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(Reuters) -Shares in U.S. quantum computing firms surged in premarket trading on Thursday after the Wall Street Journal reported President Donald Trump's administration is in talks to take equity stakes in exchange for federal funding. Shares of IONQ, Rigetti, D-Wave Quantum and Quantum Computing surged between 12% and 14% after the report said the companies are in talks about the U.S. government becoming a shareholder as part of the agreements. A U.S. Commerce Department official told Reuters in an email that the department is "not currently negotiating with any of the companies". The Defiance Quantum ETF, which tracks companies whose products or services are tied to the development of quantum computing and machine learning technology, added 2.6%, set to build on its 32% gain so far this year. The Trump administration has ramped up efforts to secure U.S. supply chains for critical minerals and semiconductors by converting federal grants to companies into equity stakes, aimed at reducing reliance on China. The administration has taken or discussed stakes in several companies including Lithium Americas, MP Materials and Intel as part of the shift to direct ownership from traditional subsidies. Quantum computers tap into quantum mechanics to solve problems that would take classical computers thousands of years or more. But existing quantum computers must dedicate so much of their computing power to fixing errors that they are not, on net, faster than classical computers. In February, Microsoft unveiled a new chip that it said showed quantum computing is "years, not decades" away, while IBM in June said it plans to have a practical quantum computer by 2029. (Reporting by Danilo Masoni and Medha Singh; Editing by Amanda Cooper; Editing by Saumyadeb Chakrabarty)

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By Giulia Segreti and Tim Hepher ROME/PARIS (Reuters) -Europe's largest space groups unveiled a preliminary deal on Thursday to join forces in satellite manufacturing and services after months of negotiations to counter the runaway growth of rivals led by Elon Musk's Starlink. The deal between Airbus, Thales and Leonardo will forge a new France-based venture starting from 2027 in the most ambitious tie-up of European aerospace assets since MBDA missiles maker in 2001. French Finance Minister Roland Lescure said the deal would "strengthen European sovereignty in a context of intense global competition". NEW SPACE VENTURE FACES GLOBAL COMPETITION The new combination will employ 25,000 people with revenues of 6.5 billion euros ($7.58 billion), based on 2024 figures. It is expected to generate "mid-triple digit" millions of euros of synergies starting after five years, the companies said, without detailing how these would be achieved. Shareholders now face up to two years of talks with governments, unions and the European Commission over the deal, which has implications for activities in Britain and Germany as well as Italy and France, where the venture will be based. The companies, who have already cut a combined 3,000 jobs in their space businesses, made no mention of further cuts, but executives said the focus would now turn towards potential growth. Code-named "Project Bromo," talks between the three aerospace groups started last year in a bid to copy the co-operation model of European missile maker MBDA, which is owned by Airbus, Leonardo and BAE Systems. Europe's top satellite makers have long competed to build complex spacecraft in geostationary orbit but have been hit by the arrival of cheap tiny satellites in low Earth orbit, notably the proliferating Starlink network built by Musk's SpaceX. Shares in Thales and Leonardo rose more than 2% while Airbus was fractionally higher in early trading. "The initiative is certainly positive, as it creates a European leader capable of competing globally and improves the profitability of a business … that has struggled in recent years," Italian investment bank Equita said in a note. BALANCING PAYMENTS Airbus will hold 35%, while Thales and Leonardo will each hold 32.5%, the companies said, adding the new firm would come under joint control "with a balanced governance structure". Sources familiar with the deal have said those stakes will be adjusted to a third each through balancing payments between shareholders, with Airbus receiving compensation for lowering its initial stake when the deal closes in 2027. The deal will combine activities of Thales Alenia Space and Telespazio – two joint ventures between Leonardo and Thales – as well as various Airbus space and digital businesses, the remaining space activities owned by Leonardo and Thales SESO. Thales CFO Pascal Bouchiat, announcing quarterly sales that included an initial contract for a new European satellite network, hailed the new venture but sounded a cautious note about the scale of competition ahead. "Telecoms activity in space remains under pressure, that's clear. The fact that we had this first development contract for IRIS² doesn't take away the challenges that the European industry, in particular, is facing," he told reporters. Reuters reported earlier this week that the groups had reached a framework deal on the tie-up. Agreement between the three companies – each of which has had periods of prickly relations in the past – was salvaged after sources familiar with the matter said the talks had hit obstacles over governance and valuation during the summer. The trio gave few details of governance but executives pledged to avoid a system of rotating leadership or making appointments based on nationalities which has roiled parts of the European aerospace industry, especially Airbus, in the past. ($1 = 0.8575 euros) (Reporting by Giulia Segreti in Rome and Tim Hepher in Paris;Editing by Alvise Armellini, Sudip Kar-Gupta and Kim Coghill)

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(Reuters) -Swedish telecom operator Telia reported third-quarter core earnings slightly above market expectations on Thursday, driven by profitable service revenue growth and lower operational expenses across most of its markets. Shares of the company rose more than 4% by 0910 GMT, leading gains on the Stockholm blue-chip index. Telia's quarterly adjusted operating profit before depreciation and amortisation rose 4.4% on a like-for-like basis to 8.46 billion Swedish crowns ($898.52 million), a touch above analysts' average forecast of 8.45 billion crowns provided by Telia. Service revenue grew 1% like-for-like driven by continued strong momentum in Sweden and the Baltics, Telia said. It also upgraded its free cash flow forecast to around 8 billion crowns for 2025, from around 7.5 billion crowns previously, and said that it expected full-year capital expenditures to be around 13 billion crowns, versus a previous forecast of below 14 billion. "The revision of the guidance is naturally positive, but it would have been even better if it had come through earnings growth," analyst Joni Grönqvist from research firm Inderes said. Telia reiterated its annual forecast for adjusted EBITDA growth of at least 5% and service revenue growth of around 2%, both on a like-for-like basis. Since presenting a restructuring plan in September 2024, Telia has sold non-core activities, including its TV & Media business, to cut costs and reduce inefficiencies. It also signed a preliminary agreement to divest its Latvian operations. "We have healthy operational momentum in Sweden and the Baltics, and are executing on our plan to strengthen both revenue and overall performance in Norway and Finland," Telia CEO Patrik Hofbauer said in the earnings statement. ($1 = 9.4155 Swedish crowns) (Reporting by Elviira Luoma in Gdansk, editing by Milla Nissi-Prussak and Matt Scuffham)

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(Reuters) -Alphabet's Google has agreed to invest in an instrument that could convert into an equity stake in THG Ingenuity, the demerged arm of British e-commerce firm THG, at a valuation of 750 million pounds ($1.01 billion) or more, Sky News reported on Thursday citing sources. Reuters could not immediately verify the report. ($1 = 0.7451 pounds) (Reporting by Yamini Kalia in Bengaluru; Editing by Krishna Chandra Eluri)

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By Munsif Vengattil and Arpan Chaturvedi BENGALURU (Reuters) -The Indian government has reduced the number of officials who can order content to be taken down from the internet, a move that follows a bitter legal battle with Elon Musk's X that centered around a contentious policy. X, Musk's social media platform, had been in opposition to Prime Minister Narendra Modi's 2023 decision to police the internet by allowing thousands of officials to file takedown orders. In August, Reuters reported that police inspectors were issuing takedown orders on cartoons and satirical posts, sparking one of X's most high-profile legal challenges against a government's content-removal policy. X lost the lawsuit in Karnataka High Court in September, with a judge ruling that its challenge was without merit and X had to abide by local laws. But late on Wednesday, India's IT ministry changed its policy by limiting the number of people who can issue such orders to top bureaucrats and police officials. Now only bureaucrats with the rank of joint secretary or higher and police officials who are serving as deputy inspector general or above can issue takedown orders, the government said in its modification to the rules. "The government is backing down and reducing its earlier powers that extended to many more officials, but the number of officials who can issue orders will still be in the hundreds," said Akash Karmakar, a partner at Indian law firm Panag & Babu who specializes in technology law. The changes are meant to ensure "additional safeguards to ensure senior-level accountability, precise specification of unlawful content and periodic review of government directions at (a) higher level," a government statement said. X did not respond to a request for comment. It previously said it would challenge the Karnataka High Court's ruling. GOVERNMENT BACKING DOWN, 'REASONED INTIMATION' NEEDED In its court challenge, X argued that India's actions were illegal and unconstitutional, adding that they trampled upon free speech by allowing scores of government agencies and thousands of police to suppress legitimate criticism of public officials. India contended that it was attempting to curb a proliferation of illegal content and ensure accountability online. When it changed its rules on Wednesday, the government did not make reference to its legal fight with the social media platform. In July, X's counsel said in court that every "Tom, Dick, and Harry" in India was illegally issuing takedown orders. The change in rules will become effective on November 15. "The process of challenging these takedown orders remains onerous and inverts the burden of proof on the user whose content is taken down, curbing free speech," said Karmakar, the tech-focused lawyer. The new rules also require content takedown orders to be supported by a "reasoned intimation", "clearly specifying the legal basis and statutory provision invoked, the nature of the unlawful act" as well as the website's address. The earlier rules did not contain such requirements. In another layer of scrutiny, the rules also add a requirement that takedown orders shall be "subject to periodic review" by an officer of secretary rank once a month. (Reporting Munsif Vengattil and Arpan Chaturvedi; Editing by Aditya Kalra and Thomas Derpinghaus.)

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