Latest Developments

Europe
BBC Business

Nvidia boss rejects AI extinction fears as 'doomsday narratives'

Image source, Bloomberg via Getty ImagesByOsmond ChiaBusiness reporterPublished3 hours agoNvidia CEO Jensen Huang has described warnings that AI could lead to humanity's extinction by the next decade as "doomsday narratives". "2030 is not going to be the end of the world. There is 0% chance that's going to be the end of the world", Huang said in an interview with CBS News, the BBC's US partner. Warnings from researchers in recent weeks about potential risks posed by the technology escalated the debate about AI safety, with some industry executives calling for a slowdown in developing models. His remarks follow claims posted on social media by former Anthropic researcher Jacob Coxon that AI developers believe the technology "could kill us all by the end of the decade". Coxon's concerns sparked debate about the technology's risks, including calls by top executives like Anthropic boss Dario Amodei and OpenAI's Sam Altman urging for AI's development to slow down. Huang said that such predictions are "not grounded in science", adding that it is in Nvidia's best interest to ensure the industry builds its products responsibly. "Our company's success is directly connected to the safe deployment of products and services," he said. "If we don't continue to do that, our value would be diminished." Huang suggested AI firms talking about a "slow down" could be seeking liability protections for harms their products may cause. "Go and read between the lines," he said. "They're actually not asking for more laws. They're asking to be relieved of the laws we do have, and I think that that's a problem." Nvidia is a key player in the industry, developing cutting edge computer chips that are crucial for making AI models. The firm's most powerful chips face restrictions in China due to measures imposed by both Washington and Beijing. US export controls aim to slow China's military and AI progress, while Chinese regulations are designed to encourage reliance on domestically produced technology.

Nvidia boss rejects AI extinction fears as 'doomsday narratives'
Europe
BBC Business

Ed Davey calls for immediate 10p cut to fuel duty

Sir Ed Davey is calling on the government to immediately cut fuel duty by 10p a litre until Christmas as part of a package of policies aimed at cutting the cost of living. The Liberal Democrat leader is also urging the government to scrap a permanent increase in fuel duty which is set to take effect in January. Fuel duty was frozen under the Conservatives in March 2022 and Sir Keir Starmer's government continued the freeze, deciding in May to push back a planned 3p increase in September until the end of this year. The Lib Dems claim cutting 10p from fuel duty now would mean fuel would drop by 12p per litre at the pump. Sir Ed claimed drivers should be supported and a temporary three-month fuel duty cut would pay for itself by stimulating the economy. "Petrol and diesel prices are higher than they've been for a long time because of Trump's mad war with Iran, and people need help now," he said. The policy would cost about £2bn, he said, adding: "It's a three-month package, a temporary package, but if you look at the extra money the government will get through the energy profits levy, from gas taxes, from VAT and fuel duty, it's self-funding." In a speech to his party's conference on Tuesday, Sir Ed will make further calls to cut the bus fare cap from £3 to £1, and reduce rail fares by 10%. He will also call for VAT to be dropped from public charging points for electric vehicles and a review of network costs the Lib Dems have labelled unfair. Chancellor John Healey is under pressure to raise taxes or cut spending at his Budget next month, amid soaring government borrowing costs. Asked about Sir Ed's call for a fuel duty cut, Labour Party chair Bridget Phillipson told Laura Kuenssberg: "I'm sure John Healey will be open to any and all suggestions ahead of the budget but actually this is an area where the Labour government has taken action on fuel duty already. "Whilst I recognise what the Lib Dems have to say on this topic, this is the element of politics about it - they've got their conference, they're making their pitch, good luck to them."

Ed Davey calls for immediate 10p cut to fuel duty
North America
CNBC Finance

Charities say gifts by deceased donors are getting held up at financial firms

For donors who want to leave a legacy and save on taxes, naming a charity to receive their retirement account upon their death is one of the simplest ways to do so. But nonprofit leaders and lawyers warn of a growing wrinkle in carrying out these last wishes. Typically, donors can leave their IRA to a nonprofit without adjusting their will. The amount is subtracted from their taxable estate, and the assets go to the charity — free of the income taxes that would otherwise be paid by the individual who inherits the estate. But collecting these gifts can take months or even years of navigating red tape, according to experts. Some brokerages and banks require a nonprofit to open a new account with the institution before they'll release the IRA assets, often asking for detailed and sometimes sensitive information. Experts told CNBC that in some cases, IRA custodians have sought the personal information of nonprofits' employees or board members, such as Social Security numbers or home addresses, without even disclosing the gift's value. The hurdles force charities to spend scarce staff time chasing funds intended for their missions and, occasionally, walk away from the gift altogether, the experts said. "These contributions are important, because a person has chosen to leave part of what they worked their entire life for to support our mission, and we want to honor that designation," said Rob Hilbert, president of the Iowa PBS Foundation. "But we can't do it if we don't receive the funds." Hilbert said his nonprofit once spent more than five years sending paperwork back and forth to receive a gift that turned out to be $6,000. While he acknowledged that was an extreme case, he said pushing back against what he characterized as invasive demands by brokerages is a frequent burden for the foundation. Lawyers told CNBC that IRA custodians are generally not required to inform nonprofits or individuals that they are beneficiaries of these gifts, or how much they are owed. Jon Kraus, executive director of gift planning at the University of Denver, said it once took two years to collect a donor's investment account, which turned out to be worth $2 million. The university initially resisted the financial institution's requests to open an account and to provide personal information of its then-chief financial officer, but ultimately gave in, Kraus said. "That $2 million at 4.5% would have spun off $90,000 a year that we could have been awarding in student scholarships," he said. "Instead it sat at the company in their assets under management." Many of the nonprofit leaders who shared their experiences with CNBC asked to keep some details, including the institutions they worked with, confidential, citing donor privacy and concerns about retaliation. Some nonprofits are now advocating for state laws that require financial firms to release funds and benefits in a timely manner and without forcing charities to create new accounts.

Charities say gifts by deceased donors are getting held up at financial firms
Europe
The Guardian

Trump and Rubio allies are vying for control of Cuba’s assets if regime falls

Marco Rubio and Donald Trump at a cabinet meeting at Camp David in Maryland, on 31 July 2026. Photograph: Aaron Schwartz/AFP/Getty ImagesView image in fullscreenMarco Rubio and Donald Trump at a cabinet meeting at Camp David in Maryland, on 31 July 2026. Photograph: Aaron Schwartz/AFP/Getty ImagesTrump administrationTrump and Rubio allies are vying for control of Cuba’s assets if regime fallsWashington and Florida insiders are exploring lucrative deals for a post-communist Cuba crushed by ever-increasing US sanctions Spanish hotel chains. A Canadian mining firm. European shipping giants. Visa and Mastercard. Scores of foreign companies have been driven out of Cuba this summer over fear of being hit with potent, new secondary sanctions. Marco Rubio, the secretary of state, told Axios last month there are “no escape valves” from his unprecedented pressure campaign against the island. But not everybody is losing out. A growing cast of Washington and Florida insiders – from billionaire Trump cronies and Rubio-linked lobbyists to Cuban exiles – are jockeying for control of the communist-ruled island-nation’s key assets, charging top dollar to help clients navigate the ever-expanding web of sanctions, and positioning themselves for lucrative business opportunities in the case of regime collapse. Since an executive order signed by Donald Trump on 1 May drove Canada’s Sherritt International from its nickel and cobalt mining joint venture with the Cuban state, two rival US bids to buy out its stake have been presented to US authorities. Ray Washburne, the vice-chair of Trump’s 2016 Victory Committee who organized last week’s Republican Midterm Convention in Dallas, is clashing with Albert Huddleston, another Texas oil tycoon with close ties to the White House. Both are hoping to swoop in, despite nine-figure claims on Sherritt’s Cuba holdings by Citigroup and Office Depot – Fortune 500 corporations. Washburne did not respond to the Guardian and the consortium group including Huddleston declined to comment. View image in fullscreenRay Washburne, co-chair of the host committee, during an interview ahead of the first day of the Republican Midterm Convention in Dallas, Texas, US, on Wednesday, Sept. 9, 2026. Washburne said President Donald Trump and the GOP will have no problems generating enthusiasm at the party's midterm event by stressing the strength of the economy. Photograph: Bloomberg/Getty ImagesA similar approach is being pursued by Australia’s Antilles Gold Ltd, which after being blacklisted over its Cuba operations in June received the green light from the Trump administration to negotiate the transfer of its stake in a Cuban copper-gold mine to the New York-based, multibillion-dollar investment fund, Global Emerging Markets. “If I had done during the Biden administration what Trump’s friends have done now, I’d have been put in jail,” said a person with several decades of experience in Cuba policy who requested anonymity. Sources tell the Guardian that several Trump Organization executives who had previously traveled to the island to explore real estate deals and who even registered the Trump trademark there in 2008 have in recent months returned to Cuba under the aegis of Dominari Holdings for meetings. The executives are said to have met with Raúl Guillermo Rodríguez Castro, the grandson of former Cuban president Raúl Castro, dubbed “the Crab”, to explore opportunities amid the departure of Spanish hotel giants Meliá and Iberostar, which had been operating on the island since the 1990s. View image in fullscreenCuba's Colonel Raul Guillermo Rodriguez Castro, grandson of Raul Castro, attends the funeral of the 32 Cuban soldiers killed during the US incursion in Venezuela at Colon cemetery in Havana on January 16, 2026. US Secretary of State Marco Rubio has held secret talks with a scion of Cuba's communist Castro leadership as he intensifies pressure on the island, a report said. Axios, quoting unnamed sources, said Rubio has been speaking with Raul Guillermo Rodriguez, the grandson of former leader Raul Castro, who succeeded his brother Fidel Castro. Photograph: Yamil Lage/AFP/Getty ImagesNeither Antilles nor Dominari returned calls for comment. But American investors aren’t the only ones sensing opportunity in Rubio’s effort to coerce the sanctions-battered country of his parents’ birth into becoming economically dependent on the US. Cubans have been living under an effective fuel blockade since January 2026: the Trump administration cut oil shipments to the island from the island’s main ally after abducting Nicolás Maduro, the Venezuelan president; it then nixed oil deliveries from Mexico by threatening tariffs on any country sending petroleum to the island. Treasury department-authorised oil exports from Florida and Texas to the island’s private sector, however – all but non-existent last year – have shot up to over $160m so far this year.

Trump and Rubio allies are vying for control of Cuba’s assets if regime falls
North America
CNBC Economy

'Science fiction': Transport companies — the backbone of economy — are sounding alarm on fuel prices

Transportation companies, the lifeblood of the U.S. economy, are flashing warning signs as diesel costs hit records. Prices for diesel, the fuel type used to power trucks and trains, came in at an all-time high of around $6.31 per gallon on Wednesday, according to AAA. Diesel prices have surged more than 70% from a year ago, which analysts attribute to the supply shock from the U.S. war with Iran. "We have seen some of the most radical and abnormal swings in fuel prices that I think we've ever seen," said Brad Delco, finance chief at trucking company J.B. Hunt, at an industry conference hosted by Morgan Stanley. Delco said to expect a drop in earnings between 5% and 10% from the second to third quarter as a result of higher costs. Shares of J.B. Hunt dropped more than 13% in Wednesday's session, one of the worst days for the stock since going public in 1983. The Dow Jones Transportation Average, a broader gauge of the sector, close to 3% on Wednesday. J.B. Hunt was the biggest loser of the index, which also includes rideshare providers and airlines. Those diesel-related price pressures should only intensify in the coming days, warned Patrick De Haan, head of petroleum analysis at price tracker GasBuddy. The national average could eclipse $6.50 in the next two days, De Haan said. Midwest states such as Michigan, Ohio and Illinois may see per-gallon diesel prices touch $7 in the coming days, according to his estimates. In California, AAA found that the average rate for a gallon of diesel has already surpassed $8. Prices have climbed almost 20% in the last month alone, according to the motor club association's data. "We're talking about $6 diesel, but out here, it's $8 diesel, we noticed on the way in, which is like science fiction," said Claude Elkins, chief commercial officer at railway transporter Norfolk Southern, on Tuesday at the Morgan Stanley conference held in Laguna Beach, Calif. Elkins said he keeps a "very cautious eye" and has conversations about what those price levels will "mean for the economy." The transportation services sector added $1.9 trillion to the U.S. economy in 2024, accounting for more than 6% of the country's total enhanced gross domestic product, according to the Bureau of Transportation Statistics. "That certainly is something that we have to keep our eyes open to," Elkins said. "Ultimately, over some period of time, that's going to be a drag on the consumer out there." To be sure, retail sales climbed 1.2% from July to August despite energy-related inflationary pressures. Excluding spending on autos and gas station, sales grew at their highest level in more than a year.

'Science fiction': Transport companies — the backbone of economy — are sounding alarm on fuel prices
North America
CNBC Finance

NASCAR CEO Steve O’Donnell talks growth opportunities, possible international expansion

NASCAR CEO Steve O'Donnell said the company has seen "a lot of momentum" after a challenging few years, touting NASCAR's presence on multiple streaming platforms and the recently announced sequel to "Days of Thunder" as opportunities to raise the company's profile. The auto racing company CEO, in an interview with CNBC's Brian Sullivan, credited the company's growing popularity among a younger audience, in part, to its ability to connect with fans online. "The media partners are just the foundation of the sport [that] help us grow," he told CNBC. NASCAR content is available through streaming, cable and digital platforms across Fox, Comcast's NBC, Versant's USA Network, Warner Bros. Discovery's TNT Sports and Amazon Prime Video, thanks to seven-year media rights agreements — worth an estimated $7.7 billion, according to various media reports. When asked whether the patchwork nature of exclusive streaming rights to races would confuse viewers, O'Donnell said the breadth was actually a benefit. "For us [it's] how many front doors can we give to a fan to come through and experience NASCAR, and we used to just be maybe on one or two networks," he said. "And as you look at where media is going long-term, we realized to get younger we needed to try some different things, go where some of the younger fans are maybe watching or just tuning in for a couple minutes." The release of "Days of Thunder 2," the sequel to the 1990 hit, will be another way to reach new fans, O'Donnell said. Tom Cruise will be reprising his role as Cole Trickle, a NASCAR driver, with Anne Hathaway set to co-star. The Paramount film is slated to premiere in summer 2028, Cruise announced on social media. O'Donnell said Cruise recently visited NASCAR headquarters in Daytona Beach, Florida, and believes that the sequel will bring new audiences to the league. "He could not have been more enthusiastic," O'Donnell told CNBC. "Tom's No. 1 message to us: He's like, 'You got to be ready because I'm going to put people [on], and they're going to know what NASCAR'S about.'" Global racing league Formula 1 has notched success in recent years garnering new fans via streaming and film, including Netflix's "Drive to Survive" docuseries and Apple's "F1" movie, which premiered in 2025. Similarly, "Ford v Ferrari," a biopic about a legendary team of British and American race-car drivers, became one of the highest-grossing original movies of 2019. And while NASCAR seeks to grow its reach domestically, O'Donnell said that he is "absolutely" open to international expansion.

NASCAR CEO Steve O’Donnell talks growth opportunities, possible international expansion
North America
CNBC Finance

Boeing CEO: 737 Max production taking 'a little bit longer' to stabilize than expected

Boeing's 737 Max production is taking "a little bit longer" than expected to stabilize, and the company expects to increase its output of the planes next year, CEO Kelly Ortberg told investors Wednesday. Boeing stock extended its losses for the day and was down more than 5% in afternoon trading after Ortberg's comments. The manufacturer has been working to steadily ramp up the output of its best-selling plane after years of safety and quality crises. Ortberg said wing production at its Renton, Washington, factory is a constraint now, adding the company has plans in place to address it. Ortberg reiterated to investors at a Morgan Stanley industry conference that he expects certification of the Max 10, the largest model in the family "very soon." That plane is years behind schedule. Kelly didn't say that he expected aircraft orders from China when President Donald Trump is scheduled to host Chinese leader Xi Jinping at the White House on Sept. 24. Orders from China are "going to be announced by the airlines at their pace," he said. 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.

Boeing CEO: 737 Max production taking 'a little bit longer' to stabilize than expected
Europe
The Guardian

Trump threatens to stop trading with EU over ‘laughable’ membership offer to Canada

Donald Trump has threatened the EU with “serious tariffs” and a halt to trade after the bloc proposed making Canada its first ever associate member – an idea he derided as “laughable”. The US president said that if the EU moved forward with the plan, Washington could impose “very serious tariffs or stop trading with Europe”. He added: “If it’s a good intention, that’s fine. If it’s a bad intention, we’ll put very heavy tariffs on Europe.” Canada’s prime minister, Mark Carney, is due to address the European parliament on Thursday, a day after the European Commission president, Ursula von der Leyen, invited his country to become the EU’s first “associate member”. Von der Leyen pitched closer cooperation on tech, defence and energy to Carney, telling the European parliament that, as democracies faced a “fracture in the international rules-based system”, Brussels and Ottawa needed to pull closer together. She said: “This is a partnership not against anyone else, but for our common strength. In short, we want to bring the relationship with Canada to the highest level possible.” In response to Trump’s comments, France’s Europe minister Benjamin Haddad said on Thursday that Washington had no power to veto EU decisions. “It is not up to the United States, or ‌anyone else, to choose the political and geopolitical direction of the Europeans. Once again, we have a relationship ⁠with Canada, and we are fully entitled to seek to deepen it,” Haddad ‌told Public Sénat TV channel. A European Commission spokesperson said: “As our president made clear yesterday, the proposed strengthening of the relationship with Canada is not against anyone else, but for our common strength.” View image in fullscreenMark Carney and Andy Burnham, both Everton fans, watch Everton v Wolverhampton Wanderers in Liverpool on Wednesday. Photograph: Paul Cooper/ReutersCarney has called for a “unique alliance” with the EU as Canada seeks to reduce its heavy dependence on US trade. After meeting EU leaders in Strasbourg on Wednesday, he described the EU and Canada as “natural partners, united by shared values” and said that both sides were focused on “a deeper partnership that reinforces our mutual sovereignty to create more opportunities and prosperity for our peoples”. An associate membership agreement would have to be approved by the EU’s 27 member states, who generally support closer ties with Canada, but were taken by surprise by the term. Canada and the EU already have a trade deal and numerous bilateral agreements, but have been moving closer since Donald Trump returned to the White House and raised tariffs on both old allies, while repeatedly talking about Canada becoming the 51st US state and lambasting the EU. In a sign that Canada was seeking to further diversify its defence ties ⁠away from ⁠the ​US, Carney’s office announced on Wednesday that the country had formally applied to join the British-led Joint Expeditionary Force military ⁠coalition.

Trump threatens to stop trading with EU over ‘laughable’ membership offer to Canada
Asia
The Hindu BusinessLine

The crop at the centre of India’s edible oil self-reliance push

Close up of fresh oil palm fruits and cooking oil, selective focus. | Photo Credit: iStockphoto For all the debate about edible oil self‑reliance, one fact is still not stated clearly enough: India’s strategy depends on how it handles palm oil. India is the largest buyer of this commodity in the world, importing more than 9 million tonnes in a typical oil year, close to two‑thirds of its total edible oil imports. The consumption pattern makes this plain. Palm oil accounts for more than 38 per cent of India’s total edible oil use, higher than any other individual oil, and the share is even higher in rural markets, where palm‑based blends are often the only affordable option for low- and middle-income households. Retail prices for common palm oil packs sit between ₹130 and ₹145 a kg, while sunflower oil often trades closer to ₹160–170. When edible oil prices rose nearly 20 per cent in 2024, palm oil held its lower price range more consistently, helping households and manufacturers absorb part of the shock. India’s dietary authorities, the ICMR and the National Institute of Nutrition, place palm oil within a balanced diet, and it has been part of Indian kitchens for decades. Several states rely on it for subsidised cooking oil schemes, and in Tamil Nadu alone, over 7.5 million ration cardholders depend on these distributions for basic household fat needs. That reliance is why the commodity carries the label of a “poor person’s oil,” a label that hides more than it reveals: keeping a kitchen staple affordable for millions is a pillar of food security, not a second‑grade choice. The yield story explains why planners keep returning to this crop. Oil palm produces roughly 35 per cent of the world’s vegetable oil on less than one‑tenth of the land used for oil crops, yielding around four tonnes per hectare against roughly 1.2 tonnes for mustard, which is why the National Mission on Edible Oils targets nearly three million tonnes of domestic production by 2030. Removing palm oil without an efficient substitute would shift pressure onto crops needing far more land, creating more environmental loss, not less. India also does not fully control its destiny on this commodity. Indonesia and Malaysia dominate global production, so trade dynamics there directly affect Indian consumers while importing markets add their own deforestation and traceability rules. India cannot treat palm oil as always available on favourable terms. There is also a risk in how palm oil is produced, where expansion through clearing forests or peatlands accelerates emissions, and where smallholders lacking clear rights face social tensions. This is where sustainability standards matter, as risk management, not window dressing. The Roundtable on Sustainable Palm Oil (RSPO) now covers 5.1 million hectares across 24 producer countries and accounts for just over 20 per cent of global output; India sourced roughly 431,000 tonnes of certified palm oil in 2024. Global buyers are tightening traceability rules, and uncertified oil risks rejection in markets like the EU, a shift Indian refiners and food brands cannot ignore. None of this means palm oil should be India’s only answer, but current demand already leans heavily on it, and pretending otherwise helps no one. A more honest position accepts palm oil’s central role and concentrates on shaping it: tying growth to real sustainability performance, and expanding traceability so everyone has a clearer view of where their oil comes from. 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.

The crop at the centre of India’s edible oil self-reliance push