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The "trillion pound" oil fund the government believes Britain could have built

Oct 21, 2026

For the first time, the Treasury calculates how much the UK could have raised by investing North Sea proceeds.

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Tesla Profit Slumps as Elon Musk’s Car Company Considers Merging With SpaceX

Oct 21, 2026

Why is Elon Musk plotting a mega-merger of SpaceX and Tesla?

Oct 21, 2026

Airbnb hosts can no longer make guests strip beds and wash dishes under new rules

Oct 21, 2026

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Interesting Read

Tesla profits drop but top analyst estimates

Tesla reported a drop in third-quarter profits on Wednesday but topped analyst estimates as multi-billionaire Elon Musk's electric vehicle maker invested heavily in new technologies. Texas-based Tesla reported profits of US$787 million, down 42.7 percent from the year-ago period. Besides marginally lower car sales, Tesla saw a drop in revenues from regulatory credits and energy and storage, while spending on research and development jumped. Revenues were essentially flat at US$28 billion. "We continue to invest in the future through R&D and Capex spend across our businesses, including SI, robotics and energy," said Tesla, referring to the Trump administration's favoured term, "Super Intelligence" instead of artificial intelligence. "Much hard work lies ahead, but we are as optimistic as ever," the company added in the earnings release. The results follow Musk's disclosure on Tuesday that special committees of independent directors at both SpaceX and Tesla have been set up to discuss a merger of the two companies. Analysts had been cautious about Tesla's third-quarter financial performance heading into Wednesday's release. While third-quarter auto sales topped estimates due in part to an uptick in European markets amid high petrol prices, better sales have not always translated into a lift into Tesla's bottom line. Also impactful, capital spending more than doubled to US$4.7 billion. The company has also faced questions about the rollout of Tesla's robotaxi venture that has progressed much more slowly than hoped. Musk has repeatedly made overly rosy forecasts about self-driving technology, as in 2019 when predicted there would be more than a million robotaxis the following year. In Texas, where Tesla has focused its robotaxi launch, there are currently about 800 robotaxis, according to FSD Database. Tesla's release highlighted the September 3 launch of robotaxi services in Austin and said "cumulative unsupervised Robotaxi miles grew eightfold quarter over quarter." For much of this year, Tesla has also encountered scrutiny over a steep increase in annual capital spending to US$25 billion or more to fund ambitious programmes in artificial intelligence, robotics and autonomous driving. But such issues have been upstaged by the prospects of a merger between the two Musk businesses, which have a combined equity value of more than US$3.5 trillion. "We think it's a matter of when, not if" the two companies combine, said CFRA Research equity analyst Garrett Nelson. "That's the whole issue," Nelson said of a potential mega-deal. "Tesla as we know it today may not exist in six to 12 months." On SpaceX's conference call on Tuesday night, Musk said the committees have not agreed on the terms of any deal and there is no guarantee they will. Musk said the two companies could gain from working together on AI software, chip design, robotics and space-based computing. Shares of Tesla rose 1.4 percent in after-hours trading. (AFP) Edited by Cecil Wong

Oct 21, 2026

US stocks rise on AI-led earnings

The Nasdaq led Wall Street to a higher close on Wednesday after quarterly results from SpaceX and Super Micro Computer improved investor appetite for artificial intelligence-related stocks while weakness in communication services stocks capped gains. SpaceX shares finished up 7.8 percent after Elon Musk's rocket and space technology firm posted its first profit as a public company. Musk said, following the report, that a merger of SpaceX and Tesla would be "a good idea," also boosting Tesla shares. Elsewhere in earnings, Super Micro shares jumped 9.6 percent and it was among the S&P 500's top gainers after the AI server maker forecast quarterly revenue and profit margin above Wall Street estimates, signalling that AI demand remained resilient. The report also benefited peers HPE, which rose 3.7 percent, and Dell, which rose 5.3 percent. The reports provided some reassurance to investors who have been worried about the sustainability of massive spending on AI buildouts and their profitability. The technology sector was hammered last week by a selloff in AI-linked stocks, with data centre operator CoreWeave at the centre of the storm. The SpaceX news "pushes back on some of the investor worries" about AI along with some help from Super Micro, according to Angelo Kourkafas, senior global strategist at Edward Jones. Kourkafas said the reports will not "answer all the questions investors have on returns on AI investments, but it's a good start." As a result, the S&P 500 Information Technology index finished up 1.6 percent, the biggest gainer among the S&P 500's 11 major industry sectors. "It's really a positive technology story for almost anyone that is somewhat involved in the artificial intelligence ecosystem," said Marc Dizard, chief investment officer at Huntington Bank. "The technology market reaction has been a reaffirmation that the artificial intelligence trade is still intact," he added. However, Dizard said sentiment can quickly shift around AI and that investors will seek reaffirmation when they monitor earnings reports from other companies. Shares in Meta rose 3 percent in late trading after it released its quarterly results following the regular session's close. After finishing up 3.4 percent in the regular session, Tesla shares rose another 1.6 percent following its report, which was also issued after the close. The Dow Jones Industrial Average rose 360 points, or 0.7 percent, to 52,856, the S&P 500 gained 44 points, or 0.6 percent, to 7,757 and the Nasdaq Composite gained 278 points, or 1.1 percent, to 26,702. Gains in the benchmark S&P 500 were limited by a 1.3 percent decline in communication services stocks. The biggest losers included telecom operators such as AT&T, which sank 6.5 percent even as it beat third-quarter revenue and profit expectations. The SpaceX results, along with a recent wireless spectrum purchase, fanned fears that it could become a formidable competitor in telecoms, according to Dizard. T-Mobile US shares fell 2.5 percent and Verizon Communications lost 2.2 percent. Also in communications services, Netflix shares sank 5.3 percent after the video streaming company issued a weaker-than-expected forecast for its fourth-quarter profit. Google's parent Alphabet also declined 1.6 percent. (Reuters) Edited by Cecil Wong

Oct 21, 2026

Goldman Sachs, JPMorgan and Morgan Stanley are dominating the AI stock boom. Here's their edge

Wall Street’s Big Three have generated $52 billion in equity trading revenue this year, capturing about 80% of the market on rising margin lending to hedge funds.

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How The New York Times Reports on A.I. Images

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Stocks making the biggest moves premarket: SpaceX, Super Micro Computer, Netflix, Dell and more

These are the stocks posting the largest moves premarket.

Oct 21, 2026

HK, mainland stocks lose ground

Hong Kong's Hang Seng Index fell 0.9 percent to close at 23,651 on Wednesday. The Hang Seng China Enterprises Index fell 1.08 percent to end at 7,943, and the Hang Seng Tech Index fell 1.26 percent to end at 3,994. Mainland stocks also closed lower. The benchmark Shanghai Composite Index was down 0.6 percent to 3,713 whereas the Shenzhen Component Index closed 0.82 percent lower at 11,704. Turnover of stocks covered by these two indices totalled about 1.44 trillion yuan, down from 1.46 trillion yuan on the previous trading day. Pork as well as culture and media stocks led the gains, while batteries, energy metals and education shares were among the biggest decliners. Elsewhere, Tokyo and Seoul were boosted as chipmakers and other key players in the AI buildout boom chalked up healthy gains, following a torrid few weeks fuelled by concerns about profitability and debt financing. The Nikkei finished about 1 percent higher while the Kospi gained more than 3 percent. (Xinhua/AFP) Edited by Edmond Fong

Oct 21, 2026

Apec discussions candid and substantive: FS

Financial Secretary Paul Chan on Wednesday said discussions during the two-day Apec Finance Ministers' Meeting were candid and substantive, covering macroeconomic policies, infrastructure financing and digital co-operation. Chan hailed the joint statement issued at the end of the meeting as a rare achievement, given the different positions and considerations of participating economies. He said the outcome would help promote cross-border financing and listings, as well as create opportunities for Hong Kong and mainland enterprises, along with city's professional services, to expand overseas. The financial secretary said members of the 21 participating Apec economies toured various parts of Hong Kong and came away with a very positive impression. He also said they found the meeting arrangements to be smooth and satisfactory. Chan said Hong Kong did a good job hosting the meeting, noting that organising such an event required considerable manpower and resources, with careful attention to making guests feel welcome. He said Hong Kong has a strong international reputation in hosting conferences and exhibitions, and that the presence of political leaders this time – as opposed to mostly business visitors in the past – would benefit future exchanges and co-operation. "The immediate benefits are visitor numbers and their spending, but the greater significance lies in how foreign business and political leaders view and understand Hong Kong," Chan told reporters at the end of the event. He said the meeting gave participants a better understanding of Hong Kong's unique position under "one country, two systems". Chan also said he highlighted Hong Kong's first five-year plan with the participants, and expressed confidence that after two days of exchanges, they had a positive and encouraging view of the city's development and economy. Edited by Edmond Fong

Oct 21, 2026

Rising inflation fuels rate-hike fears in UK

British inflation and borrowing rose more than expected last month, according to data that will add to calls for help for households in finance minister John Healey's first budget next week and the likelihood of a Bank of England interest rate hike. Consumer price inflation rose to 3.5 percent after a 3.1 percent increase in August, the Office for National Statistics (ONS) said on Wednesday. Economists polled by Reuters had forecast a rise of 3.4 percent in the 12 months to September as the surge in energy prices caused by the Iran war gathered steam. The Bank of England had predicted a smaller rise to 3 percent in forecasts it published in July. Last month's increase, which the ONS said was due to higher petrol and diesel costs, took inflation to its highest since October 2025. The September inflation rate is traditionally used by the government to set increases for welfare benefits. Separate figures showed the government borrowed more than forecast and public debt surpassed £3 trillion (US$4.01 trillion), fuelled by higher debt costs which are linked to inflation and underlining the constraints facing Healey. He is expected to offer some further support for households hit hardest by the jump in energy prices, but his options are limited by the government's fiscal rules. "Rising inflation and record levels of debt illustrate the double dilemma facing the chancellor – how to ease cost-of-living pressures for families while keeping a lid on government borrowing," Greg Thwaites, interim chief economist at the Resolution Foundation, said. Ruth Gregory, deputy chief economist at Capital Economics, said the higher-than-expected borrowing in recent months "reinforces our view that the chancellor will deliver a cautious budget on October 28 that has little net impact on the economy and leaves the toughest fiscal choices for next year". Britain relies heavily on imported natural gas and the Bank of England is watching to see how much the energy price shock feeds into the broader economy. Services price inflation jumped to 3.7 percent from 3.4 percent in August and was slightly higher than economists' forecasts of 3.6 percent. Excluding food, energy, alcohol and tobacco, inflation picked up to 2.8 percent from 2.6 percent and was also above expectations. "Inflation moving closer to 4 percent makes it harder to simply look through the shock," Adam Deasy, economist at PwC UK, said. "The higher and longer inflation stays elevated, the greater the risk that it starts to influence wage and price-setting behaviour and the riskier it becomes to continue to wait for definitive evidence of those 'second-round' effects." Figures released on Tuesday showed a pickup in wage growth, adding to the case for a first interest rate hike by the central bank in over three years. Governor Andrew Bailey and other policymakers say the likelihood of a rate hike grows the longer that energy prices stay high, although they say there has been a limited impact so far on inflation. But Megan Greene, who has favoured a hike in rates, said on Tuesday that the risks of a pickup in broader inflation from the energy price shock were greater than expected. Investors and many analysts expect the Bank of England to raise its benchmark Bank Rate to 4 percent on November 5. Separate data released by the ONS hinted at inflation pressures in the pipeline. Factory gate prices rose by 4.6 percent in the 12 months to September, the biggest increase since April 2023 and up from 3.8 percent in August. Manufacturers' input costs rose by 8.3 percent after an increase of 6.7 percent in August, above the Reuters poll forecast of a 7.2 percent rise. (Reuters) Edited by Edmond Fong

Oct 21, 2026

Apec meeting 'achieves results, consensus'

Minister of Finance Lan Fo'an said the Apec Finance Ministers' Meeting has achieved "practical" results. The 2026 Apec Finance Ministers' Joint Statement and a policy statement on enhancing regional cooperation on digital infrastructure financing were issued as the two-day event wrapped up in Hong Kong. Speaking at a press conference, Lan said Apec member economies have agreed to strengthen macroeconomic communication and coordination to cope with external risks and challenges. “Our members agreed that we should enhance the soundness of our macroeconomic policies, further strengthen macro policy communication and coordination, boost the resilience of fiscal and financial systems, better address uncertainties and destabilising factors weighing on economic growth, and safeguard regional economic and financial stability,” the finance minister said. “At the same time, we should fully unlock the potential of emerging technologies, such as AI, to raise productivity and cultivate new growth drivers and inject new impetus into Asia-Pacific economic growth.” Lan added that Apec members agreed to promote practical financial and economic cooperation to support long-term sustainable development in the region. He said members highlighted the importance of boosting household spending and domestic demand. The minister also said the meeting formulated two professional documents and summarised the work of a young financial talent programme. On promoting digital infrastructure financing, Apec economies have encouraged the public sector to create a favourable policy and supervisory environment, while supporting the private sector to provide funding and facilitate innovative financing, Lan said. He went on to say that they also discussed promoting Asia-Pacific economic growth in a changing world during a closed-door meeting, and listened to proposals on mobilising private capital to support digital infrastructure in a working luncheon. Edited by Edmond Fong

Oct 21, 2026

GM Aims to Bring ‘Eyes-Off’ Driving to AI-Powered Cars Within 2 Years

Oct 21, 2026

Featured News

The "trillion pound" oil fund the government believes Britain could have built

The grads ditching the UK for a fresh start abroad

Tesla Profit Slumps as Elon Musk’s Car Company Considers Merging With SpaceX

Why is Elon Musk plotting a mega-merger of SpaceX and Tesla?

Airbnb hosts can no longer make guests strip beds and wash dishes under new rules

Latest News

Meta fined $25bn for 'lies' over user data privacy

Elon Musk Says SpaceX and Tesla Are Exploring a Merger

France Riots Expose the Rage Aimed at Dior, Hermès and Other Luxury Brands

Websites taken down worldwide as critical cyber-security update issued

U.S. to Tap Heating Oil Reserves Ahead of Midterm Elections

Interesting Read

GM Aims to Bring ‘Eyes-Off’ Driving to AI-Powered Cars Within 2 Years

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