Europe
BBC Business

Regulating AI 'not the right place to start' says Bailey

Image source, Carl Court/Getty ImagesPublished1 hour agoThe Governor of the Bank of England has said regulating artificial intelligence (AI) "is not the right place to start" but instead called first for "rigorous" testing to find vulnerabilities and safeguards to contain risk. Writing his first-ever article for Substack, Andrew Bailey said the risks around AI were "real and increasingly significant". Bailey said the development of AI should not be halted or prohibited - "on the contrary, the benefits are immense" - but added there must be a system for intervention and to establish boundaries in which AI operates. In recent weeks, the debate about the potential risks surrounding the rapid development of AI and what it means for humanity has intensified. The bosses of leading AI firms such as Anthropic and OpenAI have called for development of the technology to slow down and for an internationally co-ordinated approach assessing risks and putting safeguards in place. OpenAI recently announced that it would not release its latest AI model due to safety concerns. The idea of a slowdown, however, has been rejected by the likes of President Donald Trump who has said the US is leading the AI race ahead of China, adding: "And, frankly, I want to keep it that way because whoever wins AI, wins." But on Tuesday, after hosting a summit with the leading firms in AI such as OpenAI and Anthropic, Trump said executives had signed a "morally binding" document that would serve as a "form of protection" from AI's potential risks. Under the agreement, the companies are responsible for ensuring the safety of their own technology. In the UK, Bailey said "important work" was underway in testing AI - the UK has set up the AI Security Institute - which, he said, should help form part of a set of standards. "But the pace of progress must accelerate," the bank governor said, though he added: "We should proceed with a degree of humility." He said, with testing, there will be failures and "models will behave unexpectedly".

Regulating AI 'not the right place to start' says Bailey
Europe
The Guardian

A ‘freaked out’ US food industry is hitting back at Maha – with social media influencers

‘RFK Jr believes chronic illness is primarily caused by processed foods and dyes, exposure to certain chemicals, and poor farming practices.’ Composite: The Guardian/Getty ImagesView image in fullscreen‘RFK Jr believes chronic illness is primarily caused by processed foods and dyes, exposure to certain chemicals, and poor farming practices.’ Composite: The Guardian/Getty ImagesFood & drink industryA ‘freaked out’ US food industry is hitting back at Maha – with social media influencersCross-partisan support in Washington on issues like pesticides and food additives pose a threat to the industry’s bottom line Some of the biggest food and agriculture corporations in the US are funding a campaign that pays social media influencers to combat elements of Robert F Kennedy Jr’s Make America Healthy Again platform, according to an investigation by the Guardian and Documented, an investigative watchdog and journalism project. The ascension of RFK Jr to secretary of health and human services has boosted his putative campaign to end chronic illness in the US, which he believes is primarily caused by processed foods and dyes, exposure to certain chemicals, and poor farming practices, along with an overuse of what he falsely claims are dangerous vaccines. The “Maha” movement blends long-running mainstream concerns about food and farm safety with conspiracy theories about everything from medicine to milk. A Maha “summit” in Washington this week will feature JD Vance and several members of Trump’s cabinet. A KFF poll from May 2026 reveals that some Maha themes resonate with a broad segment of US adults. About four in 10 say they support the Maha movement, while a majority of the public say there is not enough regulation of pesticides used in agriculture (64%) or of chemical food additives (75%). View image in fullscreenAn Eat Real Food rally at Brazos Hall in Austin, Texas, on 26 February. Photograph: Bloomberg/Getty ImagesCross-partisan support in Washington on some of these issues poses a threat to the food industry’s bottom line – though the Trump administration has largely stopped short of enacting new regulations. But several large corporations are fighting back. An effort by the Center for Food Integrity, an industry-funded non-profit, tracks public sentiment around key issues central to Maha and suggests ways that agricultural interests can counter those narratives by appealing to emotion or scientific reasoning. They call it Gaha: Growing a Healthier America. Documents show the coordinated effort is tracking Maha closely and researching ways to respond to the movement’s claims without alienating its supporters. They are focused on several key areas: seed oils, pesticides, high-fructose corn syrup, regenerative agriculture, organic farming, raw milk/dairy and “big ag”, internal documents obtained by the Guardian and Documented show. The campaign involves deploying social media influencers with significant reach online in an effort to rebuild trust in the industries that the Maha movement has made their target. The Gaha influencer campaign officially launched late last year. In February, CFI compiled a report listing dozens of sponsored posts on platforms such as online blogs, Facebook, TikTok and Instagram about key Gaha subjects. So far, at least six influencers have signed on to the Gaha campaign, reaching a total audience of more than 2.6 million viewers. Influencers who participated in the paid campaign said they saw it as a way to counter misinformation that comes from Maha proponents, many of whom are paid to promote products in the wellness space. Some of the paid posts involved talking to farmers about pesticides or regenerative agriculture, which is the practice of restoring soil health, or explaining what seed oils are to counter claims that they cause a host of health problems. In one July 2025 training video uncovered by the Guardian and Documented, the center explained the goal was to create an “echo chamber” among the food and agriculture industry groups, aligning them behind “the same ultimate message”. “Without this coordinated response, that misinformation [from Maha] risks undermining consumer trust, fueling new regulations and eroding confidence in agriculture as a whole,” said Kelly Leighton, the center’s executive director, in the video. The Center for Food Integrity, formed in 2007, conducts research and public relations campaigns on behalf of the food and agricultural sectors. The board consists of corporate executives from top brands: Bryan Malenius, CFI’s board president, also serves as the director of reputation strategy for public affairs at Chick-fil-A, while other members hold senior positions at companies such as Cargill, Dairy Farmers of America and the National Pork Board. Its members, whose dues pay to keep CFI operating, include groups such as the American Farm Bureau Federation and several state farm bureaus, CropLife America and the National Restaurant Association.

A ‘freaked out’ US food industry is hitting back at Maha – with social media influencers
Europe
BBC Business

The AI telling farmers when to harvest

When the first day of the apple harvest rolled around in Washington State last year, the fruit was ripe and the pickers were ready – but the weather had other ideas. "It was like 38C… it's not safe for people to work in that heat," recalls Joel Carter at Okanagan Specialty Fruits. "We had to stop at 10 o'clock in the morning." He says that artificial intelligence (AI) models that forecast ideal harvest dates, taking into account the weather, would be useful. "You need to know more than just when your fruit is going to be ripe. How long do you have to pick it?" he says. "That's where these models are really helpful." Carter's company has more than 1,250 acres of apple orchards in Washington, and the fruit is grown for sliced apple portions – often sold to hotels and schools, for example. The firm is investing in technology with the hope of maximising productivity. Even the apples are genetically engineered so that they don't brown easily once cut. But planning a harvest is tricky. New tools that count and analyse fruit on the tree or vine, and predict when crops will ripen, are emerging. It matters because prices for fruit, especially high-value berries such as strawberries or blueberries can fluctuate wildly. Getting the harvest date wrong means you book seasonal workers when you don't actually need them, and risk missing out on the biggest profits. Okanagan Specialty Fruits is already experimenting with cameras from a Canadian firm called Vivid Machines. The cameras are mounted atop tractors and they scoop up imagery of the apple trees as the tractor trundles by. AI identifies buds, flowers or fruit in that footage. "Right now, Vivid is telling us crop estimates and harvest dates," says Carter. He notes that the system is good at picking out very tiny flower buds, which are hard to see at a glance with the naked eye. But the accuracy of forecasts is noticeably dependent on the quality of historical information fed in to the system, adds Carter. "This isn't something where an AI can scrape the internet and figure out what's the average [yield] for Granny Smith," he explains. "It's going to be bespoke to your farm." Apples are at least somewhat forgiving – the harvest window for those Granny Smiths is three weeks long, says Carter. For other fruit, such as berries, you might only have a few days. "If a strawberry crop is on, you have to harvest it – otherwise your entire crop gets diseased very, very quickly," says Raymond Martin, co-founder and chief operating officer of FruitCast, a UK company that offers harvest forecasts to fruit growers here. His firm offers growers crop predictions for strawberries and also raspberries, blackberries, blueberries and tomatoes. "We're moving on to grapes next year," adds Martin. Don't experienced farmers know when their fruit will be ripe, I ask? Martin says they generally do – but not necessarily across their entire farm, which might be many acres in size, or have both outdoor and indoor growing areas. "We do exactly what the farmers could do but we just do it on a scale that they can't."

The AI telling farmers when to harvest
Europe
BBC Business

Vape prices to rise as new tax takes effect

The price of vapes is set to rise as a new tax comes into effect, with the aim of making vaping less attractive to children and young people. The Vaping Product Duty will be imposed at a rate of £2.20 per 10ml of e-liquid. However, many customers will not see a jump in prices immediately, as sellers have six months to sell old stock at the pre-duty price. The government wants to reduce the appeal of vapes by making them more expensive, as more evidence of its adverse effect on health comes out, particularly on children and young people. The vaping industry has lobbied against the new tax, saying that affordable vapes help people to quit smoking. The duty will apply to all vaping products regardless of whether they contain nicotine. Tobacco rates were also raised on Thursday, by £2.20 per 100 cigarettes or 50g of tobacco. HMRC said this maintains the financial incentive for smokers to switch to vaping. The BBC spoke to vapers in Reading who had mixed views on whether the new tax would encourage people to quit. Mackenzie Bird, 19, has been a regular vaper for three years. She said she was "fine" with the duty and it wouldn't stop her from vaping. However, Cara Lewis-Rimes and Dylan Killner said they might reconsider the habit in light of higher prices. Cara said she thinks the changes will force vapers to cut down because of the cost of living. "I don't think it's doing me any favours... the health factor around it as well is not great." HMRC is also launching a stamp for vaping products which are traceable throughout the supply chain.

Vape prices to rise as new tax takes effect
Asia
The Economic Times

Jefferies increases weight in Reliance, 2 others; trims weight in 3 stocks in latest model portfolio changes. See list

As the Indian stock market is facing pressure from rising bond yields, global investment bank Jefferies sees an opportunity emerging beneath the broader market weakness in largecap stocks, where valuations have fallen below historical averages and the earnings gap with midcaps is expected to narrow. Jefferies increased weight in the company and said Reliance has been added at an attractive valuation. The stock is trading at 8.4 times one-year forward EV-to-EBITDA, around 23% below its 10-year average. The brokerage also sees scope for upgrades if refining margins improve. Jefferies cited the removal of leadership overhang, potential acceleration in growth from current levels of 15%+ and an attractive valuation. The stock trades at 1.8x FY27E price-to-adjusted book value (P/ABV), around 50% below its 10-year average. Jefferies has also added Welspun Corp, which it expects to benefit from a multi-year upcycle in oil and gas infrastructure spending across the US and Middle East, supported by local manufacturing. The brokerage expects this to drive EBITDA and EPS compound annual growth of more than 30% over FY26-29E. The Wall Street investment bank has trimmed weight in the two-wheeler major. Eicher shares have slipped over 8% in the last one month and remain 5% lower since the beginning of the year. The brokerage has trimmed the weight in the real estate company. The weight reduction comes after a sharp 60% rally in the last six months. However, in the last one month, the stock is down over 5%. The real estate giant has also seen a cut in weight by Jefferies. The stock is down over 20% since the beginning of the year and about 32% in the last five years. Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Jefferies increases weight in Reliance, 2 others; trims weight in 3 stocks in latest model portfolio changes. See list
North America
CNBC Finance

As Trump and Xi meet, Chinese automakers could be a Pandora's box for U.S. auto industry

DETROIT — As President Donald Trump meets with Chinese President Xi Jinping this week, U.S. politicians as well as the global automotive industry are warning that allowing Chinese automakers to enter the market could be a Pandora's box. Trump earlier this month said he might be "OK" letting Chinese automakers into the U.S. if they produced vehicles domestically, leading a consortium of auto trade groups representing every major facet of the American auto industry to urge him to rethink that position. It was an uncharacteristically unified message from automakers operating in the U.S., franchised dealers and suppliers. More than two dozen Democratic lawmakers followed that push with their own letter, urging Trump to keep in place U.S. restrictions against Chinese automakers. "It's not at this point a partisan issue," Sen. Elissa Slotkin, D-Mich., told reporters Wednesday. "It's about whether we want to make cars in America and whether we want a manufacturing base that can pivot when we need it. If we want that, we shouldn't let them in our country." Trump is scheduled to host Xi and a delegation from China on Thursday and Friday that reportedly could include Wang Chuanfu, founder of BYD, China's largest automaker, and Robin Zeng, founder of CATL, the world's top battery maker for electric vehicles. Michael Dunne, an expert on China's automotive industry and a former General Motors executive, said even the potential that those two executives could attend underscores the importance of Xi's trip for the U.S. auto industry. GM CEO Mary Barra is also expected to be among the attendees at Trump's state dinner for Xi, Reuters reported Wednesday, along with several other U.S. executives, including Tesla CEO Elon Musk. As for America's other largest automakers, Ford Motor declined to disclose whether CEO Jim Farley will be attending after the Department of Transportation criticized the company for its Chinese ties, including a licensing deal with CATL. Reuters reported Chrysler parent Stellantis said CEO Antonio Filosa is out of the country and not planning to attend. Industry insiders and onlookers have expressed concerns similar to those raised by automakers and lawmakers as bipartisan bills to ban Chinese automakers from the U.S. move through Congress. The pressure campaign comes as Chinese automakers have been rapidly expanding outside of their domestic market, especially to Europe and Central and South America. There's fear among global automakers that Chinese rivals, like BYD and Geely, which are heavily subsidized by their governments, could flood global markets, undercutting domestic production and vehicle prices. Dunne said he doesn't believe those concerns are overblown. He said Chinese automakers would "quickly overwhelm America's auto industry, just as it is now ravaging Europe." Global market share for Chinese brands jumped nearly 70% from 2020 to 2025, according to market research and consulting firm GlobalData. The automakers' market share in Europe was virtually nothing in 2020 but hit 12% in August, according to Germany-based Dataforce.

As Trump and Xi meet, Chinese automakers could be a Pandora's box for U.S. auto industry
North America
CNBC Finance

McDonald's CEO expects high inflation, lackluster traffic are here to stay

McDonald's is predicting that flat traffic and higher inflation will continue to weigh on the restaurant industry, CEO Chris Kempczinski said Wednesday. "One of the things I've talked to our team about is we need to stop talking about that being a difficult environment, and just say that is the environment," Kempczinski said on CNBC's "Squawk on the Street." "Because I think, as we look out forward, we're not expecting things to change." For years, Kempczinski has been warning investors and analysts about the "challenging environment" faced by McDonald's and the broader industry. The burger chain reported U.S. same-store sales growth of just 0.8% in its most recent quarter as traffic to its domestic restaurants fell. Diners have been eating out less frequently, pushing back against higher menu prices as they face increased costs on everything from gas to groceries. From August 2025 to July 2026, industry operators surveyed by the National Restaurant Association reported a net decline in customer traffic in every month but one. To attract customers, McDonald's and its rivals have leaned into discounts. But diners aren't the only ones facing higher costs. Restaurant operators — like McDonald's and its franchisees — have seen beef prices soar. Kempczinski said that beef costs have nearly doubled over the last five years in the company's biggest markets. Other expenses, like labor and construction, have also ticked higher, putting more pressure on margins. "Across the board, we're seeing that inflation is sticky," Kempczinski said. "It's sticky, not just in the U.S., but around the world." Faced with tougher operating conditions, McDonald's is focusing on stealing diners from its rivals. "The biggest thing that you need to do in an environment like this is you have to be able to earn share," Kempczinski said. "You have to be able to actually grab growth from your competitors." While he said McDonald's will likely have to consider price increases, he added the chain will have to be careful not to drive diners away. He reiterated that the company believes it erred by raising prices too quickly in the years after the Covid pandemic. Kempczinski and other McDonald's executives will share more details about the company's plans to gain market share during its investor day on Wednesday. Get this delivered to your inbox, and more info about our products and services.

McDonald's CEO expects high inflation, lackluster traffic are here to stay
Europe
BBC Business

The start-ups hoping to return battery making to the US

As heatwaves scorched Europe this summer, workers at a US battery company noticed an uptick in demand. San Diego-based Unigrid sells a nine kilowatt hour battery for people's homes. Sweltering European homeowners were apparently looking for ways of storing power when it was available from the grid at lower rates. They could then run air conditioners more cheaply, off the battery, during the worst heat of the day. "We have requests coming from Spain, France, Germany, The Netherlands," says Darren Tan, co-founder and chief executive. "We've shipped the first 100 units and [expect to ship] 1,000 before the end of the year." Unigrid's battery is an emerging technology – it's a sodium ion, rather than lithium ion device. Sodium ion batteries have got energy storage experts excited because they could end up much cheaper to build and operate than lithium ion. They're potentially less likely to catch fire and should also work in a wider range of temperatures, even down to lows of minus 40C, external. But there's a debate over what constitutes the best, and safest, sodium ion battery design. Plus, more than one, external US company working in this space has floundered in recent years, external. China leads the world in sodium ion battery manufacturing at present so US competitors are going to have to work hard to keep up. The prize that awaits is the possibility of batteries made in the US with 100% US-sourced materials. This is unlike lithium ion batteries, where China dominates the materials, external supply chain as well as manufacturing. For Tan, China has helped his company get to market. The Unigrid battery currently uses sodium ion cells made there, rather than in the US. "We can switch back and forth and choose what battery we want to work with," says Tan, explaining that, in future, his firm might source cells from the US – though these may come at a different cost. There's another consideration. Unigrid's battery contains chromium-3 in its cathode. In a battery, electrons flow from cathode to anode, external when charging and in the opposite direction when discharging or providing power. Prof Dame Clare Grey at the University of Cambridge, who is co-founder of battery firm Nyobolt, points out that under certain conditions chromium-3 may form chromium-6, a toxic, cancer-causing material., external "If you're going to go for sodium […] and you're going to sell safety, then don't start putting elements in that are going to raise red flags," she tells the BBC.

The start-ups hoping to return battery making to the US
Europe
BBC Business

Household energy bills forecast to see biggest rise in four years

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoHousehold energy prices are set to soar in January, with a typical annual bill forecast to jump by £276, figures shared with the BBC reveal. The 16% predicted increase would hit millions of households at the coldest time of year, and would mark the biggest rise in bills for four years. The forecast from consultancy Cornwall Insight comes a day before prices go up under regulator Ofgem's October price cap and puts increased pressure on the government to support those who will struggle to pay. Meanwhile, the boss of supplier EDF Simone Rossi has warned the UK is "walking into a second energy crisis" and called for an extension to the VAT cut on electricity which kicks in on Thursday. About 20 million households in England, Scotland and Wales are on variable energy tariffs set by Ofgem's price cap, which puts a maximum price on each unit of gas and electricity. Those homes will see a 4% increase in prices on Thursday, the equivalent of about £60 per year – or £5 per month – taking an annual bill to £1,723 for the typical household using both electricity and gas and paying by direct debit if this level was sustained for a year. That rise would have been higher without the government's VAT cut, which knocks the equivalent of about £45 a year off a typical bill. But forecasts show a far greater increase is possible for bills in January. Cornwall Insight said its latest forecast suggests the typical annual bill would rise to £1,999. The forecast 16% rise will come at the worst time of year, according to Craig Lowrey, principal consultant at Cornwall Insight. "These prices are going to hit households hard. January is already a difficult month for many, with cold weather and bank balances still recovering from Christmas," he said. The predicted rise is the result of disruption of gas supplies owing to the conflict in the Middle East, and the resulting low gas storage levels in Europe. Rebuilding those stocks could mean high bills "well beyond the winter", the forecaster said. Cornwall Insight has a strong track record on forecasts and is widely respected across the industry and politics. Similar forecasts have been made by energy suppliers.

Household energy bills forecast to see biggest rise in four years