Japan's Nikkei rise 0.55%
Japanese markets rose as new data showed wholesale inflation slowed in May, easing pressure on the Bank of Japan to raise interest rates in its next policy board meeting. The Nikkei average climbed 0.55 percent to 38,421,19, extending gains for a fourth straight session. The broader Topix index settled marginally higher at 2,788.72.Powered by Capital Market - Live News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
2 hours ago
- Economic Times
OpenAI in talks to raise fresh funds from Saudi Arabia's PIF, India's Reliance Industries: The Information
OpenAI has held discussions with Saudi Arabia's Public Investment Fund (PIF), Reliance Industries, and UAE's MGX to participate in its ongoing $40 billion fundraising, US tech publication The Information reported. ADVERTISEMENT The talks are part of the second instalment of the fundraise, where OpenAI is looking to raise about $30 billion by December, potentially valuing the company at around $260 billion before the new investment, the report said. Japan's SoftBank, which is leading the round, has already been actively buying shares from employees. Between March and May, it purchased around $240 million worth of shares from a small group of current and former staffers, the report said. Last year, ahead of its mega round, SoftBank had also acquired about $2 billion worth of new and existing shares. SoftBank is expected to contribute at least three-fourths of the $30 billion instalment, leaving about $7.5 billion to be raised from new investors, according to the report. The Japanese conglomerate may take loans or sell some of its public market holdings, including its shares in Arm Holdings, to fund the investment, the report has also discussed raising at least $100 million each from Coatue Management and Founders Fund as part of the ongoing fundraise, the report said, while talks with PIF and other prospective investors are still at an early stage.A direct investment by Saudi Arabia's PIF, which manages over $900 billion in assets, would mark a shift from its earlier exposure to US tech firms through venture funds like Andreessen Horowitz and Iconiq Capital, The Information noted. ADVERTISEMENT CEO Sam Altman had earlier met with Saudi Crown Prince Mohammed bin Salman during a visit to Riyadh, which coincided with the kingdom's latest AI investment push, the report in India, OpenAI is exploring a product and sales partnership with Reliance, whose portfolio includes Jio, India's largest wireless carrier, and the world's biggest oil refinery. OpenAI wants Reliance businesses to distribute or sell its AI offerings in India, which is now its second-largest user market, Altman said in February, the report said. ADVERTISEMENT The scale of its capital needs is also rising sharply as ChatGPT's weekly active users exceed 500 million, up from 300 million in December. Between 2025 and 2027, OpenAI expects to spend about $35 billion on servers to support existing products, and another $55 billion on developing new models, the report of the round hinges on a pending corporate restructuring of its for-profit entity. While an earlier plan to convert it into a public benefit corporation was dropped, a revised restructuring still needs to be finalised by year-end. Failure to do so could see SoftBank cut its commitment and scale back the round to $20 billion, the report said. ADVERTISEMENT Separately, OpenAI, SoftBank, MGX and Oracle have partnered on Stargate, a $500 billion initiative to build global AI data centres, according to The Information.
Business Standard
6 hours ago
- Business Standard
US dollar index tanks to three-year low
The US dollar index slipped from a one-week high and extended losses ahead of the producer price index data. US dollar index broke under 98- mark and currently trades at 97.61, down 0.55% on the day. It is currently at a three year low. Market is cautious about the US-China trade talks and dollar index is facing significant pressure after recent gains. Powered by Capital Market - Live News
Business Standard
6 hours ago
- Business Standard
CARE downgrades credit ratings of Spandana Sphoorty Financial
Spandana Sphoorty Financial announced that CARE Ratings has downgraded rating has downgraded rating to CARE A- (Stable), for existing instruments of the Company. Long term rating (Rs 800 crore) - CARE A- (Stable); downgraded from CARE A NegativeNon convertible debentures (Rs 500 crore) - CARE A- (Stable); downgraded from CARE A NegativeNon convertible debentures (Rs 200 crore) - CARE A- (Stable); downgraded from CARE A NegativeCommercial paper (Rs 100 crore) - CARE A2+; downgraded from CARE A1 Powered by Capital Market - Live News
