EARLIER this month, the US government restricted non-American citizens from using Anthropic’s Fable and Mythos artificial intelligence models.

US-based Anthropic announced the Mythos model in 2026 but was concerned it was too powerful to let anyone use it. The company feared it could find and exploit cybersecurity holes in all major software systems.

So they initiated ‘project Glasswing’ in April as a way to help get big, trusted companies’ software cyber-ready before public release. 

Project Glasswing was initially open to other large American companies, and eventually other trusted government allies, with the Australian government among these.

There was a lot of hype around this model but reports indicated it was very capable. Some were sceptical, as this was not the first time an AI company had announced concern about the dangers of releasing their model to the world.

In 2019, for example, Open-AI withheld its GPT-2 model because it was too dangerous. Yet here we are, seven years later, with GPT-5.5 in open access and the world hasn’t collapsed in an insurmountable pile of AI slop (at least not yet).

As pressure mounted on Anthropic to release its Mythos model, it announced a restricted version named Fable. Controversially, Anthropic’s safeguards analysed the user’s input and silently switched the model behind the scenes to its less-capable Opus 4.8 model.

Shortly after launch, however, users complained that the safety filters were too eager, and people with legitimate requests felt as though they had been silently switched. Anthropic later apologised for this approach but then the US government export restrictions came into effect and locked the model down.

This had the effect of removing access to non-US citizens in the earlier project Glasswing initiative.

Anthropic’s hype was too effective in scaring the US government.

On the same day the US government locked down Fable (June 13), Chinese AI lab Z.ai released the best open-weight AI model to date, GLM 5.2. 

Early benchmarks show this model is almost as good as Opus 4.8, which means about as good as the dumber model Fable would reroute to when receiving a suspect request. 

Unlike Opus 4.8, the GLM model is entirely open source, with the structure and the weight available for anyone to use. Anyone with access to a super computer or a data centre can run it now. And you can run it and be confident it won’t route your request to an even dumber model.

That’s not to say Chinese models don’t have their own quirks. Many of these models will put forward the perspectives of the Chinese government when asked certain topics, but since they are open, developers can adjust their internals to make them more willing to do anything the user asks.

This means they can also be coerced to help with cybersecurity exploits or other bad things. And this is a real risk.

As these models get better and better they can be used to help create even better models, known as a ‘fast takeoff’ artificial general intelligence (AGI) scenario. 

However, I think that, in a fast takeoff scenario, it’s better for the AGI to be shared and open than closed and locked down.

If you don’t care about any AI research stuff and just want to know if the Chinese models are safe to use, the answer is yes. And if you are really paranoid, then the safest way is to host the model yourself.

If you are working with sensitive data or software, setting it up so it runs on your own servers and with restricted or no internet access will give you near cutting-edge AI at a fraction of the cost and with 100 per cent privacy.

• John Vial has a PhD in robotics and has spent the past several years leading teams in major Perth businesses focused on AI and robotics

 

VANCOUVER — Switzerland and Colombia meet Tuesday at BC Place in a Round of 16 matchup that closes out the day’s World Cup schedule, pitting two tournament dark horses against each other in a tight, closely contested tie with a quarterfinal berth on the line.

Kickoff is scheduled for 4 p.m. Eastern time, with the match broadcast on FOX in the United States and available to UK viewers free of charge on BBC iPlayer and ITVX ahead of an 8 p.m. British time start. The winner will advance to face either Argentina or Egypt, who play earlier the same day in Atlanta, in the quarterfinal round.

Both sides have navigated the tournament so far with contrasting styles but similarly solid results. Colombia enters unbeaten through the group stage and Round of 32, having won three of its four matches, including victories over DR Congo and Ghana, along with a goalless draw against Portugal that showcased the team’s defensive discipline against elite opposition. Colombia’s most recent win came against Uzbekistan, a 3-1 result that demonstrated the team’s capacity to open up attacking play when space becomes available. Colombia’s roster is led by Liverpool winger Luis Diaz, with playmaker James Rodriguez providing additional creative support in midfield.

Switzerland has similarly impressed through the group stage, dropping points only in a draw against Qatar. The Swiss have relied on a settled defensive structure anchored by goalkeeper Gregor Kobel and defenders Manuel Akanji and Ricardo Rodriguez, while an attacking trio of Johan Manzambi, Ruben Vargas and Breel Embolo has combined for seven goals so far in the tournament. Veteran midfielder Granit Xhaka has continued to control the tempo of Switzerland’s play from the center of the park.

History adds an additional layer of intrigue to Tuesday’s matchup. The two nations have met four times previously, with Colombia holding a 2-1 edge in the series, including a memorable 2-0 win over Switzerland at the 1994 World Cup in the United States, a result that has drawn renewed attention in the buildup to this year’s fixture. Switzerland’s lone win in the series came in a 1991 friendly tournament, while the sides also played to a 2-2 draw in 1985.

Colombia is aiming to match or surpass its best-ever World Cup result, a run to the quarterfinals at the 2014 tournament in Brazil, though the team will be without striker Jhon Cordoba, who suffered a muscle tear and is out for the remainder of the tournament. That absence leaves Luis Suarez and Cucho Hernandez as Colombia’s primary options at striker, both of whom have contributed assists during the group stage. Switzerland, meanwhile, is looking to reach the World Cup quarterfinals for the first time since 1954, having been eliminated at the Round of 16 stage in each of its past three World Cup appearances.

Betting markets have priced the match as one of the tightest ties of the Round of 16. According to odds cited by multiple outlets, Colombia enters as a narrow favorite, with bet365 pricing the South American side at +125 to win outright, compared with +250 for Switzerland and +210 for a draw after 90 minutes. Other bookmakers have listed similar odds, with Colombia priced at 11/8, Switzerland at 11/4, and the draw at 9/4. Prediction models cited by Squawka gave Colombia a slight edge, projecting the team to win in 52 percent of simulations, while market data from prediction platform Kalshi showed traders pricing Colombia’s win probability at 43 percent, compared with 32 percent for a draw and 27 percent for a Switzerland win. As with any knockout match, if the score remains level after 90 minutes, the game moves to 30 minutes of extra time, followed by a penalty shootout if the teams remain tied.

Analysts covering the match have generally pointed to Colombia’s attacking quality as the deciding factor in a contest expected to be closely fought. One preview described Colombia as “rock-solid” defensively while noting the team’s ability to win matches through multiple approaches, a reflection of Colombia’s balance between defensive discipline and attacking firepower led by Diaz. Betting markets have similarly favored a low-scoring affair, with some bookmakers pricing the under on 2.5 total goals as a leading market given both teams’ recent defensive form. Colombia has kept clean sheets in three of its last five matches and has conceded just once across its three World Cup wins, while Switzerland has allowed only two goals across four matches so far in the tournament. Some betting previews have also suggested a strong likelihood that at least one team fails to score, given that Colombia’s two group-stage wins by 1-0 scorelines and Switzerland’s 2-0 victory over Algeria both ended with one side held scoreless.

Colombia head coach Nestor Lorenzo has guided his team to its first World Cup appearance since missing the 2022 tournament entirely, building on a runners-up finish at the 2024 Copa America to position Colombia as one of the more dangerous South American sides remaining in the bracket. Switzerland’s manager has similarly overseen a steady, well-organized campaign, with the team’s disciplined shape and defensive cohesion cited by analysts as its biggest strength heading into the knockout rounds.

With both nations viewing Tuesday’s match as a genuine opportunity to advance further than recent tournament history might suggest, the contest is expected to be tightly contested from the opening whistle. Analysts have generally described the tie as too close to call with full confidence, though the consensus among bookmakers and prediction models leans marginally toward Colombia advancing on the strength of its more dynamic attacking options, led by Diaz, even as Switzerland’s defensive organization and recent form make the Swiss a credible threat to spoil that outcome.

The winner of Tuesday’s match will move on to face either Argentina or Egypt in the quarterfinal round, continuing a World Cup that has already produced several notable upsets and tightly contested knockout matches throughout its Round of 16 stage. For Colombia, victory would mark a significant step toward matching the deepest run in the program’s World Cup history, while for Switzerland, advancing would represent a historic breakthrough after three consecutive Round of 16 exits dating back more than a decade.

This article was written by

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SGX Group reported strong trading in May, with securities turnover up 70%, derivatives volume up 20%, and institutional interest in small stocks driving record highs in the Singapore market.

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SGX Group (Singapore Exchange) reported robust trading activity in May amid sustained investor participation, as Singapore’s stock market became Southeast Asia’s largest by market capitalisation and demand for trusted risk-management tools expanded across equities, FX and commodities.

Securities market turnover value rose 70% year-on-year (y-o-y) to S$45.8 billion, with securities daily average value (SDAV) climbing 79% to S$2.4 billion – the highest since October 2007. Derivatives traded volume increased 20% y-o-y to 30.5 million contracts, while daily average volume (DAV) gained 27% to 1.6 million contracts, the third-largest on record.

Key highlights:

• Strong momentum in small- and mid-cap stocks: The benchmark Straits Times Index advanced 3.5% month-on-month (m-o-m) in May, reaching an all-time high of 5,072 on 19 May amid banking- and technology-led gains. STI exchange-traded funds (ETF) marked a 15th consecutive month of net inflows with S$129 million in May and S$687 million year-to-date (YTD). Momentum in small- and mid-cap stocks excluding REITs continued to accelerate, as SDAV rose 24% m-o-m and more than four times y-o-y. Institutional investors remained net buyers of small- and mid-caps for a fifth consecutive month, bringing total inflows over the past 12 months to over S$800 million.
• Investor participation strengthens across securities: SDAV increased across all investor segments, led by institutional investors with incremental S$184 million m-o-m growth. Retail SDAV climbed 11% m-o-m, surpassing the February peak and setting a 13-year high. Cumulative net inflows by retail investors exceeded S$1.5 billion over the first five months of this year, reflecting sustained interest in Singapore equities.
• Capital-raising activity gathers pace: SGX Stock Exchange on 22 May welcomed JustCo Holdings Limited, a leading flexible-workspace operator with an established Asia-Pacific footprint, to its Mainboard. Three Catalist companies – Lum Chang Creations Limited, CNMC Goldmine Holdings Limited, and Koh Brothers Eco Engineering Limited – announced transfers to the Mainboard. Secondary placements by non-REIT issuers including Hong Leong Asia Ltd. and Aspial Lifestyle Limited raised a combined S$316 million.
• Risk-managing India equities: Global investors turned to SGX Derivatives for their risk-transfer instrument of choice for India equities. DAV in GIFT Nifty 50 Index Futures and Options gained 6% m-o-m in May to 112,894 contracts, underpinned by broad-based and active participation across customer segments. Open interest (OI) was up 12% m-o-m at 290,377 contracts (US$13.7 billion notional), a record high.
• Round-the-clock activity in FX futures: Market participants actively managed risk through FX futures as signs of a resilient U.S. economy placed sustained pressure on Asian currencies. DAV across all listed FX futures rose 29.6% y-o-y in May to 505,864 lots (US$29 billion notional), with average OI up 18.9% y-o-y at 544,651 lots (US$31.5 billion notional). The SGX KRW/USD FX Futures (Mini) contract saw peak activity in the European afternoon/U.S. morning, while month-end OI in SGX TWD/USD FX Futures climbed 37% m-o-m.
• Broad-based growth across commodities: DAV across SGX Commodities rose 4.7% y-o-y in May, supported by increased trading in bellwether iron ore contracts, forward freight agreements (FFA) and SGX SICOM rubber derivatives. Average OI for the YTD through May gained 20.6% y-o-y, reflecting sustained hedging demand. Container FFA activity was robust, with volumes reaching a new high of 2,568 contracts.

The full market statistics report can be found here.

Source : SGX Group records strong May performance with new volume highs across asset classes

Other People are Reading

Shares of Kalyan Jewellers India fell 7.3% to Rs 352.60 on the BSE during Tuesday’s trading session, despite the company reporting a strong Q1 business update. The company reported around 38% year-on-year (YoY) consolidated revenue growth, driven by strong performance across its domestic and international operations.

Kalyan Jewellers said consolidated revenue grew around 38% YoY for the June-ended quarter, supported by healthy consumer demand.

Revenue from its India business also rose over 38%, with same-store sales growth of around 28%, despite the quarter coinciding with the 28-day Adhik Maas period, a once-in-three-year phase that typically slows wedding-related jewellery purchases in several parts of the country.

The company also reported encouraging progress from its ‘Shine with India’ gold recirculation campaign, launched in May to boost the use of recycled gold and reduce dependence on imports. Recycled gold accounted for over 46% of revenue during the quarter, with the contribution exceeding 55% in June alone.

Kalyan Jewellers’s international business delivered around 35% YoY revenue growth, while its Middle East operations grew nearly 30%, supported by strong same-store sales despite softer footfall in April amid geopolitical tensions. Overseas markets contributed approximately 14% of consolidated revenue during the quarter.

Meanwhile, Candere, Kalyan’s digital-first jewellery platform, continued its rapid expansion, posting 112% YoY revenue growth compared with the same period last year.
The retailer also strengthened its physical footprint by opening 12 Kalyan Jewellers showrooms and five Candere stores across India during the quarter.Despite the upbeat operational performance, investors appeared to book profits, sending the stock sharply lower. The decline indicates investors may have booked profits despite the strong business update, with the market likely awaiting the company’s detailed quarterly earnings, including profitability and margin trends.

Share Price Trend and Technical Indicators

Kalyan Jewellers shares have declined around 35% over the past year. The company currently commands a market capitalisation of Rs 39,373 crore.

On the technical front, the stock’s 14-day Relative Strength Index (RSI) stands at 53.9. An RSI reading below 30 is generally considered oversold, while a reading above 70 indicates overbought conditions. In terms of moving averages, the stock remains under pressure, trading below all eight of its key Simple Moving Averages (SMAs), indicating a bearish technical trend.

(Disclaimer: Recommendations, suggestions, views, and opinions expressed by the experts are their own and do not represent the views of The Economic Times)

WASHINGTON — Sen. Mitch McConnell has spent more than three weeks in the hospital, and his office still has not disclosed what led to his admission, his current condition, or when he might be able to return to the Senate floor.

McConnell, 84, a Kentucky Republican who has served in the Senate since 1985 and led Senate Republicans from 2007 until 2025, has not cast a vote since June 11. His extended absence comes at a delicate moment for Senate Republicans, who are navigating a narrow majority in the chamber, and it has already contributed to delays in the Appropriations Committee’s work on spending legislation.

McConnell was admitted to the hospital on the morning of June 14, according to a statement from his office at the time, which said only that he was “receiving excellent care.” EMS dispatch audio from that morning indicates emergency medical personnel were sent to McConnell’s home to respond to an unconscious person in cardiac arrest. According to the recording, a call went out at 8:36 a.m. reporting an unconscious person at McConnell’s address, prompting the dispatch of an ambulance with an advanced life support crew. Within six minutes, a medic radioed that CPR was in progress, and by 8:43 a.m., a dispatcher had relayed the emergency as a cardiac arrest. McConnell is not named anywhere in the recording, though the address matches his residence.

The following day, Senate Majority Leader John Thune of South Dakota and Senate Majority Whip John Barrasso of Wyoming, the chamber’s top two Republicans, told reporters they had spoken with McConnell directly.

In the weeks since, McConnell’s office has offered only sparse updates on his condition. On June 22, eight days after his hospitalization began, his office said he would not be voting that week “as he continues his recovery.” Thune, speaking to reporters the same day, said he had spoken with McConnell “toward the end of last week” and that McConnell “sounded good and was anxious to get back.”

A subsequent statement from McConnell’s office on July 2 offered little additional detail but confirmed he remained hospitalized. “The Senator continues to improve, and is working closely with his staff on Kentucky and Senate matters while the Senate is out of session,” the office said. McConnell’s office has not provided further updates since that statement and did not respond to a request for comment on Monday.

McConnell’s continued absence carries practical consequences for Senate Republicans. Any extended absence would temporarily shrink the party’s working majority to 52-47 in the chamber, complicating efforts to advance legislation that requires a simple majority. His absence has also added further strain to the Senate Appropriations Committee, which was already behind schedule due to disagreements over defense funding and had not advanced any spending bills for the 2027 fiscal year as of early July. Without McConnell present, the committee is evenly split between Republicans and Democrats, meaning any vote that falls along party lines would fail to advance. According to a Republican aide who spoke on the condition of anonymity, the committee had already postponed plans to mark up spending bills during the week of June 22, in part because of McConnell’s absence.

McConnell announced earlier this year that he would not seek reelection and is set to retire from the Senate in January, at the conclusion of his current term, bringing an end to a legislative career that has spanned four decades.

McConnell’s health has drawn public attention on multiple occasions in recent years. He contracted polio as a child, a bout of illness that has long affected his mobility and made climbing stairs difficult. In March 2023, he was hospitalized after a fall at a Washington hotel and remained away from the Senate floor for several weeks. Later that year, he experienced two widely covered episodes in which he abruptly stopped speaking during televised news conferences and had to be assisted by colleagues before regaining his composure. He was injured again in December 2024 after tripping outside a Senate Republican lunch, and earlier this year he spent more than a week in the hospital after his office attributed the stay to flu-like symptoms.

The current hospitalization, now stretching beyond three weeks, represents McConnell’s longest known absence from the Senate due to health concerns during his time in office. His office’s limited public disclosures have left colleagues, constituents and observers largely reliant on secondhand accounts from Senate leadership regarding his condition and prognosis.

As of this report, no additional details have emerged regarding the nature of McConnell’s underlying medical condition, the treatment he has received during his hospitalization, or a specific timeline for his return to the Senate. His office has continued to describe his condition only in general terms, emphasizing ongoing improvement without elaborating on the circumstances that led to his initial hospitalization on June 14.

With the Senate’s spending process already delayed and McConnell’s continued absence further narrowing the chamber’s Republican majority, his colleagues in Senate leadership are likely to continue facing questions about the practical impact of his hospitalization on the chamber’s legislative agenda in the weeks ahead, even as his office maintains a limited public accounting of his health status heading into the final months of his Senate career.