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By Akash Sriram (Reuters) -Global space investment hit a record $3.5 billion in the third quarter, driven by a wider range of startups and continued defense spending, according to a report released Friday by space-focused investment firm Seraphim Space. Investments, from rocket-makers to low‑Earth‑orbit satellites, jumped from $1.79 billion in the same period last year, solidifying space as a leading growth sector in technology alongside AI. Analysts said the record quarter reflects a maturing market, with investment now spread across more companies rather than being dominated by a handful of big-ticket deals. “Historically, most of the capital in the sector was concentrated in just a couple of players, SpaceX and OneWeb,” said Lucas Bishop, investment associate at Seraphim Space. “What we’re seeing now is a far more diverse set of investable companies, signaling that space has evolved into a broader, more mature market." While hardware-focused defense tech firms such as Hadrian, Apex and Hermeus led the top deals in the U.S., China's Galactic Energy raised the most with a $336 million round last month. Funding is increasingly being driven by government efforts to build up domestic space and defense industries in the U.S., China and Europe, the report said. Analysts expect the momentum to carry into 2026 as commercial satellite networks expand and governments ramp up procurement, opening new opportunities for dual-use technologies across civilian and defense markets such as OneWeb and SpaceX's Starshield program. Public space companies have surged with Rocket Lab and Planet Labs having more than doubled, while AST SpaceMobile has more than tripled after showcasing satellite-to-phone broadband. (Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)

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By Amanda Cooper LONDON (Reuters) -The yen headed for its steepest weekly drop in a year on Friday, as the chances of a near-term rate hike faded, while the euro was rooted near two-month lows by political crisis in France. The yen edged up 0.2% to 152.7 per U.S. dollar but was still close to its weakest since mid-February, heading for a 3.5% drop in the week, its biggest decline since last October. Its drastic drop has been triggered by concerns that the Bank of Japan may not hike interest rates again this year after fiscal dove Sanae Takaichi's surprise victory to lead the ruling party, stoking worries of Japanese authorities needing to step in to support the yen. Japanese Finance Minister Katsunobu Kato said on Friday that the government was concerned about excessive volatility in the foreign exchange market. Takaichi said on Thursday she did not want to trigger excessive declines in the yen. "The Ministry of Finance is very sophisticated, they're very experienced, and I think they would use verbal intervention beforehand. And in a way, I think they have," Rabobank chief strategist Jane Foley said. Takaichi said on Thursday that the BOJ is responsible for setting monetary policy but that any decision it makes must align with the government's goal. She looked set to become Japan's first female prime minister in a parliament vote that was expected on October 15. But the date will be likely pushed back after the Liberal Democratic Party's junior coalition partner Komeito pulled its support, breaking their 26-year-old alliance.  Traders are currently pricing an about 45% chance of a rate hike from the BOJ in the December meeting and are only fully pricing in a 25-basis-point hike in March. FRENCH DRAMA DENTS EURO The euro headed for its biggest weekly decline in 11 months, but managed to edge up 0.2% to $1.1586, near its lowest for two months. Political turmoil in France has weighed heavily on the single currency in the last week. President Emmanuel Macron is searching for yet another prime minister, hoping his next pick – the sixth in under two years – can steer a budget through a legislature riven by crisis. The political paralysis has made it deeply challenging to pass a belt-tightening budget and has made investors increasingly worried about France's yawning deficit, on top of evidence of slowing momentum in other key economic engines such as Germany. "The data from Germany's not good, and therefore I think that makes the euro a little bit more susceptible to wobbles on the French news," Rabobank's Foley said. As a result, the dollar index, which measures the U.S. currency against six others, neared two-month highs around 99.24 and headed for a weekly rise of 1.7%, its biggest in a year. "The recent dollar rally has gone against market positioning and prompted a partial covering of USD shorts," said Chris Weston, head of research at Pepperstone. "There remains a high degree of scepticism that the USD can materially push through 100, a level in the dollar index that was quickly reversed in May," he said in a note. With the U.S. government shutdown continuing and little to no economic data for investors to parse through for clues on the path the Federal Reserve is likely to take, markets are keeping an eye on comments from policymakers. The influential New York Federal Reserve President John Williams signalled on Thursday he would be comfortable with cutting interest rates again, despite some policymakers' qualms about rising inflation that suggest such a decision would not be easily made. Traders are pricing in a 95% chance that the Federal Reserve cuts rates by 25 bps at its October meeting, while the odds of an additional cut in December have dropped to 80%, from 90%, in the past week, according to the CME Group's FedWatch Tool. (Additional reporting by Ankur Banerjee in Singapore; Editing by Jacqueline Wong, Kim Coghill and Emelia Sithole-Matarise)

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BEIJING (Reuters) -China dramatically expanded its rare earths export controls on Thursday, adding five new elements and extra scrutiny for semiconductor users as Beijing tightens control over the sector ahead of talks between Presidents Donald Trump and Xi Jinping. The world's largest rare earths producer also added dozens of pieces of refining technology to its control list and announced rules that will require compliance from foreign rare earth producers who use Chinese materials. The Ministry of Commerce's announcements follow U.S. lawmakers' call on Tuesday for broader bans on the export of chipmaking equipment to China. They expand controls Beijing announced in April that caused shortages around the world, before a series of deals with Europe and the U.S. eased the supply crunch. "The White House and relevant agencies are closely assessing any impact from the new rules, which were announced without any notice and imposed in an apparent effort to exert control over the entire world's technology supply chains," a White House official told Reuters on Thursday. The new curbs come ahead of a scheduled face-to-face meeting between Trump and Xi in South Korea at the end of October. "This helps with increasing leverage for Beijing ahead of the anticipated Trump-Xi summit in (South) Korea later this month," said Tim Zhang, founder of Singapore-based Edge Research. China produces over 90% of the world's processed rare earths and rare earth magnets. The 17 rare earths are vital materials in products ranging from electric vehicles to aircraft engines and military radars. Exports of 12 of them are now restricted after the ministry added five – holmium, erbium, thulium, europium and ytterbium – along with related materials. Foreign companies producing some of the rare earths and related magnets on the list will now also need a Chinese export licence if the final product contains or is made with Chinese equipment or material. This applies even if the transaction includes no Chinese companies. The regulations mimic rules the U.S. has implemented to restrict other countries' exports of semiconductor-related products to China. It was not immediately clear how Beijing intends to enforce its new regime, especially as the U.S., the European Union and others race to build alternatives to the Chinese rare earth supply chain. "We're likely entering a period of structural bifurcation — with China localizing its value chain and the U.S. and allies accelerating their own," said Neha Mukherjee, a rare earths analyst with Benchmark Mineral Intelligence. In a nod to concerns about supply shortages, the ministry said the scope of items in its latest restrictions was limited and "a variety of licensing facilitation measures will be adopted". China's latest restrictions on the five additional elements and processing equipment will take effect on November 8, just before a 90-day trade truce with Washington expires. The rules on foreign companies that make products using Chinese rare earths equipment or material are to take effect on December 1. Shares in China Northern Rare Earth Group, China Rare Earth Resources and Technology and Shenghe Resources surged by 10%, 9.97% and 9.4%, respectively, on Thursday. Shares in U.S.-based rare earths companies jumped as well in New York afternoon trading, with Critical Metals Corp gaining 25%, Energy Fuels adding 9%, MP Materials gaining 2.5% and USA Rare Earth up 15%. Energy Fuels, which owns a uranium and rare earths processing facility in Utah, said in a statement to Reuters that it is working to boost U.S. rare earths production and that its recent pilot project "showcases the technical capabilities of an American company on American soil." NioCorp, which is developing a Nebraska rare earths mine, said: "It's clear that the People's Liberation Army is increasingly calling the shots on rare earth policy in China. That means even more difficult times both for the Pentagon and for a wide range of commercial manufacturers." CHIPS AND DEFENSE The ministry also said overseas defense users will not be granted licences, while applications related to advanced semiconductors will be approved on a case-by-case basis. The new rules apply to 14-nanometer chips or more advanced chips, memory chips with 256 layers or more, and equipment used in production of such chips, as well as to related research and development. These advanced chips are used in products from smartphones to AI chipsets that require powerful computing performance. The rules will also apply to research and development of artificial intelligence with potential military applications. South Korea, home to major memory chipmakers Samsung Electronics and SK Hynix, is assessing the details of the new restrictions and will continue discussions with China to minimise their impact, its industry ministry said in a statement to Reuters. Samsung declined to comment. SK Hynix and Taiwan's TSMC did not immediately respond to questions. Shares in TSMC rose 1.8% on Thursday, as the company reported forecast-beating third-quarter revenue. South Korea's financial markets were closed on Thursday for a public holiday. (Reporting by Beijing bureau; Additional reporting by Ernest Scheyder in Houston, Heekyong Yang in Seoul, Eric Onstad in London and Jarrett Renshaw in Washington; Editing by Christian Schmollinger, Kate Mayberry, Tom Hogue, Mark Heinrich, Jason Neely and Marguerita Choy)

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(Reuters) -Political turmoil in France and Japan looms large over markets as U.S. banks kick off the latest earnings season, while the government shutdown drags on and policymakers gather in Washington for the IMF and World Bank annual meetings.  Here's your week ahead from Rae Wee in Singapore, Lewis Krauskopf in New York, and Dhara Ranasinghe, Amanda Cooper and Karin Strohecker in London. 1/BANKS KICK OFF US EARNINGS SEASON  Major U.S. banks report financial results in the coming week as the third-quarter earnings season kicks into high gear with investors counting on solid profits to support record-high stock prices. JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs  are due to report as well as asset manager BlackRock. Overall, S&P 500 companies are expected to post an 8.8% rise in third-quarter earnings year-on-year, according to LSEG IBES. Financial sector earnings are expected to increase almost 13%. With closely watched economic reports being delayed due to the government shutdown that started on October 1, corporate reports are taking on added significance. Reports on consumer and producer prices and retail sales are among those scheduled for the coming week that could be pushed out if the shutdown is still in effect.  2/ A NEW SICK MAN  The euro zone has a new 'sick man': France – hard to ignore being the bloc's second biggest economy, a key architect of the euro and home to three globally systemic banks.  It has one of the biggest budget deficits in Europe and a weak economy. A political crisis makes improvements impossible. Sebastien Lecornu, France's fifth prime minister in two years, resigned on Monday, and time is running out to get the 2026 budget through a fractured parliament. Latest developments are more positive: French President Emmanuel Macron is to appoint a new prime minister later on Friday, reducing the risk of fresh snap elections to break the impasse. French bonds and stocks have recovered slightly. Still, the prognosis remains grim. If the Socialists run the next government, a possibility, rolling back a key pension reform could be part of the deal.  This could swell the deficit by 3 billion euros ($3.5 billion) in 2027, say analysts. And, that won't sit well with Brussels, ratings agencies and bond vigilantes.      3/CHANGE OF GUARD Sanae Takaichi, leader of the Liberal Democratic Party, looked set to become Japan's first female premier in a parliament vote that was expected on October 15. But the date will be likely pushed back after junior coalition partner Komeito pulled its support, breaking their 26-year-old alliance.  Komeito has been at odds with the hardline conservative Takaichi, known for her expansionist fiscal and monetary agenda.  The uncertainty is set to stoke worries about the outlook for one of the world's most indebted countries. Japanese markets have already had a whirlwind few sessions, with stocks surging and the yen and long-dated government bonds sliding as investors bet on a revival in big spending and loose monetary policy. 4/LET'S GET TOGETHER Policymakers head to Washington for the annual International Monetary Fund and World Bank meeting featuring Group of Seven and G20 finance ministers and central bank governors gathering on the sidelines and the release of the Fund's World Economic Outlook on Tuesday, among other reports.  Away from the set pieces, there's no shortage of hot topics to discuss – where the fiscal-fuelled rally will leave government debt burdens, the economic effects from Trump's trade policy, the push to use Russian frozen assets to fund Ukraine, a Middle East in flux and the impact of stablecoins.   Meanwhile on the sidelines, Argentina's President Javier Milei will meet Trump in the Oval Office as final details of Washington's $20 billion lifeline for Buenos Aires are eagerly anticipated.      5/SILVER LININGS Gold has dominated the headlines, with its 50% annual gain to above a record $4,000 an ounce, beating even stellar performers like the S&P 500 and bitcoin.  Zoom in on the precious metals complex and gold is a laggard. Silver has risen 70% to a record $51 an ounce, beating its previous high in 1980, when a bid by the Hunt brothers – two Texan oil billionaires – to corner the market failed, causing the price to collapse.  Silver often enjoys something of a halo effect from gold, drawing in funds from investors that want an alternative to the dollar, or a real asset to hold.  But it also has industrial use and an anticipated deficit of physical metal has boosted the price. It has always been more volatile, outpacing gains in gold on the way up, only to fall faster and harder on the way down.  ($1 = 0.8638 euros) (Graphics by Pasit Kongkunakornkul, compiled by Karin Strohecker; Editing by Emelia Sithole-Matarise)

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By Tom Sims HANAU, Germany (Reuters) -Germany's savings banks are turning to a leading U.S. financial firm to help customers with international payments, a move aimed at fending off upstart low-cost competitors that has raised concerns over the sovereignty of Europe's financial services. The banks, or Sparkassen, are teaming up with BNY, formally The Bank of New York Mellon, to process customer transfers of up to 3,000 euros ($3,475.50) to recipients outside the European Union, four bankers told Reuters. The effort is in the test phase at two smaller German savings banks and will be rolled out more broadly in the coming months, they said. EMPOWERING GERMAN BANKS TO COMPETE WITH FINTECH CHALLENGERS By lowering the fees they charge by as much as 75% in some cases, the savings banks hope to win back business lost to the likes of Revolut, Wise and others. They also aim to capture a growing segment of German residents: migrants who make low-value transfers abroad. Savings banks are a major force in Europe's largest economy, collectively holding 1.5 trillion euros in assets and more than 36 million bank accounts for individuals and 4.6 million for businesses. A BNY document seen by Reuters describes the joint project, called Crossmo. "It empowers the German savings banks to compete effectively with fintech challengers," it said. The savings bank in Hanau, close to Germany's financial capital, Frankfurt, is currently testing the new system after a banker there, Jan Miska, read an article that described many people making transfers abroad to support their families. "But it wasn't something we were seeing at our bank. We wondered why are there so few transactions. Why are people not doing it here? So we looked into it," Miska said. Customers, the savings banks found, were turned off by their high fees and were instead withdrawing money and using cheaper alternatives to send it. They fear those customers may be lost for good if they then open accounts with those competitors. Miska showed how the new initiative allows his customers to make a transfer to a recipient at a bank outside the EU using the Sparkasse website or app for a fee of 5.50 euros, compared with a previous charge of 22 euros. CRITICISM AND A CALL FOR EUROPEAN ALTERNATIVES But the effort comes amid criticism of Europe's heavy reliance on U.S. finance infrastructure, ranging from Visa to PayPal, at a time of heightened geopolitical tensions.  "The time has actually come to think about purely European alternatives or projects … That should be the top priority," said Carolina Melches, a finance expert at the Berlin-based advocacy group Finanzwende. But Axel Weiss, who oversees payments at the savings banks' national umbrella association DSGV, addressed criticism of partnering with a non-European institution, saying the issue of sovereignty does play a role. "However, we believe that we need good strong partners who have a global network with extensive country coverage and who, of course, also offer secure and cost-effective transaction processing," he said. ($1 = 0.8632 euros) (Reporting by Tom Sims; Editing by Joe Bavier)

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By Anna Hirtenstein LONDON (Reuters) -Oil prices declined on Friday, after settling around 1.6% lower in the previous session, as the market's risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza. Brent crude futures were down 16 cents, or 0.25%, at $65.06 a barrel at 0819 GMT. U.S. West Texas Intermediate crude was down 7 cents, or 0.11%, to $61.44. "Finally having some kind of peace process in the Middle East is lowering the shoulders a little bit," said Bjarne Schieldrop, chief commodities analyst at SEB. This could ease fears about crude carriers passing through the Suez Canal and the Red Sea, he said. BOTH BENCHMARKS ON TRACK FOR WEEKLY GAINS Israel and the Palestinian militant group Hamas signed a ceasefire agreement on Thursday in the first phase of U.S. President Donald Trump's initiative to end the war in Gaza. Under the deal, which Israel's government ratified on Friday, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured in the attack that precipitated the war, in exchange for hundreds of prisoners held by Israel. Numerous vessels have been attacked by the Iran-aligned Houthis in Yemen since 2023, targeting ships they deem linked to Israel in what they described as solidarity with Palestinians over the war in Gaza. On a weekly basis, both crude benchmarks were on track to close in positive territory. Brent is up around 1% and WTI about 0.6% so far, after falling steeply last week. Prices climbed about 1% on Wednesday to a one-week high because of stalled progress on a Ukraine peace deal, a sign that sanctions against Russia, the world's second-largest oil exporter, could continue. The Gaza ceasefire deal means the focus can move back to the impending oil surplus, as OPEC proceeds with the unwinding of production cuts, said Daniel Hynes, an analyst at ANZ. A smaller-than-expected November hike in output agreed by the Organization of the Petroleum Exporting Countries and allies (OPEC+) on Sunday eased some of those oversupply concerns. "Markets’ expectations for a sharp ramp up in crude supply have not manifested themselves in substantially lower prices," BMI analysts said in a note on Friday. "The most recent rise in production is lower than previously feared, contributing to a slight rise in prices for the week," they said. Investors are also worried that a prolonged U.S. government shutdown could dampen the American economy and hurt oil demand in the world's largest crude consumer. (Reporting by Anna Hirtenstein. Additional reporting by Sudarshan Varadhan. Editing by Christian Schmollinger and Mark Potter)

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KUALA LUMPUR (Reuters) -Malaysia warned on Friday that any removal of tariff exemptions on its semiconductor exports by the United States could hurt its competitiveness and strain supply networks, according to a government report.  President Donald Trump's administration in August imposed a tariff of 19% on Malaysian exports to the United States, though some items including semiconductors are currently exempt pending a U.S. national security probe. Also in August, Trump proposed to levy 100% tariff on imported chips, though he said it would not apply to companies with a manufacturing footprint in the United States or plans to build one.   Any removal of the semiconductor exemptions "could result in repercussions, reduce competitiveness and strain sectors that are closely integrated with the U.S. supply chains," the Malaysian government said in an economic outlook report released with its 2026 budget. Malaysia is the world's sixth-largest exporter of semiconductors.   Malaysia is already expecting a hit to its economy as a result of the U.S. tariffs, projecting gross domestic product growth to be lower by 0.76 percentage points, according to the report.  It also expects imports and exports to shrink next year due in part to the tariffs, the report said.  Malaysia in July lowered its growth forecast for 2025 to between 4% and 4.8%, from its initial estimate of 4.5% to 5.5%, citing trade and tariff uncertainties.  It expects economic growth of 4% to 4.5% in 2026.  (Reporting by Rozanna Latiff; Editing by David Stanway)

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By Praveen Paramasivam (Reuters) -Papa John's International is placing India among its priority markets globally and tailoring its offerings to local tastes with its maiden majority-vegetarian menu, executives said, in a move the U.S. pizza chain expects will fuel long-term growth. The world's third-largest pizza delivery company, which exited India in 2017 citing underperformance, has relaunched with four stores in Bengaluru, it said on Friday, and plans to open 650 stores nationwide over the next decade. The pizza chain's return comes at a time when executives and analysts tip discretionary spending in India to recover on the back the recent tax cuts, after several quarters of sluggish demand across the fast-food sector. "India is one of our priority markets," CFO Ravi Thanawala told Reuters. India, alongside other focus regions such as China and the United Arab Emirates, receives "the greatest amount of management focus," Thanawala said. The company, which has nearly 6,000 outlets in around 50 countries and territories, is putting in most of its time and focus in such priority markets for technology strategy development and consumer research to drive long-term growth. Indian investment firm Pulsar Capital and UAE-based PJP Investments Group are Papa John's joint master franchisees in the country. India is set to become PJP's largest market within six years, surpassing its combined store count in the UAE, Saudi Arabia and Jordan, the investment firm's CEO Tapan Vaidya said. The franchisee currently operates about 150 Papa John's restaurants in these Middle Eastern countries. To attract footfalls, Papa John's is offering more vegetarian pizzas than non-vegetarian ones for the first time in its history, Vaidya said. India has the world's highest number of vegetarians. Papa John's is pricing its entry-level margherita pizza at 149 rupees ($1.68), Vaidya said. In comparison, market leader Domino's Pizza's margherita pizza starts at 109 rupees. ($1 = 88.6910 Indian rupees) (Reporting by Praveen Paramasivam in Chennai; Editing by Eileen Soreng)

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LONDON (Reuters) -Global financial regulators have laid out plans for closer monitoring of the risks as banks and other parts of the financial industry ramp up the use of artificial intelligence. Concerns raised by authorities include that too many institutions end up using the same AI models and specialised hardware, which could lead to herd-like behaviour. "This heavy reliance can create vulnerabilities if there are few alternatives available," the report by the Financial Stability Board, the G20's risk watchdog, said. A separate study published by central bank umbrella group, the Bank for International Settlements, said there was an "urgent need" for central banks, financial regulators and supervisory authorities to "raise their game" in relation to AI. "There is a need to upgrade their capabilities both as informed observers of the effects of technological advancements and as users of the technology itself," the BIS said. (Reporting by Marc JonesEditing by Mark Potter)

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By Jennifer Rigby LONDON (Reuters) -The Gates Foundation and the Pan American Health Organization are both working on ways to make weight-loss drugs like Novo Nordisk's Wegovy and Eli Lilly's Mounjaro more accessible in lower-income countries, the global health groups told Reuters. In separate interviews, Microsoft founder Bill Gates and PAHO director Dr Jarbas Barbosa said for the first time that their organizations were each seeking strategies to remedy the unequal availability of the highly effective but expensive treatments. About 70% of the roughly one billion people with obesity live in low and middle-income countries which may struggle to meet the costs of tackling the epidemic and associated health problems like diabetes and heart disease. In response to a question about the treatments, Gates said his Foundation would take any drug that was effective in high-income countries "and figure out how to make it super, super cheap so that it can get to everyone in the world". For example, it is currently working with Indian drug manufacturer Hetero to help bring cheaper copies of a new HIV prevention drug to the market in lower-income countries for $40 a year. LOW-COST COPIES     From next year, the active ingredient in Novo Nordisk's blockbuster Wegovy drug, semaglutide, comes off patent in countries including China and India. Generic manufacturers are already working on low-cost copies. The brand-name weight-loss drugs are primarily sold in wealthier countries, where prescriptions cost hundreds of dollars per month. The Gates Foundation could also potentially support clinical trials to test how these medicines affect different populations and provide the data needed to broaden access, Gates said.     Any entry into obesity would represent a new arena for the Gates Foundation, which remains focused on fighting the deadliest diseases in low-income countries, like malaria. Obesity's role in chronic illness has created a new urgency around addressing rising global rates, although it is still not the biggest problem facing most of the countries where the Foundation operates, Gates said.     The World Health Organization estimates that the economic costs of overweight and obesity will reach $3 trillion by 2030 if nothing is done to contain it. WHO recommended in draft guidelines this year using weight-loss drugs as an obesity treatment for adults, but criticized their manufacturers over cost and lack of availability.     Its Americas arm, PAHO, manages a fund that helps push down medicine prices by guaranteeing bulk orders on behalf of its 35 member states. Using the fund, which is financed by the member states, is an option for weight-loss drugs, Barbosa told Reuters. He said it could also help manufacturers clear regulatory requirements rather than applying in each country for approval.     "We are starting the conversation," he said, adding that PAHO is developing recommendations for how best to use the drugs and plans to speak to Novo, Lilly and generic drugmakers within the next couple of weeks.     Eli Lilly declined to comment. Novo Nordisk said in a statement that it recognised the "unmet need" for its treatments.     "We are deeply committed to serving patients around the world," the Danish company said. (Editing by Michele Gershberg and Catherine Evans)

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