Iranian and Omani negotiators have finalized the draft deal to reopen the strait and are awaiting final approval from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, two regional officials told The Associated Press on Wednesday. Khamenei is believed to have been wounded in the war’s opening strikes and has not been seen in public since then.

The officials, who were briefed on the negotiations, portrayed the potential deal as a temporary solution to the dispute over the strait. They said it is tied to an agreement reached between the U.S. and Iran in June that aimed at ending the fighting and reopening the waterway, but ultimately collapsed.

(Continue Reading – AP)

The US Treasury on Wednesday retained its previous guidance for future debt issuance, signalling no change in note and bond auction sizes well into 2027 even as federal borrowing needs climb.

Based on current projections, officials expect to maintain current sales amounts for nominal interest-bearing securities — coupons — and floating rate notes “for at least the next several quarters.” The department has used that same language in its quarterly debt-issuance strategy statement since early 2024.

(Continue Reading – Bloomberg)

Microsoft Corp. generates most of its artificial intelligence revenue from OpenAI, according to new disclosures from the company.

The software giant recorded $24.1 billion in sales from the AI firm during the year ended in June, Microsoft said in a filing last week. Microsoft Chief Executive Officer Satya Nadella said the company was on pace at the end of the March quarter to record $37 billion in revenue over the course of a full year. Microsoft didn’t update the total AI sales figure when it reported fiscal fourth-quarter earnings last week.

The disclosure suggests that OpenAI accounted for more than half, and likely about 70%, of Microsoft’s actual AI sales during its most recent fiscal year — highlighting how dependent Microsoft remains on its close partner.

(Continue Reading – Bloomberg)