Good morning from the Financial Times.

Today is Wednesday, November 12th, and this is your FT News Briefing.

Looks like oil and gas demand could stick around for a bit longer.

And SoftBank pulled out of NVIDIA, but that might not be bad news.

Plus, a small tax cut in Italy has created a huge backlash.

I'm Sonia Hudson, and here's the news you need to start your day.

Global demand for oil and gas will rise for the next quarter century. That's if worldwide

habits don't change, according to the International Energy Agency. The Paris-based body published its

latest forecast today. It reflects less interest from global governments to stick to climate

targets. Now, this is a change from previous reports. The IEA's forecast had assumed fossil fuel

consumption would peak this decade. That was disputed by the oil and gas industry and the White

House, though. The IEA says this year there is a wide range of uncertainty around the outlook.

For some, it's, quote, very optimistic.

For some people, it's very pessimistic.

SoftBank decided to sell its nearly $6 billion stake in the chipmaker, NVIDIA.

The Japanese conglomerate announced the sale yesterday, and that sent NVIDIA shares down almost 3%. But the divestment might not be all bad for NVIDIA. That's what the FTs

John Foley thinks. He's the head of the FTs Lex column and he joins me now. Hi, John. Hi there.

So what is the argument that losing a $5.8 billion investment isn't bad because, you know, on the surface, it doesn't

really sound that great. Right. It's never going to be a fun thing to watch one of your most

high-profile investors sell all their shares in your company. And that is what has happened

at Nvidia. But a few things to put this into perspective. First of all,

this stake in Nvidia was very small compared with Invidia itself, which is very big. It's a nearly

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