Category: 3. Business

Google has announced plans to team up with the UK to invite researchers to come up with uses for the tech giant’s state-of-the-art quantum chip Willow.

It is one of several firms competing to develop a powerful quantum computer – which is seen as an exciting new frontier in the future of computing.

Researchers hope they will be able to crack problems in fields such as chemistry and medicine which are impossible for current computers to solve.

Professor Paul Stevenson of the University of Surrey – who had no involvement with the agreement – told the BBC it was “great news for UK researchers”.

The collaboration between Google and the UK’s national lab for quantum computing means more researchers will get access to the technology.

“The new ability to access Google’s Willow processor, through open competition, puts UK researchers in an enviable position,” said Prof Stevenson.

“It is good news for Google, too, who will benefit from the skills of UK academics.”

Quantum devices work in a fundamentally different way to the computers powering our smartphones and laptops, solving problems using technologies based on the science of particle physics

But the full potential of the technology has yet to be realised and the machines that currently exist have few practical applications and most are experimental.

It is hoped giving UK researchers access to Willow would help “uncover new real world applications”.

Scientists will be able to submit proposals describing how they intend to use the chip, and they will work with experts from Google and the UK quantum lab to design and conduct experiments.

When it was unveiled in 2024, Google’s Willow chip was seen as a significant step forward in the field.

Rival firms including Amazon and IBM are also developing their own tech.

The UK has a significant quantum industry. Quantinuum, which has headquarters in Cambridge and Colorado, US, reached a $10bn (£7.45bn) valuation in September.

Announcements of new developments from firms throughout 2025 have led some experts to believe powerful machines capable of having real-world impact will be developed within a decade.

Dr Michael Cuthbert, Director at the National Quantum Computing Centre (NQCC) said the partnership would “accelerate discovery”.

He said the cutting edge science it would support could ultimately lead to quantum computing being used in areas such as “life science, materials, chemistry, and fundamental physics”.

The NQCC already hosts seven quantum computers from British-based firms such as Quantum Motion, ORCA and Oxford Ionics.

The government says it is committing £670m to support the tech, which is a priority area in the UK’s Industrial Strategy.

Officials believe quantum could contribute £11 billion to the UK economy by 2045.

A former crypto entrepreneur who was behind two digital currencies that collapsed and lost an estimated $40bn ($29.9bn) has been sentenced by a New York judge to 15 years in prison for an “epic” fraud.

Do Kwon, a South Korean national, was co-founder of Singapore-based Terraform Labs, which developed the TerraUSD and Luna digital coins.

Kwon had admitted misleading investors about TerraUSD, a so-called stablecoin that was supposed to maintain its value against the US dollar.

He was one of a number of crypto bosses to face charges in the US after digital tokens slumped in 2022, triggering the failure of several companies.

US District Judge Paul A Engelmayer, who handed down the sentence, said the Stanford graduate had repeatedly lied to investors who trusted him with their money.

“This was a fraud on an epic, generational scale,” he said during Thursday’s court hearing in Manhattan.

“In the history of federal prosecutions, there are few frauds that have caused as much harm as you have.”

Kwon – who pleaded guilty in August to conspiracy to defraud and wire fraud – expressed remorse to the judge.

“I have spent almost every waking moment of the last few years thinking of what I could have done different and what I can do now to make things right,” he said.

Prosecutors alleged that when TerraUSD fell below its $1 peg in May 2021, Kwon told investors that a computer algorithm had restored its value.

Instead, Kwon had arranged for a trading firm to secretly buy millions of dollars of the coin to artificially boost its value, according to court documents.

Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid

December 11, 2025

VANCOUVER, BC, Dec. 11, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted the notice of Lundin Mining’s intention to renew its normal course issuer bid (the “NCIB”). Unless otherwise stated, all values presented are in United States dollars.

The Company is committed to delivering shareholder returns through a balanced approach of dividends and share buybacks, with a total annual allocation of approximately $220 million. As part of its shareholder distribution policy (see news release dated March 26, 2025), the Company will pay a quarterly dividend of C$0.0275 per common share of the Company (the “Common Shares”) while allocating up to approximately $150 million per annum in share buybacks through the Company’s NCIB. If the Company allocates less than $150 million in share buybacks in a calendar year, the shortfall will be distributed as a special dividend. If applicable, the special dividend will be paid alongside the regular 4th-quarter dividend.

Under the Company’s previous NCIB that commenced on December 16, 2024 and expires on December 15, 2025, the Company sought and received approval from the TSX to acquire up to 57,597,388 Common Shares. As of December 5, 2025, the Company acquired 17,474,000 Common Shares in the market for cancelation at an average price of C$13.09 per Common Share. Such amount includes the purchase of 14,229,000 Common Shares since January 1, 2025 in accordance with the Company’s 2025 shareholder distribution policy.

Normal Course Issuer Bid

The approval of the NCIB allows the Company to purchase up to 67,723,868 Common Shares, representing 10% of the 855,770,029 issued and outstanding Common Shares as of December 4, 2025, minus those Common Shares beneficially owned, or over which control or direction is exercised by the Company, the senior officers and directors of the Company and every shareholder who owns or exercises control or direction over more than 10% of the outstanding Common Shares, over a period of twelve months commencing on December 16, 2025. The NCIB will expire no later than December 15, 2026.

All purchases made pursuant to the NCIB will be made on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 624,337 Common Shares, which represents 25% of the average daily trading volume of 2,497,350 Common Shares on the TSX for the six months ended November 30, 2025. The price that Lundin Mining will pay for Common Shares in open market transactions will be the market price at the time of purchase.

In connection with the NCIB renewal, Lundin Mining entered into an automatic share purchase plan (“ASPP”) with its designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise (any such period being a “Blackout Period”). Before entering a Blackout Period, the Company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the plan. At this time, the Company has not instructed the broker to actively repurchase Common Shares. Purchases made pursuant to the plan, if any, will be made by the Company’s designated broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the written agreement entered between the Company and its designated broker. Outside of these Blackout Periods, Common Shares will be purchasable by Lundin Mining at its discretion under its NCIB.

The ASPP will terminate on the earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and (iii) the ASPP otherwise terminates in accordance with its terms. The ASPP constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and the agreement governing the plan has been pre-cleared by the TSX.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be cancelled.

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with four operating mines in Brazil, Chile and the USA. We produce commodities that support modern infrastructure and electrification. Built for growth, ready for opportunity, our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world’s largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. With a legacy of value creation in the base metals sector, Lundin Mining has a proven track record of resource growth, operational excellence, and responsible development. We are committed to safety, sustainability, and delivering long-term value for stakeholders. Lundin Mining’s shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on December 11, 2025 at 16:00 Pacific Time.

Cautionary Statement in Forward-Looking Information

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements with respect to Lundin Mining’s shareholder distribution policy, including the payment of quarterly or special dividends, proposed NCIB, the Company’s pre-defined plan with its broker to allow for the repurchase of Common Shares and the timing, number and price of Common Shares that may be purchased under the NCIB. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information.

 Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; the Company will continue to pay dividends in accordance with its current shareholder distribution policy; the Common Shares will, from time to time, trade below their value; the Company will complete purchases of Common Shares pursuant to the NCIB; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: the market price of the Common Shares being too high to ensure that purchases benefit the Company and its shareholders; factors affecting the payment of dividends; and other risks and uncertainties, including but not limited to those described in the “Risks and Uncertainties” section of the Company’s MD&A for the three and nine months ended September 30, 2025 and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. There can be no assurance that the Common Shares will, from time to time, trade below their value and that the Company will complete purchases of Common Shares pursuant to the NCIB, or that dividends will continue to be paid in the future or on the same terms currently intended by the Company. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

SOURCE Lundin Mining Corporation

Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, stated that Pakistan considers Bitcoin and digital assets to be crucial aspects that will play a significant role in the country’s new financial system, benefiting its 240 million population. This perspective highlights the potential for Pakistani officials to consider regulating the crypto market.

This outlook was noted at the Bitcoin MENA Conference a few days after Saqib shared a statement dated Tuesday this week, declaring that the country can no longer rely on outdated economic models. Therefore, according to him, “a new engine”, which he referred to as digital assets, is needed to boost economic growth. 

Saqib refers to digital assets as essential aspects for Pakistan’s new financial system

During a discussion in Abu Dhabi, the senior official argued that they do not view Bitcoin, digital assets, and blockchain as speculative tools, but as an important part of their infrastructure. 

Saqib further explained that they are not just distractions but play a significant role in establishing the basis for a new financial system for developing nations.

Saqib, who was recently appointed Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) and previously served as Special Assistant to the Prime Minister on Blockchain and crypto matters, highlighted that he is working towards a major goal of transforming the largest unregulated cryptocurrency markets into a favourable investment environment.

According to him, Pakistan has the potential to develop a regulated crypto ecosystem as soon as possible, given that 70% of the population belongs to the 30-year-old age group, rather than becoming a late adopter.

“My message is straightforward,” he stated. “If El Salvador can achieve this with 6 million people, just think about what Pakistan could accomplish with a population 40 times larger and one of the fastest-growing digital sectors in Asia.” 

Following the senior official’s argument, analysts weighed in on the situation. They pointed out that Pakistan is increasingly becoming one of the fastest-growing cryptocurrency markets globally. 

Their remarks came after the country moved up six spots to solidify its top position as the third in Chainalysis’ 2025 Global Crypto Adoption Index. 

Pakistan positions itself as a hub for digital assets 

Earlier this month, Saqib informed reporters that the country is preparing to establish a strategic Bitcoin reserve. He also noted that Pakistan is working towards adopting more supportive policies specifically for cryptocurrency. 

This move sparked excitement among individuals who are advocates of cryptocurrencies. To further illustrate their commitment to exploring the crypto ecosystem, Pakistan reported allocating 2,000 megawatts of additional electricity to support Bitcoin mining activities and the construction and operation of AI data centres that same month. This time round, the country embraced national efforts essential to enable it to go digital.

This move triggered reports to reach out to financial leaders in the country to explain this plan further. Respondingly, they mentioned that this plan aims to attract significant foreign investment and create new high-tech jobs by diverting excess power supply to AI and crypto initiatives.

To position itself as a hub for digital assets, Pakistan notified international crypto firms in September that they are accepting applications for licenses under the country’s new federal regulations. For leading exchanges and service providers interested in exploring the market, the PVARA advised them to begin submitting their interest.

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(Bloomberg) — Asian stocks opened higher after US shares and a broader gauge of global equities hit fresh records, helped by the Federal Reserve’s third consecutive interest-rate cut.

MSCI Inc.’s gauge of Asian shares was up 0.5% in early trading, with benchmarks in Japan and Australia rallying about 1%. Shares of SoftBank Group Corp. jumped more than 5% after people with knowledge of the matter said it is studying potential acquisitions including data center operator Switch Inc.

The S&P 500 climbed 0.2% on Thursday. Despite the record highs, some caution for tech names persisted, as Broadcom Inc.’s shares slid in late trading after the chipmaker’s outlook for artificial intelligence revenue failed to meet investors’ lofty expectations. US stock futures were lower on Friday, with contracts on the tech-heavy Nasdaq 100 down 0.2%.

“The momentum should continue into year-end. With rate cuts underway, a new Fed chair on deck, and earnings trending higher, the bull market looks positioned to extend into 2026,” said Gina Bolvin, President of Bolvin Wealth Management Group. “As more companies adopt AI, participation should broaden and sectors beyond the Magnificent Seven may start to show strength.”

Thursday’s action lifted the MSCI All Country World Index — one of the broadest measures of the stock market — to a new closing high. The move placed the global equity benchmark on track for its best year since 2019.

In Asia, Thailand markets will be in focus after Prime Minister Anutin Charnvirakul moved to dissolve parliament, setting the stage for an early election after reports of a key political party backing his minority government moving to withdraw its support.

Yields on 10-year Treasuries edged slightly lower Friday after a small gain on Thursday. Data showed that initial jobless claims rose more than expected in the Dec. 6 week. An index of the dollar, meanwhile, traded around a two-month low.

Elsewhere, copper climbed to a fresh record high and most other industrial metals rose as the Fed delivered the widely expected interest-rate cut and upgraded its growth forecast for the US economy. Gold and silver edged lower in Asia after rising in the previous session. Oil rose and Bitcoin flip-flopped in a tight range around $93,000.

The tech sector also continues to be on traders’ radar after dominating much of the recent market action following Oracle Corp.’s results — which brought worries about valuations and whether heavy spending on AI infrastructure will pay off back into focus.

While the sector has powered the global equities rally this year, overspending fears and lofty valuations have prompted some investors to rotate into other areas. Nvidia Corp. fell 1.6% on Thursday while the Magnificent Seven index of US tech giants dropped 0.6%.

“The effect of Oracle has been greater than the Fed. This already tells us everything as we’ve been witnessing a strong concentration and one theme — AI — leading the market,” said Alberto Tocchio, a portfolio manager at Kairos Partners. “This doesn’t mean that AI is gone or it’s a bubble, but we need to focus on a wider scale.”

Delivering a third consecutive cut, Fed Chair Jerome Powell suggested the Fed had now done enough to help stabilize the threat to employment while leaving rates high enough to continue weighing on price pressures. Traders stuck to bets on two cuts in 2026, even as the Fed’s new projections signaled only one such move.

“The Fed’s ‘hawkish-but-bullish’ cut last night reinforces this: stronger 2026 growth, faster disinflation,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers. “Cuts are continuing, but they’re no longer automatic — and that’s usually a constructive backdrop for equities.”

Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 9:22 a.m. Tokyo time Japan’s Topix rose 1.7% Australia’s S&P/ASX 200 rose 1% Euro Stoxx 50 futures rose 0.9% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1744 The Japanese yen was little changed at 155.64 per dollar The offshore yuan was little changed at 7.0515 per dollar Cryptocurrencies

Bitcoin fell 0.3% to $92,569.93 Ether fell 0.3% to $3,241.07 Bonds

The yield on 10-year Treasuries was little changed at 4.15% Japan’s 10-year yield was unchanged at 1.930% Australia’s 10-year yield was little changed at 4.72% Commodities

West Texas Intermediate crude rose 0.6% to $57.92 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

–With assistance from Joanna Ossinger and Richard Henderson.

©2025 Bloomberg L.P.

Helen Branswell covers issues broadly related to infectious diseases, including outbreaks, preparedness, research, and vaccine development. Follow her on Mastodon and Bluesky. You can reach Helen on Signal at hbranswell.01.

A single-dose oral antibiotic from a new class of drugs was as effective as the previous standard of care at treating uncomplicated urogenital gonorrhea, a study published Thursday in The Lancet reported. If approved for use, zoliflodacin would be a welcome addition to an armamentarium that contains precious few tools to treat Neisseria gonorrhoeae, the wily bacterium that causes the infection.

In fact, the world should learn soon if zoliflodacin, which is being developed as part of a private-public partnership, will be deployed in the fight against gonorrhea. The Food and Drug Administration set a decision date of Dec. 15 to tell the drug’s developers — Innoviva Specialty Therapeutics and the Global Antibiotic Research & Development Partnership, or GARDP — whether it will approve zoliflodacin.

Earlier Thursday, the FDA approved an extension of the license for GSK’s drug Blujeba (gepotidacin) to allow its use in the treatment of uncomplicated urogenital gonorrhea. Earlier this year the antibiotic was approved for the treatment of uncomplicated urinary tract infections.