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The High Court in London has ruled that BHP, the world’s biggest mining company, is legally liable for one of the worst environmental disasters in the history of Brazil. Hundreds of thousands of Brazilians, around 2,000 businesses, and dozens of local governments had sued BHP over the collapse of the Fundao dam in Mariana, in the southeast of the country, which was owned and operated by BHP and Vale's Samarco joint venture. The event unleashed a wave of toxic sludge that killed 19 people and polluted the length of the Doce River.  Judge Finola O'Farrell said in a summary of her ruling that BHP should not have continued to raise the height of the dam before its collapse, which was "a direct and immediate cause of collapse of the dam giving rise to fault-based liability on the part of BHP."

 

France 24

Financial Times

Reuters

EU Cyber Rules: NIS2 + CRA Explained

Two major EU regulations—the NIS2 Directive and the Cyber Resilience Act (CRA)—are poised to reshape how organizations approach cybersecurity, product resilience, and regulatory accountability. While both aim to reduce systemic cyber risk across Europe, they do so from different angles, creating confusion among security and engineering teams. Hyperproof’s new guide breaks down how these two frameworks relate, where they overlap, and what they mean for builders and defenders working in or selling to the EU market.

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Amazon and Microsoft are supporting the Gain AI Act, legislation that would restrict Nvidia's ability to export AI chips to China unless U.S. demand is met first. The bill, which benefits cloud giants by ensuring chip access and easing export rules to friendly regions, has exposed a rare rift with Nvidia, their major supplier. Nvidia argues the act could lead to excessive regulation and disrupt the chip market. Backers say it preemptively secures supply amid rising AI demand. The act has bipartisan backing but still needs broader Republican support to pass as part of the defense bill by year-end.

 

Wall Street Journal

Coinbase is exiting Delaware to reincorporate in Texas, citing a friendlier legal and regulatory environment. The move reflects a trend dubbed “Dexit,” whereby firms, including Tesla and Trump Media, relocate from Delaware. Coinbase Chief Legal Officer Paul Grewal criticised Delaware’s expanding judicial scrutiny, saying: “Delaware has left us with little choice.” The shift follows rulings like the voiding of Elon Musk’s $56bn Tesla pay package. Texas, meanwhile, is attracting crypto firms with lower costs, regulatory clarity, and business courts. Coinbase, valued at $82bn, becomes one of the largest companies to make the move.

 

Reuters

A U.S. House committee report accuses China of manipulating global critical minerals prices to boost its manufacturing dominance and geopolitical leverage. "China has a loaded gun pointed at our economy," warned Rep. John Moolenaar. The 50-page bipartisan report alleges Beijing distorts rare earths and lithium markets and influences global pricing via the London Metal Exchange. Recommendations include price controls, a minerals czar, and stockpiles. The report supports codifying presidential actions into law. China has denied prior accusations, calling U.S. claims exaggerated and alarmist.

 

Reuters

Asahi, Japan's largest brewer, continues to face significant challenges following a cyberattack announced at the end of September that crippled its supply chain. The ransomware incident disabled its online order and shipment systems, forcing the company to revert to manual processing, which has slowed operations to just 10% of normal levels. Asahi's market share is at risk, with competitors like Kirin and Sapporo capitalizing on the situation. Bernstein's Euan McLeish has cut Asahi's core operating profit forecast to a ¥15 billion loss for the fourth quarter, citing disruptions and increased marketing costs. The company is also facing delays in reporting its third-quarter earnings due to difficulties accessing financial data.

 

The Japan Times Online

Some South Korean workers detained in a September immigration raid at Hyundai's Georgia plant have returned to their jobs. The raid involved over 300 workers, primarily skilled engineers, who were detained for visa violations. Following negotiations, many were flown back to South Korea. HL-GA Battery Co., the plant's operator, confirmed that construction has resumed with a mix of new and returning workers. Mary Beth Kennedy, a spokesperson for HL-GA Battery, noted that some returning workers were among those detained.

 

New York Times

U.S. News

Securities and Exchange Commission chair Paul Atkins says the regulator is considering a new framework for classifying digital assets. "In the coming months, I anticipate that the Commission will consider establishing a token taxonomy" anchored in legal reasoning that distinguishes securities from commodities, SEC Chair Paul Atkins said. He added that this will recognize that there are "limiting principles to our laws and regulations."

 

Crypto News

Reuters

The U.S. Consumer Financial Protection Bureau (CFPB) has proposed changes to anti-discrimination rules under the 1974 Equal Credit Opportunity Act. The move aims to eliminate disparate-impact liability, which has been crucial in combating racial and gender discrimination in lending. Consumer advocates warn that this could hinder efforts to prevent discrimination across various sectors. The proposals, which include narrowing Special Purpose Credit Programs, are open for public comment for 30 days.

 

Reuters

U.S. Treasury Secretary Scott Bessent has told a Federal Reserve Bank of New York Treasury markets conference that he expects robust demand to continue in the Treasury debt market and the department will gradually adjust coupon auction sizes to avoid market disruptions. Treasury would ensure "regular and predictable" offerings of coupon securities to safeguard the Treasury market as a benchmark for stability amid changing borrowing requirements, Bessent said.

 

Reuters

Verizon plans to cut approximately 15,000 jobs, representing about 15% of its workforce, as part of a restructuring initiative. The decision follows the appointment of Dan Schulman as the wireless carrier's new CEO. The layoffs will primarily affect non-union management, with over 20% of that group impacted. Additionally, Verizon intends to convert around 180 corporate-owned retail stores to franchised operations. Schulman said: "We will be a simpler, leaner and scrappier business," as he emphasized the need for cost transformation and a shift away from relying on price increases for financial growth.

 

U.S. News

McDermott Will & Schulte is exploring a restructuring that would allow it to sell a stake to private equity groups. The proposed structure involves creating a managed service organisation (MSO), a separate entity in which outside investors - such as private equity firms - could own a stake. McDermott's chair, Ira Coleman, told the Financial Times that as a “fastest-growing, most successful modern law firm,” it is “constantly approached and we always listen to new ideas,” and is “excited to learn from other leading organisations as we challenge the status quo.”

 

Law

Bloomberg Law

Financial Times

BlackRock is adding stockpickers to Systematic Total Alpha, its top mathematical and data-driven hedge fund, following a strategy pursued by rivals to house human and computer-driven strategies under one roof.

 

Financial Times

UBS says demand for energy storage is projected to experience significant growth due to increased power needs from AI data centres in the US. Global energy storage demand could increase 40% globally year-on-year in 2026, Hong Kong-based UBS Securities analyst Yan Yishu told a media briefing.

 

EnergyWorld.com

Reuters

Consuming ultra-processed foods, such as fast food and packaged snacks, significantly raises the risk of prediabetes among young adults, according to a study published in Nutrition and Metabolism. Dr. Vaia Lida Chatzi, a senior researcher, said: “Even modest increases in ultra-processed food intake can disrupt glucose regulation in young adults at risk for obesity.” The study tracked 85 overweight or obese participants aged 17 to 22 over four years, revealing that a 10% increase in ultra-processed food consumption correlated with a 64% higher risk of prediabetes. Lead researcher Yiping Li emphasized that limiting these foods could help prevent diabetes. Future research is needed to explore which specific foods pose the greatest risk.

 

US News and World Report