Australian regulator warns private credit firms of more enforcement after Bathla insolvency
Bathla’s A$3.4 billion in debt from 40 lenders was funnelled through around 542 special purpose vehicles
International
Business and economy news from other publishers, in Malaysia, the region and the world.
AMD latest chipmaker to hit US$1 trillion valuation
US chip company AMD became the latest equity to reach a US$1 trillion valuation on Monday due to the massive investment boom over artificial intelligence. AMD shares closed 10 percent higher, extending a surge that has added some US$200 billion in valuation to the semiconductor company in a week. The California-based company, which has announced ventures with both OpenAI and Anthropic, notched a 50 percent jump in second-quarter revenues over the year-ago level to US$11.5 billion, thanks to a more than doubling of data centre revenue. In releasing results in early August, AMD said it expects data centre sales to accelerate in the second half of 2026. It becomes only the fourth US chipmaker to top a US$1 trillion valuation, after Nvidia, Broadcom and Micron. Nvidia crossed the mark in 2023 and is now the world's most valuable company, worth more than US$5 trillion. "Money is moving back into the AI trade," said Thomas Hayes, chairman at Great Hill Capital LLC in New York. Enthusiasm for chipmakers cooled in recent months as markets scrutinised AI spending by hyperscalers. Higher oil prices linked to the US-Iran conflict and expectations of higher-for-longer interest rates added to the pressure. But now investors believe AI is the only area that can work in a Federal Reserve-induced economic slowdown, Hayes said. "AMD is representative of that." Most chip stocks surged on Monday, with AMD-rival Intel jumping around 11.8 percent and Qualcomm rising 4.5 percent. The broader chips index gained 2.7 percent to an over one-month high. (Agencies) Edited by Cecil Wong
I couldn't cook when I left home – but these easy £2.50 recipes became my go-to
Former culinary-challenged students share four low cost meals they think everyone can master.
Paramount wins Warner Bros takeover with settlement
Paramount Skydance emerged victorious on Monday from a legal battle over its US$110 billion acquisition of Warner Bros Discovery after settling with a California-led group of US states and a Hollywood writers union, paving the way for one of the largest media mergers in history. The settlement marks a major win for Paramount CEO David Ellison, who battled the states for months to finalise a deal that would dramatically concentrate power across Hollywood's film, TV, streaming and news businesses. Paramount agreed to abide by temporary film quotas and a news oversight committee, avoiding a forced sale of cable assets such as CNN or any of its lucrative film franchises. The settlement delighted Warner Bros shareholders, but drew criticism from opponents of the merger who say it will hurt Hollywood jobs. The Writers Guild of America settled its parallel case against Paramount, while saying it still believes the deal will damage the industry. The states' settlement forced the union to "contend with the reality of forging ahead alone, with no backing from government enforcers" in a complex case that would have cost millions of dollars. California Attorney General Rob Bonta called the settlement "a strong antitrust outcome." "More production, more choice, and guardrails that keep this industry competitive. I don't think these two companies should merge, but that's not something that we are focused on with our resolution here," he said at a press conference in Los Angeles. Paramount promised in the state settlement to bring more film production to the US – spending at least US$300 million more each year in domestic production – and adhere to US theatrical release quotas for five years. The company will produce 30 movies in each of the first two years of the deal, and 32 movies in each of the following three years, Bonta said. Each year, at least four of those films must be independent films and at least 20 percent must be blockbusters. If it falls below that threshold, it will pay US$30 million per film, most of it into funds to support workers. Paramount also promised not to raise rates on theatre operators for three years. Under the settlement terms, Paramount will establish a news editorial independence board to ensure independence at the CBS and CNN networks. Ellison thanked the states and California Governor Gavin Newsom for his support throughout the process. "Our goal has always been to build a stronger Hollywood – one with more stories told, greater choice for consumers and stronger competition," he said in a statement. While Trump administration regulators cleared the deal, a coalition of 12 state attorneys general, led by California's Bonta, sued in July to block the merger, arguing it would reduce competition and create a media behemoth with the power to raise prices in movies and television. The Writers Guild also sued to stop the deal, arguing it would decrease pay and worsen working conditions for film and TV writers. The companies said earlier this year the merger will mean US$6 billion in savings, through moves including cost cuts that would likely affect jobs across Hollywood as well as in the CNN and CBS newsrooms. The combined company is expected to hold US $80 billion in debt. The settlement helps Paramount avoid a US$7 million-a-day "ticking fee" it would have owed Warner shareholders for each day the deal does not close past September 30. Antitrust regulators in other jurisdictions globally, including the European Union and Britain, have already cleared the deal. (Reuters) Edited by Cecil Wong
I'd rather pay thousands on a holiday: Meet the pensioners spending the kids' inheritance
The phenomenon sees retirees spend all their money on enjoying life to the full.
Wall St surges on AI optimism as oil falls
The Nasdaq surged to a record-high close on Monday, lifted by gains in Advanced Micro Devices and other AI heavyweights, while Treasury yields retreated from recent highs and crude prices tumbled to an 11-day low on speculation about a potential breakthrough in Middle East talks at a UN meeting this week. Chip stocks rallied, with Intel surging 12.2 percent and Arm Holdings up 17 percent. Advanced Micro Devices rose about 10 percent to reach a market capitalisation of US$1 trillion for the first time. The Nasdaq notched its first record-high close since June 2, while the S&P 500 ended about 0.4 percent below its August 13 record-high close. Investors pointed to signs that suggest spending on AI is still expanding, despite recent safety warnings from leaders of AI giants a week ago that triggered a global tech selloff. The benchmark US 10-year yield fell below the psychologically important 5-percent level as Brent crude futures dipped below US$100 a barrel to their lowest level since September 9, later settling at US$100.34 per barrel. While Washington and Tehran exchanged threats through the weekend, US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly in New York this week. "We've been kind of programmed to follow the price of oil and the yield on the US 10-year, and if you look at those two things today, they've shifted from being headwinds to tailwinds for this market, at least in the near term," said Art Hogan, chief market strategist at B Riley Wealth. Meta shares soared 11.4 percent after Wells Fargo hiked its price target on the social media platform following the recent launch of its Muse AI assistant. The S&P 500 climbed 1.5 percent to end the session at 7,764 points. The Nasdaq gained 2.3 percent to 27,122 points, while the Dow Jones Industrial Average rose 0.7 percent to 52,048 points. Investors remained wary of the interest-rate outlook after the US Federal Reserve last week raised rates for the first time in three years to fight inflation. Traders see a 50 percent chance of another hike next month, CME's FedWatch showed. Commentary from at least 10 central bank policymakers is due this week. US-listed shares of companies exposed to Greenland rose following progress in diplomatic negotiations between the United States and Denmark about the status of Greenland. Greenland Mines tripled in value, while Greenland Energy more than doubled. Bitcoin, a key marker of risk tolerance, rose over 6 percent to a more than seven-month high, lifting Coinbase and Strategy. Paramount Skydance fell almost 3 percent after a source told Reuters the company had reached a settlement with California and 11 other states suing to block its US$110 billion merger with Warner Bros Discovery. (Reuters) Edited by Cecil Wong
Networks Suspend Pool Coverage of Trump After White House Bars CNN
The move was an escalation of President Trump’s showdown with the White House press corps after he moved to bar journalists from CNN, MS NOW and Politico.
Airlines criticise air traffic control as second glitch causes more disruption
Prime Minister Andy Burnham said further issues "cause even greater concern" about the UK's air traffic control and the head of the organisation that runs it.
Wall Street Is Growing Skeptical of the Data Center Boom
Several companies tied to the data center industry have delayed their initial public offerings amid the increasing public backlash to these energy guzzling facilities.
