, as policymakers continue to balance the need to address above-target inflation with lackluster economic output. The hold, which was in-line with the expectations of economists polled by Reuters, was backed by seven of the nine monetary policy committee members in the BOE's May meeting. BoE chief economist Huw Pill and Megan Greene, an external member of the rates-setting Monetary Policy Committee, were the two dissenting voices. Pill and Greene both cast votes to hike the BOE's "base rate" by 25 basis points to 4%. The decision comes as higher energy costs in the wake of the Iran war have pushed inflation higher in economies across the globe, and the U.K. — a net energy importer — is particularly vulnerable to price shocks. In a summary of its decision on Thursday, the BoE said that while prices have come down since the initial spike, the war "makes it hard to predict what is going to happen with them." The U.K.'s own inflation rate held at a cooler-than-expected 2.8% in May, with price rises driven by rising transportation fuel costs, while data published last week showed the economy shrank by 0.1% in April. Inflation cooled to 2.8% in April, but the drop — attributed to a change to the U.K.'s regulated energy price cap — was expected to be short-lived. The price cap is due to rise by 13% later this summer, when energy costs will hit a 2-year high. Despite easing, the bank now expects inflation to tick higher again as energy prices carry knock-on effects to the broader economy. "The impact on the economy and inflation will depend on how long energy prices stay raised," it said. "Monetary policy cannot affect global energy prices; our job is to make sure that higher inflation does not persist and have long-lasting effects on the economy. We are monitoring the situation very closely," it added. Despite Washington and Tehran reaching a breakthrough in peace negotiations, markets are still betting that the Bank of England will raise rates by the end of the year, according to LSEG figures. At its April meeting, the Bank of England's Monetary Policy Committee voted to keep its key interest rate at 3.75%. Ahead of the meeting, LSEG data showed traders were pricing in a 96% chance of the central bank keeping its key rate unchanged.

Bank of England holds interest rates at 3.75% amid Iran war peace prospects
Europe
The Guardian

Datacentres are growing target of global climate-related legal cases, report finds

A Google datacentre in Santiago, Chile, where a project was successfully halted in 2020 on climate grounds. Photograph: Luis Bustamante/The GuardianView image in fullscreenA Google datacentre in Santiago, Chile, where a project was successfully halted in 2020 on climate grounds. Photograph: Luis Bustamante/The GuardianEnvironmental activismDatacentres are growing target of global climate-related legal cases, report findsLSE analysis highlights litigation linked to energy sources, water consumption and air pollution The proliferation of datacentres and AI is increasingly at the forefront of environmental litigation around the world, from the US and UK to Chile to Ireland, a report has found. In an analysis of about 3,600 climate-related lawsuits filed since 2015, the latest annual review of climate litigation by the London School of Economics (LSE) found a growing number of cases challenging the energy sources, water consumption and air pollution of datacentres, all of which have related climate implications. One of the first cases was filed in 2020 in Chile’s capital, Santiago, where Google was planning a huge datacentre in the Cerrillos area. A group of residents and the local council challenged permits given to Google, raising concerns about the impact of the development on the city’s already climate-stressed water supply. The lawsuit succeeded in halting the Cerrillos project, on the grounds that climate impacts had not been properly considered, but not the wider explosion of datacentres, which is draining Chile’s already drought-stricken wetlands. The LSE report identified Ireland as a hotspot for litigation against datacentres. The Irish government wants the sector to expand, even though it is already consuming more than a fifth of the nation’s electricity. In December, Ireland’s Commission for the Regulation of Utilities (CRU) said “large energy users” such as datacentres would be allowed to operate on fossil fuels for the next six years, after which they must run on at least 80% renewables. Friends of the Irish Environment (FIE), Friends of the Earth Ireland and ClientEarth are seeking a judicial review of the decision because they argue it will lock Ireland into high-emitting, expensive fossil gas for years to come. FIE has brought several other claims relating to datacentres in Ireland, including one against the Environmental Protection Agency over its approval of a project in South Dublin. There is also a growing legal backlash against datacentres in the US. In California, the city of Pittsburg must now require a datacentre to use renewable energy for power and recycled water to cool its servers. In Georgia and Pennsylvania, there is ongoing litigation against state regulators for approving new fossil fuel infrastructure linked to datacentres. Another case in Mississippi argues that Elon Musk’s xAI is breaching the Clean Air Act by running portable methane gas generators without the required permits. The case, brought by the National Association for the Advancement of Colored People, says these pose serious public health risks to nearby Black and minority communities. The US Department of Justice is trying to block the lawsuit, claiming the company’s work is essential to the economy. In the UK, campaigners took legal action against the government’s decision to force through construction of a “hyperscale” datacentre in Buckinghamshire. Foxglove, a tech justice non-profit organisation, and Global Action Plan, an environmental charity, represented by the law firm Leigh Day, said the decision ignored the project’s electricity and water demands and did not properly consider its climate impacts.

Datacentres are growing target of global climate-related legal cases, report finds
Europe
The Guardian

Elon Musk loses trillionaire status as SpaceX and Tesla stock drops

Elon Musk during President Donald Trump’s visit to Beijing, China in May. Photograph: Mark Schiefelbein/APView image in fullscreenElon Musk during President Donald Trump’s visit to Beijing, China in May. Photograph: Mark Schiefelbein/APElon MuskElon Musk loses trillionaire status as SpaceX and Tesla stock dropsFalling shares push tech mogul back down to billionaire ranks after SpaceX IPO made him world’s first trillionaire Elon Musk was no longer a trillionaire by the time markets closed on Wednesday. Plunging shares in Tesla and SpaceX dragged the tech magnate down to billionaire status. As of 4pm ET, Forbes listed Musk’s net worth as $970.2bn. Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering. The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn. His fortune continued to hover around that gigantic figure in the weeks following the initial public offering (IPO). A global stock selloff this week led to sharp declines for major tech stocks and dealt a blow to Musk’s wealth, however, as investor concerns that the Federal Reserve will potentially raise interest rates and looming fears of an AI bubble rattled the market. Companies whose values were heavily linked to the AI boom, including Google’s parent, Alphabet, and chipmakers such as Samsung, were hit especially hard. The SpaceX IPO, the largest in history, immediately vaulted Musk’s wealth while also tying it to the company’s stock price. SpaceX raised $75bn from its record-breaking IPO and its stocks increased by 19%, from its initial price of $135 per share, within 24 hours of going public. On Wednesday, SpaceX’s stocks were listed at $154.35. Most of Musk’s wealth is tied up in stock and equity, and is not cash he can quickly spend. Still, his fortune is unprecedented, not just for its size but the speed at which it grew. Market fluctuations mean it is possible that Musk could regain his trillionaire status in the near future if either Tesla or SpaceX shares rebound. Although no longer a trillionaire, Musk is easily still the world’s richest person. The next wealthiest billionaire is the Google co-founder Larry Page, whose net worth is about $284bn, according to Forbes. Musk made more money than Page’s entire fortune this year alone, increasing his net worth by $338bn since January.

Elon Musk loses trillionaire status as SpaceX and Tesla stock drops
Asia-Pacific
The Straits Times

SpaceX set to join Nasdaq 100, paving way for wave of passive buying

SpaceX, which made its Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. NEW YORK – SpaceX will be added to the tech-heavy Nasdaq 100 index on July 7, exchange operator Nasdaq confirmed on June 26, paving the way for a surge in passive investments in Elon Musk’s rocket and artificial intelligence giant. Inclusion in the index typically boosts the stock price, as exchange-traded funds (ETFs) looking to replicate the index’s performance buy shares of the newly included firm. To make it more attractive for companies seeking US listings, Nasdaq, along with other index providers FTSE Russell and MSCI, relaxed its entry requirements including profitability, the number of days after a company goes public and the number of shares available for trading. SpaceX, which made its Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. In 2025, the company reported a net loss of US$4.9 billion (S$6.3 billion). Large Language Model makers OpenAI and Anthropic are also expected to file for their initial public offerings in 2026 or 2027 and likely target valuations of more than US$1 trillion. Investors buy mutual funds and ETFs, such ​as Invesco’s QQQ and QQQM, that track the Nasdaq 100, to get broader exposure. JPMorgan estimated that SpaceX’s inclusion in the Nasdaq 100 could draw US$4.3 billion in passive inflows. “Clearly, there’s a lot of demand, that’s why they fast-tracked the integration into the index,” Michael Field, chief equity market strategist at Morningstar, said. “A lot of people will be happy with it. Some fund managers less so, the sceptics among them, us included. We think the stock is overvalued.” S&P Global said in June that it ​was not changing the requirements for SpaceX to enter its major indices, including Wall Street’s benchmark S&P 500 index, and will wait for at least 12 months before even considering it. REUTERS

SpaceX set to join Nasdaq 100, paving way for wave of passive buying
Asia-Pacific
The Straits Times

S&P 500 ends lower; chips tumble and Moderna rallies

Traders working on the floor of the New York Stock Exchange during morning trading on June 26, in New York City. NEW YORK – The S&P 500 ended marginally lower on June 26, with a steep drop in AI-related chip stocks and sharp gains in Moderna and other healthcare stocks. The PHLX chip index tumbled 5.3 per cent, underscoring recent volatility among AI-related chipmakers that have fuelled much of Wall Street’s gains in recent years. While some investors remain optimistic about the potential for artificial intelligence to fuel higher profits, others worry that massive spending to build AI data centres may take too long to pay off. “It’s too early to conclude that there’s a major correction brewing in tech, but what I would say is that the questions around profitability and the capex story are certainly not going away,” said David Stubbs, chief investment strategist at AlphaCore Wealth Advisory. Stubbs also warned that Wall Street could be vulnerable to signs that US companies may not be able to deliver on investors’ high earnings expectations. Apple rallied 3.1 per cent and partly rebounded from a selloff on June 25, when it raised iPad and MacBook prices, blaming soaring memory and storage chip costs. Moderna surged almost 13 per cent to its highest level since 2024 after the drug developer hosted an investor event and showcased its pipeline. Eight of the 11 S&P 500 sector indexes declined, led lower by industrials, down 3.41 per cent, followed by a 2.45 per cent loss in materials. US inflation rose above 4 per cent in May, data showed on June 25, as the Iran war drove up energy prices, keeping alive the possibility of a Fed rate hike. While oil prices have retreated sharply as the Middle East tensions eased, Apple’s newly announced price hikes suggest inflation remains a concern, said Art Hogan, chief market strategist at B. Riley Wealth. “We saw a similar dynamic during the pandemic, when supply chain disruptions limited access to semiconductors. Now, we’re witnessing a comparable supply shock, this time driven by memory, which is creating renewed inflationary pressure,” Hogan said.

S&P 500 ends lower; chips tumble and Moderna rallies
North America
Yahoo Finance

Stocks Slide as Iran Nuclear Talks Hit Early Snag: Markets Wrap

(Bloomberg) -- Global stocks are ending a strong week on a cautious note as relief over an interim peace deal between the US and Iran gave way to a focus on the challenges of securing a lasting agreement.Most Read from BloombergRead the 14-Point Draft Memorandum Between the US and IranModi Warns of ‘Shortage of Trust’ Ahead of Trump MeetingTrump Blows Through His Iran Red Lines in Justifying Peace DealUS and Iran Delay Nuclear Talks as Lebanon Clashes WorsenUS Tells ASML It’s Concerned China May

Stocks Slide as Iran Nuclear Talks Hit Early Snag: Markets Wrap