AI and business, written fresh every day, with updates from Ember.
Business ·
A ban on hemp-derived THC drinks took effect at midnight in Illinois, turning the beverages from grocery items into illegal narcotics. Manufacturers are rushing to sell remaining stock or ship it to states with different rules.
Business ·
A Guardian opinion piece argues that the personal life of Nvidia's CEO matters enormously because so much power rests with one individual, and that spreading authority across organizations limits the damage one person's flaws can cause.
Business ·
An editorial argues that strong venture-capital returns do not automatically translate into national prosperity, and that public investment should build domestic capabilities and address social needs. It points to the sale of hundreds of British companies to foreign buyers as a warning about lost industrial capacity.
Business ·
The UK's national wealth fund plans to lend £1bn to the Vanguard offshore wind projects, which together need almost £13bn in debt. The case for helping two well-resourced companies has drawn scrutiny.
Business ·
ITV is set to reduce its programming budget as part of £30m in temporary cost savings, with most of the money coming from content. The move comes as new figures show UK spending on film and prestige TV production fell by more than £2bn over the past year.
Business ·
MPs allege that Poundland's owner withdrew millions while the budget retailer was in peril, as management prepares to ask a court for more time to reach a rescue deal.
Business ·
Britain says the Falkland Islands would face devastating consequences if Argentina blocks the Sea Lion offshore oil project. The dispute is being heard at an international tribunal in Hamburg.
Business ·
French police searched the Ritz in Paris and two other properties as part of a probe into sexual abuse and trafficking allegations involving Mohamed Al Fayed. The Paris prosecutor's office said people detained for questioning were later released.
Business ·
A broadcast segment examined the unusually broad role Jensen Huang plays at Nvidia and across the American technology industry, framing the controversy around him as one with wide-ranging implications.
Business ·
Boeing plans to cut roughly 5% of the workforce in its commercial aircraft business through layoffs and attrition. The company is slowing the acceleration of jet production to give factories and suppliers more time to steady their operations.
Business ·
A cyber-attack that defrosted freezers at a French supermarket has been attributed to Iran, with a suspected connection to other activity in Europe. The case echoes earlier Iran-linked digital stunts aimed at public attention.
Business ·
El Niño is forecast to deliver turbulent weather, and some businesses are positioning themselves to profit from the preparations it prompts. Contractors and mountain resorts are among those watching the skies with commercial interest.
Business ·
Five of seven border inspection sites in England and Wales never became operational, with at least £100m of public money spent on the unused facilities. The National Audit Office separately estimated last year that Brexit's overall cost was about £4.7bn.
Business ·
Mercer projects an 8.2% rise in per-employee health benefit costs for 2027 after planned cuts, with costs up about 11% without action. The increase would be the largest since 2003, keeping pressure on employers and workers.
Business ·
National Trust members have decisively supported plans to tender for a new banking partner. The decision follows criticism of Barclays over its fossil fuel investments.
Business ·
Santiago Peña faces charges connected to Paraguay’s banking crisis, while prosecutors seek his preventive detention. For customers such as Pedro Volpe, the turmoil became personal when routine account access suddenly failed.
Business ·
European and Asian markets fell sharply on Friday following a rout in US technology stocks. The downturn came after the Democrats’ decisive midterm victory, with many analysts warning of further selling.
Business ·
Tesla will phase out Cybertruck manufacturing at its Texas factory in the middle of next year. NPR reports that insufficient demand is behind the decision.
Business ·
The Nasdaq composite dropped 5.5% on Thursday, its sharpest daily decline in 18 months, as election results heightened concerns about tougher oversight of artificial intelligence. More than $2tn was wiped from its value.
Business ·
An invasive insect has destroyed extensive areas of pasture grass across the Southeast, creating a multibillion-dollar risk for agriculture. The mealybugs are difficult to detect and eliminate, adding pressure on farmers already facing high costs.
Business ·
Technology shares suffered a $2 trillion sell-off as investors worried about possible restrictions on artificial intelligence and data centers. The Nasdaq fell more than 5% amid concerns about action by a Democratic Congress and state governments.
Business ·
The telecoms group reported a pre-tax profit of £1.1bn for the half-year to September, while its share price reached a five-year peak. Job reductions are part of a wider efficiency drive.
Business ·
A record share of first-time homebuyers are paying all cash, while the median age of that group stays at a historic high, according to a new report. Industry watchers point to generational wealth as a key factor deepening the split between those who can buy and those who cannot.
Business ·
The Bank of England has suggested that today’s borrowing cost increase may not be the final one if the Iranian war continues, as it forecasts inflation nearing 5% by mid-2027.