Binance to Close Accounts in France, Spain, Italy and Poland Over EU MiCA Compliance Issues
- Binance is reportedly preparing to close user accounts registered under its local entities in France, Spain, Italy and Poland following compliance issues related to the European Union's Markets in Crypto-Assets (MiCA) regulation.
- The regulatory transition period under MiCA has ended, requiring crypto asset service providers to obtain authorisation to continue operating legally across the EU.
- Binance has reportedly suspended fiat and cryptocurrency deposits for affected accounts. Users will continue to be able to withdraw their remaining assets until the final closure deadline.
- All accounts linked to the four affected national entities are scheduled to be permanently closed on December 31, 2026.
- Starting November 29, 2026, accounts that continue to hold assets will reportedly face a monthly management fee of 0.025% of their total balance, subject to a minimum charge of 10 USDC.
- The fee will be deducted from available USDC balances first. If insufficient USDC is available, Binance will reportedly convert other cryptocurrency holdings to cover the charge.
- The reported restrictions apply to users registered under the affected national entities. Binance's wider global platform is not covered by the announced account closures.
Anthropic Signs $3.4 Billion Gas Power Deal to Secure Electricity for AI Data Centres
- Anthropic has agreed to a $3.4 billion deal to secure gas-fired power generation for its data centres, according to the Financial Times. The counterparty has not been identified.
- The AI company, which is preparing for a potential IPO, is increasingly turning to dedicated on-site natural gas generation to meet its rapidly growing electricity requirements.
- Anthropic's IPO filing reportedly states that some planned data centres will rely on dedicated natural gas power generation. It also warns that projects could be delayed or abandoned without secure gas supplies.
- A shortage of gas turbines is slowing data centre construction, prompting developers to seek alternative power equipment and install generation facilities on-site rather than wait for grid connections.
- Engine manufacturer Wärtsilä has also reported strong demand from data centre developers, with lead times for its engines continuing to increase.
- Anthropic already has significant gas-powered capacity planned. Nscale's Monarch campus in West Virginia, where Anthropic agreed to lease 460 MW for $45 billion over six years, will use 864 gas-fired engines during its first phase.
- Generator manufacturer ERock has separately announced a 470 MW agreement with Anthropic.
Taiwan Imposes Short-Selling Curbs After Worst Weekly Stock Market Decline Since 2001
- Taiwan's Financial Supervisory Commission announced new restrictions on short-selling, effective November 9, following a sharp selloff that pushed the Taiex to its steepest weekly decline since September 2001.
- The Taiex fell 4.5% on Friday and lost 12.2% over the week. Taiwan Semiconductor Manufacturing Co. dropped as much as 9.8% during the session before closing 4.69% lower.
- South Korea's Kospi lost more than 10% during the week and triggered a 20-minute trading halt on Friday. SK Hynix fell 10.44%, while Samsung Electronics declined 6.35%. Together, the two companies account for around 40% of the index's market value.
- Japan's Nikkei 225 fell below 60,000 for the first time since May and entered bear-market territory, trading more than 20% below its June peak.
- The selloff followed a sharp decline in the Nasdaq Composite amid concerns over potential US Democratic-led restrictions on the artificial intelligence industry.
- MSCI's emerging markets index dropped 4.7%, reaching its lowest level since early April.
- Pepperstone analyst Dilin Wu told Reuters that underlying market pressures had not disappeared. South Korean officials also discussed emergency measures, including exemptions from loan collateral requirements for investors.
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Israel Says Mission Against Iran Is Not Complete, Warns of Preemptive Action
- Israeli Defence Minister Israel Katz said on November 8 that Israel's mission against Iran was "not yet complete", accusing Tehran of attempting to restart efforts to acquire nuclear weapons.
- Katz also alleged that Iran was pursuing other activities that pose serious threats to Israel's national security. He said Israel would take preemptive action to eliminate these threats.
- Katz provided no evidence to support the allegations and did not specify what actions Israel might take.
- He said Israeli forces would not withdraw from positions in Gaza, Lebanon and parts of Syria.
- Katz warned that Hezbollah would face "severe strikes" if it coordinated with Iran in attacks against Israel.
- Speaking at a war commemoration ceremony, Katz also called on Israelis to remain united amid national security threats.
- Prime Minister Benjamin Netanyahu had urged opposition parties on November 7 to join Likud and its political allies in forming a national unity government.
Iran Claims Three Oil Tankers Exploded and Caught Fire in Strait of Hormuz
- Iran's Islamic Revolutionary Guard Corps (IRGC) Navy claimed that three oil tankers exploded and caught fire in the Strait of Hormuz on November 8.
- According to the IRGC Navy, the latest incident involved a tanker attempting to transit the strategic waterway through an unauthorised route.
- The Iranian force said the vessel exploded and caught fire after attempting the transit, adding that two other tankers had also caught fire earlier in the day.
- The IRGC Navy said Iran had repeatedly communicated its navigation regulations for the Strait of Hormuz to all vessels.
- It warned that ships violating these rules and using unauthorised routes would face similar consequences.
Hindustan Coca-Cola Holdings Files DRHP for IPO Through Sale of Up to 99.75 Crore Shares
- Hindustan Coca-Cola Holdings (HCCH) has filed its draft red herring prospectus (DRHP), dated November 6, for an initial public offering comprising an offer for sale of up to 99.75 crore shares, according to Business Standard.
- The IPO is entirely an offer for sale by existing shareholders. HCCH will not receive any proceeds from the issue.
- The Coca-Cola Company holds a 60% stake through an overseas holding entity, while Jubilant Beverages owns the remaining 40%. The Jubilant Bhartia Group acquired its stake for ₹12,500 crore and became a promoter in July 2025.
- Earlier reports estimated the IPO size at around ₹9,500 crore and the company's valuation at approximately $10 billion. A listing on the BSE and NSE is expected in 2027.
- HCCH operates its bottling business through subsidiary Hindustan Coca-Cola Beverages, with a significant presence in southern and western India.
- For the quarter ended June 30, 2026, revenue from operations increased 20.46% year-on-year to ₹4,310.17 crore, while sales volume grew 18.61%.
- EBITDA margin, excluding other income and exceptional items, improved to 17.20% from 13.76% a year earlier.
- The DRHP estimates the ready-to-drink non-alcoholic beverage market across the company's key states at ₹63,730 crore in FY26, with a projected increase to ₹1,18,320 crore by FY31.
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Adani Enterprises Plans Annual Capex of Up to ₹40,000 Crore for Next Two Years
- Adani Enterprises plans to invest ₹35,000 crore to ₹40,000 crore annually over the next two years, with airports, data centres and its proposed PVC complex at Mundra driving most of the spending.
- The investment guidance follows record half-year EBITDA of ₹11,958 crore for the six months ended September 30, 2026, marking a 56% increase year-on-year.
- Total income rose 62% to ₹71,569 crore during the first half. However, profit after tax attributable to owners fell 92% to ₹332 crore, primarily due to a one-time settlement of ₹2,644 crore with the US Office of Foreign Assets Control (OFAC).
- AdaniConneX, the company's data centre joint venture, secured a new 240 MW hyperscale order in Navi Mumbai during the quarter, taking its contracted capacity above 1.2 GW.
- Its operational data centre capacity stood at 94.6 MW. The company expects this to increase to 120–150 MW by the end of the current financial year and approach 500 MW over the following 12–18 months.
- The 1-million-tonne-per-year PVC complex at Mundra involves an estimated investment of ₹26,000 crore. Around 60% of construction has been completed, with the first phase expected to be commissioned in the next financial year.
- CEO Arun Bansal described the company as entering a "value realisation phase" following its recent expansion and investment cycle.
$11.4 Million Shipment of NVIDIA AI Chips and Hardware Disappears in California
- Oakland police are investigating the disappearance of NVIDIA AI chips and computer hardware valued at $11.4 million.
- The shipment left Oakland on August 29 in a truck scheduled to travel to Fort Worth, Texas. Although the pickup paperwork matched the planned shipment, the vehicle subsequently lost contact.
- The cargo owner filed a police report on September 13 after the shipment failed to arrive.
- Police tracking records reportedly show multiple prolonged stops along the route, with the truck last tracked in San Bernardino County, California.
- No suspects have been arrested, and investigators have not ruled out the possibility that the high-value chips were diverted overseas.
- Analysts say advanced AI chips can command prices nearly twice as high in overseas markets compared with the US, creating incentives for cargo theft and illegal resale.
- This is not the first reported theft involving NVIDIA hardware. Experts warn that increasingly sophisticated operations targeting high-value technology shipments are raising transport security risks.
Explosions Rock Riyadh as Saudi Arabia Intercepts Multiple Missiles; Financial District Building Reportedly Damaged
- Multiple loud explosions were heard across Riyadh on November 8 after Saudi Civil Defence issued a potential danger alert for the capital. The alert was later lifted.
- Saudi-led coalition spokesperson Turki al-Maliki said air defences intercepted and destroyed two ballistic missiles launched by Yemen's Houthi movement towards Riyadh.
- The coalition subsequently reported intercepting two cruise missiles in the Riyadh area and southern Saudi Arabia. It had earlier intercepted another ballistic missile targeting eastern Saudi Arabia.
- Civil Defence alerts issued for Dammam, Dhahran and Abqaiq were also lifted after the reported threats were addressed.
- AFP, citing witnesses, reported that a building in Riyadh's King Abdullah Financial District was struck and damaged by a projectile. Four sources also identified the damaged building as housing a Saudi Aramco facility.
- Saudi authorities had not immediately commented on the reported damage.
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Explosions Reported Across Southern Iran, Cause Remains Unclear
- Explosions were reported in Jask, Sirik, Bandar Abbas and Qeshm Island in southern Iran, according to Iranian state television.
- The cause of the explosions remains unclear, and Iranian officials have not confirmed their source.
- Semi-official news agency Tasnim earlier reported that two missiles struck Qeshm Island, but no official assessment of potential damage has been released.
- The reports come days after a limited US attack on Qeshm Island. A US official said the operation did not signal a return to large-scale military action.
- Regional tensions remain elevated as concerns persist that US President Donald Trump could resume military strikes against Iran following the US midterm elections.
- Trump had suspended attacks on Iran weeks before the elections. Tehran has repeatedly warned that any renewed attack would prompt strikes on US and Israeli targets in neighbouring countries.
India's Retail Inflation Likely Nears 6% in October as Food Prices Surge
- India's annual consumer inflation is expected to have accelerated to 5.93% in October, up from 5.54% in September, according to the median forecast of 36 economists surveyed by Reuters.
- The forecast range stood between 5.50% and 6.60%, with nearly half of economists expecting inflation to reach or exceed the RBI's upper tolerance limit of 6%.
- Food inflation, which carries nearly 40% weight in the Consumer Price Index, is expected to rise to 8.20% from 7.74% in September.
- An uneven and deficient monsoon has reduced supplies of key food staples. Onion prices have nearly doubled since the beginning of the year, while meat, milk and eggs have also become more expensive.
- Higher global food prices have added to domestic pressures, particularly through imported edible oils and other commodities.
- Economists expect meat, fish, oils and fats, fruits, vegetables and sugar to record double-digit inflation.
- The official October inflation data is scheduled to be released on November 12.
India's IPO Market Raises Record ₹2.23 Trillion in Samvat 2082, Led by Jio Platforms
- India's primary market recorded its strongest Hindu calendar year ever, with 375 mainboard and SME IPOs raising a combined ₹2.23 trillion during Samvat 2082, which ended on November 6.
- Of the 375 offerings, 230 listed above their issue prices, according to Prime Database.
- Mainboard IPOs accounted for ₹2.12 trillion across 131 issues, marking a 19.6% increase from ₹1.78 trillion raised through 104 issues in the previous Samvat year.
- Fresh capital raised by companies surged 42% to approximately ₹1 trillion from ₹70,641 crore, while offer-for-sale proceeds increased 4.8% to ₹1.12 trillion.
- Jio Platforms led the fundraising with a ₹30,188 crore IPO, followed by the National Stock Exchange of India at ₹22,563 crore and ICICI Prudential Asset Management Company at ₹10,603 crore.
- Financial services was the leading sector, with 14 IPOs raising ₹60,781 crore.
- Of the 131 mainboard listings, 89 closed above their issue prices on the first day, delivering a median listing gain of 6.8%. As of November 6, 87 were trading above their offer prices, with a median return of 16.8%.
- Groww operator Billionbrains Garage Ventures gained 115.1% from its offer price, followed by Meesho at 110.3% and Lenskart Solutions at 80.3%. Pine Labs declined 26.5%.
- SME IPO performance was weaker. The 244 issues raised ₹10,826 crore, up 4% from the previous year, but delivered a median return of negative 3.9%.
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Musk Defends Texas Expansion, Says Tesla and SpaceX Escaped California's Regulatory Environment
- Elon Musk said Tesla and SpaceX shifted major US expansion projects and headquarters to Texas because they no longer face what he described as an increasingly oppressive and extractive California state government.
- Responding to a Wall Street Journal article, Musk said both companies have been able to thrive in Texas without operating under what he called a "predatory" state government.
- He added that he needs to remain close to factories to personally oversee production.
- Musk said Tesla's Cybertruck order backlog remains significantly higher than current production capacity.
- Tesla plans to dismantle existing production lines around June or July 2027 to expand manufacturing capacity for its Cybercab robotaxi.
- The company said it will add another production shift and aims to complete Cybercab orders on schedule.
- Separately, US President Donald Trump directed the Department of Justice to immediately investigate what he described as Democratic threats to use impeachment and criminal prosecution as political weapons.
- Trump accused Democrats of targeting the attorney general and other officials, while threatening Republican donors and supporters with criminal penalties. He singled out Michigan Democratic Representative Elissa Slotkin and urged Republicans to respond quickly.
CoreWeave Seeks Cooperation With Incoming Texas Governor on Data Centre Projects
- CoreWeave has written to Texas governor-elect Gina Hinojosa seeking cooperation with her incoming administration to advance existing and planned data centre projects across the state.
- CEO Michael Intrator said the company supports Hinojosa's position that data centre development must align with Texas' interests.
- CoreWeave has offered to work with the governor-elect's transition team to responsibly complete projects that have already received permits.
- The company also called for clear, stable and sustainable long-term standards to guide future data centre development.
- Hinojosa previously told CNN that she intends to change Texas' approach to business, emphasising partnerships between companies and the government that deliver benefits to state residents.
Iran Reports Tanker Explosions in Strait of Hormuz as US Forces Disable Merchant Ship
- Iran's Islamic Revolutionary Guard Corps (IRGC) Navy claimed that two oil tankers struck sea mines and caught fire in the Strait of Hormuz after attempting to transit through unauthorised channels.
- The IRGC alleged that the vessels had disabled their navigation and positioning systems and repeatedly violated maritime regulations. It warned that ships cooperating with the US and entering Iran's restricted maritime zone risk striking mines.
- Separately, US Central Command (CENTCOM) said American forces intercepted and disabled a merchant vessel in the Gulf of Oman on November 7 after its crew repeatedly ignored warnings and attempted to breach the US maritime blockade against Iran.
- The vessel, identified as Huda and flagged to St Kitts and Nevis, had previously called at Iranian ports. US forces fired precision-guided munitions at its stern, leaving it unable to navigate. CENTCOM said the crew had been ordered to evacuate the targeted area beforehand.
- Iranian state television also reported explosions in Jask, Sirik, Bandar Abbas and Qeshm Island, although authorities had not confirmed their source.
- Iran's semi-official Tasnim news agency had earlier reported that two missiles struck Qeshm Island. No official damage assessment has been released.
- The incidents follow limited US strikes on Qeshm in recent days. A US official said the operation did not signal a return to large-scale military action.
- Trump had paused major US strikes ahead of the midterm elections, while Iran has warned it could target US and Israeli assets in neighbouring countries if attacked again.
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RTX 50 Series GPU Prices Drop 20% in China After 11-Day Rally
- Graphics card prices in China's Huaqiangbei market have reversed sharply after an 11-trading-day rally driven by rumours of overseas production shutdowns.
- Since October 28, the Nvidia RTX 5080 has fallen from nearly 20,000 yuan to around 16,000 yuan, marking a decline of approximately 20%.
- Vendors said distributors and retailers had accumulated inventory ahead of the rally, amplifying price swings and causing significant intraday volatility.
- Despite the correction, average retail prices across the mainstream RTX 50 series remain around 1.7 times their official suggested retail prices, indicating that much of the earlier price increase remains intact.
- Price movements in Huaqiangbei have attracted overseas buyers, with cross-border procurement of graphics cards, memory and other hardware increasing.
- One merchant said foreign customers accounted for more than 50% of sales in October.
US Establishes Task Force Iron Gate to Tighten Pressure on Iran's Land and Sea Trade Routes
- US Central Command (CENTCOM) announced on November 7 the creation of Task Force Iron Gate, a roughly 20-member civil-military team based in Tampa, Florida.
- The task force will coordinate with US government agencies to prevent advanced weapons systems, dual-use technology, sanctioned goods and illicit financial flows from entering or leaving Iran through its land borders and the Caspian Sea.
- CENTCOM said the initiative builds on recent maritime restrictions and aims to limit Iran's ability to finance terrorism, rebuild weapons production capabilities and replenish military forces.
- The US military said its maritime measures have cost Iran more than $25 billion in crude oil export revenue in recent months. Strict controls on vessels entering and leaving Iranian ports remain in place.
- Separately, Iraqi Foreign Minister Fuad Hussein warned that developments in the Middle East could push the region into another war.
- Hussein said Iraq had suffered approximately $60 billion in losses after oil exports through the Strait of Hormuz were halted. He said exports have resumed following an agreement involving the US and Iran.
- Hussein also said Washington had formally requested Iraq to close all land border crossings with Iran except two.
- Iraq has told Tehran that it seeks a friendly partnership but will not accept interference in its internal affairs. Hussein also warned that external actors appeared to be using Iraqi territory to launch attacks against neighbouring countries.
ED Raids CoinDCX and Delta Exchange India Over Suspected FEMA Violations and Crypto Transactions
- The Enforcement Directorate (ED) has searched the Bengaluru premises of CoinDCX, operated by Neblio Technologies, and Delta Exchange India, operated by Excelium Technologies, under the Foreign Exchange Management Act (FEMA), 1999.
- The searches are linked to allegations of large-scale unauthorised cross-border financial transactions involving thousands of crores of rupees.
- According to the ED's preliminary findings, both platforms allegedly offered Indian retail users crypto futures and options trading, along with tokenised shares of overseas companies such as Apple, Google and Tesla, without the required authorisation.
- Investigators suspect customer deposits in Indian rupees were converted into USDT and routed to overseas cryptocurrency exchanges, including Binance, KuCoin, Gate.io, Bybit and Hyperliquid, to execute derivative trades.
- The ED is also examining the alleged use of a Costa Rica-based entity suspected of being a shell company to facilitate these transactions.
- Investigators found that a significant portion of Delta Exchange India's derivative transactions was allegedly routed through CoinDCX, which then executed trades on foreign platforms and paid hundreds of crores in transaction fees using stablecoins.
- Delta Exchange India is separately under investigation over alleged transfers of hundreds of crores of rupees to overseas associate entities.
- CoinDCX described the ED's visit as a "routine enquiry", stating that it is registered with FIU-IND, complies with Indian laws and is cooperating with investigators.
- Delta Exchange India confirmed its cooperation with the search but denied the allegations, stating that it does not engage in cross-border transfers of virtual digital assets.
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India Finalising Roadmap for Indigenous GPU Chip, Says Ashwini Vaishnaw
- Union IT Minister Ashwini Vaishnaw said India is focusing on developing AI applications across enterprises, agriculture, healthcare and education.
- Speaking at the launch of the Semicon 2.0 portal, Vaishnaw said the roadmap for an indigenous GPU chip is being finalised.
- The announcement comes amid a global sell-off in AI and semiconductor stocks, with the Nasdaq Composite entering correction territory following the Democrats' gains in the US midterm elections and concerns over tighter AI regulations.
- The government has opened applications under the second, third and fourth pillars of its semiconductor programme.
- Vaishnaw emphasised that the government is seeking serious proposals, stating there is "no place for frivolous applicants".
Democrats Plan Push to Repeal Trump Tariffs and Challenge Iran Military Campaign
- Buoyed by their midterm election gains, Democratic lawmakers are preparing to challenge Trump tariffs, arguing that trade policies have contributed to higher living costs and inflation.
- Massachusetts Representative Richard Neal said he is committed to reversing tariffs imposed by the Trump administration, along with its behind-the-scenes trade agreements.
- Oregon Senator Ron Wyden said he plans to introduce legislation targeting tariffs linked to a potential second Trump term after becoming chairman of the Senate Finance Committee in January.
- House Democratic leader Hakeem Jeffries, who is expected to become Speaker of the House next year, said tariffs and the prospect of military conflict with Iran have added to the cost pressures facing Americans.
- Separately, Senator Bernie Sanders urged Democrats in the incoming Congress to block further US military action against Iran by restricting funding rather than relying on nonbinding resolutions.
- Sanders described the campaign as illegal and unconstitutional, claiming it had resulted in 19 US service-member deaths and thousands of civilian casualties across the region. He also cited costs running into hundreds of billions of dollars.
- Sanders said midterm voters had sent a "clear signal" calling for an end to the military campaign.
Trump Weighs Renewed Military Action Against Iran as Qatar Pushes Last-Minute Peace Deal
- US President Donald Trump is weighing whether to pursue a diplomatic resolution with Iran or resume large-scale military operations, with senior advisers divided over the next steps.
- Vice President JD Vance and envoy Steve Witkoff reportedly favour diplomacy, while Defence Secretary Pete Hegseth and CENTCOM commander Brad Cooper have briefed Trump on plans for renewed military action.
- Secretary of State Marco Rubio and Treasury Secretary Scott Bessent are advocating tougher sanctions and maintaining the US trade blockade against Iran.
- Qatar launched an 11th-hour mediation effort on Friday to prevent another US strike, with the proposed framework seeking to reopen the Strait of Hormuz and lift the US blockade.
- The proposal reportedly aims to compress an initial negotiation timeline from 60 days to just two days, allowing nuclear negotiations to begin almost immediately. The arrangement could offer Trump a face-saving route towards ending the conflict, although Iran's acceptance remains uncertain.
- On November 6, US officials said some advisers had warned that the window for restarting large-scale military operations was narrowing. They cited the approaching inauguration of the new Democratic-controlled Congress in January and the strain of maintaining a major military deployment.
- The US currently has more than 50,000 troops, over 20 ships and more than 200 aircraft deployed in the Middle East, according to officials. Trump was briefed on a plan for renewed operations on November 5 but has not made a decision.
- On November 7, CENTCOM highlighted a US State Department Rewards for Justice offer of up to $20 million for information about Iran's nuclear programme, including facilities, equipment, personnel and movements. Eligible informants may receive relocation or resettlement assistance.
- Separately, preliminary reports from Iran said two missiles struck the Suza area of Qeshm Island early on November 7. Iranian state media cited eyewitnesses who reported aircraft overhead before the impacts. There was no official confirmation of damage.
- Iran's military also claimed it had shot down a US MQ-9 drone over Qeshm using air defences. Washington had not immediately commented on the reported incident.
- Trump said on November 6 that US forces had carried out a limited strike, destroying an Iranian air-defence system.
ONGC Videsh Expects Operatorship of Two Venezuelan Oil Projects Within Six Months
- ONGC finance head Anupam Agarwal said on an analyst call on November 6 that the company expects to secure operatorship of two Venezuelan oil projects within three to six months, Reuters reported.
- ONGC Videsh is in advanced discussions to obtain full operatorship of the San Cristobal project, in which it holds a 40% stake, and shared operatorship of the Carabobo 1 project.
- The proposed arrangement is expected to include oil offtake rights and could help ONGC Videsh recover more than $500 million in pending dividends.
- Separately, trapped Russian dividends from the Vankor project were reportedly transferred to the Sakhalin-1 abandonment fund, The Economic Times reported.
SEBI Proposes Mandatory AML Certification for Principal Officers of Market Intermediaries
- The Securities and Exchange Board of India (SEBI) has proposed making anti-money laundering and counter-terrorism financing certification mandatory for principal officers of all registered securities market intermediaries.
- Under the proposal, principal officers would be required to obtain the NISM Series-XXIV certification on Anti-Money Laundering and Combating the Financing of Terrorism Provisions in Securities Markets.
- Existing principal officers would have six months from the issuance of the proposed requirement to complete the certification. Newly appointed officers would get six months from their appointment date.
- SEBI has also proposed that officers maintain valid certification throughout their tenure.
- The certification would cover customer due diligence, beneficial ownership, risk-based client classification, enhanced due diligence, transaction monitoring, reporting obligations and emerging money laundering risks.
- Principal officers are responsible for overseeing AML/CFT compliance and reporting suspicious transactions to the Financial Intelligence Unit-India (FIU-IND).
- SEBI has invited public comments on the mandatory certification, examination and compliance timeline. Stakeholders can submit their responses until November 27, 2026.
Trump Says US Is Not at War With Iran, Claims Tehran Wants a Deal
- US President Donald Trump said the United States is not at war with Iran, arguing that no American personnel have been killed or injured in the past seven months.
- Trump claimed the US has "total control" and is effectively an occupier because it controls the Strait of Hormuz.
- He said Washington is currently negotiating with Tehran and claimed Iran wants to reach a deal "very badly", adding that the US would see how negotiations develop.
- Asked about reports of strikes near Qeshm Island, Trump acknowledged that the US conducts "minor strikes", saying American forces destroyed an Iranian anti-aircraft system within minutes.
- Trump compared the situation with the Russia-Ukraine conflict and the two World Wars, arguing that the Iran situation does not constitute a war because the US is not engaged in sustained fighting.
- On Ukraine, Trump said Russia and Ukraine appear willing to reach a settlement for the first time and predicted a major agreement involving Europe. He also said discussions and phone calls were taking place.
- Trump separately defended his party's performance in the midterm elections, claiming he would have delivered a stronger result if he had been on the ballot.
- He criticised the US Senate, saying legislative gridlock was preventing key measures from moving forward.
Microsoft Scales Back Reliance on Neocloud Providers, Winds Down Oracle AI Capacity Deal
- Microsoft plans to reduce its reliance on external neocloud providers and invest more heavily in its own data centre infrastructure, CNBC reported, citing people familiar with the matter.
- The company has also been winding down AI computing capacity rented from Oracle under a 2023 agreement after deciding not to renew the contract, Bloomberg reported.
- The deal initially supported AI-powered Bing services, but Microsoft reportedly found that older Nvidia chips used in the rented infrastructure no longer met its requirements.
- Oracle has maintained that demand for its AI infrastructure remains strong.
- Microsoft has also reportedly declined to expand a separate Texas data centre arrangement with Nscale.
- The developments come as rising AI infrastructure costs prompt technology companies to reassess capacity commitments and supplier relationships.
- Shares of CoreWeave, Nebius and IREN have lost around half their value over the past month. Oracle shares also fell on Friday following the reports.
French Bond Market Under Pressure as Budget Crisis and Protests Deepen Fiscal Concerns
- The gap between French 10-year government bond yields and German Bunds has widened to its highest level since the euro debt crisis, more than doubling since June, DW reported.
- France's fiscal concerns intensified after lawmakers rejected the first part of the 2027 budget. Hundreds of thousands of people joined strikes and protests on Thursday.
- France's Interior Ministry estimated participation at 575,000, while the CGT trade union put the figure at 1.6 million. The protests reflect opposition to budget measures and growing concerns over government finances.
- Fitch downgraded France's credit outlook to negative on October 30, citing protests and widening budget deficits. S&P is scheduled to review the country's rating on November 27.
- Meanwhile, German and Japanese government bond yields fell to multi-month lows on Friday as investors sought safe-haven assets following a sharp global equity sell-off.
- Germany's 10-year Bund yield dropped to its lowest level since August, while Japan's 10-year government bond yield reached its lowest since June.
- The Nasdaq Composite recorded its steepest decline in 19 months on Thursday as semiconductor stocks tumbled amid concerns over potential AI regulation following the Democrats' congressional gains.
- Japan's Nikkei 225 and South Korea's KOSPI also slumped, while markets reduced expectations of December interest rate hikes by the Federal Reserve and European Central Bank.
Meta Raises $15 Billion Through Bond Sale as AI Spending Plans Reach $145 Billion
- Meta Platforms completed a $15 billion five-part bond sale on Thursday, with investor demand reportedly reaching as much as $58 billion, Bloomberg reported.
- Underwriters exercised an option to purchase an additional 6 million shares, increasing Meta's forward stock sale to 46 million shares.
- The additional shares lift expected proceeds from the forward equity sale to approximately $28.7 billion.
- Meta followed the dollar bond sale with a record €9 billion euro-denominated bond offering, which reportedly gained in value on its debut.
- Reuters reported that Meta's broader equity financing plan could total $97.5 billion.
- The fundraising is aimed at supporting the company's planned capital expenditure of up to $145 billion in 2026, largely driven by investments in AI infrastructure.
- However, a special committee has warned that increased borrowing could put pressure on Meta's credit ratings.
US Lawmakers Seek Briefing From Nvidia CEO Jensen Huang Over Reported Chinese Spying Links
- US intelligence officials reportedly believe that Alice Huang, an executive at Singapore-based Nvidia customer Megaspeed, was recruited by China's Ministry of State Security to gather intelligence on Nvidia CEO Jensen Huang.
- According to The New York Times, a US intelligence memo circulated among senior Trump administration officials last spring alleged that Jensen Huang had been romantically involved with Alice Huang.
- Intelligence officials reportedly believe the alleged operation was part of Beijing's efforts to obtain information about advanced American AI chips and potentially influence Nvidia's position on chip exports to China.
- The Republican chairs of three US House committees, Brian Mast, John Moolenaar and Rick Crawford, have asked Jensen Huang to attend a closed-door briefing on November 18. They want answers about his interactions with Alice Huang and Nvidia's safeguards against foreign espionage.
- Megaspeed has faced scrutiny from US authorities over suspicions that advanced Nvidia chips were diverted to China in violation of export controls. Nvidia has said its investigation found no evidence of wrongdoing.
- Nvidia has also maintained that regional cloud customers receive only ordinary business information and have no access to sensitive trade secrets.
- The briefing is scheduled for a day after Nvidia's November 17 earnings announcement. Nvidia shares recovered part of Thursday's steep decline on Friday.
Technical Failure Disrupts Banking Services at 128 Japanese Credit Cooperatives
- Around 128 shinkin banks, or credit cooperatives, in Japan experienced a major technical disruption on November 6, affecting approximately 3,430 branches.
- The outage began at around 1:30 pm following a communications breakdown and equipment malfunction at the West Japan Centre, which manages shared banking infrastructure.
- The failure affected the Shinkin Joint System, disrupting ATM withdrawals and deposits, branch transactions and internet banking services.
- The disruption affected lenders operating west of the Tokai region, including institutions across Hokuriku, Kinki, Chugoku, Shikoku and Kyushu. Eastern Japan's shinkin banks continued operating normally.
- Okazaki Shinkin Bank, Osaka City Shinkin Bank and Hiroshima Shinkin Bank were among the affected institutions.
- Initial investigations pointed to an equipment malfunction and communications failure, rather than a cyberattack or unauthorised external access.
- Banking services were gradually restored, with all affected ATM services reportedly back to normal by around 7:05 pm, approximately five-and-a-half hours after the disruption began.
Iran Issues Nuclear Fallout Safety Guidance Amid Fears of Potential US Strike on Underground Facility
- Iran is reportedly preparing for a possible US bunker-busting strike on its underground nuclear facilities following political developments after the US midterm elections, The Times reported.
- Videos circulating online show Iranian authorities briefing residents on a potential nuclear explosion at the Pickaxe Mountain facility, located about one mile south of the Natanz uranium enrichment site.
- The facility is reportedly hardened against conventional weapons and believed to house senior Iranian scientists.
- The guidance outlines distances to nearby population centres, including Natanz at 17 miles, Kashan at 25 miles, Isfahan at 117 miles and Tehran at 223 miles.
- Residents are instructed to "Get indoors, stay indoors, and stay informed" in the event of an attack.
- The video warns that radioactive debris could be carried hundreds of miles by strong winds. Communities closest to the facility may have only 10 to 15 minutes to seek shelter, while more distant areas could have several hours.