TotalEnergies has launched its new Pangea 5 supercomputer in partnership with Dell Technologies and NVIDIA, aimed at expanding AI-led research and seismic imaging. The system is designed to increase subsurface imaging capacity and AI workloads, with a focus on both hydrocarbon exploration and low emission energy projects. Pangea 5 includes energy efficiency upgrades and waste heat recovery to supp...
TotalEnergies has launched its new Pangea 5 supercomputer in partnership with Dell Technologies and NVIDIA, aimed at expanding AI-led research and seismic imaging. The system is designed to increase subsurface imaging capacity and AI workloads, with a focus on both hydrocarbon exploration and low emission energy projects. Pangea 5 includes energy efficiency upgrades and waste heat recovery to support facility heating, aligning with the company’s sustainability targets. The project reflects...
APi Group ( APG ) subsidiary, APi Group DE, Inc., has priced its private offering of $500M of 5.75% senior notes due 2034 at an offering price of 100% of the principal amount thereof. The offering is expected to close on or before May 14, 2026, subject to the satisfaction of customary closing conditions. APi plans to use the net proceeds from this financing for funding of the recently signed and a...
APi Group ( APG ) subsidiary, APi Group DE, Inc., has priced its private offering of $500M of 5.75% senior notes due 2034 at an offering price of 100% of the principal amount thereof. The offering is expected to close on or before May 14, 2026, subject to the satisfaction of customary closing conditions. APi plans to use the net proceeds from this financing for funding of the recently signed and announced Onyx-Fire Protection Services and Wtech Fire Group acquisitions, as well as for general corporate purposes. More on APi Group APi Group Corporation (APG) Q1 2026 Earnings Call Transcript APi Group Corporation 2026 Q1 - Results - Earnings Call Presentation APi Group: A Safety Player At Work APi raises 2026 outlook to $8.475B-$8.675B revenue and $1.15B-$1.21B adjusted EBITDA amid $1B+ safety services M&A push APi Group Non-GAAP EPS of $0.32 beats by $0.02, revenue of $2B beats by $80M
e-crow/iStock via Getty Images Gold closed at US$4,611/oz, flat for the month of April. Across most major currencies, gold lost a little ground on a weaker US dollar (Table 1). Our Gold Return Attribution Model (GRAM) suggests that a sizeable drop in market volatility – as risk appetite returned – was a major negative contributor. But this was countered by strong ETF inflows, a moderately weaker U...
e-crow/iStock via Getty Images Gold closed at US$4,611/oz, flat for the month of April. Across most major currencies, gold lost a little ground on a weaker US dollar (Table 1). Our Gold Return Attribution Model (GRAM) suggests that a sizeable drop in market volatility – as risk appetite returned – was a major negative contributor. But this was countered by strong ETF inflows, a moderately weaker US dollar and other dip buying as a result of the sharp March sell-off (Chart 1). April saw strong inflows into global gold ETFs . Surprisingly, these were led by Europe, likely due to concerns from European investors that the region would be harder hit by the Strait of Hormuz closure. Asia and the US contributed about a third as much as Europe during the month. COMEX managed money net long positions saw a very modest increase in April to US$1bn (5t), but remain firmly in neutral territory. Chart 1: A sharp drop in overall market volatility* Sources: Bloomberg, World Gold Council; Disclaimer *Data to 30 April 2026. Our Gold Return Attribution Model (GRAM) is a multiple regression model of monthly gold price returns, which we group into four key thematic driver categories of gold’s performance: economic expansion, risk & uncertainty, opportunity cost, and momentum. These themes capture motives behind gold demand; most importantly, investment demand, which is considered the marginal driver of gold price returns in the short run. The ‘residual’ represents the percentage change in the gold price that is not explained by factors already included. Table 1: Gold saw modest falls across most currencies in April* The return of transitory Markets appear to be treating the Middle East crisis and Hormuz shutdown as transitory, a word that carries baggage after 2021-22. The shock has been large, but markets are not extrapolating it into a meaningful shift in inflation or growth…yet. US near-term inflation breakeven rates (two-year) spiked as the crisis intensified, but have since retrace...
Baltic States Warn Of Unfunded Debt Surge For Europe's Defense Splurge In a rare outbreak of sanity from the continent that perfected kicking the can, officials on NATO’s eastern front are openly admitting what Brussels and Frankfurt have spent years denying: you can’t fund a permanent war footing with infinite borrowing and hope the bond market never notices. Estonia’s outgoing ECB rate hawk Madi...
Baltic States Warn Of Unfunded Debt Surge For Europe's Defense Splurge In a rare outbreak of sanity from the continent that perfected kicking the can, officials on NATO’s eastern front are openly admitting what Brussels and Frankfurt have spent years denying: you can’t fund a permanent war footing with infinite borrowing and hope the bond market never notices. Estonia’s outgoing ECB rate hawk Madis Muller dropped the red pill in parliament Thursday, bluntly telling lawmakers that jacking up budget deficits to pay for the defense surge is no long-term solution. “ These higher defense expenditures are not temporary ,” he warned. The message: the party is ending, and the tab is about to get ugly. Next door in Latvia, Finance Minister Arvils Aseradens echoed the warning, calling for “every possible instrument” to secure sustainable funding. He even threw support behind Canadian PM Mark Carney’s pet idea of a multilateral defense bank, because nothing says fiscal responsibility like creating yet another supranational borrowing vehicle to paper over the cracks. Both Baltic states, sitting on the razor’s edge with Moscow, not to mention sharing a border with the Russian bear, have massively ramped up military outlays in recent years. Their spending has exploded even as existing social welfare commitments continue to balloon budgets already teetering under the weight of Europe’s sacred model. Welcome to the European conundrum in 2026: you need guns to deter Russia, but the welfare state can’t be touched, and nobody wants to tell voters the truth about taxes. The broader picture across the continent is grim. European nations are scrambling to square exploding public debt with an unfunded defense boom while somehow still pretending they can keep the lights on for Ukraine’s war effort. The math simply does not add up. Estonia’s Debt Trajectory: From Poster Child to Problem Child Estonia, the euro-area’s former fiscal hawk with just 1.3 million people, now finds itself in the c...
Today's guest Mariana Mazzucato is one of our most requested. Mazzucato, who is the director of the UCL Institute for Innovation and Public Purpose, specializes in the political economy of technological development and public sector investment. In our conversation, recorded in Madrid while we are at the Bloomberg CityLab conference, she explains her concept of the "mission economy," her definition...
Today's guest Mariana Mazzucato is one of our most requested. Mazzucato, who is the director of the UCL Institute for Innovation and Public Purpose, specializes in the political economy of technological development and public sector investment. In our conversation, recorded in Madrid while we are at the Bloomberg CityLab conference, she explains her concept of the "mission economy," her definition of state capacity, how to prevent top talent from fleeing to the private sector, and whether consultants or governments should be blamed for inefficiencies and civic failures. It's a wide-ranging interview, one that covers everything from the initial public financing of Silicon Valley algorithms to the history of moonshots. (Source: Bloomberg)
The tough sentences handed to former defence ministers Wei Fenghe and Li Shangfu showed that Beijing had no tolerance for people with divided loyalties, the Chinese military’s official newspaper said on Friday. The PLA Daily commentary marks the first time an official outlet has accused Li of being disloyal. “The military wields the gun and there must be no one who harbours disloyalty to the party...
The tough sentences handed to former defence ministers Wei Fenghe and Li Shangfu showed that Beijing had no tolerance for people with divided loyalties, the Chinese military’s official newspaper said on Friday. The PLA Daily commentary marks the first time an official outlet has accused Li of being disloyal. “The military wields the gun and there must be no one who harbours disloyalty to the party,” the editorial said. “As senior party and military leaders, Wei and Li showed a collapse of faith...