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German chemical company BASF has approached rival Evonik and its largest shareholder RAG Foundation about a potential merger, according to the Financial Times. However, a source familiar with the matter told Reuters that Evonik is currently not aware of any takeover approach. The FT reported that BASF has been consulting with banks about a possible takeover since earlier this year.

• BASF has reportedly been speaking to banks about a potential Evonik takeover since earlier in the year
• Evonik's spokesperson declined to comment, while a source said the company was not aware of any takeover approach
• The approach includes discussions with RAG Foundation, Evonik's largest shareholder

ADARx Pharmaceuticals raised $446.3 million in an upsized U.S. IPO, selling 26.3 million shares as investor appetite for biotech listings remains strong. The San Diego-based drug developer will begin trading on Nasdaq under the symbol 'ADRX' on Friday, reflecting continued momentum in the biotech IPO market.

• Biotech has emerged as a bright spot in 2024's IPO market, with investors favoring the sector's relative insulation from geopolitical conflicts and AI-driven disruption
• ADARx's lead drug candidate, onvuzosiran, is in late-stage testing for hereditary angioedema, a rare genetic disorder causing sudden swelling attacks
• AbbVie agreed to invest up to $100 million in a concurrent private placement, acquiring approximately 4.9% stake in the company post-IPO

Ukrainian President Volodymyr Zelenskiy said the EU and IMF recognize the need to help Ukraine cover its budget deficit and defense costs. Ukraine is seeking an additional $27 billion from partners this year for defense spending as war costs escalate. Kyiv has requested accelerated disbursement of EU loans and needs to secure a funding plan for next year's budget by November.

• Ukraine needs $27 billion more in 2024 for defense due to intensified long-range drone and missile attacks and fighting along a 1,200-km front line
• Zelenskiy emphasized urgent need to order drones in October-November or face challenges in early 2025, receiving positive response from EU Commission President von der Leyen
• An IMF mission for a second review of Ukraine's financing program is expected in November, requiring Kyiv to present a concrete plan for funding next year's budget including social and humanitarian spending

The US Federal Reserve is preparing to raise asset thresholds that trigger stricter bank oversight, potentially proposing changes later this year to account for inflation and economic growth since the thresholds were set in 2019. The move would lift the $700 billion threshold to around $960 billion and the $100 billion threshold closer to $150 billion, giving banks more room to grow without incurring costly additional regulations. The changes are expected to spur consolidation among mid-size lenders that have been avoiding deals to stay below current regulatory thresholds.

• Banks like U.S. Bancorp, Capital One, PNC Financial and Truist near the $700 billion threshold would gain more room to grow without facing the toughest Fed oversight requirements including daily reporting to supervisors
• Mid-size banks with $50 billion to $700 billion in assets completed just 33 acquisitions over the past decade, with only seven deals last year, as institutions avoided breaching regulatory thresholds
• Crossing the $100 billion threshold typically requires tens of millions of dollars annually in compliance staff, risk management systems, stress-testing capabilities and regulatory reporting infrastructure

American businesses significantly increased orders for Chinese goods in the weeks before the Trump-Xi summit, according to a private survey of 1,296 Chinese companies conducted between September 1-22. The unexpected surge in U.S.-bound shipments, rising on both monthly and yearly bases, came as companies anticipated continued stability in bilateral relations following the summit. The two countries agreed to extend their trade truce to January, suspending restrictive controls and delaying additional tariffs.

• China Beige Book reported a 'surprise' jump in U.S. orders as China's relative tariff position improved, though overall domestic and export orders remained below year-earlier levels
• The effective U.S. tariff rate on Chinese goods stands at around 23%, significantly higher than rates imposed on other major trading partners
• Eurasia Group raised its odds of continued U.S.-China stability to the highest level since Trump returned to office, with both sides expected to pursue near-term commitments including rare-earth export licenses and agricultural purchases

Lee Reiber, CEO of Virginia-based Oxygen Forensics, and Russian national Oleg Davydov were arrested and charged with conspiracy to commit wire fraud for allegedly concealing the company's Russian ownership from U.S. government agencies. The digital forensics software firm, whose clients included the Secret Service and Homeland Security, falsely claimed to be independently owned while Russian nationals secretly controlled it through a Cyprus holding company.

• Prosecutors allege Davydov and four other Russian nationals secretly owned and controlled Oxygen Forensics, with software development conducted by a Russia-based team, while the company certified itself as independent to U.S. agencies
• The false certifications helped Oxygen secure a five-year, $12 million contract with a Secret Service training unit in 2024, and investigators seized the company's bank accounts and roughly 57 web domains
• The charges followed public allegations made by a fired employee in a YouTube video in February, prompting Oxygen to sue him for defamation in August, weeks before the criminal case became public

Oil prices fell slightly on Friday as markets weighed the possibility of a US-Iran truce against continued Houthi attacks on Saudi oil facilities. Negotiators in New York are discussing a phased path out of war that would involve Iran reopening the Strait of Hormuz in exchange for lifting US economic sanctions. The decline came after a volatile week where Brent rose 2.09% and both contracts spiked as much as 5% on Thursday.

• Brent crude fell 0.69% to $105.85 per barrel while WTI dropped 0.86% to $93.80, following Thursday's sharp gains of 3.4% and 2.7% respectively
• Since the war began in February, approximately 20% of global oil and gas shipments have been curtailed, driving prices up 50% in March alone
• Saudi Arabia intercepted Houthi missiles targeting the Taif province and Yanbu Red Sea area, highlighting that critical oil infrastructure remains vulnerable despite diplomatic progress

Insurance Australia Group settled a A$2.8 billion ($1.96 billion) lawsuit brought by Credit Suisse over losses related to the 2021 collapse of Greensill Capital. The settlement, with undisclosed terms, resolves claims tied to trade credit insurance policies issued to Greensill entities and follows a separate A$4 billion settlement earlier this year.

• The lawsuit related to policies issued by IAG's BCC Trade Credit unit to Greensill entities, with claimed amounts totaling A$2.8 billion plus interest
• This is IAG's second major Greensill-related settlement in 2024, following a A$4 billion agreement with Greensill Bank administrators months earlier
• IAG stated the settlement will not materially impact its 2027 financial results, though a separate A$170 million lawsuit from White Oak remains ongoing

OpenAI is expected to preview GPT-6 Cyber, a cybersecurity-focused AI model, within days, according to Fortune. The company also plans to launch a new product to help customers deploy the model more securely and automatically. Reuters could not independently verify the report, and OpenAI has not commented.

• GPT-6 Cyber represents OpenAI's move into specialized cybersecurity AI applications
• A companion product will be released to enable more secure and automated deployment for customers
• The report comes from multiple sources familiar with the plans but remains unconfirmed by OpenAI

Anthropic is seeking shareholder approval for a voting control structure that would grant its seven co-founders a combined 50.1% of voting power ahead of a potential IPO. The arrangement mirrors Palantir's founder-control model and would remain in effect as long as three of the seven co-founders retain a minimum number of shares. This move aims to preserve founder control as the AI company prepares for public markets.

• The voting structure would give seven co-founders combined 50.1% voting control, emulating Palantir's governance model
• Control requires at least three of the seven co-founders to maintain a minimum share threshold
• The arrangement is being structured ahead of Anthropic's anticipated initial public offering

Costco Wholesale exceeded quarterly revenue estimates, reporting $95.72 billion for the fourth quarter versus Wall Street's $94.86 billion estimate. Strong demand for essential goods from inflation-conscious shoppers drove increased foot traffic to the warehouse retailer's stores.

• Quarterly revenue of $95.72 billion beat analyst estimates of $94.86 billion
• Resilient demand for essentials from shoppers squeezed by high inflation fueled warehouse traffic
• Performance demonstrates Costco's competitive position as consumers seek value amid persistent inflationary pressures

The Dow Jones fell 162 points (0.32%) on Thursday as Treasury yields reached multidecade highs and oil prices surged on supply concerns. The 30-year Treasury yield hit 5.491%, its highest since June 2004, while oil climbed over 3% following Houthi attacks on Saudi Arabia and concerns about Strait of Hormuz disruptions.

• Treasury yields surged to multidecade highs: 10-year yield reached 5.21% (highest since July 2007) and 30-year yield hit 5.491% (highest since June 2004)
• Fed funds futures now show 71% probability of an October rate hike, up from 55% a week earlier, following stronger US business activity data
• Oil prices jumped sharply with Brent crude rising over 4% to above $107/barrel and WTI up 3% to around $95 amid Houthi attacks and Strait of Hormuz supply disruption concerns

Alaska Air expects Boeing's 737 MAX 10 to receive FAA certification by the end of September, with the airline planning to take delivery of its first aircraft next spring and put it into passenger service between April and mid-May. The certification is already several years behind schedule, and any further delays could threaten Alaska's timeline for deploying the new single-aisle jet.

• Alaska Air plans to take delivery of its first 737 MAX 10 next spring and begin passenger service between April and mid-May
• After FAA certification, Alaska must separately certify its heads-up display for pilots, which will take a 'few months'
• The airline's COO acknowledged the tight timeline is 'sporting' but said they are 'not panicking yet' about potential delays to the already years-late certification

The Senate is voting on a measure to end the U.S. war with Iran as Americans face high fuel costs linked to the conflict, with gas prices averaging $4.48 per gallon nationwide. The concurrent resolution would direct President Trump to remove U.S. troops from Iran unless Congress explicitly authorizes the war, though the measure is largely symbolic as it does not carry force of law.

• The measure requires only 50 votes to pass the Senate and has already passed the House in July, with Democrats seeing increased Republican support as midterm elections approach
• Gas prices have spiked to $4.48 per gallon nationwide during the conflict, with diesel prices particularly stressing farmers and truckers in midwestern states
• The vote timing is politically significant as it comes less than six weeks before midterm elections, creating pressure on incumbent Republicans who must explain rising fuel costs to voters

US news outlets MS NOW and CNN announced on Thursday that they have been granted access to the White House. This follows President Donald Trump's September 18, 2026 announcement banning these outlets, along with Politico, from White House access. The reversal marks a significant development in the ongoing tension between the Trump administration and certain media organizations.

• Trump initially banned CNN, MS NOW, and Politico from the White House on September 18, 2026
• Both MS NOW and CNN confirmed they received White House access as of September 24, less than a week after the ban
• The article does not clarify whether Politico has also regained access or the specific terms of the access restoration

BNP Paribas signed a five-year cloud and AI partnership with Google but will keep sensitive customer data and critical operations off public cloud infrastructure. The French bank will use Google's public cloud and Gemini AI models for internal applications like credit memos and trading, while maintaining on-premise infrastructure for highly confidential data such as medical information from insurance operations.

• The deal grants BNP access to Google's public cloud infrastructure and Gemini models for AI agents supporting corporate credit, sales, trading, and research functions
• Highly sensitive data like medical information from insurance operations will remain off public cloud, with BNP maintaining its on-premise infrastructure and partnership with French AI firm Mistral
• Google confirmed BNP retains data ownership and that customer data will not be used to train or refine Google's AI models, while less sensitive tasks like invoice processing may use Google technology

PepsiCo plans to raise prices on select chip brands in the low- to mid-single-digit percentage range to offset rising costs, following earlier price cuts of up to 15% implemented in February 2026. The company is struggling with weak North American demand, shifting consumer preferences toward healthier snacks, and elevated commodity costs driven by higher fuel prices from the Iran war.

• New prices will remain lower than pre-February 2026 levels and affect grocery-sized bags of Doritos, Ruffles, and some sodas by end of 2026 or early 2027
• PepsiCo's North America food business posted a 2% sales drop in Q2 2026, with volumes remaining negative throughout the year despite price cuts
• Activist investor Elliott Investment Management holds a roughly $4 billion stake and is pressuring the company to revive its soda business and boost market share

Paramount Skydance announced a $7.5 billion senior secured term loan as part of broader financing to fund its $110 billion acquisition of Warner Bros Discovery. The deal recently cleared final domestic legal hurdles after settling litigation with California-led states and the Writers Guild of America. The combined company is expected to carry approximately $80 billion in debt upon deal closure.

• Paramount plans to raise $44.4 billion in additional secured debt beyond the $7.5 billion term loan and previously announced financings
• Proceeds will fund the Warner Bros Discovery purchase and repay existing debt, utilizing cash on hand and prior equity financing
• As part of settlement terms, Paramount agreed to increase U.S. film production and establish an editorial-independence board for CBS and CNN, avoiding forced asset sales

Oracle's stock declined following reports that the company issued a force majeure notice related to a data center project. The notice suggests Oracle may be unable to fulfill contractual obligations for the project due to circumstances beyond its control. This development raises concerns about Oracle's cloud infrastructure expansion plans.

• Oracle issued a force majeure notice on a data center project, indicating potential delays or inability to meet project commitments
• The company's shares fell in response to the news, reflecting investor concern about cloud infrastructure development
• Force majeure typically refers to unforeseeable circumstances that prevent contract fulfillment, potentially impacting Oracle's competitive position in cloud services

Darden Restaurants reported fiscal first-quarter earnings and revenue that missed Wall Street expectations, driven primarily by slowing same-store sales growth at its flagship Olive Garden chain. While the company's overall same-store sales grew 3.1%, Olive Garden managed only 1.1% growth as consumers became more selective with spending.

• Olive Garden same-store sales grew just 1.1%, significantly underperforming the portfolio average of 3.1% as diners cut back on spending
• LongHorn Steakhouse led the portfolio with 6.2% same-store sales growth, continuing its streak as Darden's top performer
• Darden reiterated its fiscal 2027 forecast of $13.60-$13.75 billion in total sales despite the quarterly miss