The shares of Oracle Financial Services Software (OFSS) tumbled more than 5% on Friday after its US-based parent Oracle sent a ‘force majeure’ notice to developer Blue Owl to protect itself from potential delays at a massive data centre project in New Mexico, triggering worries through the trillion-dollar market for AI infrastructure financing.

OFSS shares tumbled more than 5% to trade at Rs 10,332 apiece on NSE, marking the lowest level seen by the stock in more than nine weeks since July 23. It is currently the top loser on the Nifty IT index, which itself is down around 1%.

Oracle’s force majeure notice was issued for Jupiter, a data centre campus which Blue Owl unit STACK Infrastructure is building to support ChatGPT-maker OpenAI, marking the latest setback for a sector where lenders and investors are growing more cautious about financing the industry’s breakneck expansion. Blue Owl said Oracle’s notice did not alter the parties’ commitment to the project.

Also read | Oracle cites ‘force majeure’ to shield itself on controversial data centre

As a result, Oracle shares dropped around 3.5% on Wall Street, while those of Blue Owl fell around 4%. Oracle is aiming to delay payments should the data centre dubbed Project Jupiter get derailed and fail to come online in 2028 as planned, rather than exiting as the main tenant, Bloomberg News reported. Companies typically invoke force majeure to free themselves from contractual obligations when problems arise beyond their control.

“The financing side of the AI buildout is starting to ask much harder questions than the demand side,” Reuters quoted Sean McDevitt, a partner at management consulting firm Arthur D. Little. “The underlying demand still appears very strong, but investors and lenders are increasingly focused on how risk is allocated.”
Notably, the latest development comes as the program was being delayed by a year, Reuters quoted a person familiar with the matter as saying. Notably, Blue Owl has about $3 billion of equity invested in the project and earns a lower return during construction, with returns increasing once the data centre is completed, the report added.Earlier this month, OFSS shares faced a sharp downturn after the Financial Times reported that around $18 billion in loans tied to an Oracle-leased data centre in New Mexico has come under pressure, with loans quoted at 89 to 91 cents on the dollar by syndicate banks including Santander and Jefferies.

This came amid concerns regarding the escalating local opposition to the 1,400-acre “Project Jupiter” campus in Dona Ana County over fears it would impact water supply and air quality could derail Oracle’s massive AI infrastructure build-out, the FT report said. OFSS is the Indian subsidiary of Oracle.

Also read | Why is Oracle stock crashing today at NYSE, Wall Street? Check reason behind ORCL share price bloodbath on Thursday

OFSS share price

OFSS shares have fallen more than 12% in one week, underperforming the Nifty IT index which has fallen nearly 3% at the same time. The stock is overall down 11% in one month. However, OFSS shares have bucked the trend to deliver 36% returns overall in 2026 so far, even as other IT peers fell and pushed the Nifty IT index down more than 26%.

In the longer term, OFSS shares jumped 17% in one year, and delivered multibagger returns of 153% in three years and 122% in five years. The company has a market capitalisation of nearly Rs 90,900 crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Shares of Balrampur Chini Mills jumped 4% on Friday to the day’s high of Rs 689 on NSE after the Government of India awarded a Rs 75 Crore BioE3 grant to advance India’s bioeconomy.

According to a filing with the exchange, this was awarded by the Biotechnology Industry Research Assistance Council (BIRAC) under the Department of Biotechnology (DBT), Government of India, for establishing a 100 TPA PLA CoPolymer R&D Facility under the Government’s flagship BioE3 (Biotechnology for Economy, Environment & Employment) initiative.

Also Read | Balrampur Chini gets government grant for biopolymer R&D facility

The grant will accelerate the development of advanced biobased materials, strengthen India’s indigenous biomanufacturing capabilities and reinforce the country’s ambition to emerge as a global bioeconomy powerhouse.

The pilot-scale R&D facility will be established at BCML’s integrated manufacturing complex in Kumbhi, Uttar Pradesh, where the company is also setting up India’s first integrated commercial PLA manufacturing facility.

The new facility will serve as the innovation engine for developing next-generation PLA grades and Co-polymers, enabling rapid product development, technology indigenisation, customer validation and seamless scale-up to commercial production.
The facility will develop specialised PLA grades and advanced PLA co-polymers for high-value applications. It will generate techno-economic data and process know-how for commercial-scale manufacturing. This facility will train highly skilled talent for India’s emerging biomanufacturing sector and enable collaboration with industry and research institutions to accelerate innovation in sustainable materials.Designed to bridge the gap between laboratory research and commercial manufacturing, the facility will support every stage of product development from understanding customer requirements and developing new PLA formulations to producing pilot samples, validating product performance and preparing successful technologies for commercial-scale manufacturing.

It will also create opportunities for collaboration with academia and research institutions through a limited-service model, helping strengthen India’s biotechnology innovation ecosystem.

“The Government of India’s support through this ₹75 crore BioE3 grant is a strong endorsement of the strategic role that advanced biomanufacturing will play in India’s future. This facility will help build indigenous technology, develop next-generation bio-based materials and create the scientific and technical capabilities required for India to lead the global transition towards sustainable manufacturing,” said Avantika Saraogi, Executive Director, Balrampur Chini Mills.

“We are grateful to the Department of Biotechnology and BIRAC for their confidence in our vision and look forward to contributing to India’s emergence as a global bioeconomy powerhouse,” Saraogi further said.

Also Read | PB Fintech shares in focus after massive 36% crash in a single day. Here’s why Jefferies cut target price

As countries around the world increasingly adopt bio-based materials and circular manufacturing practices, BCML’s PLA Co-Polymer R&D Facility is expected to play an important role in strengthening India’s innovation ecosystem, accelerating the commercialisation of advanced biopolymers and positioning the country as a global hub for sustainable materials.

Balrampur Chini Mills share price performance

Over the past month, Balrampur Chini Mills shares have gained 1.37% and nearly 54.52% so far this calendar year. Over the past year, the stock has rallied 42.99%, while it has gained nearly 53.83% over the past three years and 88.18% over the past five years.

Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor. Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

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A stolen Flock Safety license-plate camera yielded roughly 1.6 million images after hackers physically removed and reverse-engineered the device, but a former Secret Service cybercrime expert says the incident does not appear to have compromised Flock’s broader cloud network.

Jason Brown, director of customer advisory and counter-fraud lead at threat intelligence firm iCOUNTER, spent 25 years with the U.S. Secret Service and specialized in cybercrime.

Brown told FOX Business that the distinction between accessing one physically stolen camera and breaching Flock’s network is critical.

“The biggest thing I keep hammering at home [is] that Flock was never compromised,” Brown said. “So there’s never been a large dump of information out of their network.”

AUSTRALIAN PRIME MINISTER SAYS OPENAI AGENT ACCESSED GOVERNMENT HEALTH WEBSITE, RAISES ‘EXTREME CONCERN’

According to WIRED, hackers physically removed a Flock camera from above a roadway and reverse-engineered it. They reportedly discovered encrypted and unencrypted portions of the device’s storage and recovered an encryption key stored on the camera that allowed them to unlock additional data.

“This was a situation where somebody physically had access to a camera because they stole it off of a pole, took it home, and then did backward engineering on that camera,” Brown said.

“That did not give them the capability to actually log into the cloud portion of Flock, and nothing in the cloud of Flock proper was accessed.”

According to WIRED’s analysis, the recovered logs covered roughly 21 days of activity, including 1.6 million images, 50,200 vehicles and 27,000 short video clips.

Flock cameras capture images and short videos of passing vehicles, which are transmitted to the company’s cloud infrastructure for processing and can then be searched by authorized law enforcement users.

OPENAI, 100+ COMPANIES WARN OF COMING SURGE IN AI-POWERED CYBERATTACKS, CALL FOR GLOBAL DEFENSE PUSH

Brown characterized the stolen-camera incident and an earlier security issue in which some cameras temporarily became accessible over the internet as isolated events rather than evidence, based on what he knows, of a broader compromise of Flock’s system.

“They are one-off situations and don’t show a larger problem for the Flock system that I’m aware of,” Brown said.

Brown said some cameras had previously been remotely accessible because of weak authentication controls, but said the issue was addressed and did not result in access to Flock’s cloud infrastructure.

He said Flock reports that about 97% of law enforcement agencies using the system now have multifactor authentication enabled.

Brown also argued that the presence of a Flock camera should not change how people conduct themselves in public.

“Should a person conduct themselves differently because a Flock camera is there? I would argue no,” he said.

BANKS WARN AI SHOPPING AGENTS COULD INCREASE RISK OF SCAMS, FRAUD AND DATA PRIVACY BREACHES

“We’ve seen good uses of the technology, where individuals, a murder is committed in one city and the individuals responsible for it were identified by Flock cameras in another city,” he continued. “You know that that’s a positive, but we all have to understand that whenever we’re out in public, we do not have a reasonable expectation of privacy. We are in public. Anybody can take a picture of us at any time. It may not be the polite thing to do, but anybody can do it at any point in time.”

“The debate of do you have Flock in your community – that’s a debate for the community,” Brown added.

Still, Brown said the incident illustrates a broader cybersecurity issue involving third-party and supply-chain risks “that many corporations would see.”

Brown said the rapid advancement of artificial intelligence makes addressing those risks increasingly important.

“The security posture of everything is changing by the minute,” he said.

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“We have [to] gather intelligence on what is happening with the third parties and then work with those third parties before the incident even occurs to ensure that they are secure, so our customers are ultimately secured,” he continued. “And in this day of AI, the speed and the veracity of that only increases by the minute.”

FOX Business has reached out to Flock for comment.

Mumbai: Safety of foreign exchange reserves is the most important consideration before the Reserve Bank of India (RBI) because reserves are ultimately borrowed funds which have to be handled very carefully, deputy governor Rohit Jain said. Return should not be the only consideration when deploying these reserves and that is why a lot of care is taken to deploy these funds.

Jain who as deputy governor is responsible for departments of external investments, foreign exchange and risk management among others said in response to a question by State Bank of India (SBI) managing director Ravi Ranjan at the SBI Banking and Economics Conclave.

Read more: India’s forex reserves drop $4.92 billion to $780.78 billion as of September 11

“We track market variables and parameters very closely. We keep on the lookout for better opportunities. The principal considerations in managing forex reserves are three, safety, liquidity and return. All three are important but the order is also important. Safety, liquidity and return (in that order). Because these are borrowed funds, these forex reserves have to be handled very carefully,” Jain said. He pointed that the latest foreign exchange reserves at $781 billion is the highest ever reserves the country has ever had and is the fifth largest in the world.

“Return should not be the only consideration when deploying these reserves and that is why a lot of care is taken. Very clear objective frameworks are laid out and we manage these reserves with the intent that they provide very strong external resilience for the country and foreign investors and foreign counterparties have the confidence that the country has enough forex reserves to support its needs,” Jain said in an elaborate reply on how the regulator will manage the $133 billion received through the FCNR (B) scheme.

Read more: RBI revises FCNR(B) inflows upwards to USD 133 billion after robust response from NRIs
Later speaking to reporters on the sidelines of the conference Jaina said in the meeting with the regulator, banks have expressed confidence that the new funds due to the FCNR (B) inflows will be absorbed. “Banks will take their own call based on credit demand which is fairly broad based. There is no concern on the deployment of the deposits,” Jain said.Replying to another question on state governments increasingly resorting to market borrowings for financing their gross fiscal deficit, Jain said that the RBI has been telling states to do more reissuances so that the secondary market activity develops which state governments have been complying with.

“We have also focused on a benchmark issuance strategy which we have been doing for the central government. We are now asking state governments also to adopt a benchmark issuance strategy and so far 19 states have already adopted this new strategy. The remaining states are also likely to join in shortly. This will greatly improve the liquidity and the secondary market in the state government security and I believe that we will be able to manage these state government borrowings much better,” Jain said.

In his speech at the conference, Jain said that financial institutions must develop the institutional capacity to identify technology vulnerabilities early, make informed decisions, limit the impact of disruptions, protect customers and recover critical services. “Technology investment should be treated also as a risk investment – it is an investment in continuity, confidence and financial stability. Scale in digital payments and financial services must not come at the expense of trust and resilience. AI is expected to fundamentally change financial services – but governance must precede scale,” Jain said.

Mialex plans to rescue and refit Grecian Mill

A former cotton mill on the verge of collapse could soon be transformed into 64 new apartments, shops and cafes. Grecian Mill on Worsley Road North in Walkden is in a ‘dilapidated and deteriorating’ condition, with the structure suffering a partial collapse in 2021.

Now town planners Mialex Ltd have submitted plans to rescue and modernise the building, transforming the currently ‘uninhabitable’ upper floors into seven duplex and 55 residential apartments. The ground floor would hold around 135 sqm of commercial space, including a cafe and offices. The developer also plans to include an internal winter garden and external landscaping.

Much of the Victorian building would be kept and restored, with some more modern extensions due to be demolished. A ‘sawtooth roof’ would crown the red-brick base, drawing from the historic shape of mill architecture, according to designs by Drome Architects.

If approved by the council’s planning department, the plans could present ‘a considered and deliverable strategy for the long-term reuse of a prominent but severely deteriorated historic mill complex’, says a planning statement.

The statement continued: “The proposals offer a robust and balanced response to a complex site. They secure the reuse of an important historic structure, remove unsafe and poor-quality elements, improve the townscape contribution of the site, and deliver new homes on previously developed land in a sustainable location.”

The plans come as the building continues to decline. In February 2021, part of the structure collapsed, sending substantial sections of masonry crashing through the roof of the garage below. The A575 was temporarily closed and emergency works had to be carried out to secure the building.

According to recent surveys, the mill ‘remains in poor condition’ with internal floors and the roof ‘severely impacted by delay’, according to developers. The Victorian building is at risk of further deterioration without ‘extensive remediation works’.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Asia-Pacific’s financial institutions have split into two distinct tracks in the race to build programmable digital money. Hong Kong and Singapore are already moving tokenised deposits into commercial production, while Thailand is deliberately taking a slower, more sequenced route toward a baht-pegged stablecoin. The contrast says as much about regulatory philosophy as it does about market readiness, and it is shaping where institutional capital and infrastructure investment land next.

Hong Kong moves from pilot to real money

Hong Kong’s tokenisation programme has gone furthest, fastest. In November 2025 the Hong Kong Monetary Authority shifted its tokenised deposit pilot from test transactions to real-value settlement, bringing in seven banks to issue tokenised deposits and settle interbank transfers on a shared platform: Bank of China (Hong Kong), China Construction Bank (Asia), Fubon Bank, Fusion Bank, Standard Chartered Hong Kong, Bank of East Asia and HSBC. Asset managers BlackRock and Franklin Templeton joined as participants alongside Hong Kong Exchanges and Clearing and payment network JETCO.

The initial focus is tokenised money market fund transactions, letting banks and asset managers manage liquidity and treasury positions in real time rather than waiting on traditional settlement cycles. The programme runs through all of 2026, using Hong Kong’s existing Real Time Gross Settlement system before the HKMA upgrades to 24/7 settlement in tokenised central bank money. Four themes frame the wider experimentation: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.

Standard Chartered has already taken the model commercial. Its Hong Kong and Singapore units launched a tokenised deposit solution built on Ant International’s blockchain treasury platform, Whale, moving the collaboration from pilot to production and covering HKD, CNH, USD and SGD for Ant’s intragroup treasury flows. HSBC has gone further still, debuting its Tokenized Deposit Service in Hong Kong with Ant International as first client before extending the product to corporate clients in the US and UAE in the first half of 2026.

Singapore leans on corporate treasury use cases

Singapore’s push has centred on the same Standard Chartered-Ant International partnership, with the bank’s Singapore unit enabling SGD and USD transactions that interoperate with the Hong Kong leg’s HKD, CNH and USD capabilities. For Ant International, which runs merchant services and treasury solutions for SMEs worldwide, the appeal is near real-time, 24/7 liquidity movement between entities without relying on traditional correspondent banking rails.

More broadly, Singapore is positioning itself alongside Hong Kong and the UAE as a jurisdiction that can combine regulatory clarity with credible financial infrastructure to attract institutional stablecoin and tokenisation business, a competitive dynamic playing out as more of the region’s fintech investment concentrates in fewer, better-regulated hubs.

Why banks prefer tokenised deposits for now

The tilt toward tokenised deposits over stablecoins is not incidental. Regulatory reclassification is doing much of the work: both the EU’s MiCAR framework and the US GENIUS Act treat most stablecoins as e-money tokens requiring specific licensing that many issuers do not hold, while tokenised deposits, as regulated bank liabilities, sidestep that compliance burden entirely. There is also a protection gap that matters to treasurers moving large balances: stablecoins carry no deposit insurance, whereas tokenised deposits do.

The competitive pressure behind this shift is real. In IBM’s 2026 banking survey, 42 percent of executives said it was likely that major corporations would issue their own stablecoins, a scenario that could erode banks’ transaction fees, deposit bases and customer data. Sixty-three percent of corporate banking executives now see providing tokenised services, rather than resisting them, as their primary role going forward.

Thailand’s wholesale-first, carbon-linked approach

Thailand is building toward the same destination by a different, slower road. The Bank of Thailand’s design study for a baht-backed stablecoin is nearing completion, with a strict full-reserve requirement: tokens pegged 1:1 to the baht and backed by reserves held in segregated accounts at licensed institutions, redeemable on demand. Public hearings are expected before the end of 2026, with formal regulations targeted for late 2026 or early 2027, as Thailand Business News has reported.

The sequencing is deliberate. BoT governor Vitai Ratanakorn has said the stablecoin will function first as a settlement instrument between licensed financial institutions, with any public rollout considered only afterward, an approach that mirrors Hong Kong’s wholesale-first pilot more than it does a retail-facing product launch. Authorities are also examining a role for the stablecoin in carbon credit trading, tying the initiative to Thailand’s net-zero commitments alongside its payments modernisation goals.

This builds on groundwork already laid through the BoT’s wholesale CBDC work under Project Inthanon and mBridge, and its Programmable Payment Sandbox, launched in 2024 and expanded in December 2025 to test baht-backed stablecoins and programmable payment use cases under supervision. The central bank has also used the period to tighten enforcement around unregulated settlement loops, including a crackdown that saw roughly 5,000 accounts linked to peer-to-peer renminbi payment activity suspended between February 2025 and May 2026.

What the contrast means

Hong Kong and Singapore are racing ahead on live, bank-led infrastructure serving multinational treasuries today. Thailand, by contrast, is building toward the same wholesale settlement function but insisting on a completed design study, full-reserve rules and public consultation before anything goes live, a pace consistent with the BoT’s broader caution on digital assets. That gap creates near-term opportunity for regional banks and treasury platforms operating out of Hong Kong and Singapore, but it also means Thai institutions have longer to prepare for a framework designed to avoid the reserve and redemption gaps that regulators elsewhere are still working through.

For now, the practical test will be the BoT’s public hearings later this year and the results emerging from its sandbox, both of which will determine whether Thailand’s cautious sequencing pays off in a more resilient rollout, or simply cedes first-mover advantage to its regional rivals. The broader pattern is one Thailand Business News has tracked across Southeast Asian fintech more generally: rapid regional growth running up against fragmented, jurisdiction-by-jurisdiction regulation that leaves institutions weighing speed against consistency.

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When the BBC entered the dining hall for the dinner, SpaceX CEO Elon Musk was standing over a table and appeared to be telling an entertaining story that had two others nearby barreled over with laughter.

Defence Secretary Pete Hegseth was at another table, with a serious look on his face. His wife is sat beside him, with Jared Kushner and White House chief of staff Monica Crowley nearby.

The White House invited scores of US officials, as well as conservative broadcasters, tech industry bosses, social media CEOs and other corporate executives.

Attendees included members of Trump’s cabinet, as well as family members like his children Ivanka, Eric and Tiffany.

Bosses from the tech industry in attendance included Apple’s Tim Cook, OpenAI’s Sam Altman, Google’s Sundar Pichai, Amazon’s Jeff Bezos and Nvidia’s Jensen Huang.

Both Cook and Huang were seated at the same table as Trump and Xi. As was Musk, who previously worked in Trump’s administration leading the effort to shrink government.

Other companies whose leaders were in attendance include General Motors, Visa, Paramount Skydance, ExxonMobil and more.

Social media mogul Mark Zuckerberg also attended, as well as Jeff Yaas, the American billionaire who owns a share of TikTok.

“Everybody wanted to be there,” Trump said ahead of the event. “I would say you have the entire tech world, the entire banking world, and a lot more.”

But one notable absence was Anthropic – one of the biggest and most valuable AI firms in the world. The BBC has asked Anthropic if it was invited, or if they chose not to be there.