Plans

• Moonshot AI is planning an initial public offering (IPO) in Hong Kong within the next six months, targeting a valuation between $20 billion and $30 billion. • The company's Kimi K3 model has reportedly outperformed U.S. rivals, sparking a sell-off in American tech and semiconductor stocks as investors question U.S. dominance in AI. • The market shock also triggered a decline in Bitcoin prices, reflecting a broader "risk-off" sentiment across digital assets following the AI development shift.

• Moonshot AI is preparing for an initial public offering (IPO) in Hong Kong within the next six months, targeting a valuation of $30 billion following the debut of its Kimi K3 model. • The move comes as competitor DeepSeek also considers an IPO after completing its first external funding round, signaling a surge in public market ambitions for Chinese AI developers. • This trend highlights the volatility of risk assets, as AI-related news continues to influence markets, similar to the June selloff that pushed Bitcoin toward $62,000.

• The European Union is planning a major overhaul of its carbon trading system to better balance ambitious climate targets with the need to maintain industrial competitiveness. • Key revisions include the extension of free carbon permits for various industries and a slower tightening of overall emissions limits. • To encourage a green transition, the EU will more closely link financial support to investments in clean technology.

• Donald Trump’s media company plans to introduce a paid service providing high-speed access to posts on the Truth Social platform. • The premium access may include real-time updates from Trump himself, whose posts often influence financial markets and national security. • This move aims to monetize the time-sensitive nature of the former president's communications for traders and analysts.

Few know who will get top jobs when new PM enters No 10 and the vacuum of information has its downsidesAs Labour MPs filed out of Portcullis House on the last day before parliament rose – and Andy Burnham ascends – one said they were struggling with a metaphor for how concentrated Burnham’s power had become. Flailing for something that did not sound insulting, he gave up and likened Burnham’s absolute control to North Korea’s Kim dynasty.It is a very congenial and receptive kind of dictatorship. But never in British politics has such power been concentrated in the hands of such a tiny number of individuals. Never in British politics have so many of Labour’s biggest beasts had so little influence or leverage. Continue reading...

Exclusive: allowing firms to dodge biodiversity protections by paying into levy will harm nature and economy, say 100 experts in letterThe UK government has been accused of “rushing through” planning changes that could give developers permission to “trash” nature for as little as £1.A letter signed by more than 100 conservationists, scientists, celebrities and businesses, including the actor and writer Stephen Fry and the broadcaster Chris Packham, has urged the incoming prime minister, Andy Burnham, to immediately halt the rollout of environmental delivery plans (EDPs). Continue reading...

• Chinese AI developer DeepSeek is preparing for an initial public offering (IPO) potentially occurring later this year. • The company is targeting a valuation of approximately $71 billion and is seeking to raise $1.5 billion in capital. • This move represents a major market test for the LLM developer following a period of rapid funding growth.

Exclusive: Lewisham council’s move marks first step in Greens’ plan to create a corridor of sanctuary boroughs across LondonA Green-led London council is planning to ban its officials from working with the Home Office on immigration raids, after uncovering evidence suggesting government officials wanted to use environmental health data to target restaurant workers.Councillors on the Lewisham borough council are due to vote next week on a motion that would review its systems with a view to ending any cooperation with the government’s attempts to deport people without the right to remain in the UK. Continue reading...

• Myanmar is launching a strategic tourism recovery plan targeting visitors from China, Thailand, India, Japan, and South Korea to stimulate economic growth. • The strategy focuses on promoting spiritual tourism circuits, including the ancient temples of Bagan, Yangon's heritage sites, and Inle Lake. • To achieve an ambitious goal of 1.8 million visitors by 2026, the government is implementing visa reforms and improving regional connectivity.

• The U.S. House of Representatives is scheduled to vote this week on the "Sunshine Protection Act," a bill aimed at making daylight saving time permanent. • The legislation would eliminate the biannual practice of shifting clocks forward in the spring and backward in the autumn. • Lawmakers are facing renewed pressure to pass the measure, with President Donald Trump reportedly pushing for the change.

Plans to build a NZ$3.5bn datacentre in Makarewa in the country’s south has drawn concern about electricity and water use, and potential noise pollutionPeople living near the site of New Zealand’s first planned AI datacentre are calling for more transparency about the project, especially about how the centre’s huge electricity and water use and potential noise pollution could affect them.Singapore-based company Datagrid has secured approval to build a NZ$3.5bn (US$2bn) AI datacentre on a 49-hectare site in Makarewa, just north of New Zealand’s southern-most city, Invercargill. Construction is due to begin this year, with the centre becoming operational by 2028. Continue reading...

• The European Central Bank (ECB) has mandated that banks develop comprehensive cyber threat plans to defend against advanced AI-driven attacks. • Financial institutions must submit these detailed strategies by October 31 to mitigate risks such as state-backed espionage and coordinated strikes on payment and settlement systems. • The European Systemic Risk Board (ESRB) warns that AI-amplified disruptions and misinformation campaigns could erode trust in the financial system and create systemic instability.

• The European Central Bank (ECB) has requested that banks develop comprehensive strategies to mitigate cybersecurity risks posed by frontier artificial intelligence models. • The regulator specifically highlighted the potential threats emerging from advanced AI systems, citing examples such as Anthropic PBC’s Claude Mythos. • This move matters as the rapid integration of AI into financial services creates new vulnerabilities that could be exploited for sophisticated cyberattacks.

Central bank’s financial policy committee members voice concern on trimming big lenders’ financial buffersBusiness live – latest updatesThe Bank of England is planning to loosen capital requirements for major UK lenders, even as policymakers expressed concern about the threat to financial stability from rapid AI developments and debt-fuelled stock investments.The central bank said on Tuesday it was looking to remove and loosen some rules introduced after the 2008 financial crisis that determine the size of the financial cushion required to absorb losses and protect consumers and taxpayers when things go wrong. Continue reading...

• A Guardian investigation has questioned the feasibility of Britain's "AI growth zones," specifically focusing on a proposed Lanarkshire datacentre developed by DataVita. • The project claims it will create thousands of jobs by 2030 and operate independently of the national grid using massive amounts of on-site renewable energy. • Critics argue the plan is unrealistic, as it would require constructing the UK's largest onshore windfarm within just four years to power the facility.

• Japan has partnered with the company Noetra to deploy 10 million robots across 18 different job sectors by 2040. • The initiative focuses on integrating "physical AI" into critical industries, specifically targeting healthcare and food manufacturing to improve efficiency. • This large-scale deployment is designed to address Japan's severe labor shortages and the need for increased productivity in the workforce.

• SK Hynix plans to list on the Nasdaq to raise approximately $28 billion, aiming to fund the expansion of its AI chip business amid rising infrastructure demand. • Separately, Tata Electronics suffered a ransomware breach that exposed confidential Apple documents and sensitive supplier information. • The Indian government has launched an official cybersecurity investigation into the Tata Electronics breach to assess the extent of the data leak.

• Iranian Interior Minister Eskandar Momeni is scheduled to lead a high-level delegation on a crucial visit to Islamabad, Pakistan, in the coming days. • The visit is planned to take place following the funeral proceedings for Supreme Leader Ayatollah Ali Khamenei. • Diplomatic sources indicate the trip is significant for strengthening bilateral ties and addressing regional security concerns between the two neighboring nations.

• Union Minister Chirag Paswan announced on Sunday that the Lok Janshakti Party (Ram Vilas) intends to contest the upcoming Uttar Pradesh assembly elections. • Paswan clarified that the final decision and approval for the party's participation will be determined by the LJP (Ram Vilas) central parliamentary board. • This move signals the party's ambition to expand its political footprint beyond its traditional strongholds and influence the electoral landscape in India's most populous state.

Move inspired by customer service provided by online retailers such as John Lewis and AmazonPeople waiting for hospital treatment will get three weeks’ notice of their next appointment under NHS plans inspired by the customer service provided by online shopping operators.Hospitals are being ordered to start telling everyone on their treatment waiting list at least three weeks before their operation, diagnostic test or meeting with a consultant. Continue reading...

• Japan has announced plans to develop a sovereign AI model and deploy 10 million AI-equipped robots across more than a dozen sectors by 2040. • The government will invest approximately $6 billion in the domestic AI model, which will be created by Noetra, a consortium featuring major firms like Sony and SoftBank. • This initiative aims to reduce reliance on foreign technology and address labor shortages by integrating advanced automation into the national economy.

• Japan intends to develop a sovereign artificial intelligence model and deploy 10 million AI-equipped robots across more than a dozen sectors by 2040. • The Japanese government will reportedly invest approximately US$6 billion into the homegrown AI model, which is being developed by a consortium called Noetra. • This initiative aims to reduce reliance on foreign technology and leverage automation to address labor shortages and boost industrial efficiency.

• South Korea is launching a $10.3 billion financing initiative to accelerate the development of "physical AI" sectors. • The government has selected a subsea cable expansion project by LS Cable as the first initiative to receive support under this plan. • This push aims to integrate AI into manufacturing and industrial infrastructure to enhance national competitiveness in the global tech landscape.

• Meta is planning to expand its AI cloud infrastructure to enhance its artificial intelligence capabilities and market position. • Federal Reserve official Kevin Warsh indicated that inflation is showing signs of easing, providing a potential signal for future monetary policy shifts. • Nike shares experienced a decline following warnings regarding the company's performance and outlook in the Chinese market.

Proposed development of protected shorelines and wildlife zones violates EU environmental policy, says MEPMEPs have warned Albania that EU accession talks are at risk if the government does not “change course” over plans for a luxury resort backed by Donald Trump’s son-in-law Jared Kushner.Tineke Strik, the Dutch MEP heading a European parliament fact-finding mission to the Balkan nation, said Albania’s leadership was “playing with fire” by pursuing the €1.4bn (£1.2bn) real-estate venture that would, she said, wreak havoc on virgin coastline. Continue reading...

Financing options to be investigated for first two subsea projects that would link Mainland with Yell and Unst Councillors on Shetland have backed plans to build up to four tunnels to link some of the largest and most populated islands, after years of isolation and decline.The council voted on Tuesday to investigate financing options for the first two subsea tunnels, which would link Shetland’s Mainland with the two large northerly islands of Yell and Unst. Continue reading...

Exclusive: Pentagon files suggest some new facilities will store nuclear arsenal, with $163m also earmarked for secretive spy baseMore than $4bn (£3bn) is to be spent upgrading the US government’s military and spy bases in the UK, according to official documents that shed light on the UK’s apparent role as a secretive site for American nuclear weapons.The construction plans include building new bunkers in Suffolk, which will seemingly be used to store nuclear weapons, and modernising facilities to help covert units run secret operations. Continue reading...

CMA says developers should be able to steer users away from app stores for payments to increase competitionBusiness live – latest updatesThe UK’s competition watchdog is challenging Apple and Google’s “effective duopoly” over mobile platforms by allowing developers to steer users away from their app stores to make purchases.The Competition and Markets Authority argues that consumers and app owners are being let down by Apple and Google restrictions on spending money outside their app stores. Continue reading...