Good morning. OpenAI is getting closer to becoming a for-profit company. Former Brazilian president Jair Bolsonaro is sentenced to 27 years in prison. And we take a look at how robots help traders get through the summer lull. Listen to the day’s top stories.
— Lily Nonomiya
OpenAI moves closer to converting itself into a more traditional for-profit company with a plan to give its non-profit arm an equity stake worth at least $100 billion. The AI startup has been holding talks with its top shareholder Microsoft for months about reshaping their relationship. Read about how Microsoft has been key in OpenAI’s restructuring plans.
The leaders of OpenAI and Nvidia plan to pledge support for billions of dollars in UK data center investments when they head to the country next week at the same time as US President Donald Trump, according to people with knowledge of the matter.
Jair Bolsonaro, Brazil's former president. Photographer: Arthur Menescal/Bloomberg
Brazil’s Supreme Court sentenced Jair Bolsonaro to 27 years and three months in prison for plotting a coup after his 2022 election defeat. The justices took into account the 70-year-old’s age in determining the punishment. Here’s our explainer about what’s at stake for Brazil.
Trump said incursions by Russian drones into Polish airspace could have been a “mistake,” but also expressed his frustration with an incident that has alarmed Warsaw and other NATO allies. Here’s how the Poland incident and recent strikes in Qatar have shaken US influence.
When US credit traders go to the beach, algorithms are increasingly stepping in for them, allowing transaction volume to stay relatively high even during a traditionally slow period.
Algo trading accounted for more than 40% of trading in the US high-grade market in August, a percentage that has climbed steadily since that month in 2020, when it was less than 10%, according to data from MarketAxess.
And it’s not just the holidays—automated tools also pick up the slack during lunchtime. Barclays found that electronic trading between noon and 1 p.m. in Europe is about five percentage points higher than in any other hour, based on post-trade reporting data.
Weekend Feature
Opinion
Keir Starmer needs to stop shuffling his cabinet, Rosa Prince writes. Ministerial churn is hobbling the UK government and can have a destabilizing effect, at worst resulting in paralysis because leadership isn’t up to speed. Now that the gang is assembled, he should leave them to get on with their jobs.
The restored church of Villalibado. Photographer: Ana Maria Arevalo Gosen/Bloomberg
Spain wants to save rural areas, and here are the creative ways it’s doing so. With only 16% of people living outside cities, people fear that smaller towns and villages—as well as their centuries’-old histories, traditions and cultures—may eventually vanish.
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