An Amazon logistics center in Mecklenburg-Western Pomerania, Dummerstorf, Germany, on Nov. 27, 2024.Picture Alliance | Picture Alliance | Getty ImagesAmazon announced Monday its millionth worker robot, and said its entire fleet will be powered by a newly launched generative artificial intelligence model. The move comes at a time when more tech companies are cutting jobs and warning of automation.The million robot milestone — which joins Amazon’s global network of more than 300 facilities — strengthens the company’s position as the world’s largest manufacturer and operator of mobile robotics, Scott Dresser, vice president of Amazon Robotics, said in a press release. Meanwhile,…
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A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010.Simon Dawson | Bloomberg via Getty ImagesIn one move, Santander has silenced months of speculation over it’s allegiance to the British high street – and complicated a year-long consolidation saga in Spain’s banking sector.On Tuesday, Spain’s largest lender said it agreed to buy British high street lender TSB for £2.65 billion ($3.6 billion) from Catalonia’s Sabadell in an all-cash deal subject to approval. The transaction will generate a return on invested capital of more than 20%, bringing its return on tangible equity in the…
Tourists and domestic visitors in the West End at Leicester Square outside the Greggs bakery which is known as the Mega Greggs on 28th July 2024 in London, United Kingdom. Mike Kemp | In Pictures | Getty ImagesU.K. high-street baker Greggs, famed for its sausage rolls and hot savoury bakes, warned on Wednesday that sales in June were hit by unusually hot weather in June.Shares of the bakery chain plunged around 15% on Wednesday after the company issued a trading update in which it said unseasonably hot weather in the U.K. had hit customer footfall and dented like-for-like sales in…
Workers on the way of investigate electrical substation following a fire at an electrical substation supplying power to the facility, in London, United Kingdom on March 21, 2025. Rasid Necati Aslim | Anadolu | Getty ImagesA fire that shut Heathrow airport in March, stranding thousands of passengers, was caused by National Grid’s failure to maintain an electricity substation, an official report said on Wednesday, prompting the energy watchdog to open a probe.The closure of Heathrow, the busiest airport in Europe, cost airlines tens of millions of pounds. It also raised questions about the resilience of Britain’s infrastructure.Energy minister Ed Miliband said…
Meta Platforms CEO Mark Zuckerberg has been on an artificial intelligence spending blitz — and Wall Street does not seem to mind. Zuckerberg has invested tens of billions of dollars in computing infrastructure and research and development, and he’s worked tirelessly to implement AI across the internal organization and to enhance user engagement and ad targeting on Instagram and Facebook. In the latest phase of these efforts, Zuckerberg has ripped a page out of New York Mets owner Steve Cohen’s playbook and thrown huge amounts money at top AI talent to build out a “superintelligence” unit, with the goal of…
The S & P 500 ending the first half of the year at a record high is cause for celebration for many, but some Wall Street pros are worried that investors may be getting too excited. Barclays strategist Stefano Pascale was one of several to warn about “froth” in the market in a note to clients on Tuesday. “The Barclays Equity Euphoria Indicator, a proxy of excessive optimism, is back to levels comparable to earlier peaks this year, and not far from the ‘Meme stock frenzy’ and Dotcom era episodes; SPAC IPO issuance have resuscitated, with issuance so far in…
William_potter | Istock | Getty ImagesThe latest version of U.S. President Donald Trump’s “big beautiful bill” could make it cheaper for semiconductor manufacturers to build plants in the U.S. as Washington continues its efforts to strengthen its domestic chip supply chain.Under the bill, passed by the Senate Tuesday, tax credits for those semiconductor firms would rise to 35% from 25%. That’s more than the 30% increase that had made it into a draft version of the bill. Companies eligible for the credits could include chipmakers such as Intel, Taiwan Semiconductor Manufacturing Company and Micron Technology, provided that they expand their advanced…
U.S. Federal Reserve Chair Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs, on Capitol Hill on June 25, 2025 in Washington, DC, U.S.Kent Nishimura | Getty Images News | Getty ImagesIt’s the what-could-have-beens that hurt the most. The childhood sweetheart who moved to a different country. The early opportunity to invest in a company designing graphics chips for games. The lower interest rates if not for tariffs.On Tuesday, U.S. Federal Reserve Chair Jerome Powell confirmed that tariffs — and, specifically, their unexpectedly large “size” — are the chief reason the central bank hasn’t lowered rates…
Case of Modelo, a beer imported from Mexico, are seen for sale at a grocery store in Arlington, Virginia, February 3, 2025, following the announcement of tariffs by US President Donald Trump on important goods from Canada and Mexico.Saul Loeb | Afp | Getty ImagesConstellation Brands on Tuesday reported quarterly earnings and revenue that missed analysts’ estimates as tariffs on aluminum weighed on its profitability.Still, the brewer reiterated its forecast for fiscal 2026, showing confidence that it can hit its financial targets despite the weaker-than-expected quarterly performance and higher tariffs.Shares of the company fell less than 1% in extended trading.…
This report is from this week’s CNBC’s UK Exchange newsletter. Each Wednesday, Ian King brings you expert insights on the most important business stories from the U.K. and the key personalities shaping the news. The newsletter will also highlight other key developments in the U.K. that you won’t want to miss, plus a preview of essential events that are set to make waves. Like what you see? You can subscribe here.The dispatchFor most of this century, the U.K. — and London in particular — has been one of the most popular destinations for the world’s super rich to live, work and…
