France Scraps Bank Capital Rule for Indebted Firms as Risks Ease
France will ease some capital requirements for its largest banks on exposure to highly-indebted companies, after regulators said lenders face lower risk than they did two years ago.
The French High Council for Financial Stability said in a statement that it would scrap the measure, which had required banks to implement a buffer equivalent to 3% of the relevant exposures if those assets surpassed 5% of their equity.
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OpenAI's open model is delayed
The release of OpenAI's first open model in years will be delayed until later this summer, CEO Sam Altman announced in a post on X on Tuesday. Altman said the open model would be released sometime after June. "We are going to take a little more time with our open-weights model, i.e. expect it later this summer but not June," he wrote. "Our research team did something unexpected and quite amazing and we think it will be very very worth the wait, but needs a bit longer." OpenAI was targeting an early summer release date for its open model, which is slated to have similar "reasoning" capabilities to OpenAI's o-series of models. OpenAI aims for its open model to top the performance of other open reasoning models, such as DeepSeek's R1. In the months since OpenAI first announced its intent to release an open model, the space has become more competitive. On Tuesday, Mistral — another AI lab that often releases open models — released its first family of AI reasoning models, called Magistral. In April, the Chinese AI lab Qwen released a family of hybrid AI reasoning models that can switch off between taking time to "reason" through problems and also giving traditional, quick responses. Beyond increasing its performance on benchmarks, OpenAI has also considered adding several complex features to its open AI model to make it more competitive. TechCrunch previously reported that OpenAI leaders have discussed enabling the open AI model to connect to the company's cloud-hosted AI models for complex queries. However, it's unclear if these features will make it into the final open model. The release of OpenAI's open model seems to be important for the company's relationship with researchers and developers. Altman has previously said that OpenAI has landed on the "wrong side of history" when it comes to open sourcing its models. To rectify that image, the company faces immense pressure to release an open model that is competitive with the industry's best open offerings. This article originally appeared on TechCrunch at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
an hour ago
- TechCrunch
OpenAI's open model is delayed
The release of OpenAI's first open model in years will be delayed until later this summer, CEO Sam Altman announced in a post on X on Tuesday. Altman said the open model would be released sometime after June. 'We are going to take a little more time with our open-weights model, i.e. expect it later this summer but not June,' he wrote. 'Our research team did something unexpected and quite amazing and we think it will be very very worth the wait, but needs a bit longer.' we are going to take a little more time with our open-weights model, i.e. expect it later this summer but not june. our research team did something unexpected and quite amazing and we think it will be very very worth the wait, but needs a bit longer. — Sam Altman (@sama) June 10, 2025 OpenAI was targeting an early summer release date for its open model, which is slated to have similar 'reasoning' capabilities to OpenAI's o-series of models. OpenAI aims for its open model to top the performance of other open reasoning models, such as DeepSeek's R1. In the months since OpenAI first announced its intent to release an open model, the space has become more competitive. On Tuesday, Mistral — another AI lab that often releases open models — released its first family of AI reasoning models, called Magistral. In April, the Chinese AI lab Qwen released a family of hybrid AI reasoning models that can switch off between taking time to 'reason' through problems and also giving traditional, quick responses. Beyond increasing its performance on benchmarks, OpenAI has also considered adding several complex features to its open AI model to make it more competitive. TechCrunch previously reported that OpenAI leaders have discussed enabling the open AI model to connect to the company's cloud-hosted AI models for complex queries. However, it's unclear if these features will make it into the final open model. The release of OpenAI's open model seems to be important for the company's relationship with researchers and developers. Altman has previously said that OpenAI has landed on the 'wrong side of history' when it comes to open sourcing its models. To rectify that image, the company faces immense pressure to release an open model that is competitive with the industry's best open offerings.
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Reeves to say spending review will reflect ‘priorities of working people'
Rachel Reeves will unveil her spending review on Wednesday, arguing that her priorities are 'the priorities of working people'. The Chancellor is expected to focus on 'Britain's renewal' as she sets out her spending plans for the coming years, with big increases for the NHS, defence and schools. Arguing that the Government is 'renewing Britain', she will acknowledge that 'too many people in too many parts of the country are yet to feel it'. She will say: 'This Government's task – my task – and the purpose of this spending review is to change that, to ensure that renewal is felt in people's everyday lives, their jobs, their communities.' Among the main announcements is expected to be a £30 billion increase in NHS funding, a rise of around 2.8% in real terms, along with an extra £4.5 billion for schools and a rise in defence spending to 2.5% of GDP. But Wednesday could present a tough prospect for other government as the Chancellor seeks to balance Labour's commitments on spending with her fiscal rules. The Institute for Fiscal Studies has already warned that any increase in NHS funding above 2.5% is likely to mean real-terms cuts for other departments, or further tax rises to come in the budget this autumn. This could mean a budgetary squeeze for areas such as local government, the justice system and the Home Office, despite reports that policing would receive an above-inflation settlement. The Chancellor has already insisted that her fiscal rules remain in place, along with Labour's manifesto commitment not to increase income tax, national insurance or VAT. She will say on Wednesday: 'I have made my choices. In place of chaos, I choose stability. In place of decline, I choose investment. In place of retreat, I choose national renewal. 'These are my choices. These are this Government's choices. These are the British people's choices.' Other announcements expected on Wednesday include £39 billion for social and affordable housing over the next decade as the Government aims to meet its target of building 1.5 million new homes by the next election. The Treasury said this would see annual investment in affordable housing rise to £4 billion by 2029/30, almost double the average of £2.3 billion between 2021 and 2026. The additional spending has been welcomed by homelessness charities, with Crisis calling it 'a determined political signal that housing really matters' and Shelter describing the move as 'a watershed moment in tackling the housing emergency'. The Chancellor has also already announced some £15.6 billion of spending on public transport in England's city regions, and £16.7 billion for nuclear power projects, the bulk of which will fund the new Sizewell C plant in Suffolk. There is also expected to be an extension of the £3 bus fare cap until March 2027 and an extra £445 million for upgrading Welsh railways. But one of the big losers from the spending review could be London, which is not expected to receive funding for any significant infrastructure projects or powers to introduce a tourist levy – both key requests from Mayor Sir Sadiq Khan.
