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An Australian mining company announced Thursday it has formed a partnership with a United States-based mineral processing firm to enhance rare earth element production outside of China.

Ionic Rare Earths revealed its collaboration with Nth Cycle, a critical mineral refining company, designed to bolster rare earth processing capabilities in America and other international markets.

The partnership will see Nth Cycle providing its specialized recycling and processing technology to enhance Ionic Rare Earths’ mining operations.

“Nth Cycle’s technology pathway not only lowers costs, but also addresses critical supply chain vulnerabilities, exactly the kind of partnership that can make ex-China refining viable,” said IonicRE Executive Chairman Brett Lynch.

Following the announcement, IonicRE stock prices climbed 4.5% to A$0.345 during morning trading sessions, putting the company on pace for its strongest single-day performance in a week if the upward trend continues.

Global stock markets posted gains Thursday as technology sector developments boosted investor confidence, with Nvidia’s strong earnings report and Samsung’s strike resolution driving chipmaker shares higher.

Asian markets outside Japan saw broad increases of 1.2% according to MSCI’s regional index, ending a four-day losing streak. South Korea’s KOSPI jumped more than 4% on the positive news.

Oil markets also moved higher, with Brent crude futures gaining 0.7% to reach $105.76 per barrel during Asian trading. The increase came after three large tankers successfully navigated the Strait of Hormuz on Wednesday, while Iran maintained control over the strategic waterway.

U.S. markets had posted solid gains the previous day, with the S&P 500 advancing 1.1% and the Nasdaq climbing 1.5% following three consecutive days of declines. The rally came as President Donald Trump indicated the United States remained prepared for additional military action against Iran if Tehran rejected peace negotiations, though he suggested Washington might wait several days to “get the right answers.”

“Oil prices declined and other major markets rallied, as investors took comfort from headlines quoting Trump saying the U.S. was in the ‘final stages’ with Iran,” analysts from Westpac wrote in a research report.

Technology stocks received a boost after Nvidia exceeded revenue expectations in its Wednesday forecast. CEO Jensen Huang worked to convince investors that the world’s most valuable company could maintain explosive growth in artificial intelligence chip demand.

“The chip landscape remains Nvidia’s world with everybody else paying rent, as more sovereigns and enterprises wait in line for Nvidia’s chips,” said Dan Ives, global head of technology research at Wedbush Securities in New York.

Despite the positive forecast, Nvidia shares dropped 1.1% in after-hours trading, while S&P 500 e-mini futures declined 0.5%.

“The market’s reaction was relatively muted by its own lofty standards,” said Tony Sycamore, market analyst at IG in Sydney. “The lack of any China sales in the outlook and guidance that was only modestly ahead of expectations left some investors wanting a bit more fireworks.”

Samsung Electronics shares soared more than 6% in Seoul after the company’s union announced it would halt planned industrial action following a preliminary wage agreement. The move prevented a strike by nearly 48,000 workers that could have disrupted South Korea’s economy and worldwide semiconductor supply chains.

Japan’s Nikkei 225 index rose 1.9% even as S&P Global’s preliminary manufacturing activity index showed slower expansion, falling to 54.5 in May from 55.1 the prior month.

Japanese export data provided additional economic encouragement, with April shipments increasing 14.8% compared to the same period last year. The finance ministry figures marked the eighth consecutive month of export growth, easing concerns about global economic stagnation.

Australian markets gained 1.5% despite mixed economic indicators. Preliminary service sector activity slowed to 47.7 in May from 50.7 in April, while manufacturing activity remained steady at 50.2, just above the threshold indicating expansion.

The 10-year U.S. Treasury yield increased 1.9 basis points to 4.588%, continuing its upward trend after breaking a three-day decline Wednesday. Federal Reserve meeting minutes from April 28-29 revealed heightened inflation concerns among policymakers, with more officials considering potential interest rate increases.

Cryptocurrency markets showed minor declines, with Bitcoin falling 0.3% to $77,453.44 and ether dropping 0.3% to $2,127.53.

A new IPO filing from SpaceX has pulled back the curtain on the vast web of business relationships connecting Elon Musk’s various companies, revealing billions of dollars in transactions that span everything from vehicle purchases to shared aircraft arrangements.

The Wednesday filing disclosed previously unknown details about how the billionaire’s enterprises have evolved into an interconnected network of commercial deals, financial commitments and operational partnerships across artificial intelligence, transportation, communications and infrastructure sectors.

The documents show rapidly growing business between SpaceX, electric vehicle manufacturer Tesla, AI company xAI and social media platform X as SpaceX prepares for a public offering that could reach a $1.75 trillion valuation.

Combined purchases by SpaceX and its xAI division from Tesla totaled approximately $650 million last year, with xAI alone acquiring $506 million worth of Megapack battery systems from the electric vehicle company.

SpaceX’s commercial spending reached $144 million on various goods and services, including $131 million for Tesla’s stainless-steel Cybertrucks purchased at retail prices – enough to acquire over 1,000 vehicles.

The filing also showed Tesla, which traditionally spends minimal amounts on conventional marketing, paid $4 million for advertising on X during 2025.

Aircraft sharing agreements between Tesla and Musk personally were also revealed, along with security service payments to a private company under Musk’s ownership.

Tesla holds nearly 19 million shares of SpaceX Class A stock, representing under 1% ownership following the planned offering, after investing $2 billion in SpaceX this year.

The two companies are collaborating on an ambitious multibillion-dollar initiative called the Terafab, a semiconductor manufacturing project that demonstrates the growing integration between Musk’s ventures in AI and computing infrastructure.

Tesla is constructing a solar manufacturing facility designed to reach 100 gigawatts of annual domestic production capacity, intended to provide specialized solar equipment for SpaceX’s proposed network of orbital AI data centers.

The revelations arrive as investors examine governance practices, investment decisions and business overlap among Musk-controlled entities more closely, particularly as SpaceX diversifies from rockets and satellite internet into AI infrastructure and computing services.

The filing uncovered over $20 billion in related-party AI infrastructure lease commitments connected to equipment deals between xAI subsidiaries and private investment company Valor Equity Partners, whose founder Antonio Gracias serves on SpaceX’s board.

Some Valor AI infrastructure lease deals were classified as “failed sale-leaseback” transactions, forcing SpaceX to record billions in associated commitments as debt on its financial statements.

Valor Equity Partners did not respond immediately to requests for comment.

SpaceX indicated that payment and performance responsibilities under these agreements were backed by SpaceX or its subsidiaries. The company reported paying $885 million under these arrangements in 2025 and an additional $857 million during just the first two months of 2026.

Additional operational connections among Musk-affiliated businesses were disclosed, including lease payments from xAI to Musk Industries LLC, a private entity owned by Musk, and construction services provided by The Boring Company in Texas for SpaceX projects.

Crude oil prices recovered Thursday after experiencing two consecutive days of declines, driven by ongoing supply worries stemming from unclear prospects for ending the Iran conflict and significant inventory reductions that have sparked fears about depleting global reserves.

Brent crude futures climbed 81 cents, representing a 0.77% increase to reach $105.83 per barrel by 0055 GMT, while U.S. West Texas Intermediate futures gained 97 cents, up 0.99% to $99.23.

Both oil benchmarks had fallen more than 5.6% Wednesday following comments from U.S. President Donald Trump indicating that discussions with Iran had reached their final phases, though he also issued warnings of additional military action should Iran reject a peace agreement.

Iran responded with warnings against further military strikes and revealed measures strengthening its grip on the vital Strait of Hormuz shipping lane, which previously transported oil and liquefied natural gas equivalent to roughly 20% of worldwide consumption before becoming largely inaccessible due to the conflict.

“The sharp drop in oil prices appears to be pricing in the possibility of a breakthrough in the talks,” said Yang An, analyst at Haitong Futures.

“However, if Trump insists on making no concessions to Iran, an agreement seems unlikely, and the final outcome of the negotiations could reverse sharply,” Yang said.

Iran revealed Wednesday the creation of a new “Persian Gulf Strait Authority,” declaring the establishment of a “controlled maritime zone” within the Strait of Hormuz.

The nation shut down the strait as retaliation for attacks by the U.S. and Israel that initiated the war on February 28. While most combat operations have ceased following an April ceasefire, Iran continues restricting passage through Hormuz as the U.S. maintains a coastal blockade.

Supply disruptions from the critical Middle Eastern region due to the ongoing conflict have compelled nations to rapidly deplete their commercial and strategic reserves, creating alarm about potential exhaustion of these stockpiles.

The U.S. Energy Information Administration reported Wednesday that the nation removed almost 10 million barrels from its Strategic Petroleum Reserve during the previous week, marking the largest withdrawal ever recorded.

The EIA additionally reported that commercial crude stockpiles decreased by 7.9 million barrels to 445 million barrels last week, exceeding analysts’ projections in a Reuters survey that anticipated a 2.9 million-barrel reduction.

Gasoline stockpiles declined by 1.5 million barrels, while distillate inventories increased by 372,000 barrels.

“The drawdown in oil inventories will make it difficult for oil prices to remain low,” said Mingyu Gao, chief researcher for energy and chemicals at China Futures.

“With the Strait of Hormuz blocked, global refined-product and onshore crude inventories are expected to fall below their lowest levels for this time of year in the past five years by late May and late June,” Gao said.

The American dollar retreated from a six-week high Thursday as markets responded to growing optimism that Washington may be close to reaching an agreement with Tehran to resolve ongoing Middle Eastern conflicts.

U.S. President Donald Trump indicated that diplomatic talks have reached their final phases, though he also cautioned about potential military action should Iran reject a negotiated settlement.

Currency markets saw the dollar weaken against the Japanese yen for the first time in eight trading days on Wednesday, with the exchange rate dropping slightly to 158.905 yen during early Thursday sessions. This movement pulled the dollar back from the 160 yen threshold that market experts consider a potential catalyst for Japanese government currency intervention.

The European currency remained stable at $1.1626 Thursday, recovering after reaching its lowest point since April 7 at $1.1583 during the previous trading session.

The dollar index, which tracks the American currency’s performance against six major international currencies including the euro and yen, held steady at 99.128 after reaching 99.472 Wednesday – its strongest position since April 7.

“The ‘safe haven’ flows reversed because of positive news about the Iran war,” Joseph Capurso, head of FX at Commonwealth Bank of Australia, wrote in a client note.

He added that “while the U.S. has domestic political incentives to seek peace, we would not be surprised if President Trump chooses military escalation to gain leverage in negotiations.”

The Australian dollar declined 0.1% to $0.7147 as traders awaited local employment data scheduled for release later Thursday.

The British pound showed minimal movement at $1.3430.

Bitcoin remained unchanged at approximately $77,650.

Australia’s financial oversight agency issued warnings Thursday about mounting international private credit dangers that could affect the nation’s financial institutions, prompting enhanced monitoring efforts.

The Australian Prudential Regulation Authority (APRA) released a report to financial institutions stating that while private credit represents a smaller segment domestically, local institutions face exposure to international pressures through various pathways.

APRA noted it has strengthened supervision of banks, insurance companies and superannuation trustees as international political conflicts, artificial intelligence advances and increasing complexity in worldwide financial markets continue transforming the risk landscape.

“Among the areas we are most focused on are rapid developments in AI, which are outpacing the ability of many entities to manage the risks, and potential impacts on Australia’s financial system flowing from the war in the Middle East and other geopolitical volatility,” APRA Chair John Lonsdale said.

Financial experts have indicated that Asia-Pacific banking institutions, including Australian lenders, might need to increase their short-term loan loss reserves as the Iran conflict creates darker economic outlooks in a region heavily dependent on Middle Eastern oil supplies.

The nation’s largest lender, Commonwealth Bank of Australia, has allocated additional funds to prepare for conflict-related risks. The remaining three major banks, National Australia Bank, Westpac and ANZ Group, have increased provisioning by A$757 million ($541.03 million) to address potential bad debts stemming from the war.

APRA stated Australia’s financial framework remains well-equipped to support the economy through volatile periods, with banks and insurers maintaining robust liquidity positions. Stress evaluations also demonstrated the system could endure various “severe but plausible” disruptions.

($1 = 1.3992 Australian dollars)

Japan’s export sector continued its impressive streak in April, with government figures released Thursday showing an eighth consecutive month of growth amid persistent global supply chain challenges stemming from the U.S.-Israeli conflict with Iran.

The data comes after Tuesday’s economic report revealed Japan’s economy expanded at an annualized rate of 2.1% during the first quarter of 2026, surpassing expectations thanks to strong export performance and consumer spending, though analysts warn the current quarter may present greater challenges.

April’s export figures climbed 14.8% compared to the same period last year, significantly outperforming the 9.3% growth that market analysts had predicted and building on March’s revised 11.5% increase.

Trade with the United States saw exports climb 9.5% year-over-year, while shipments to China jumped 15.5%, according to the government data.

Import activity also strengthened, rising 9.7% from the previous year and beating the anticipated 8.3% gain. This growth occurred despite crude oil imports plummeting 64%, representing the sharpest decline since 1980, according to a finance ministry official. Increased crude oil purchases from the United States helped partially balance this drop.

The trade figures resulted in Japan recording a surplus of 301.9 billion yen ($1.90 billion), a stark contrast to forecasts that had predicted a 29.7 billion yen deficit.

While the blockade of the Strait of Hormuz has driven up energy prices and created supply chain bottlenecks for petroleum and other materials, Japan’s export performance has remained steady as manufacturers continue operating with existing stock levels, bolstered by the nation’s substantial strategic oil reserves.

However, analysts warn that continued disruptions to Middle Eastern shipping lanes could eventually impact both import and export activity by increasing manufacturing costs and dampening global demand, especially in energy-dependent industries such as chemicals.

An artificial intelligence startup based in San Francisco is approaching a significant financial milestone as it prepares to report its first quarterly profit, according to a source with knowledge of the company’s finances.

Anthropic has informed potential investors through recent fundraising documents that revenue for the June quarter may hit at least $10.9 billion, representing more than twice the $4.8 billion the company generated during the recently completed March quarter, the source revealed while requesting anonymity.

This revenue surge is expected to drive the company’s second-quarter operating profit to approximately $559 million, the source indicated.

The financial details were initially reported by The Wall Street Journal on Wednesday.

These impressive numbers highlight the growing appetite for Anthropic’s Claude AI technology, which software developers are increasingly using for computer programming tasks, while some businesses are implementing the company’s advanced Mythos model to identify security weaknesses in their systems.

Such profitability stands out in an AI sector that continues to struggle with the technology’s substantial operational expenses.

The industry’s massive computing requirements were further illustrated Wednesday through SpaceX’s initial public offering documents, which revealed details about AI-related costs at the space and AI company owned by Elon Musk.

According to the filing, Anthropic has committed to paying SpaceX $1.25 billion monthly through May 2029 for computing services that will utilize both of SpaceX’s AI training facilities, known as Colossus and Colossus II.

The agreements include termination clauses allowing either company to end the arrangement with 90 days’ advance notice, and the filing noted that payments would be adjusted during capacity increases scheduled for this month and next.

Musk announced on X that SpaceX was exploring opportunities with additional companies to “offer AI compute as a service at significant scale,” which could help offset losses in the company’s AI division.

SpaceX’s AI operations reported approximately $2.5 billion in losses during the March quarter, despite generating $818 million in segment revenue, according to the IPO documentation.

WASHINGTON, May 20 – Nexstar Media Group filed a request with a federal appeals court on Wednesday evening, asking judges to speed up their examination of a court ruling that put the brakes on its acquisition of competing broadcaster Tegna. The company argues the postponement has resulted in tens of millions of dollars in lost operational savings that cannot be recovered.

On April 17, a judge in California issued a temporary halt to the $6.2 billion transaction after facing opposition from twelve state attorneys general along with DirecTV.

If completed, the acquisition would form the nation’s most extensive broadcast station network, with programming reaching 80% of American households. Nexstar is pushing for the appeals court to set oral arguments for August regarding the proposed transaction.

A recent survey conducted by Reuters indicates that approximately one-third of Japanese businesses have either implemented or are exploring the use of artificial intelligence-powered robotics technology.

The research, released Thursday, shows that manufacturers of transportation equipment and automobiles are at the forefront of this technological adoption trend.

Japanese officials view the integration of AI robotics in business operations as essential for addressing the nation’s ongoing workforce shortages while maintaining its status as a premier supplier of industrial robotics worldwide.

Japan houses major robotics companies including Fanuc, Yaskawa Electric and Kawasaki Heavy Industries, establishing the country as a dominant force in traditional industrial robotics manufacturing.

However, the nation now encounters increased competition from China and the United States in the development of AI-enhanced robots, which possess autonomous capabilities to assess their surroundings and make independent decisions, moving beyond simple repetitive programming.

Survey results indicate that 4% of participating companies currently utilize AI robots, while 5% have definite deployment plans and 25% are evaluating potential implementation. The remaining 66% reported no current plans for AI robot adoption.

Transportation equipment manufacturers demonstrate the highest adoption rates, with 80% either currently using or investigating AI robot implementation. Conversely, 94% of wholesale sector respondents indicated no intentions to deploy AI robotics.

Among companies that are using, planning to use, or considering AI robots, 71% identified manufacturing as their primary application, 19% selected hazardous task operations, and 11% chose customer service functions. Respondents were permitted to select multiple applications.

The polling was executed by Nikkei Research on behalf of Reuters between May 1-15. Researchers contacted 492 companies, receiving responses from 220 businesses under anonymity agreements.

The survey also addressed government recommendations encouraging publicly traded companies to utilize their appreciated financial holdings more effectively for growth initiatives. Sixty percent of respondents believed individual companies should maintain decision-making authority on asset utilization, while 44% suggested corporate size should influence policy application.

Additionally, 24% indicated that maintaining certain financial asset levels remains necessary to enable salary increases. Multiple responses were allowed for this question.

Last month, the Financial Services Agency and the Tokyo Stock Exchange developed a preliminary revision to Japan’s corporate governance standards, requiring companies to demonstrate efficient asset utilization for growth purposes.

Japanese companies with capital exceeding 1 billion yen ($6.9 million), excluding financial and insurance sectors, held cash and deposits totaling 83 trillion yen in 2024, representing a 54% increase from ten years prior, prompting discussions about improved asset deployment for economic growth.

“What the draft revision is calling for is to make checks and explain if business resources are at appropriate levels. A rise and fall in cash and deposits itself should not come under scrutiny,” an official at a ceramics maker wrote in the survey.

The proposed revision also encourages listed companies to file securities reports at least three weeks before shareholder meetings.

In the previous year, approximately 58% of companies with March fiscal year-ends submitted securities reports prior to general shareholder meetings, but 80% of those submissions occurred just one or two days before the meetings.

When asked about the feasibility of submitting securities reports three weeks ahead of shareholder meetings, 33% described meeting this timeline as challenging and burdensome, while 26% indicated they would need to implement measures such as rescheduling shareholder meeting dates to meet the requirement.

Media heir James Murdoch has completed a major acquisition deal to purchase New York magazine, the Vox Media Podcast Network, and the Vox editorial brand from digital media company Vox Media, vowing to support “ambitious journalism and agenda-setting conversations.”

This acquisition marks a significant step for the 53-year-old son of media mogul Rupert Murdoch as he builds his own media holdings. Notably, his father previously owned New York Magazine between 1976 and 1991. The transaction comes after recent family agreements regarding control of the elder Murdoch’s media empire, which will maintain Fox News’ conservative direction under his chosen successor, Lachlan Murdoch.

The transaction, set to finalize in the coming weeks, will see James Murdoch’s investment firm Lupa Systems take control of approximately half of Vox Media’s operations. While neither company revealed the purchase price, The New York Times reported sources indicating the deal exceeded $300 million. The purchased properties will function as a Lupa subsidiary operating under the Vox Media name.

The acquisition excludes several Vox properties including Eater, Popsugar, SB Nation, The Dodo, and The Verge. However, it encompasses New York magazine’s various sections including The Cut, Vulture, Intelligencer, The Strategist, Curbed, and Grub Street.

The deal also incorporates the Vox Media Podcast Network, home to highly successful programs such as “Criminal” and “Pivot” featuring Kara Swisher and Scott Galloway. According to Vox’s announcement, this network “has been the fastest growing business within Vox Media and will immediately put Lupa at the top of the podcast field.”

James Murdoch, who previously served as CEO of 21st Century Fox before leaving the News Corporation board in 2020 due to disagreements over editorial direction, is recognized for holding more liberal political views than his father. In last year’s family settlement, James and his two elder sisters, Prudence MacLeod and Elisabeth Murdoch, relinquished control claims over Fox in return for stock worth $3.3 billion at the time.

That agreement established a trust giving Lachlan Murdoch control of Fox Corp., alongside his younger sisters Grace and Chloe.

Discussing the Vox acquisition, James Murdoch stated the purchase “aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations.

It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group,” Murdoch explained.

Jim Bankoff, current Vox chairman and CEO, will head the restructured Vox Media as CEO of the new entity once the deal closes.

“We are incredibly proud to have built and scaled several of the leading media properties of this generation,” Bankoff stated. “Together under Lupa’s stewardship we are primed to be the best home for talent and the most dynamic media company of this new era.”

New York magazine’s editor-in-chief David Haskell informed subscribers via email that Lupa represents the publication’s sixth ownership change since 1968.

Haskell assured readers the magazine would maintain “the fearless, independent journalism that you expect from us.”

“We will continue to create news cycles, start conversations, contribute to the most important debates in politics and society, identify and explore what’s most interesting in contemporary culture, and always do our best to challenge our readers, surprise them, and help them make sense of the modern world,” Haskell promised.

Elon Musk disclosed Wednesday his intentions to launch one of the largest public stock offerings in history for his aerospace company, despite the firm hemorrhaging billions in losses annually.

Documents filed Wednesday reveal that Musk’s SpaceX suffered operational losses of $2.6 billion during the previous year against revenues of $18.7 billion, with red ink continuing to flow in early months of this year.

While the filing doesn’t specify an exact fundraising target, industry estimates suggest Musk aims to collect approximately $75 billion. Such a massive offering would dwarf the existing record held by Saudi Aramco, the petroleum company that raised $26 billion when it went public seven years ago.

Space Exploration Technologies Corp., SpaceX’s official name, states the capital will support ambitious projects aimed at establishing human presence on the moon and potentially Mars as part of efforts to transform humanity into an intergalactic civilization facing potential extinction-level events.

“We do not want humans to have the same fate as dinosaurs,” the filing stated.

The public offering could potentially elevate Musk, who established SpaceX in 2002 and remains a major stakeholder, to become the planet’s first trillionaire. Forbes currently estimates Musk’s wealth at $839 billion.

Beyond manufacturing reusable rockets for astronaut transport, SpaceX operates various business divisions with mixed performance records and uncertain prospects.

Financial documents indicate Starlink, the globe’s largest satellite internet provider, serves as a significant profit center, producing $4.4 billion in operational earnings last year. This division operates 10,000 low-orbit satellites delivering internet access to 10 million customers across 150 countries and territories.

However, two recently acquired Musk ventures now under SpaceX ownership are struggling financially — his social media platform X, previously known as Twitter, and his artificial intelligence company, xAI. Some SpaceX shareholders have criticized these acquisitions as rescue operations for failing enterprises.

The filing indicates the AI division alone lost $6.4 billion operationally last year.

SpaceX’s core rocket manufacturing and launch operations have benefited significantly from substantial government contracts, raising questions about potential future complications. Due to Musk’s tight connections with the current administration, ethics experts and oversight groups question whether he receives preferential treatment in securing taxpayer funding and if this advantage might disappear when the administration changes.

According to USAspending.gov, SpaceX has secured government contracts totaling $6 billion from NASA, the Defense Department, and other federal agencies over the past five years. Company filings note that one-fifth of last year’s revenue came from federal government sources.

Musk contributed more to the current president’s campaign than any other donor and continues supporting the administration despite occasional tensions following his leadership of the government efficiency initiative known as DOGE early last year.

Filing documents also demonstrate Musk will maintain significant corporate control.

The paperwork shows Musk and select other investors will receive special stock classes providing 10 votes per share owned. These stakeholders will possess power to elect most board members, among other privileges.

“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX cautioned potential investors.

The company can begin presenting the offering to investors through traditional Wall Street “road show” presentations starting 15 days after publishing its prospectus, which falls on June 4.

A Toronto-based mining company has reached a preliminary agreement to transfer majority ownership to an investment firm with ties to a former adviser of U.S. President Donald Trump, as the miner works to address sanctions affecting its Cuban operations.

Sherritt International Corp. announced Wednesday that it has entered into a non-binding deal with Gillon Capital LLC, which would grant Gillon the opportunity to acquire a controlling 55% ownership position in the mining firm.

This development follows Sherritt’s Tuesday announcement that it was abandoning plans to dissolve its Cuban joint venture operations, a reversal of its previous week’s decision made in response to heightened U.S. sanctions against the island nation.

Under the proposed private placement arrangement, Gillon would receive a warrant enabling it to purchase sufficient shares for majority control. Sherritt indicated that if finalized, Gillon’s purchase price would be below the company’s May 15 closing share value.

The mining company, which has operated on the island for 32 years, halted direct involvement in its Moa joint venture in Cuba this month following increased U.S. pressure on the Caribbean nation.

Gillon serves as the family investment office for the Washburne family. Ray Washburne received a Trump administration appointment to lead the U.S. development bank known as Overseas Private Investment Corporation from 2017 to 2019. He subsequently joined the president’s intelligence advisory board. Washburne served as vice chairman of the Trump Victory Committee in 2016 and has been a significant Republican fundraiser.

Gillon did not provide an immediate response to requests for comment.

Regarding the agreement, Sherritt confirmed that U.S. State and Treasury Departments have indicated no objection to Gillon’s negotiations with the company, though any final deal would need their authorization.

“Sherritt has engaged constructively with the United States Department of State, which has confirmed that the Department of State and Department of Treasury do not object to Gillon Capital’s engagement in negotiations with the Corporation and, based on the information provided to date, do not consider such negotiations to be contrary to U.S. law,” Sherritt said in a statement.

The semiconductor giant Nvidia delivered quarterly financial results that topped Wall Street predictions, driven by robust demand for its advanced artificial intelligence processors.

The technology company announced Wednesday that it generated $58.32 billion in earnings, equivalent to $2.39 per share, during the February through April timeframe, compared to $18.78 billion, or 76 cents per share, during the corresponding period last year. When adjusted for one-time expenses, the company posted earnings of $1.76 per share.

Total revenue climbed 85% to reach $81.62 billion, up from $44.01 billion in the prior year.

Wall Street experts had predicted earnings of $1.75 per share and revenue totaling $78.91 billion, based on FactSet polling data. The chip manufacturer has consistently outperformed analyst forecasts that influence investor sentiment ever since its premium processors became the preferred foundation for AI development three years ago.

“The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” said CEO Jensen Huang in a statement.

Looking ahead to the upcoming quarter, the company projects revenue will reach approximately $91 billion. Wall Street analysts are anticipating $87.29 billion.

Stock prices for the Santa Clara, California-headquartered corporation fell modestly in after-hours trading to $222.12, following a regular session close of $223.47. Based on Wednesday’s closing price, the company maintained a market capitalization of $5.4 trillion.

Financial markets experienced a dramatic surge Wednesday as investor optimism mounted over the possibility of an imminent peace agreement between the United States and Iran, while technology giant Nvidia saw its shares fluctuate in extended trading following quarterly earnings.

Market analyst Jamie McGeever noted that equities climbed while petroleum prices and government bond yields declined sharply amid speculation that diplomatic progress could ease regional tensions.

In his market analysis, McGeever examined President Donald Trump’s shifting stance on monetary policy. As inflation pressures mount and borrowing costs rise, Trump has moderated his previous demands for incoming Fed Chair Kevin Warsh to implement interest rate reductions.

The trading session delivered broad-based gains across major indices, with U.S. markets posting advances of 1% or higher and Brazilian markets jumping 2%. Asian markets showed mixed results while European exchanges gained 1%, with British markets leading at 1.5%.

Within individual sectors, technology shares advanced 2% while consumer discretionary stocks climbed 2.5%. Energy companies bucked the trend, falling 2.6% as crude oil prices tumbled. Aviation stocks soared 9% and semiconductor shares gained 4.5%, though Nvidia experienced volatile after-hours trading following its earnings release.

Currency markets saw the dollar weaken 0.2% against a basket of major currencies, while Australian, New Zealand, and South African currencies posted the strongest gains among developed and emerging market currencies respectively.

Government bond markets rallied significantly, with 10-year Treasury yields dropping 10 basis points despite a disappointing 20-year bond auction. British government bond yields posted double-digit declines across all maturities.

Commodity markets reflected geopolitical optimism as crude oil prices plunged 5.5%, even as U.S. petroleum inventories showed a sharp decline.

Regarding potential diplomatic breakthroughs, Trump indicated negotiations have reached the “final stages,” though market observers noted similar claims have emerged previously without resolution. Wednesday’s market action suggested investors believe this round of discussions may yield different results.

The petroleum price collapse, Treasury market rally, and equity gains that ended a three-day losing streak demonstrated significant pent-up demand for risk assets. However, analysts cautioned that failed negotiations combined with disappointing technology earnings could create market volatility.

Consumer spending resilience remained a focal point as major retailers reported quarterly results. Target delivered strong performance and doubled its sales growth projections while expressing caution about future conditions. TJX, which operates discount retailer TJ Maxx, raised its outlook as budget-conscious consumers sought value deals, suggesting shoppers are becoming more selective with spending.

In international monetary policy discussions, U.S. Treasury Secretary Scott Bessent offered pointed commentary about Japanese central banking independence during a Reuters interview in Paris. Regarding Bank of Japan Governor Kazuo Ueda, Bessent stated he would “undoubtedly do a great job if they will give him the room to do what he will do.”

This apparent criticism of Prime Minister Sanae Takaichi highlighted ongoing global debates about central bank autonomy and their ability to operate without political interference, a discussion particularly relevant in current U.S. policy circles.

Looking ahead, market participants will monitor Middle East developments closely while awaiting key economic data including manufacturing surveys from Japan, Europe, Britain, and the United States. Additional focus will center on employment data from Australia, trade figures from New Zealand and Japan, and speeches from Bank of England officials.

Domestic economic indicators will include weekly unemployment claims and the Philadelphia Federal Reserve’s regional manufacturing index, while the Treasury Department conducts a $19 billion auction of inflation-protected securities. Walmart’s earnings report will provide additional insight into consumer spending patterns.

Elon Musk’s space exploration company SpaceX revealed its initial public offering documents on Wednesday, providing the first public look at the financials of a business that has transformed rocket technology while setting its sights on Mars colonization and artificial intelligence ventures in space.

The stock market debut is expected to become the first trillion-dollar U.S. public offering and may pave the way for several major IPOs in the coming months, potentially including technology companies OpenAI and Anthropic. The public sale would instantly establish SpaceX among the world’s most valuable publicly traded corporations, marking the second company in Elon Musk’s extensive business portfolio to exceed $1 trillion in market value.

Since its establishment in 2002, SpaceX has evolved into the globe’s biggest space enterprise by deploying thousands of Starlink internet satellites. The company’s groundbreaking approach to reusable rocket technology has reshaped space economics, leaving rivals such as Jeff Bezos’ Blue Origin working to catch up.

Although SpaceX built its reputation through rocket construction and satellite launches, the majority of its $18.67 billion in revenue last year originated from its Starlink satellite internet operations, with much of its projected growth tied to artificial intelligence ventures. According to the filing, its developing xAI division continues to operate at a loss.

A successful public offering could establish a record-breaking company valuation of $1.75 trillion, potentially positioning its founder to become history’s first trillionaire, proving the worth of years spent challenging conventional wisdom through developing rockets capable of landing and flying multiple times.

The regulatory filing arrives during an important week for the rocket manufacturer, as it prepares for a test flight of its next-generation Starship rocket.

Musk’s ambitions for lunar and Mars missions, along with expanding the Starlink satellite internet service, rely on this new rocket. The test launch, initially planned for Tuesday, is now anticipated later this week.

The board has granted Musk authority over the company while linking much of his pay to ambitious goals of creating a permanent human settlement on Mars and constructing space data centers with computing power equivalent to 100 terawatts, or 100,000 one-gigawatt nuclear reactors, Reuters previously reported.

SpaceX hopes to begin trading its shares as soon as June 12, with a roadshow launch planned for June 4 and the share sale potentially starting June 11, Reuters reported last week.

Musk’s celebrity status as CEO may carry more weight with certain investors than SpaceX’s core business metrics, analysts and academics noted, since no comparable companies exist for valuation benchmarking.

The company stated it was pursuing a potential total market worth $28.5 trillion across its various businesses, with most of that possible revenue connected to AI.

These numbers, revealed publicly for the first time in its S-1 regulatory document, support Reuters’ earlier reporting, demonstrating SpaceX’s reliance on Starlink-generated revenue while believing its future success depends on artificial intelligence and related infrastructure operations that currently lose money.

The $1.75 trillion valuation goal, if reached, would surpass Saudi Aramco’s 2019 offering, which established a record for the world’s largest IPO when it launched on Riyadh’s exchange valued at $1.7 trillion. SpaceX had intended to raise more than $75 billion in the offering, Reuters previously reported.

The magnitude of this offering has highlighted the growing interconnected nature of Musk’s business empire, frequently called the “Muskonomy,” which encompasses leading electric vehicle manufacturer Tesla, along with his artificial intelligence and brain-chip implant ventures.

SpaceX combined with Musk’s artificial intelligence startup xAI in a transaction that assigned the rocket company a $1 trillion value and the Grok chatbot developer a $250 billion value.

Worries about Musk’s capacity to manage multiple companies with combined market values exceeding trillions could affect investor confidence, analysts suggested.

The competition to commercialize space has grown more intense as private companies led by SpaceX and Blue Origin work to reduce launch expenses, establish satellite networks and obtain government contracts.

Previously controlled by government agencies like NASA and Russia’s Roscosmos, the industry now attracts billions in private investment.

SpaceX’s income comes primarily from Starlink, the world’s biggest satellite operator. The network of approximately 10,000 satellites provides broadband internet to consumers, governments and business customers. However, the company’s growing presence in aviation, maritime and enterprise markets is helping transform expensive space projects into a steady revenue source.

Prominent AI companies, including OpenAI and Anthropic, are also considering potential public listings later in 2026. Interest in SpaceX’s listing could affect the timing and demand for other upcoming IPOs.

SpaceX intends to reserve a substantial portion of shares for individual investors and will host approximately 1,500 of them at a June event following the IPO roadshow launch, Reuters reported in April.

The company expects to trade on the Nasdaq using the ticker symbol ‘SPCX.’

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and J.P. Morgan serve as the bookrunners.

The Interior Department announced Wednesday that a federal oil and gas lease auction covering lands in New Mexico and Texas has broken all previous records, bringing in $4 billion in winning bids.

The astronomical total far surpassed any previous onshore federal oil and gas lease auction, coming at a time when the Iran war has reduced global oil supplies and increased demand for American crude.

According to the Western Energy Alliance trade group, the previous record for a Bureau of Land Management oil and gas lease auction was $972 million in 2018.

Wednesday’s auction involved 74 parcels spanning 33,530 acres, with most of the land located in New Mexico’s Permian basin, which ranks as the country’s top oil-producing region.

Officials said the record-breaking results demonstrate robust industry interest in drilling opportunities on federal property.

“This over $4 billion lease sale is another sign that President Trump’s American Energy Dominance Agenda is delivering results,” Interior Secretary Doug Burgum said in a statement. “By cutting costs and removing barriers to development, we are unleashing American energy, strengthening national security, creating jobs and generating significant revenue for taxpayers and local communities.”

The most expensive single parcel sold for $405.8 million and covered 1,280 acres in Lea County. The highest per-acre price reached $357,129 for a 640-acre tract, also located in Lea County.

The Interior Department has not released the identities of the successful bidders.

Three decades of tight controls on extracting valuable metals such as gold in Montana may be coming to an end, coinciding with a resurgence of the mining sector across the United States.

The company that owns TurboTax announced Wednesday it will eliminate nearly 3,000 positions worldwide while raising its yearly financial projections, as it concentrates more heavily on artificial intelligence-driven financial software during a period of strong customer demand.

The workforce reduction, which represents 17% of global staff and was first reported by Reuters earlier Wednesday, aims to simplify the company’s organizational framework and focus on key priorities including AI initiatives, according to a company-wide message from CEO Sasan Goodarzi.

The tax and accounting software company said it anticipates restructuring costs between $300 million and $340 million related to the layoffs, which will be recorded in the fourth quarter. Company records show it employed approximately 18,200 people across seven countries as of July 31, 2025.

The company has increased its yearly revenue projection to between $21.34 billion and $21.37 billion, higher than its earlier estimate of $21 billion to $21.19 billion.

Annual adjusted profit predictions were also raised to a range of $23.80 to $23.85 per share, compared to the previous forecast of $22.98 to $23.18 per share.

The most recent tax filing season boosted the company’s February-April revenue by 10% to $8.56 billion compared to the same period last year, although this figure came in below the average analyst prediction of $8.61 billion according to LSEG data.

The company’s TurboTax Live service, which links taxpayers with professional advisors, has gained traction and may help address investor worries about generative AI technology potentially threatening the company’s profitable consumer tax business.

Collaborations with AI firms, including a long-term agreement with Anthropic revealed in February, form the cornerstone of the company’s plan to integrate AI capabilities throughout its platforms while incorporating its customized tax, financial, accounting and marketing services into AI applications.

WASHINGTON – The Federal Reserve announced Wednesday a new proposal that would create restricted payment accounts designed specifically for fintech companies and similar firms.

The central bank’s plan would grant these companies access to the Fed’s payment system infrastructure while withholding certain privileges typically reserved for traditional banking institutions. Under the proposal, these limited accounts would exclude access to intraday credit facilities and the Fed’s discount window. Additionally, companies holding these accounts would not receive interest payments on funds kept with the Federal Reserve.

According to the Fed’s announcement, this initiative builds upon previous research the central bank conducted regarding these streamlined account types. The effort represents the Fed’s attempt to find a middle ground between expanding access to its payment infrastructure while maintaining appropriate risk management within the financial system.