Daily Recap: Business — 21 October 2026

Business news is led by companies and investors confronting the costs of big strategic bets, from a proposed tie-up between Tesla and SpaceX to warnings about AI-fueled excess and data-centre strains. At the same time, governments and major firms move to cushion trade shocks, cut...

Elon Musk proposes a possible merger between Tesla and SpaceX, and both companies’ boards are studying the idea ahead of Tesla’s earnings. The plan comes as Tesla reports weaker profits and keeps spending heavily on AI and other technologies, setting up a potentially consequential vote for shareholders if the proposal advances.

Canada’s federal and Ontario governments unveil nearly C$9 billion in support for the province’s steel and auto sectors as they absorb the impact of U.S. tariffs. The package is designed to help manufacturers and suppliers manage trade disruption and protect industrial capacity in two of the country’s most important export industries.

NextDC shares tumble about 40% after the data-centre operator says delays to a Melbourne power upgrade are pushing back parts of its expansion and weakening its earnings outlook. The setback centers on electricity infrastructure needed at its West Melbourne site, forcing the company to cut or withdraw guidance as growth plans slip.

Ken Griffin says investors are almost certainly in an AI bubble, arguing that major technological shifts often bring speculative excess. He points to the surge in borrowing and spending tied to data centres and AI models, framing the current boom as part of a familiar pattern in which rapid innovation and inflated expectations move together.

EA shuts down BioWare’s Edmonton studio, ending work on the next Mass Effect project and cutting about 400 jobs. The closure brings a stop to early development on one of gaming’s best-known role-playing franchises and marks a significant retrenchment for a studio long associated with major titles in the genre.

HDFC Bank opens an internal investigation into allegations that two senior executives leaked confidential information to outside parties. The review focuses on whether business strategies and possibly market-sensitive material were improperly shared, raising governance questions at one of India’s largest private-sector banks.

The Indian rupee rises to a six-week high, helped by foreign-currency inflows linked to Jio Platforms’ IPO and support from the Reserve Bank of India. The stronger supply of dollars in domestic markets lifts the currency, although higher oil prices limit the extent of the gains.

Andy Burnham says ministers will review whether to remove daily standing charges from household gas bills as part of a broader effort to lower consumer costs. The proposal puts a fixed component of energy pricing under scrutiny and signals possible intervention in how households are billed for basic utility access.