Sources: Opec+ agrees to 548,000 bpd oil hike for September amid supply concerns
The group will hold its next meeting on September 7, one of the sources said. — Reuters
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The Star
an hour ago
- The Star
OpenAI in talks for share sale at US$500bil valuation
If the deal goes ahead, it would elevate OpenAI's on-paper price tag by roughly two-thirds. — Reuters NEW YORK: OpenAI is in early talks about a potential sale of stock for current and former employees at a valuation of about US$500bil, people briefed on the investment discussions said, marking an enormous gain in value for the artificial intelligence leader. The company is targeting a secondary stock sale in the billions of dollars, the people said, asking to remain anonymous because they weren't authorised to discuss the matter publicly. Existing investors, including Thrive Capital, have approached OpenAI about buying some of the employee shares, the people said. If the deal goes ahead, it would elevate OpenAI's on-paper price tag by roughly two-thirds. Its previous valuation stood at US$300bil in a US$40bil financing round led by SoftBank Group Corp, making it one of the largest privately held companies in the world. Representatives for OpenAI and Thrive declined to comment. The latest move follows news last week the startup had secured US$8.3bil from a syndicate of investors for a second tranche of that US$40bil financing, which was oversubscribed by about five times, according to one of the people briefed on the discussions. OpenAI managed to snag that funding ahead of schedule, the person said. Major US startups often negotiate share sales for their employees as a way to reward and retain staff, and also attract external investors. The firm run by Sam Altman is looking to leverage investor demand to provide employees with liquidity that reflects the company's growth, according to one of the people familiar with the negotiations. In recent months, OpenAI lost several members of its research staff to Meta Platforms Inc as the latter firm aggressively recruited top talent from Apple Inc and other competitors for its 'superintelligence' AI team, offering pay packages in the nine-figure range. A secondary sale for OpenAI could serve as a way to incentivise staff to remain at the company who are being offered lavish compensation. — Bloomberg
The Star
4 hours ago
- The Star
Zelenskiy says Russia seems more inclined now to a ceasefire
FILE PHOTO: Ukrainian President Volodymyr Zelenskiy speaks during a press conference on the first day of the two-day Ukraine Recovery Conference (URC2025), on plans for the reconstruction of Ukraine, in Rome, Italy, July 10, 2025. REUTERS/Guglielmo Mangiapane/File Photo KYIV (Reuters) -Ukrainian President Volodymyr Zelenskiy said on Wednesday that Russia seemed "more inclined" to a ceasefire, but details of a potential deal are of great significance and neither Ukraine nor the U.S. should be deceived by Moscow. President Donald Trump said his special envoy Steve Witkoff's meeting with Russian leader Vladimir Putin on Wednesday delivered "great progress," but Trump gave no specifics. Following the meeting, Zelenskiy had a call with Trump, joined by European allies. "Ukraine will definitely defend its independence. We all need a lasting and reliable peace. Russia must end the war that it itself started," Zelenskiy said on X. Trump, who has signalled frustration with Putin in recent weeks and has given the Russian president until Friday to make peace with Ukraine or face tougher sanctions, hailed Witkoff's visit as highly productive. But a White House official said the secondary sanctions that Trump has threatened against countries doing business with Russia were still expected to be implemented on Friday. An executive order introducing additional 25% tariffs on India for Russian oil imports was signed on Wednesday. "The pressure on (Russia) works. But the main thing is that they do not deceive us in the details – neither us nor the U.S.," Zelenskiy said. Ukraine has repeatedly called for an immediate and unconditional ceasefire. Russia, which now controls about a fifth of Ukrainian territory and proceeds with its advances on the eastern front, rejected the idea. National security advisers from Ukraine and allied nations were to meet soon to work out a "joint stance", Zelenskiy added. (Reporting by Yuliia Dysa; Editing by Leslie Adler)
The Star
6 hours ago
- The Star
Tennis-U.S. Open announces record $90 million prize money
NEW YORK (Reuters) -The U.S. Open announced $90 million in prize money will be on offer at this year's final major, marking the largest purse in tennis history, up 20% from 2024. Top players in the ATP and WTA called for more equitable distribution of revenue at the four Grand Slams this year, as those at the top of the game are able to benefit from increased prize money while players at the lower levels often struggle. The U.S. Open prize pool is up from $75 million in 2024, the previous highest-ever purse. Men's and women's singles winners will earn $5 million each, up from $3.6 million last year. The tournament will also see double-digit percentage increases across all rounds in all events, after "years of a strategic focus on redistribution to the early rounds and qualifying tournament," organisers said. Singles action at the U.S. Open has been expanded to 15 days, amid booming attendance, and will take place from August 24 to September 7. A new format in the mixed doubles is being introduced this year, with the event featuring many big-name singles players as it will be taking place over two days in the week before the main competition kicks off at Flushing Meadows. U.S. Open attendance topped one million fans for the first time in 2024. (Reporting by Amy Tennery in New York, editing by Pritha Sarkar)
