Billions

• Amazon has announced a $13 billion investment dedicated to expanding its AI infrastructure and developing new data centers. • The funding aims to strengthen the company's leadership position in the competitive cloud computing and artificial intelligence sectors. • Industry experts note that the AI race has shifted from mere algorithm development to a battle for "hard infrastructure," including specialized chips and advanced servers.

• Major Asian stock indexes, including the Nikkei, Kospi, Hang Seng, Taiex, and Shanghai composite, experienced a massive sell-off on Friday. • The plunge was triggered by a rush to cash out on AI-related gains following significant losses on Wall Street. • This "bloodbath" wiped out billions in market value as traders reacted to volatility in the high-growth artificial intelligence sector.

• Global companies are investing billions of dollars into India's AI infrastructure, cloud computing, and data centers, reflecting strong confidence in the nation's digital expansion. • Despite this trend, HSBC Private Bank's latest Asia investment roadmap prioritizes high-conviction bets on China, Japan, South Korea, and Singapore over India. • This divergence highlights a gap between long-term infrastructure growth in India and the immediate strategic investment preferences of major global financial institutions.

Jim O’Neill, a former chief economist at Goldman Sachs, says government should spend more on major projectsThe man tapped by Andy Burnham to be his chief economic adviser has called for billions of pounds more borrowing to pay for investment in infrastructure, in a sign of how Burnham may seek to break from the policies pursued by Keir Starmer.Jim O’Neill, an economist and former minister, said he wanted the government to create an independent body for infrastructure spending along the lines of the Office for Budget Responsibility (OBR), which could be freed up to spend significantly more on major projects. Continue reading...

Albanese government under pressure to wind back fuel tax credit scheme for multinational miners as analysis shows cost to budgetGet our breaking news email, free app or daily news podcastCoal companies could receive an extra $6.2bn in taxpayer refunds for the diesel they use if the Albanese government greenlights just half the mine developments up for approval.The finding, in an analysis released by activist group Lock the Gate, comes as the government faces an internal campaign before next month’s Labor party national conference to commit to winding back a fuel tax credit scheme for multinational miners. Continue reading...

Exclusive: devolving tax is part of plans to give local areas more power in areas including justice, health and educationMinisters are considering handing over billions of pounds raised by business rates to regional mayors as part of one of the biggest shake-ups of the English tax system in recent years.Steve Reed, the local government secretary, said the government was working on plans to devolve the tax, which has been the subject of recent protests by pubs and other hospitality businesses. Continue reading...

Opposition and Greens could team up to extend inquiry into changes but health minister ‘utterly convinced’ federal government’s plan is rightFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastMark Butler has doubled down on his plans to pass contentious NDIS changes as early as this month, warning the opposition against using the bill as a “pawn in a bigger game of chess” as they consider a potential deal with the Greens.The Coalition and the Greens have criticised Labor’s truncated timeline to pass NDIS, negative gearing and capital gains changes, and have signalled they could team up against the government in the Senate to extend inquiries into the bills. Continue reading...