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By Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar regained its footing in early Asian trading on Thursday after the U.S. Supreme Court said it would hear arguments in January over President Donald Trump's attempt to remove Federal Reserve Governor Lisa Cook, leaving her in the post for now. Market concern about the Fed's independence now "moves to the backburner for the next few months," said Tony Sycamore, market analyst at IG in Sydney. The dollar's broader index measure against a basket of key currencies edged up 0.1% to 97.80, retracing declines after four straight days of losses, as traders pondered the length of the U.S. government shutdown and its effect on economic data releases. "We're in a bit of a void," Sycamore added. "We're effectively done now, in terms of market-moving data, until October 13." The U.S. government shutdown has put the brakes on the flow of federal economic data at a moment of uncertainty and division among policymakers. The Trump administration on Wednesday froze $26 billion for Democratic-leaning states, following through on a threat to use the shutdown to target Democratic priorities. The betting website Polymarket indicates the highest likelihood that the standoff will last between one or two weeks, though there is currently a 34% probability of a longer shutdown, with just shy of $1 million wagered. U.S. private payrolls unexpectedly dropped by 32,000 last month after a downwardly revised 3,000 decline in August, according to data released by ADP on Wednesday. Investors have focused on this report for fresh clues on the health of the workforce, as the shutdown means the Labor Department's more comprehensive and closely followed employment report for September will not be published on Friday. U.S. manufacturing activity also edged up in September, though new orders and employment were subdued as factories grappled with the fallout from Trump's sweeping tariffs. The market is assuming that further policy easing at the Federal Reserve's October meeting is a lock, with Fed funds futures implying a 99.4% probability of a 25-basis-point cut, up from 96.2% a day earlier, according to the CME Group's FedWatch tool. Gold, which has surged to record highs as investors back away from the U.S. dollar, slipped 0.2% in early trading to $3,857.09 per ounce. Against the yen, the dollar traded at 147.305 yen, up 0.2% from late U.S. levels. Against the offshore yuan, the dollar fetched 7.13 yuan, up 0.1% in early Asian trade. Chinese markets are closed for the Golden Week holiday. The euro stood at $1.1725, down 0.04% so far in Asia, after the Wall Street Journal reported the United States will provide Ukraine with intelligence for long-range missile strikes on Russia’s energy infrastructure. Sterling was steady at $1.3474. The Australian dollar was 0.1% weaker at $0.6608, while the kiwi fetched $0.58145, little changed in early trading. (Reporting by Gregor Stuart Hunter)

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(Corrects headline to remove undefined comparison; no changes to story text) (Reuters) -OpenAI generated around $4.3 billion in revenue in the first half of 2025, about 16% more than it generated all of last year, The Information reported on Monday, citing financial disclosures to shareholders. OpenAI said it burned $2.5 billion, in large part due to its research and development costs for developing artificial intelligence and for running ChatGPT, the report added. Reuters could not immediately verify the report. OpenAI did not immediately respond to a Reuters request for a comment. Research and development cost the ChatGPT maker $6.7 billion in the first half, the report said, adding that it had about $17.5 billion in cash and securities at the end of the period. OpenAI looks to meet its full-year revenue target of $13 billion and a cash-burn target of $8.5 billion, the report added. In August, Reuters reported that OpenAI was in early-stage discussions about a stock sale that would allow employees to cash out and likely valuing the company at about $500 billion. Nvidia said last week it will invest up to $100 billion in OpenAI and supply data‑center chips. (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Janane Venkatraman)

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By David French (Reuters) -BlackRock-owned Global Infrastructure Partners is in advanced talks to buy utility group AES, people familiar with the matter said on Wednesday, a deal that could be one of the largest ever involving a U.S.-listed power company.  AES shares soared to close 16.8% higher at $15.37, their highest finish in 11 months, on the news that was first reported by the Financial Times. AES carries consolidated debt of around $29 billion, and after Wednesday's close, its market capitalization stood at $10.94 billion, implying any deal would likely value the company at more than $40 billion.  A transaction could be announced in the coming weeks, according to two of the sources, who cautioned there was no guarantee that an agreement will be reached and talks could still fall through. The two sources, plus two further sources, all of whom spoke on condition of anonymity to discuss confidential deliberations, confirmed that discussions have been ongoing between AES and GIP in recent months.  AES and GIP declined comment.  Power companies are drawing investor interest as artificial intelligence and data centers drive a surge in power demand, spurring a wave of dealmaking across the sector.  AES, which surpassed Wall Street estimates for its second-quarter profit in July, has experienced significant growth in its renewables unit over the past year. This expansion has been fueled by a global push for cleaner sources of power generation, coinciding with projections that U.S. power consumption will reach record levels.  BlackRock last year acquired GIP for $12.5 billion as part of its move to expand its footprint in infrastructure and private markets. GIP has a notable track record in the utility space, including teaming up with CPP Investments last year on a pending $6.2 billion take-private acquisition of U.S. utility Allete. Arlington, Virginia-based AES has power assets on four continents, generating more than 36,000 megawatts, according to its website.  (Reporting by David French in New York and Gnaneshwar Rajan and Mrinmay Dey in Bengaluru, Additional reporting by Ateev Bhandari and Arunima Kumar; Editing by Krishna Chandra Eluri, Mark Porter, Nick Zieminski and Tom Hogue)

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SEOUL (Reuters) -Shares of Samsung Electronics and SK Hynix rallied on Thursday after the South Korean chipmakers signed letters of intent to supply memory chips for OpenAI's data centers. Samsung Electronics rose more than 4% to its highest level since January 2021 and SK Hynix rose more than 8% to an all-time high, leading the benchmark KOSPI index's more than 2% gains to a record. Samsung Electronics' affiliates Samsung SDI, Samsung C&T and Samsung SDS also rose sharply in early Asia trade on partnerships with the U.S. artificial intelligence firm. (Reporting by Jihoon Lee; Editing by Muralikumar Anantharaman)

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By Natalia Siniawski MEXICO CITY (Reuters) -Mexico's auto industry warned of a "complex outlook" ahead of the 2026 review of the United States-Mexico-Canada Agreement (USMCA), with executives citing concerns over tighter rules of origin and scrutiny of Asian content in components. Speaking at the CIAN automotive conference, heavy-vehicle manufacturers expressed concerns about meeting current USMCA trade requirements while adjusting to existing rules. The agreement mandates that a certain percentage of vehicle parts originate from North America to qualify for tariff-free access. "We moved to 64% in 2024 and must reach 70% by 2027; changing the rule now isn't viable," said Rogelio Garcia, head of the National Association of Bus, Truck and Tractor Truck Manufacturers (ANPACT), noting components often cross borders multiple times before final assembly. The industry's concerns come after U.S. President Donald Trump last week announced plans for 25% tariffs on imported heavy trucks. The USMCA, which replaced the North American Free Trade Agreement in 2020, is scheduled for review in 2026. Rogelio Garza, head of the Mexican Association of the Automotive Industry (AMIA), called for increased coordination among industry groups across North America, stating, "it's the same industry." Mexico also plans to raise tariffs on automobiles from China and other Asian countries to 50%, part of a broader overhaul of import levies aimed at protecting jobs and addressing U.S. concerns, according to analysts. Francisco Gonzalez, head of the national auto-parts association INA, highlighted the need for faster development of smaller local suppliers, known as Tier-2 and Tier-3 firms, to strengthen supply chains and boost capabilities in software and electronics. Despite the challenges, industry leaders expressed cautious optimism. "The outlook is complex, but we're prepared,” Garza said. (Reporting by Natalia Siniawski; Editing by Jamie Freed)

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By Ju-min Park SEOUL (Reuters) -South Korean Foreign Minister Cho Hyun said his country and the United States had reached a rough agreement on security in tandem with ongoing tariff negotiations, Yonhap news agency reported. In an interview published on Thursday, Cho also said the U.S. was reviewing a currency swap deal, which was a key demand from South Korea in tariff talks, but signalled it was not optimistic. Washington had agreed to lower tariffs on imports from South Korea in return for a $350 billion investment package, but follow-up negotiations to hammer out details, including the structure of the investment package, have stalled. Cho said the two sides were "actively" negotiating but South Korea might need more time to strike any trade deal with the U.S. than Japan, which signed on to the details of its investment package last month. Meanwhile, Seoul and its ally Washington have also been looking at a deal in security areas such as an increase in South Korean defence spending, which is part of the broader package aimed to push down U.S. tariffs. The minister said Seoul was seeking to announce the security agreement with the U.S. before the summit of the Asia-Pacific Economic Cooperation group in Gyeongju, South Korea in late October. U.S. President Donald Trump is expected to attend the APEC meeting. Trump has said South Korea should be paying for its own military protection and suggested it needed to pay more for the U.S. troop presence there. South Korean President Lee Jae Myung said on Wednesday the country would boost next year's defence budget by 8.2%, highlighting the importance of stronger self-defence. "In the security field, an agreement has already been reached in general, which allows us to increase our national defence capabilities in necessary areas," Cho told Yonhap. Working towards the security deal, top South Korean officials have said the two countries are making progress on giving more rights to South Korea on nuclear fuel processing for industrial purposes. That is currently not allowed under an existing agreement between the two countries. Cho said he did not rule out a possibility of Trump meeting with North Korean leader Kim Jong Un, as some "speculative" media reports suggested. The South Korean president suggested the U.S. president try to meet with Kim during his trip to South Korea. Last month, Kim said he was open to talks with the U.S. if Washington stopped insisting his country give up nuclear weapons, North Korean state media reported. (Reporting by Ju-min Park; Editing by Jamie Freed and Chris Reese)

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TAIPEI (Reuters) -Taiwan will not agree to a deal with the United States for half of all semiconductor production to take place in the country, the island's top tariff negotiator said on Wednesday after returning home. U.S. Secretary of Commerce Howard Lutnick told U.S. television network NewsNation over the weekend that Washington's pitch to Taiwan would be a 50-50 split in making chips, the vast majority of which are now made on the island. Taiwan Vice Premier Cheng Li-chiun, who is leading the tariff talks with Washington, told reporters upon getting back to the island that she had not discussed the 50-50 idea suggested by the U.S. during the talks. "Our negotiating team has never made any commitment to a 50-50 split on chips. Rest assured, we did not discuss this issue during this round of talks, nor would we agree to such conditions," she said, according to Taiwan's official Central News Agency. Neither the U.S. Commerce Department nor the Office of the United States Trade Representative responded to requests for comment sent outside of U.S. business hours. Taiwan, home to the world's biggest contract chipmaker TSMC, runs a large trade surplus with the United States. The island's exports to the United States are currently subject to a 20% tariff. TSMC, whose business is surging on strong demand for artificial intelligence applications, is investing $165 billion to build chip factories in the U.S. state of Arizona, though the bulk of its production will remain in Taiwan. The company declined to comment on proposals for a 50-50 chip production deal. Taiwan's government said last month that it hoped for a more favourable tariff rate from the United States after talks achieved "certain progress". Speaking in parliament in Taipei on Tuesday, Premier Cho Jung-tai said Cheng had had multiple talks with the United States on tariff issues. "The most critical substantive consultations are currently underway," he said. Cheng, speaking at the airport, said that "detailed" discussions had taken place which yielded "certain progress", the Central News Agency added. Separately, Taiwan's presidential office said late on Tuesday that President Lai Ching-te had met the visiting Luke J. Lindberg, Under Secretary for Trade and Foreign Agricultural Affairs at the U.S. Department of Agriculture. Lai said that a Taiwan agricultural delegation visiting the United States in September planned to buy $10 billion of U.S. agricultural goods over the coming four years, including soybeans, wheat, corn and beef. (Reporting by Ben Blanchard; Editing by Shri Navaratnam and Stephen Coates)

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By Rozanna Latiff, Danial Azhar and Mei Mei Chu KUALA LUMPUR/BEIJING (Reuters) -China and Malaysia are in early talks for a project to process rare earths, with sovereign wealth fund Khazanah Nasional likely to partner with a Chinese state-owned firm to build a refinery in the Southeast Asian nation, people familiar with the matter said. If the joint venture takes shape, it would represent a significant policy departure for China, the world's top supplier and refiner of rare earths, which has banned export of its processing technology to protect its dominance of the industry. Beijing is ready to swap its technology for access to Malaysia's untapped rare earths reserves, seeking to limit competition from Australian rival Lynas Rare Earths, which has a processing plant in the central state of Pahang, said two sources in Malaysia with knowledge of the talks. All four sources who spoke to Reuters for this report sought anonymity because the matter is a sensitive one.      Khazanah Nasional and Malaysia's natural resources and trade ministries did not immediately respond to requests for comment on the talks. China’s State Council Information Office, which handles media queries on behalf of the government, did not immediately respond to a Reuters request for comment due to the National Day holiday. ROADBLOCKS AHEAD, SAY SOURCES  A Malaysian source said the plan faced several roadblocks, however, such as China's concern whether Malaysia would be able to supply enough raw material for the plant.  Two of the sources said Malaysia was also concerned by the potential environmental impact and regulatory hurdles, since mining activities typically require approvals and licensing from both state and federal government authorities. Malaysia has said it did not support rare earths mining in sensitive locations such as permanent forest reserves and water catchment areas. Global manufacturers are scrambling to secure alternative supplies of rare earths, after Beijing's export curbs this year led to output delays for major automakers and magnet producers. Malaysia has some 16.1 million metric tons of rare earth deposits, the government estimates, but lacks the technology to mine and process them.  It has banned companies from exporting raw rare earths to prevent loss of resources. The only exception was granted in 2022 to a pilot mining project aimed at helping to set national operating and licensing guidelines for extraction of the rare earths. Australia's Lynas, the world's largest rare earths producer outside China, signed a deal in May with Malaysia's eastern state of Kelantan for a future supply of mixed rare earths carbonate, seen as an effort to develop the local industry.   REFINERY TO HANDLE BOTH TYPES The proposed refinery is expected to process both light and heavy rare earths, two Malaysian sources said. These elements are critical to the manufacture of products from cars and mobile phones to military equipment.  Heavy rare earth metals, used widely in the development of clean technology, are less common, however, and some elements face shortages amid high demand. In August, Johari Abdul Ghani, Malaysia's minister for natural resources said China was prepared to provide technical and technological assistance in processing rare earths. However, President Xi Jinping had asked to restrict cooperation efforts to state-linked companies so as to protect trade secrets, Johari said, adding that discussions were still preliminary and no deal had been reached.  A successful deal would make Malaysia one of the few countries with both Chinese and non-Chinese rare earths processing technology, Johari added. (Reporting by Rozanna Latiff and Danial Azhar in Kuala Lumpur and Mei Mei Chu in Beijing; Additional reporting by Ryan Woo in Beijing; Editing by Clarence Fernandez)

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By Supantha Mukherjee STOCKHOLM (Reuters) -When Daniel Ek founded Spotify in 2006, a viable music product was a "moon shot." The global music industry was struggling with years of declining sales, online music piracy was rampant, and services like Apple's iTunes were pricey. Ek, then a 23-year-old coder, believed if access to music was as easy as turning on a tap – in a way that was legal and fair to artists – users would come. The key was streaming, not downloads, an idea that revolutionized the industry and catapulted Spotify into a $140 billion music powerhouse. The serial entrepreneur, who announced on Tuesday he will step down as Spotify's CEO next year, has his sights set on building the next Spotify — albeit not in the music industry. Ek told Reuters on Wednesday he wants to focus on companies in Europe that are "working on some of the biggest challenges through technology that make a meaningful difference." "Big challenges often appear impossible until someone decides to tackle them," Ek said in an email. "At Spotify, we started with what felt like an impossible idea. Nearly 20 years later, that idea is used by almost three-quarters of a billion people around the world … What once looked unreasonable is now obvious." Calling himself an "optimist" and a "problem-solver at heart," Ek said, "We’re at a crossroads for the kind of future we want to build" and that transitioning into the role of executive chair at Spotify would give him the chance to dedicate more of his time to this kind of problem-solving and building beyond Spotify. Ek has pledged to invest through his venture capital firm Prima Materia 1 billion euros ($1.18 billion) of his own wealth in European “moonshot” projects — early-stage startups in deep technology, AI, and climate and health tech. WAR TECH SPARKS ARTIST BACKLASH In 2018, Ek co-founded Neko Health to help people stay healthy through preventive measures and early detection. The company has raised $325 million in total funding. Ek has also invested in Germany's Helsing, a maker of AI-controlled combat drones that has received over a billion dollars to become the largest defence startup in Europe, valued at $12 billion. This investment, though, has drawn criticism. Music groups including Massive Attack, King Gizzard & the Lizard Wizard, and Hotline TNT removed their music from Spotify in protest.  "Music and weapons are not a good mix," said Simon Dyson, analyst at Omdia. With some high-profile artists pulling their music from the service, "the sounds of protest are starting to become a distraction," he said. A Spotify spokesperson declined to comment on Ek's investment in Helsing, and pointed Reuters to Helsing's statement dated September 17 that said: "We see misinformation spreading that Helsing’s technology is deployed in war zones other than Ukraine. This is not correct. Our technology is deployed to European countries for deterrence and for defence against the Russian aggression in Ukraine only." Ek has weathered criticism before, from artist pay disputes to controversies around Spotify’s podcast investments. Supporters credit him with creating a legal model that drew listeners away from piracy, but critics note Spotify's outsized influence on artists, which has often translated to inequity for independent labels. FROM CODER TO MUSIC INDUSTRY DISRUPTOR Ek, now 42, grew up in a Stockholm suburb and worked in several startups before teaming up with co-founder Martin Lorentzon to start Spotify.  His proposition – music funded by subscriptions and ads – helped redirect fans from piracy and pulled labels, artists and advertisers into a single marketplace.  Under Ek, Spotify pushed three big levers that reshaped the business: price-disciplined subscriptions, algorithmic playlists that could mint hits overnight, and an ever-widening content range, from podcasts to audiobooks.  Ek’s legacy is visible in Spotify user habits – a monthly fee that millions treat as a utility, playlists that serve as cultural gatekeepers, and podcasts that have become a daily routine.  Although Ek plans to focus on building other companies, he intends to stay involved in Spotify. "My Spotify co-founder likes to say that the value of a company is the sum of all problems solved, and history shows that progress often comes from those willing to go against conventional wisdom," Ek told Reuters.  ($1 = 0.8511 euros) (Reporting by Supantha Mukherjee in Stockholm; Editing by Sayantani Ghosh and Lisa Shumaker)

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By Supantha Mukherjee STOCKHOLM (Reuters) -When Daniel Ek founded Spotify in 2006, a viable music product was a "moon shot." The global music industry was struggling with years of declining sales, online music piracy was rampant, and services like Apple's iTunes were pricey. Ek, then a 23-year-old coder, believed if access to music was as easy as turning on a tap – in a way that was legal and fair to artists – users would come. The key was streaming, not downloads, an idea that revolutionized the industry and catapulted Spotify into a $140 billion music powerhouse. The serial entrepreneur, who announced on Tuesday he will step down as Spotify's CEO next year, has his sights set on building the next Spotify — albeit not in the music industry. Ek told Reuters on Wednesday he wants to focus on companies in Europe that are "working on some of the biggest challenges through technology that make a meaningful difference." "Big challenges often appear impossible until someone decides to tackle them," Ek said in an email. "At Spotify, we started with what felt like an impossible idea. Nearly 20 years later, that idea is used by almost three-quarters of a billion people around the world … What once looked unreasonable is now obvious." Calling himself an "optimist" and a "problem-solver at heart," Ek said, "We’re at a crossroads for the kind of future we want to build" and that transitioning into the role of executive chair at Spotify would give him the chance to dedicate more of his time to this kind of problem-solving and building beyond Spotify. Ek has pledged to invest through his venture capital firm Prima Materia 1 billion euros ($1.18 billion) of his own wealth in European “moonshot” projects — early-stage startups in deep technology, AI, and climate and health tech. WAR TECH SPARKS ARTIST BACKLASH In 2018, Ek co-founded Neko Health to help people stay healthy through preventive measures and early detection. The company has raised $325 million in total funding. Ek has also invested in Germany's Helsing, a maker of AI-controlled combat drones that has received over a billion dollars to become the largest defence startup in Europe, valued at $12 billion. This investment, though, has drawn criticism. Music groups including Massive Attack, King Gizzard & the Lizard Wizard, and Hotline TNT removed their music from Spotify in protest.  "Music and weapons are not a good mix," said Simon Dyson, analyst at Omdia. With some high-profile artists pulling their music from the service, "the sounds of protest are starting to become a distraction," he said. A Spotify spokesperson declined to comment on Ek's investment in Helsing, and pointed Reuters to Helsing's statement dated September 17 that said: "We see misinformation spreading that Helsing’s technology is deployed in war zones other than Ukraine. This is not correct. Our technology is deployed to European countries for deterrence and for defence against the Russian aggression in Ukraine only." Ek has weathered criticism before, from artist pay disputes to controversies around Spotify’s podcast investments. Supporters credit him with creating a legal model that drew listeners away from piracy, but critics note Spotify's outsized influence on artists, which has often translated to inequity for independent labels. FROM CODER TO MUSIC INDUSTRY DISRUPTOR Ek, now 42, grew up in a Stockholm suburb and worked in several startups before teaming up with co-founder Martin Lorentzon to start Spotify.  His proposition – music funded by subscriptions and ads – helped redirect fans from piracy and pulled labels, artists and advertisers into a single marketplace.  Under Ek, Spotify pushed three big levers that reshaped the business: price-disciplined subscriptions, algorithmic playlists that could mint hits overnight, and an ever-widening content range, from podcasts to audiobooks.  Ek’s legacy is visible in Spotify user habits – a monthly fee that millions treat as a utility, playlists that serve as cultural gatekeepers, and podcasts that have become a daily routine.  Although Ek plans to focus on building other companies, he intends to stay involved in Spotify. "My Spotify co-founder likes to say that the value of a company is the sum of all problems solved, and history shows that progress often comes from those willing to go against conventional wisdom," Ek told Reuters.  ($1 = 0.8511 euros) (Reporting by Supantha Mukherjee in Stockholm; Editing by Sayantani Ghosh and Lisa Shumaker)

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