Wednesday, October 14Global edition

Understand this

The stories that explain a thing properly, so the next headline makes sense.

Banks pile into GPU loans as Asia's AI data-centre boom reaches $3.8 billion

Global investment banks including Citigroup and JPMorgan have moved into chip-backed lending across Asia, a market once led by private credit funds. Lenders face hard questions about GPU depreciation, technology obsolescence and US export restrictions — even as PwC puts Asian data-centre spending at $8.2 trillion by 2050.

2 min read

US and China discuss swapping visits to nuclear sites

China raised the idea with US officials this year, with talks focusing on national laboratories and equivalent Chinese facilities. Washington plans to keep pressing the proposal ahead of a likely second Trump-Xi meeting later this year.

1 min read

Lithuania votes 99–13 to begin removing its 1992 nuclear weapons ban

The Seimas took the first of three required steps to strike Article 137 from the constitution, which has barred weapons of mass destruction and foreign military bases since the Soviet army left. Two further votes are needed, in October and January, each requiring a two-thirds supermajority.

2 min read

Yemen's military claims it has taken Mokha as Saudi-backed offensive widens

Government forces say they seized the Red Sea port city and a strategic town near the Bab al-Mandeb Strait, but unnamed Yemeni officials told wire agencies that troops had reached only the outskirts. The Houthis struck Saudi Aramco facilities and two airports inside Saudi Arabia in retaliation, and Turkey and Pakistan agreed to deploy forces to the kingdom.

2 min read

US blockade cuts Iran's crude exports to zero for the first time

Iran loaded no oil onto tankers in September — the first month since the war began in February that its exports fell to zero. At least 50 Iranian tankers are blocked from leaving, and 20 crews anchored off Sri Lanka are running short of food, fuel and water.

2 min read

Drone damage to its refineries is costing Russia dearly at the budget

Moscow paid refiners almost 916 billion rubles in fuel subsidies this year after banning most exports and importing more to keep domestic supplies stable. Oil revenues fell more than 60% from the previous month in August, pushing the federal deficit to 2.8% of GDP, well above its 1.6% target.

2 min read

Merz and Macron push EU for power to cut China off from its market

The two leaders have written to European Commission president Ursula von der Leyen calling for a mechanism that could restrict Chinese access immediately, without needing every member state to agree. Bloomberg Economics put the cost of lost market share to Chinese manufacturers at 0.7 per cent of EU GDP in 2025.

2 min read

Iran's oil minister quits as US sanctions squeeze crude exports

Mohsen Paknejad cited personal reasons for his departure, though the timing comes as a US naval blockade disrupts oil sales that are central to government revenue. Hamid Bovard, chief executive of the National Iranian Oil Company, has been named acting minister.

2 min read

Extreme heat is making pregnancy more dangerous, UN climate chief warns

Speaking at a pre-COP31 summit in Fiji, Simon Stiell said rising temperatures are increasingly linked to premature births, stillbirths and maternal complications. A survey of 1,000 midwives and doctors found more than two-thirds had witnessed severe heat-related outcomes over the past five years.

2 min read

Hormuz traffic down to 7% of normal as attacks on shipping resume

Commercial crossings through the strait have fallen to about 6 vessels a day, against a pre-war average of 84. The September exchange — 5 US strikes on Iranian tankers, 10 Iranian attacks near the strait — was the largest declared action against shipping since the war began, and has pushed Brent crude above $100 a barrel.

2 min read

US permanently disables three Iranian oil tankers in Persian Gulf

Washington says its military's main goal is to stop Iran exporting energy, as part of a wider push to strangle its economy. An Iranian official says the Strait of Hormuz could reopen within seven days if the US eases pressure and lifts its blockade on Iranian ports.

2 min read