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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Jack Sidders.
And I'm Caroline Hepker.
Elon Musk is combining SpaceX and XAI in a deal that values the enlarged entity at $1.25 trillion. In a statement on SpaceX's website signed by Musk, the rocket firm said it acquired XAI to innovate in areas including AI, rockets and space-based internet. The deal brings together two of the largest closely held companies in the world.
Bloomberg's M&A reporter Ryan Gould says it's possible Musk could also be eyeing a tie-up with Tesla in the future.
Elon's view is that we're going to have data centres in space and part of this is about putting compute and the idea of space exploration and sort of exploration of the universe together. This is clearly part of his vision.
There is a very good quote that kind of encapsulates a lot of this, which is what he wrote, I think, late last year, which is that in some ways his companies, his three companies, Tesla, SpaceX and XAI, are going to come together, they're going to convert. And maybe this is kind of the first leg of the stalwart that we're now seeing.
Ryan Gould speaking there. The combined SpaceX firm is still expected to go public later this year as the world's richest man looks to fund his costly bets on artificial intelligence and space exploration.
US President Donald Trump and India's Prime Minister Narendra Modi have agreed a surprise deal to slash American tariffs. US levies on Indian goods are being cut from 25% to 18%, while an additional 25% punitive duty... tied to purchases of Russian oil, is being scrapped.
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Chapter 2: What are the details of the SpaceX and XAI merger?
So there could be more to come, but it seems like the worst is behind us and where we held is relatively constructive.
Bloomberg's Brendan Fagan was speaking after investors had been piling into gold and silver over recent weeks, driven by renewed concerns about geopolitical upheaval, currency debasement and threats to the Federal Reserve's independence.
Now, the UK's Metropolitan Police says that it's reviewing reports that Peter Mandelson committed misconduct in public office following the latest release of Epstein files. Documents appear to show that the former UK ambassador to the US leaked sensitive government information to the convicted sex offender while serving as a minister in Gordon Brown's Labour government.
With more, here's Bloomberg's Chris Pitt.
The file suggests Mandelson emailed Epstein about the European Union's rescue facility for struggling member states, telling him the deal should be announced tonight. The emails are dated May 9th, 2010. The following day, European policymakers announced a 500 billion euro loan plan, which prompted the euro's biggest rally in two years.
The documents also show that in 2009, Mandelson forwarded internal Downing Street emails about tax policy proposals to Epstein. Mandelson has not responded to the latest allegations. However, in an interview with The Times, carried out last week but published on Monday, he referred to a, quote, In London, Chris Pitt, Bloomberg Radio.
The latest revelations from the Epstein files come as a lawyer for Bill and Hillary Clinton said they will now appear before a congressional committee investigating the disgraced financier. A full vote in the US House of Representatives had been planned this week to hold the former president and former secretary of state in criminal contempt if they continue to defy subpoenas in the inquiry.
Bill Clinton has previously stated that he parted ways with Epstein many years before his death and that he had no knowledge of his crimes.
France's Parliament has adopted a budget for 2026 after the Prime Minister survived two no-confidence votes. The new legislation has smaller spending cuts and tax increases than earlier proposals, meaning that the deficit for the year will be larger than initially planned.
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Chapter 3: How will the merger impact the future of AI and space exploration?
Now, those are some of our top stories for you this morning. In terms of the markets, European stock futures are high on the US stocks 50. That perhaps points to another all-time high for the stock 600. MSCI Asia-Pacific Index rising by 3%. We've also had some deals news. Orsted to sell its European onshore business to CIP for 1.44 billion euros. That's the Copenhagen Infrastructure Partners.
So an interesting deal that we are watching. India's Sensex has jumped relief from the US-India deal. trade agreement that we were just talking about. South Korean stocks also hitting a new record high this morning. And gold rebounding 4.8% this morning, $4,882 a troy out. So I think those are the most interesting market moves this hour, Jack.
That's news when you want it with Bloomberg News Now. I'm Jack Sidders.
I'm Caroline Hepke. And this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
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