Apple’s head of artificial intelligence, John Giannandrea, is stepping down from the company. The move comes as the Silicon Valley giant has lagged behind its competitors in rolling out generative AI features, in particular its voice assistant Siri. Apple made the announcement on Monday, thanking Giannandrea for his seven-year tenure at the company.Tim Cook, Apple’s CEO, said his fellow executive helped the company “in building and advancing our AI work” and allowing Apple to “continue to innovate”. Giannan ...

The UK government has sealed a deal with Donald Trump guaranteeing that zero tariffs will remain on the imports of UK pharmaceuticals into the US and commits Britain to higher spending on NHS drugs.The agreement, announced on Monday, secures continued investment by UK pharma companies in the US and will create jobs in the US, the Trump administration said.The US would “work to ensure that UK citizens have access to latest pharmaceutical breakthroughs”, it said, saying it would “refrain from targeting UK pha ...

Core Points - Switzerland's federal prosecutor has filed charges against Credit Suisse and UBS over the "tuna bonds" loan scandal that significantly impacted Mozambique's economy nearly a decade ago [1][2] - The charges include money laundering against an unnamed Credit Suisse employee, with accusations of "organizational deficiencies" in both banks that allowed wrongdoing to occur [2][5] - The scandal involved $2 billion in loans arranged by Credit Suisse for Mozambique, with funds misappropriated and kickbacks totaling at least $137 million [3][4] Summary by Sections - **Charges and Accusations** - The Swiss attorney general's office has accused Credit Suisse and UBS of failing to implement necessary organizational measures to prevent money laundering during 2016 [5] - UBS has stated it will vigorously defend its position against the attorney general's conclusions [2] - **Background of the Scandal** - The tuna bonds scandal originated from loans intended for government-sponsored projects, including maritime security and a state tuna fishery [2] - A contractor was found to have arranged significant kickbacks, including $50 million for Credit Suisse bankers [3] - **Regulatory Settlements** - Credit Suisse settled with US and UK regulators in 2021, paying $275 million to American authorities and £147 million to the UK's Financial Conduct Authority [4] - UBS agreed to settle with Mozambique in October 2023, just before a trial was set to begin in London [4] - **Impact on Credit Suisse** - Credit Suisse was sold to UBS in March 2023 amid a banking crisis, with UBS acquiring the bank for 3 billion Swiss francs [5][7] - The crisis of confidence in Credit Suisse was exacerbated by its largest shareholder, Saudi National Bank, ruling out further funding [6]

Airbus has fixed most of its jets affected by a software glitch after a technical problem grounded thousands of its planes, but its shares tumbled on Monday after it discovered a separate issue with its fuselage panels.Airlines around the world cancelled and delayed flights over the weekend after the French plane manufacturer ordered immediate repairs to 6,000 of its A320 family of jets, more than half of its global fleet.Airbus said on Friday that analysis of a recent incident had revealed “intense solar r ...

Will retailers and merchants have a strong holiday season? That depends. This year, more than most, the 2025 holiday season will actually be two holiday seasons.If your business caters to higher-income individuals or if you’re located in a wealthier part of the country, you’ll probably have a decent holiday season. True, even the wealthy are cutting back. But according to the HR firm ADP average salaries have risen between 4.5% and 6.7% depending on whether workers stayed or switched jobs. The stock markets ...

Airlines around the world cancelled and delayed flights heading into the weekend after Airbus announced on Friday that it had ordered immediate repairs to 6,000 of its A320 family of jets in a recall affecting more than half of the global fleet.The European Union Aviation Safety Agency (EASA), which is the main certifying authority for A320 aircraft, issued the instruction on Friday night as a precautionary action, saying that “safety is paramount”.The US Federal Aviation Administration also issued an emerg ...

Core Insights - HP plans to cut between 4,000 and 6,000 jobs globally by the end of October 2028, as it increasingly adopts AI to enhance product development, which has led to a lower-than-expected profit outlook for the coming year [1][2] - The job cuts are expected to result in annualized savings of $1 billion by 2028, although the restructuring will incur costs of approximately $650 million [2] Company Strategy - The CEO of HP, Enrique Lores, emphasized the significant opportunity to integrate AI into the company to accelerate product innovation, improve customer satisfaction, and enhance productivity [2] - Affected teams will include those involved in product development, internal operations, and customer support [2] Industry Context - The announcement of job cuts at HP aligns with a broader trend where companies are citing AI as a reason for workforce reductions, with other firms like Clifford Chance and PwC also adjusting their staffing in response to technological advancements [4][5] - A report from the National Foundation for Educational Research indicated that up to 3 million low-skilled jobs in the UK could be at risk due to automation and AI by 2035, particularly in trades, machine operations, and administrative roles [3] Financial Performance - HP reported better-than-expected revenues of $14.6 billion for its fourth quarter, with demand for AI-enabled PCs making up over 30% of its shipments during that period [8] - However, rising memory costs, which currently account for 15% to 18% of the cost of a typical PC, could impact profits for HP and its competitors [7][8]

US senators Josh Hawley and Richard Blumenthal have asked the heads of the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC) to investigate revenue from ads on Facebook and Instagram that promote scams and banned goods.“The FTC and SEC should immediately open investigations and, if the reporting is accurate, pursue vigorous enforcement action where appropriate” to force Meta to disgorge profits, pay penalties and agree to cease running such advertisements, Hawley and Blumenthal ...

BHP has walked away from another attempt to take over rival miner Anglo American after it was again rebuffed, failing in a last-minute effort to disrupt the planned merger with Canadian mining business Teck Resources.The Australian mining company reportedly became interested in making another offer for FTSE 100-listed Anglo last week, more than a year after abandoning a £39bn attempt to buy the business.The latest failed overture comes as Anglo and Teck shareholders prepare to vote on their $53bn (£39bn) me ...

Group 1: Trade Negotiations - The EU and US are set to restart trade negotiations after a two-month pause to address unresolved issues in their tariff deal from July [1][2] - High-level meetings will take place in Brussels involving US commerce secretary Howard Lutnick, trade representative Jamieson Greer, EU ministers, commissioners, and industry leaders [1][2] Group 2: Tariff Issues - Washington officials express frustration over the EU's slow implementation of the July deal, which is not legally binding and requires parliamentary approval [3] - Significant outstanding issues include the 50% tariffs on steel and aluminum, separate tariffs on steel-containing products, and food and drink levies [3] Group 3: Member State Concerns - Several EU member states, including France and Ireland, are advocating for the removal of the 15% tax on wine and spirits, which has impacted their exports [4] - The EU's trade commissioner and other officials will discuss the ongoing chip supply crisis from China during the meetings [4] Group 4: Industry Impact - Industry leaders, including those from Volkswagen and TotalEnergies, will participate in discussions, emphasizing the need to address the impact of steel derivatives on the trade deal [5] - The US has listed 407 products with steel elements facing separate tariffs, with plans to add 700 more products, causing significant challenges for exporters [5][6] Group 5: Strategic Alignment - The EU and US will explore aligning their domestic steel industries to protect against cheaper Chinese imports, with hopes that new anti-dumping proposals will lead to reduced tariffs on EU steel [7]