Oct 6 (Reuters) – ARZAN INVESTMENT MANAGEMENT: * SECURES DEBT FINANCING FROM OAKTREE TO ACCELERATE GROWTH OF ITS HOSPITALITY PLATFORM * AIM- FUNDING WILL ENABLE TO ACCELERATE ITS STRATEGY OF ACQUIRING AND REPOSITIONING VALUE-ADD HOSPITALITY ASSETS ACROSS GCC
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VIDEO SHOWS: FC BAYERN MUNICH TEAM VISITS OKTOBERFEST COMPLETE SCRIPT TO FOLLOW
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TOKYO (Reuters) -Toyota Motor said on Monday that its tender offer for forklift maker Toyota Industries is now likely to begin in February or later, pushing back a previously expected early December launch. The Toyota group had said in June that Toyota Industries would be taken private through a holding company into which Toyota Motor, Toyota Fudosan and Toyota chairman Akio Toyoda would invest, and that the tender offer would start after receiving regulatory approval. (Reporting by Daniel LeussinkEditing by Chang-Ran Kim)
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* UBS expects bullion to reach $4,200/oz by year-end * Fed's Miran wants aggressive rate cuts * Silver hits over 14-year high (Updates for EMEA morning session) By Anmol Choubey Oct 6 (Reuters) – Gold prices touched an all-time high on Monday, soaring above $3,900-per-ounce level, as investors flocked to safe-haven bullion amid the U.S. government shutdown, broader economic uncertainty, and prospects of further Federal Reserve rate cuts. Spot gold was up 1.2% at $3,932.40 per ounce, as of 0730 GMT, after hitting $3,944 earlier in the session. U.S. gold futures for December delivery climbed 1.2% to $3,956.50. Washington will start mass layoffs of federal workers if U.S. President Donald Trump decides negotiations with congressional Democrats to end a partial government shutdown are "absolutely going nowhere," a senior White House official said on Sunday. "There are concerns that (the U.S. government shutdown) could become protracted with a negative impact on U.S. growth," said independent analyst Ross Norman, adding that a pervading sense of caution in financial markets helping gold. Gold has climbed nearly 50% so far this year, underpinned by strong central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking a hedge amid rising trade and geopolitical tensions. This rally, characterised by low participation and primarily driven by central banks with a long-term outlook and steady investors rather than speculative buyers, indicates that any pullback might be milder than expected, Norman said, adding that this could present a buying opportunity on dips while the rally maintains its momentum. Fed Governor Stephen Miran pressed for an aggressive rate-cut trajectory again on Friday, citing the impact of Trump administration's economic policies. Alternative data from both public and private sources indicate signs of weakness in the U.S. labor market amid the government shutdown. Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25 bp cut anticipated in December. "We see both fundamental and momentum-based reasons for gold to rally further, and now expect bullion to reach $4,200/oz by the end of this year," UBS said in a note. Non-yielding gold thrives in a low-interest-rate environment and during economic uncertainties. Spot gold broke the $3,000-per-ounce level for the first time in March. Many brokerages have turned bullish on the rally. Spot silver climbed 1.5% to $48.67 per ounce, hitting its highest level in more than 14 years. Platinum rose 0.7% to $1,616 and palladium gained 1.2% to $1,276.10. (Reporting by Anmol Choubey in Bengaluru; Editing by Sherry Jacob-Phillips)
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VIDEO SHOWS: HIGHLIGHTS OF THE MLB GAME BETWEEN TORONTO BLUE JAYS AND NEW YORK YANKEES SHOTLIST TO FOLLOW SHOWS: TORONTO, ONTARIO, CANADA (OCTOBER 5, 2025) (MLB – See restrictions before use) STORY: Daulton Varsho homered twice, rookie Trey Yesavage struck out 11 and the Toronto Blue Jays defeated the New York Yankees 13-7 Sunday (October 5) to take a 2-0 lead in the American League Division Series. Vladimir Guerrero Jr. added three hits, including the first postseason grand slam in team history in Game 2 of the best-of-five series. Varsho also had two doubles and four RBIs. Yesavage (1-0), making his fourth career major league start, did not allow a hit and walked one in 5 1/3 innings. The other runner he allowed came on an error. He had 10 strikeouts in the first four innings. Ernie Clement contributed a two-run homer and three RBIs and George Springer added a solo shot for Toronto. Cody Bellinger hit a two-run homer for the Yankees and had three RBIs. The next two games as needed will be played in New York on Tuesday and Wednesday. Toronto scored twice in the second against Max Fried (0-1). Varsho doubled and continued to third on right fielder Aaron Judge's error. Clement hit the next pitch to left for his first career postseason home run. The Blue Jays added three in the third. Davis Schneider walked with one out, took third on Guerrero's single and scored on Alejandro Kirk's groundout to first. Varsho stroked an RBI double into the right-field corner. Clement followed with an RBI single to left. In the fourth, Fried allowed an infield hit to Andres Gimenez and walked Myles Straw before Will Warren replaced him and walked Springer to load the bases. Guerrero hit a blast to left on a 2-1 fastball with one out for his second home run in two games. Alejandro Kirk singled and Varsho hit his first postseason homer on a blast to right center. Fried allowed seven runs, eight hits and two walks with one strikeout in three-plus innings. Springer hit his 20th career postseason homer in the fifth. Justin Bruihl replaced Yesavage with one out in the sixth and allowed Judge's infield single and Bellinger's homer. Varsho hit another homer in the sixth. Toronto's Eric Lauer allowed three singles in the seventh to load the bases. Tommy Nance replaced him and yielded Judge's RBI single, Bellinger's sacrifice fly, Ben Rice's RBI double and Giancarlo Stanton's two-run single. (Production: David Grip)
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PARIS (Reuters) -Talks between Airbus, Thales and Leonardo to create a major new European satellite manufacturer have hit a roadblock after existing partners Thales and Leonardo asked for more time, French daily La Tribune reported. Airbus and the other two companies, which own Airbus' main competitor in satellite production, Thales Alenia Space, have been in talks for months to create a new European venture to compete more effectively with Elon Musk's SpaceX. La Tribune reported that talks accelerated last week but hit a last-minute hurdle over the relative workshare to be granted to the three companies. A spokesperson for Airbus said: "Talks with our partners continue and are confidential in nature; it is too early to comment further." Thales and Leonardo did not immediately reply to requests for comment. (Reporting by Tim Hepher, Giulia Segreti; Editing by Kirsten Donovan)
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By Nick Carey MUNICH (Reuters) -Blocked from the U.S. market, Chinese self-driving technology firms are accelerating their push into Europe, setting up headquarters, striking data deals, and road-testing – prompting alarm from local rivals over competition concerns. In China, the world's largest car market, more than half of cars sold – including many entry-level models – now offer autonomous driving technology, sometimes as standard. Beijing is pushing its companies to dominate autonomous-vehicle development globally while crafting national regulations to provide a clear roadmap at home. That expansion is already underway. Reuters spoke to a dozen company executives who described how Chinese firms are using Europe as a beachhead for global expansion, mirroring the push with electric vehicles. "We're focusing on Europe for our global future," said Dong Li, chief technology officer of QCraft, which announced plans for a new German headquarters at last month's Munich auto show, citing a more open environment than in the United States. "There are barriers in the U.S. market," he said, referring to U.S. national security concerns over the data that autonomous driving systems collect. Europe offers a more open regulatory environment, the companies said, although driver-assistance systems there are currently limited to a few luxury models and developers complain about patchwork regulation. European Commission President Ursula von der Leyen called on Friday for a continent-wide push to develop self-driving cars, acknowledging they were already a reality in the United States and China. "The same should be true here in Europe," she said. CHINESE FIRMS TARGET EUROPE FOR GROWTH QCraft, a Beijing-based startup that supplies driver-assistance systems, is working with Chinese and European automakers and expects to sell its technology in Europe within two years. Buses in 26 Chinese cities operate QCraft's Level-4 autonomous technology, meaning they can drive for extended periods without human intervention. Deeproute.ai, another Chinese firm focused on supplying Level-4 technology to automakers, plans to build a European data center once it secures deals now under discussion with European and Chinese automakers. Leading Chinese autonomous-tech developer Momenta, which supplies systems to automakers including Toyota and General Motors, has partnered with Uber to start testing Level-4 technology in Germany next year. Momenta announced in September it will supply driver-assistance technology for Mercedes-Benz in China, starting with the electric CLA sedan. Mercedes has started testing the same technology in Europe, two sources familiar with the matter told Reuters. Momenta "has its eye on that prize: Europe", one of the sources said. EUROPEAN STARTUPS WANT FAIR COMPETITION Other leading Chinese self-driving players including WeRide, Baidu and Pony.ai are also expanding in Europe, said Yvette Zhang, automotive consultant with research firm AlixPartners. Like Chinese EV makers, they see an opportunity to generate higher profits than they can make in China's overcrowded market. "Investors expect growth," she said. "They are looking for other markets to grow." Some European rivals want subsidies and protectionist trade policies while others recognise that Chinese competition could sharpen technology industry-wide and accelerate Europe's lagging development. Jim Hutchinson, CEO of British startup Fusion Processing, which plans Level-4 driverless bus tests next year, argues for stricter oversight, citing national-security and competitive concerns. "If we want to have this technology, we need higher levels of regulation and a bit of intervention for a level playing field," Hutchinson said. 'EUROPE IS THE ONLY MARKET THEY CAN COME TO' Advanced driver-assistance systems that remain pricey in Europe are being offered cheaply – even free – in China by automakers looking to differentiate themselves in the price war. According to research firm Canalys, about 15 million cars sold in China this year – more than 60% – will have Level-2 technology, which allows automated driving under certain conditions but requires human drivers' attention. Chinese regulators in June approved nine automakers for public-road testing of Level-3 systems that allow drivers to look away in most circumstances. Following a U.S. ban on China connected-car technology under President Joe Biden, European governments have been seen as more accommodating to Chinese cars and technology, said Tu Le, founder of consultancy Sino Auto Insights. "Europe is the only market they can come to," he said. "They have to make their move." Alex Kendall, co-founder and CEO of European autonomous-tech firm Wayve, advocates for an open market with streamlined regulations. Chinese competition, he told Reuters, will accelerate growth in a fledgling industry. "How many autonomous vehicles are there in the world today? Not many, right?" Kendall asked. "Even if you're in some subset of the world, there's acres of space to grow." At September's Munich auto show, Chinese self-driving firms including Momenta, QCraft, Horizon Robotics and DeepRoute.ai showed up in force for the first time, alongside Chinese EV makers, to tout their low-priced systems. Momenta's Level-4 testing with Uber will start in Munich, the hometown of BMW, which partners with Momenta in China. The Uber partnership is the "starting point for a broader rollout across Europe," Momenta's European chairman Gerhard Steiger said at the show. DeepRoute.ai CEO Maxwell Zhou echoed that ambition in an interview: "Europe is a huge market," he said. "It's very important for us." EU SEEKS UNIFIED RULES TO COMPETE GLOBALLY Europe's self-driving technology firms are testing their own systems but most European countries do not allow public deployment of anything beyond basic Level 2 systems that require drivers to maintain control at all times. The European Commission is aiming to harmonize a fragmented regulatory landscape for testing and eventual deployment of more sophisticated systems. For now, such testing is limited to a few markets including Britain and Germany. Berlin-based startup Vay is currently testing self-driving technology for robotaxis and buses in Germany and runs a remotely-driven rental car service in Las Vegas and with D'leteren's car rental unit Poppy Mobility. Vay co-founder Fabrizio Scelsi supports the EU push for simplified regional regulations and calls for more government backing to bolster domestic players while embracing foreign innovation. He said Chinese competition will force "European players to sharpen their strategies very quickly," as the race for autonomous dominance shifts gear. (Reporting by Nick Carey; Additional reporting by Rachel More and Norihiko Sihrouzu; additional reporting by Daniel Leussink in Tokyo. Editing by Adam Jourdan, Brian Thevenot and Elaine Hardcastle)
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PRAGUE, Oct 6 (Reuters) – The Czech Republic is likely to start 2026 on a provisional budget, according to a senior official from the opposition ANO party that won a parliamentary election at the weekend. The outgoing centre-right government submitted a 2026 central state budget plan targeting a deficit of 286 billion crowns ($13.81 billion), up from 241 billion seen in the 2025 budget. Prime Minister Petr Fiala's government has cut the overall fiscal gap below the European Union limit of 3% of gross domestic product and expects a 1.9% deficit this year. But the ruling parties lost the election to the populist party of former Prime Minister Andrej Babis, who has promised lavish spending to lift wages, cut taxes and kick-start economic growth. That would upend the central European country's frugal mindset that made it a fiscal standout recently. "Everything will depend on the formation of a new government, which is now the number one priority," ANO official Alena Schillerova, who was finance minister in a previous Babis-led government, was quoted as telling CTK news agency on Sunday. "Avoiding an interim budget regime, even given the low quality of the budget of the outgoing minister, is very unlikely." ANO, which won 80 of the 200 seats in the lower house, is seeking partners to secure a majority and talks are expected to last weeks or months, leaving little time to resubmit and approve a new 2026 budget plan. A provisional budget will limit discretionary spending at the previous year's level until lawmakers approve a new budget. ($1 = 20.7090 Czech crowns) (Reporting by Jason Hovet; editing by Mark Heinrich)
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VIDEO SHOWS: HIGHLIGHTS OF THE MLS GAME BETWEEN VANCOUVER WHITECAPS AND SAN JOSE EARTHQUAKES COMPLETE SCRIPT TO FOLLOW SHOWS: VANCOUVER, BRITISH COLUMBIA, CANADA (OCTOBER 5, 2025) (SOCCER UNITED MARKETING – Editorial use only. No more than two minutes use per match. Must on screen courtesy 'MLS on Apple'. No use after December 31, 2025. No monetisation. No resales. No sublicensing) TO FOLLOW STORY: TO FOLLOW
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By Rocky Swift and Junko Fujita TOKYO (Reuters) -Japanese shares surged to a record high on Monday, while the yen and long-term bonds tumbled as Sanae Takaichi was all but confirmed to become the country's next premier, stoking bets on a revival in big spending and loose monetary policy. The Nikkei 225 Index soared 4.75% to close at 47,944.76. It traded as high as 48,150.04, breaking through three psychologically key thousand-point barriers for the first time ever. The broader Topix gauge jumped 3.1%. The 30-year Japanese government bond (JGB) plunged, sending the yield to a record high. Meanwhile, the yield on the two-year note slid, reflecting expectations of later rate hikes by the Bank of Japan. The yen tumbled nearly 2% against the dollar and traded at an all-time low versus the euro. Takaichi was considered to have the most expansionist fiscal and monetary agenda among five candidates in the Liberal Democratic Party race to replace hawkish Prime Minister Shigeru Ishiba. "The Nikkei was on course to reach as high as 48,000 by year-end, but because Takaichi was chosen as the LDP leader, it shot up toward that level already," said Hitoshi Asaoka, the chief strategist at Asset Management One. "The market welcomes her spending policy, but whether she can achieve that goal is not certain, as the LDP is still a minority party. The Nikkei may retreat once before year-end." NEW POLICY DYNAMICS Takaichi began eyeing cabinet posts on Monday, with media reporting she planned to install former defence minister Minoru Kihara as chief cabinet secretary and bring back ex-foreign minister Toshimitsu Motegi as the country's top diplomat. Her pick for finance minister, which will be closely watched by investors, was unclear. In the lead-up to the LDP race, a "Takaichi trade" emerged – long on stocks and bearish on Japanese government bonds, particularly longer maturities – positioning for a win by the veteran lawmaker who is a devotee of the "Abenomics" stimulus policies of the late Shinzo Abe. Yields on two-, five-, and 10-year JGBs had all reached levels not seen since the financial crisis in 2008 in the run up to the LDP election on bets the BOJ could raise rates as early as this month's meeting. Long-term JGB yields had fallen, flattening the so-called yield curve. In a run-off vote on Saturday, Takaichi beat farm minister Shinjiro Koizumi, who was seen as more laissez-faire on monetary policy. "The market had bet that Koizumi would win, and they were positioned for curve flattening," said Miki Den, the senior Japan rate strategist at SMBC Nikko Securities. "But because the bet on Koizumi was so strong, it will take time to unwind the flattening positions." The yen sank 1.8% to 150.13 yen versus the dollar and weakened to 176.22 against the euro, an all-time low. The yen swaps market on Monday indicated a 41% likelihood of a rate hike by December, down from 68% on Friday. As a candidate, Takaichi proposed boosting investment in strategic business sectors, including artificial intelligence, semiconductors, nuclear fusion and defence. Shares in those sectors were among the biggest gainers in Tokyo trading. Mitsubishi Heavy Industries, a major military contractor, jumped 11%, and Japan Steel Works, a supplier of nuclear energy machinery, soared more than 15%. Yields on long-term debt face upward pressure on expectations Takaichi will push for more deficit spending, adding to concerns about Japan's creditworthiness. The yield on the 40-year JGB, the longest tenor, soared 12.5 basis points to 3.505%. The 30-year yield briefly reached 3.29%, an all-time high. An auction of 30-year JGBs on Tuesday will be closely watched for signs of concerns about Japan's finances and debt management under Takaichi. Despite a modest issuance amount, the debt sale "is expected to be weak because investors —wary of higher term-premia after Ms. Takaichi's ascent and possible fiscal stimulus— are reluctant to add long-duration risk," Shoki Omori, the chief desk strategist at Mizuho Securities, wrote in a note. After her LDP victory, Takaichi told a press conference the government and central bank must work closely to ensure Japan's economy achieves demand-driven inflation backed by rising wages and corporate profits. (Reporting by Junko Fujita and Rocky Swift; Additional reporting by John Geddie and Kevin Buckland; Editing by Sam Holmes)
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