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Europe
The Guardian

Nvidia unveils security platform to rein in AI agents and $150bn stock buyback

Nvidia’s CEO, Jensen Huang, attends the Q&A session with the media during the Nvidia/Japan AI Ecosystem reception in Tokyo on 16 July 2026. Photograph: Philip Fong/AFP/Getty ImagesView image in fullscreenNvidia’s CEO, Jensen Huang, attends the Q&A session with the media during the Nvidia/Japan AI Ecosystem reception in Tokyo on 16 July 2026. Photograph: Philip Fong/AFP/Getty ImagesNvidiaNvidia unveils security platform to rein in AI agents and $150bn stock buybackChipmaker says new system was designed to prevent AI agents from going rogue amid incidents at top companies Nvidia on Monday unveiled a new security platform that the chipmaker said can stop artificial intelligence agents from going rogue. The company announced a $150bn stock buyback the same day, the largest in US corporate history. The chipmaker said that its Open Agent Safety Platform includes open source software that “sets boundaries for agents” and follows a series of revelations from top AI companies about their models escaping and breaking into other organizations. The disclosures have sparked furious debate about the safety of advanced artificial intelligence systems, including self-improving models that some fear could race out of human control. Nvidia executives said in a media briefing that the new system could have prevented a recent incident involving a swarm of OpenAI agents that autonomously hacked into the AI company Hugging Face. “From what we know, this new security platform could have stopped the breach if it was being used in frontier labs for model evaluation early on,” said Justin Boitano, the company’s vice-president of enterprise AI, referring to companies at the forefront of AI. Nvidia also said its board approved expanding its share repurchase program by $150bn, raising the total amount to $235bn. The previous record was held by Apple with its $110bn buyback in 2024. “Our cash generation gives us the capacity to invest in ​the technologies that advance this transformation and return capital to shareholders,” Nvidia’s CEO, Jensen Huang, said in a statement. Last month, Nvidia forecast about ⁠70% revenue growth for fiscal 2028, reassuring investors who have questioned ​how long the AI ​spending surge can last after ​years of explosive growth. The Hugging Face incident was a high-profile breach that inflamed safety concerns about AI, which were followed by similar rogue actions involving OpenAI’s models including breaching an Australian health department website. Anthropic and Meta have also disclosed that their AI systems hacked into other organizations on their own. Nvidia’s software, called OpenShell, lets developers “formally verify an agent has enough authority to do its job and no more”, Boitano said.

Nvidia unveils security platform to rein in AI agents and $150bn stock buyback
North America
CNBC Finance

Cat owners are spending more and boosting pet retailers

Cat owners are spending on their feline friends in a bright spot for pet food makers and sellers. Though consumers are watching their wallets as the prices of fuel and groceries rise, sales for cat food and other cat-related products are climbing, according to sellers of those products. General Mills, Chewy and Petco Health and Wellness Co. all called out the segment as a strength in their businesses during their most recent quarterly earnings calls. Sales of dog products, on the other hand, continue to soften. The rise in sales of cat items comes as the American Pet Products Association found a 5% increase in cat ownership in 2025, with an estimated 53 million households having cats. The modest rise last year came after cat ownership surged 23% in 2024. Factors driving the increase in cat ownership could include the ease and affordability of care relative to dogs, along with their ability to live in smaller enclosed spaces like apartments, according to executives in the space. General Mills on Wednesday reported double-digit percentage growth in cat food sales, which includes the brand Tiki Cat. At the same time, sales of dog food fell by a high-single-digit percentage. Those contrasting trends led in part to General Mills' North American pet segment posting net sales that were roughly in line with the year-ago period. CEO Jeff Harmening said on an earnings call on Wednesday that the sales trend was related to the fact that Americans are adopting more cats and fewer dogs. Chief Operating Officer Dana McNabb said, however, that struggles in the company's dog food business could not be blamed entirely on trends in pet ownership. "We really have to relook at the entire proposition of the product, the packaging, the marketing, the communication, we have work to do," she said. "And we had the same challenge on our cat Tastefuls business a few years ago, and it took us about 18 to 24 months to improve it, and that business is back to growth now." Other pet retail companies have called out similar trends in cat and dog products. On a Sept. 9 earnings call, Chewy CEO Sumit Singh said of the company's pet segments: "dog seems to be worsening; cat seems to be strengthening." Petco reported strong sales of cat products in its second quarter, highlighting the launch of its cat treat brand Candy Shop on a Sept. 2 earnings call. "In the second quarter, we introduced new high-impact brands that resonate strongly with cat parents, generating nice gains across consumables, supplements, bedding and furniture," CEO Joel D. Anderson said on the company's earnings call.

Cat owners are spending more and boosting pet retailers
North America
CNBC Finance

Darden Restaurants stock falls as Olive Garden reports slower growth

Darden Restaurants on Thursday reported quarterly earnings and revenue that narrowly missed analysts' expectations as same-store sales growth at Olive Garden slows. Shares of the company fell as much as 5% in premarket trading but pared back their losses as executives reassured investors on the company's earnings conference call. The stock was down about 2% in morning trading. Short-term challenges like consumers' cyclospora concerns and the World Cup tournament weighed on Darden's same-store sales during the quarter, executives said. However, CEO Rick Cardenas said that Darden's restaurant chains are performing better in September, and costs of key commodities, like beef, are projected to improve later in the fiscal year. Here's what the company reported for the quarter ended Aug. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Darden reported fiscal first-quarter net income of $233.4 million, or $2.04 per share, down from $257.8 million, or $2.19 per share, a year earlier. The company's same-store sales increased 3.1% during the fiscal quarter as each of Darden's business units reported growth. But the World Cup weighed on demand for Darden's restaurants early in the quarter, dragging the company's same-store sales down by 80 basis points, or 0.8%, CFO Raj Vennam said. LongHorn Steakhouse was once again the top performer of the portfolio this quarter, as same-store sales rose 6.2%. The chain has overtaken Olive Garden to become Darden's top performer, although it still accounts for a smaller share of the company's overall revenue. Olive Garden saw its same-store sales inch up 1.1%. While it is still the company's largest chain by both number of locations and sales, Olive Garden has seen its growth weaken as diners have become more choosy about their spending. And while many consumers may think about pasta or breadsticks when they consider dining at Olive Garden, the chain was not immune to industry concerns about the deadly cyclospora outbreaks this summer tied to fresh produce. "During the quarter, Olive Garden was prepared to communicate about one of its core brand equities, unlimited soup, salad and breadsticks, but quickly pivoted away from their planned marketing support in response to external events that led to broader consumer concern about lettuce," Cardenas told analysts on the company's quarterly earnings call. To fuel sales further, Olive Garden is going to lean into weekday lunch occasions. Cardenas said the team is working on "several opportunities" focused on value to drive more traffic during the relatively sleepy daypart. Darden's fine-dining business reported same-store sales growth of 1.6%. The segment includes chains like The Capital Grille and Ruth's Chris.

Darden Restaurants stock falls as Olive Garden reports slower growth
Asia
The Hindu BusinessLine

Broker’s call: Vesuvius India (Buy)

Vesuvius India Ltd, part of the Vesuvius plc Group, is one of the leading players in the refractory industry. The Company provides flow control solutions, advanced refractories and comprehensive refractory management services to the steel, foundry, aluminium, cement and other high temperature industries, with a considerable contribution from the steel sector. The India refractory market revenue is expected to grow at a CAGR of about 9.9 per cent from 2026 to 2033. As an early mover in localising flow control manufacturing in India, the company has built a strong product portfolio and technical service network, supporting its leadership position in the domestic market, where it holds about 50-55 per cent market share. We expect VIL’s revenue to grow at about 12 per cent CAGR over CY25-CY28E, supported by sustained growth in the steel industry and the resulting increase in demand for refractory and flow control products. The company’s service led model and provision of total refractory solutions are expected to support recurring revenue through maintenance and related services. In addition, the ramp up of new capacities is expected to support the normalisation and improvement of margins. Keeping in view these factors, we initiate coverage on Vesuvius India with a Buy rating, valuing the company at 30x CY28E P/E multiple. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Broker’s call: Vesuvius India (Buy)
North America
CNBC Economy

Switzerland is keeping rates at 0% — for now

Switzerland's central bank kept its key interest rate at 0% on Thursday, defying the tightening cycle that has begun among many of its major peers. But market watchers say it's only a matter of time before it's forced into raising rates. Thursday's decision marked a divergence from policy decisions by the banks of Switzerland's major trading partners: the European Central Bank, the U.S. Federal Reserve and the Bank of Japan, which have all begun raising interest rates to ward off rising inflation. The central banks of Canada and the U.K., also major trading partners, are expected to follow suit later this year. The unique Swiss economy has kept it somewhat insulated from the inflationary surge seen in neighboring nations and economic peers. In August, Switzerland's annual inflation rate ticked up to 0.8%, pushed higher due to rising gasoline, diesel and heating oil costs — but it's a far cry from levels seen in the U.S., U.K. and euro zone. Their respective central banks have inflation targets of 2%, while the SNB's objective is to keep inflation between 0% and 2%. The SNB is widely expected to eventually embark on its own hiking cycle. Traders are pricing odds of a hike versus a hold at close to 50-50 in December — and more than a 90% chance the SNB will begin hiking by early 2027. LSEG's data shows traders are betting on the SNB's key rate rising to at least 0.75% by next September. One of the factors that helps keep inflation low is the Swiss franc's safe-haven status. The currency's strength puts deflationary pressure on the country. As the currency appreciates, imports — which play a significant role in the economy — become cheaper. Because of the franc's potential to curb inflation and economic activity if it appreciates suddenly or excessively, the SNB also monitors exchange rates in its task of maintaining "appropriate monetary conditions." As investors sought protection from widespread market volatility in 2025, the Swiss franc rose more than 12% against the dollar — but the greenback has clawed back around 4% against the franc so far this year. Speaking to CNBC's Carolin Roth on Thursday, SNB Chairman Martin Schlegel said policymakers had decided to keep rates unchanged based on the inflation picture.

Switzerland is keeping rates at 0% — for now
Asia
The Hindu BusinessLine

Ramco Systems to partner with South Africa’s Altron to sell payroll software to West Asia customers

Ramco Systems, the software as a service company from Chennai’s Ramco Group, has announced a partnership with South-Africa-based technology group Altron to offer Ramco’ Payce payroll solutions to its enterprise customers across the UAE and Saudi Arabia. The partnership will be executed through the companies’ wholly-owned subsidiaries -- Ramco Systems FZ-LLC, Altron Middle East Technologies LLC and Altron Alarabia Company Ltd. Altron will manage implementation, front-line support and commercial terms, while Ramco will provide the software, secure cloud hosting and advanced technical support. “Getting pay right, every time, is fundamental to the trust between an organisation and its people. That is why we pair Ramco’s product depth with partners who are close to our customers. Altron brings that closeness to enterprises across the UAE and Saudi Arabia, combining the reliability of a global payroll platform with the responsiveness of a local team,” said Sandesh Bilagi, Chief Executive Officer, Ramco Systems. “Altron already helps enterprises across the region manage their workforce, from scheduling and attendance to leave and labour costs. Adding Ramco Payce lets us carry that through to payroll, giving customers one accountable local partner, teams on the ground in Dubai and Riyadh, and Saudi data residency for those who need it,” said Craig Cocker, Managing Director, Altron Middle East & Altron Alarabia. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Ramco Systems to partner with South Africa’s Altron to sell payroll software to West Asia customers
Europe
BBC Business

Tourism tax needs to be more flexible in Wales, warns expert

Last week, Anglesey council rejected introducing the visitor levy for now, over concerns for its tourism industry, while Gwynedd and Conwy councils both postponed making any decision on the nightly fee. It is down to local authorities to decide whether they want to introduce the Welsh government legislation - meaning from 2027 a fixed price can be charged per person, per night - and applies to both adults and children. The Welsh government said the legislation allowed for decisions to be taken at a local level, with councils able to introduce the levy "to support investment in tourism services and facilities". A tourism tax, or levy, is a charge which would need to be paid by anyone staying overnight in any area which introduces it. The idea is that it covers, or contributes to, the costs which authorities face as a result of the tourism industry. If a local authority decides to introduce the tourism tax, fees for people staying in hostels, shared rooms and tent pitches would be 75p + VAT per person per night, while most other types of accommodation would be charged at £1.30 + VAT. But according to Dr Linda Osti, senior tourism lecturer at Bangor University, decisions on how much is charged, and how a levy is brought in, should be made on a more local level instead of a one-size-fits-all approach. "It's one legislation for every county and and it's applied at county level, when we should think about sub-county level," she said. "Geographically, if we think about Gwynedd... we cannot have the same levy on Eryri or Porthmadog. The same legislation cannot work for Cardiff or in Anglesey, on the coast. Osti also suggested there was a "mistrust" from tourism businesses on how local authorities would spend money generated from tourism tax, compared to places like the Italian alps where decisions are made through smaller co-operatives. Earlier this month, it was announced that regional mayors in England would gain new powers to charge an uncapped levy on overnight stays for visitors. Osti, who co-authored a 2024 report for the Welsh government studying how visitor levies worked in other countries, external, said: "If we compare what we know from England, which is very little at the moment, it appears to be much more flexible.

Tourism tax needs to be more flexible in Wales, warns expert
North America
CNBC Economy

Global debt tops $365 trillion as economists sound alarm over 'vicious cycle'

Ever-higher costs to service mounting debt loads pose a major risk to governments around the world, economists have warned. Global debt rose by $10 trillion in the first half of the year to top $365 trillion, according to research published by the Institute of International Finance on Wednesday. State debts are rising as yields on medium- and long-term government bonds issued by a slew of the world's biggest economies hit their highest levels in more than a decade — including in the U.S., Japan, France and the U.K. Rising yields reflect growing investor discomfort at rising interest rates, persistent energy cost pressures, tepid economic growth and high fiscal spending. The IIF highlighted the four major economies in particular as facing "persistently large deficits and rising interest expenses — challenges long associated with debt-distressed emerging market sovereigns." The Washington-based group found that advanced economies paid over $3.3 trillion in interest on internationally traded government bonds last year, more than global spending on AI ($2.6 trillion), defense ($3.1 trillion), or clean energy ($2.3 trillion). Debt has become a political issue, creating a "vicious cycle between elections and short-term quick fixes, and a long-term vulnerability as the marginal utility of higher debt diminishes," the IIF warned. "As benchmark rates rise, interest expense is set to surge, while structural pressures from healthcare and public pension spending remain largely unaddressed," it added. In its economic outlook published Wednesday, the Paris-based Organisation for Economic Co-operation and Development said that rising bond yields showed the need for greater efforts to "contain and reallocate government spending, improve public sector efficiency and strengthen revenues." Reforms are needed to ensure longer‑term debt sustainability and ensure governments can react to future shocks, it said. International Monetary Fund (IMF) chief Kristalina Georgieva meanwhile told the BBC in an interview this week that shocks to the global economy were "pushing debt levels up like a staircase not to heaven," as she criticized a lack of government action. "There are these two things that must be done: bring debt levels down, put fiscal consolidation as a priority, and make sure that the central banks deliver on their mandate for price stability," she said. "It is impossible to stress strongly enough how critical it is to get the courage to take the steps that are necessary. These are politically tough steps to take, but necessary steps to take."

Global debt tops $365 trillion as economists sound alarm over 'vicious cycle'
North America
CNBC Economy

France's fresh budget battle threatens to topple another government

France is paying an ever-higher risk premium on its debt as investors brace for a third straight year of drama over its annual budget, which threatens to topple yet another leader. The yield on the country's 10-year government bonds — known as OATs — popped above 4.5% on Friday for the first time since 2008, and has since held above that threshold. It was last seen trading with a yield of 4.6696% on Thursday. France's 10-year yield is now more than one percentage point higher than the payout on German 10-year bonds for the first time since the height of the euro zone sovereign debt crisis in 2012. The market continues to demand greater compensation for lending to France than it does to Italy or Greece — the problem children of the crisis. Further across the yield curve, France has some of the highest government borrowing costs in the G7 group of advanced economies. French Prime Minister Sébastien Lecornu's fragile minority government will submit a draft proposal for the 2027 package to parliament in early October, which will be debated through the month ahead of a Nov. 17 vote. Lecornu has said he will target 54 billion euros ($61.8 billion) in spending cuts, insisting that greater fiscal discipline is needed to quell France's ballooning debt load and reduce one of the euro area's biggest budget deficits. Some economists say France is on an unsustainable path after Fitch's downgrade of the country's credit rating last year. On Saturday, the French finance ministry said it expects national debt to reach a ​record high of 119.3% of gross domestic product in 2026, ‌with a projected debt-to-GDP ratio of 121.7% in 2027. But ever since France's July 2024 snap election failed to deliver an absolute majority in parliament, political division in the National Assembly — which includes the far-right National Rally, the left-wing New Popular Front and Lecornu's center-right grouping — has come to a head over budget disputes. Administrations were ousted in no-confidence votes in December 2024 and September 2025, while it took Lecornu until February this year to pass the 2026 budget via a constitutional clause allowing him to bypass parliament. "A tough draft budget for 2027 risks toppling the government despite a widely held desire to avoid a political crisis before the presidential election next spring," Mujtaba Rahman, managing director for Europe at Eurasia Group, said in a note on Monday. Measures such as a partial freeze on pensions will be opposed by parliamentary factions, Rahman said, but Lecornu is likely determined to end the probable last months of his premiership "by forcing through a budget that will, in theory at least, begin the lengthy task of cleaning up France's state finances." That could involve compromise on certain issues in talks with rival parties in the coming weeks, or once again resorting to special constitutional powers to pass a budget by the mid-December deadline, Rahman added.

France's fresh budget battle threatens to topple another government