Category: 3. Business

Google is hatching plans to put artificial intelligence datacentres into space, with its first trial equipment sent into orbit in early 2027.

Its scientists and engineers believe tightly packed constellations of about 80 solar-powered satellites could be arranged in orbit about 400 miles above the Earth’s surface equipped with the powerful processors required to meet rising demand for AI.

Prices of space launches are falling so quickly that by the middle of the 2030s the running costs of a space-based datacentre could be comparable to one on Earth, according to Google research released on Tuesday.

Using satellites could also minimise the impact on the land and water resources needed to cool existing datacentres.

Once in orbit, the datacentres would be powered by solar panels that can be up to eight times more productive than those on Earth. However, launching a single rocket into space emits hundreds of tonnes of CO₂.

Objections could be raised by astronomers concerned that rising numbers of satellites in low orbit are “like bugs on a windshield” when they are trying to peer into the universe.

The orbiting datacentres envisaged under Project Suncatcher would beam their results back through optical links, which typically use light or laser beams to transmit information.

Major technology companies pursuing rapid advances in AI are projected to spend $3tn (£2.3tn) on earthbound datacentres from India to Texas and from Lincolnshire to Brazil. The spending has fueled rising concern about the impact on carbon emissions if clean energy is not found to power the sites.

“In the future, space may be the best place to scale AI computers,” Google said.

“Working backward from there, our new research moonshot, Project Suncatcher, envisions compact constellations of solar-powered satellites, carrying Google TPUs and connected by free-space optical links. This approach would have tremendous potential for scale, and also minimises impact on terrestrial resources.”

TPUs are processors optimised for training and the day-to-day use of AI models. Free-space optical links deliver wireless transmission.

Elon Musk, who runs the Starlink satellite internet provider and the SpaceX rocket programme, last week said his companies would start scaling up to create datacentres in space.

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Nvidia AI chips will also be launched into space later this month in partnership with the startup Starcloud.

“In space, you get almost unlimited, low-cost renewable energy,” said Philip Johnston, co-founder of the startup. “The only cost on the environment will be on the launch, then there will be 10 times carbon dioxide savings over the life of the datacentre compared with powering the datacentre terrestrially.”

Google is planning to launch two prototype satellites by early 2027 and said its research results were a “first milestone towards a scalable space-based AI”.

But it sounded a cautionary note: “Significant engineering challenges remain, such as thermal management, high-bandwidth ground communications and on-orbit system reliability.”

Solid corporate issuance in October

Corporate supply reached US$98bn in October, slightly below the US$119bn recorded in September but still robust compared to previous years. This marks the third-largest monthly issuance in 2025, behind March and September. YTD corporate issuance now stands at US$790bn, surpassing 2024’s YTD figure of US$753bn and trailing only the record year of 2020.

Issuance was concentrated in longer maturities, with the 9-12yr and 17yr+ buckets accounting for the bulk of October supply. Specifically, corporates issued US$19.2bn in the 9-12yr range and US$48.4bn in the 17yr+ range, highlighting a continued preference for locking in long-term funding amid stable rate expectations.

Tech drives the large Reverse Yankee supply coming to market

Among the new deals at the start of November was Alphabet, bringing a significant six-tranche deal that totalled €6.5bn. This does not come as a surprise to us given the large number of Tech issuers bringing Reverse Yankee bonds to the EUR market in 2025. There is a good cost-saving advantage for these US issuers given the relatively tight and outperforming EUR spreads vs USD spreads. As it stands, Reverse Yankee supply in 2025 YTD is sitting at €64bn (prior to today’s deals).

For 2026, we expect a similar picture as we forecast Reverse Yankee supply to hit €80bn. We expect a further underperformance of USD spreads while the cross-currency basis swap should remain anchored around these negative low single-digit levels. Tech issuers financing these AI and cloud infrastructure developments will remain a key driver of this supply.

Slight increase in financial supply over October

The financial supply increased for the second consecutive month in October with Bank senior issuances growing to US$36bn issued last month, up US$8bn compared to September’s level. As redemptions will remain high this month, we expect the primary market to remain active in November.

A further US$5.5bn was printed in the capital segment, however this marks a US$3bn drop compared to the month before but is aligned with the amount recorded in October 2024.

The most significant increase was in the finance segment where issuances more than doubled in October compared to the month prior with $34bn issued.

A dispute between Amsterdam and Beijing over technology transfer has held up chip supplies to car manufacturers.

The Chinese government has slammed the Netherlands over its seizure of chipmaker Nexperia, blaming it for jamming up a resolution to a dispute that has disrupted car sector supply chains, hit production and caused some firms to furlough staff.

Nexperia, Chinese-owned but based in the Netherlands, makes billions of simple but ubiquitous chips for cars and other electronics. Supply of those chips has been snarled since a dispute between Amsterdam and Beijing over technology transfers.

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After positive signals in talks over the weekend, the Chinese commerce ministry issued a strongly worded statement on Tuesday telling the Netherlands to “stop interfering” in Nexperia’s internal affairs.

“The Dutch side persists in its unilateral course without taking concrete actions to resolve the issue, which will inevitably deepen the adverse impact on the global semiconductor supply chain,” the ministry said in a statement.

Auto sector has ‘zero autonomy’

Beijing’s statement contradicts messages from the Hague, Brussels and Nexperia that they have been making progress towards a solution, and will be worrying for carmakers that have been scrambling for supplies of Nexperia’s chips.

The Dutch government took control of Nexperia on September 30, saying its Chinese owner Wingtech was planning to move the company’s European production to China and that this would pose a threat to European economic security.

China responded by cutting off exports of the company’s finished chips, which are mostly packaged in China. It said this weekend it would begin accepting applications for exemptions, following a meeting between United States President Donald Trump and Chinese President Xi Jinping.

A spokesperson for the Dutch Ministry of Economic Affairs, which invoked a Cold War-era law to intervene at Nexperia, told Reuters that talks between both governments were still under way.

“We remain in contact with the Chinese authorities and our international partners to work toward a constructive solution that is good for Nexperia and our economies,” the spokesperson said on Tuesday.

European carmakers and suppliers have rushed to apply to China for Nexperia chip export exemptions, which need to be paid for in Chinese currency, or have sought alternative suppliers.

The CEO of Jeep and Fiat maker Stellantis told the Reuters news agency on Tuesday that Europe’s supply chain vulnerabilities were putting it at a competitive disadvantage versus its rivals in China.

“Today our system means we have zero autonomy as an industry,” Antonio Filosa said at a sector meeting in Paris. “Look at the Nexperia chip crisis. Look at the April rare earth crisis that we went through very painfully.”

‘De-escalate as soon as possible’

The European Commission said it welcomed industry indications that China had engaged with EU companies to restore a partial flow of chips, preventing a worst-case scenario and creating time and space to find a lasting solution.

A spokesperson for Nexperia, which has warned customers it cannot guarantee the quality of shipments from its Chinese site, said the company was focused on restoring supplies for customers and was seeking to “de-escalate as soon as possible.”

Ola Kaellenius, CEO of Mercedes-Benz, told Reuters in Paris that there were signs that an understanding was closer to being reached between China, Europe and the US, which had put Wingtech on an entity list late last year.

The German carmaker has sufficient chips for now, Kaellenius said, adding, “We will see what the American-Chinese agreement leads to. We are watching that carefully.”

A spokesperson for Wingtech was not available for comment. The company has said that “only by restoring full control” of Nexperia to its parent can the situation be resolved.

AMSTERDAM, Nov. 4, 2025 /PRNewswire/ — Reference is made to the announcements (i) dated 15 October 2025, announcing the declaration by Ferrovial SE (“Ferrovial“, Ticker: “FER”) of an interim scrip dividend of in aggregate EUR 342 million; and (ii) dated 23 October 2025, announcing the dividend per share in the share capital of Ferrovial, with a nominal value of EUR 0.01 each, amounting to EUR 0.4769.

Ferrovial announces that the dividend payment date will be accelerated and is now expected to be from 25 November 2025 instead of from 3 December 2025, as disclosed in the announcement dated 15 October 2025. Ferrovial intends to deliver treasury shares to shareholders who have elected or deemed to have elected shares, which generally allows for a quicker payment process compared to newly issued shares.

As further detailed in the announcement dated 15 October 2025, the distribution will be payable in shares or cash at the election of Ferrovial’s shareholders. If no election is made during the relevant election period, an election for a dividend in shares will be deemed to have been made and the dividend will consequently be paid in shares. The election period is currently ongoing and will lapse on 11 November 2025.¹

Forward-looking statements

This announcement contains forward-looking statements, which include statements with respect to the Company’s interim scrip dividend, including the expected main milestones and timing of the scrip dividend process. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding payment and timing of the scrip dividend, as well as statements that include the words “expect,” “will,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: risks related to our diverse geographical operations; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; the impact of competitive pressures in our industry and pricing, including the lack of certainty and costs in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us, including, but not limited to, volatility or increases in inflation rates and rates of interest, increased costs and availability of materials, and other ongoing impacts resulting from circumstances including changes in tariff regimes, the Russia/Ukraine conflict, and the Middle East conflict; the fact that our business is derived from a small number of major projects; cyber threats or other technology disruptions; our ability to obtain adequate financing in the future as needed; our approach to dividend or other distribution determinations and the ability to pay dividends at current levels; our ability to maintain compliance with the continued listing requirements of Euronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; our ability to comply with our ESG commitments or other sustainability demands; the impact of any changes governmental laws and regulations, including but not limited to tax regimes or regulations; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2024 which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this announcement are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction.

About Ferrovial 

Ferrovial is one of the world’s leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain’s blue-chip IBEX 35 index. It is also included in globally recognized sustainability indices such as the Dow Jones Best in Class Index (former Dow Jones Sustainability Index), and strives to conduct its operations in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.

¹ Banks and brokers may process the dividend in the default option as agreed upon in their contractual arrangements with Ferrovial shareholders or may set an earlier deadline for the receipt of election instructions from their clients to those detailed in the expected timetable. Ferrovial shareholders should contact their bank or broker to check their default option and timings.

SOURCE Ferrovial

NEW YORK (AP) — United States Steel on Tuesday detailed its billion-dollar multiyear growth plan with new owner Nippon Steel that includes modernizing the century-old steelmaker.

The announcement comes just five months after Nippon Steel finalized a “ historic partnership ” with the Pittsburgh steelmaker in a deal worth nearly $15 billion. That deal included a “golden share” provision that gave the federal government the power to appoint a board member and a say in some company decisions.

The combined company became the world’s fourth-largest steelmaker, and Nippon agreed to invest $11 billion to upgrade U.S. Steel’s facilities.

Tuesday the company said it will make the investments by the end of 2028. The plan targets unlocking $2.5 billion in savings from capital investments and another $500 million from operational efficiencies.

U.S. Steel says it has identified more than 200 initiatives to save money across all business segments, assisted by nearly 50 professionals from Nippon Steel. The company is modernizing and expanding its manufacturing operations and expanding research and development to feature “higher value, lower emission steel.”

CEO Dave Burritt said, “We have a robust pipeline of growth projects, ranging from the modernization of our Gary (Indiana) Works Hot Strip Mill to the new slag recycler at Mon Valley Works (Pennsylvania) and the development of new product capabilities.”

The plan is designed to “protect and create more than 100,000 jobs nationwide in the United States,” although U.S. Steel did not provide more specifics.

David McCall, president of United Steelworkers International, said in a statement, “Since our first engagement with Nippon, we’ve been clear that investing in these workers and their facilities is the best use of the company’s resources. As Nippon and U.S. Steel begin to lay out their vision, we encourage them to prioritize this skilled, union workforce – now and well into the future.”

A standing wave in a Munich stream that has been a surfing magnet for more than four decades has vanished, leaving urban surfers high and dry.

Water levels in the Eisbach (“ice brook”) dropped last week for annual cleanup work along the streambed.

But when the gates reopened and water began to flow again on Friday, the Eisbach wave did not form as usual.

“We’re at a loss,” surfer Klaus Rudolf told Stern magazine. “I was standing at the edge with my board on Friday evening and couldn’t believe it.”

The Eisbach wave in the Englischer Garten park has become a landmark in the Bavarian city since rogue surfers in the 1980s turned it from an occasional natural phenomenon to a permanent surfable presence.

“The city administration is working with the Water Management Office and surfers to find a quick solution so that the famous surf wave will soon be available again as usual,” Mayor Dieter Reiter said in a statement Tuesday.

Exactly why the wave vanished remained unclear on Tuesday, according to city officials.

The recent work cleared debris from the streambed and inspected the waterway.

“No structural changes were made to the Eisbach wave or its banks during the cleanup,” the city said, and an inspection of the site Monday did not reveal any damage.

Officials plan to divert more water from the Isar River into the Eisbach in hopes the wave reappears.

The Eisbach wave is generally considered the largest and most consistent river wave in the heart of a major city, and has become a tourist attraction in Bavaria’s state capital, which is otherwise known for beer and sausage at the annual Oktoberfest.

Franz Fasel, head of the local surfers’ association IGSM, told AFP in July that 3,000 to 5,000 local surfers use the Eisbach wave.

“Surfing is simply part of the lifestyle in Munich,” he said. “Not just for the surfers themselves, but also for the city’s image.”

At the time, the Eisbach wave had just reopened after a months-long closure after the April death of a 33-year-old Munich woman who became trapped under the surface while surfing at night.

Since it reopened to surfers, new safety rules banned night-time surfing and set a minimum age of 14 to brave the water.