Latest Developments

Europe
The Guardian

Trump announces new 50% tariff on Canadian cars, trucks and steel

Manufacturing facility in Alliston, Ontario. Photograph: Cole Burston/AFP/Getty ImagesView image in fullscreenManufacturing facility in Alliston, Ontario. Photograph: Cole Burston/AFP/Getty ImagesTrump tariffsTrump announces new 50% tariff on Canadian cars, trucks and steelMove is latest deterioration in trade relations between neighbors with historically strong economic ties Donald Trump announced a new 50% tariff on automobiles and crucial raw materials from Canada, the latest deterioration in trade relations between the two neighbors with historically strong economic ties. The US president said that the increased tariffs would start on 1 January 2027 on all cars, trucks, automobile parts and steel. He also derided the nation’s tariffs on American farmers, writing on social media that Canada has been “ripping off” the US “for years”. In response, Mark Carney told reporters on Monday that Trump’s announcement was largely expected. “It’s not a surprise for us that the US would take some form of reprisal to our response to their unjustified tariff, which was on top of other unjustified tariffs,” the Canadian prime minister said from Quebec. “But what message does that send to the workers in Michigan, in Ohio, in Kentucky, in Alabama, who rely on Canadian demand?” Carney continued. “We’re their largest customer for automobiles, more than the European Union, Japan, Korea, many others combined, and the United Kingdom.” He added that Canada would be ready to move forward with talks “when the Americans go to the negotiating table first with the right attitude toward our industry and a true partnership”. Trump’s announcement follows the last-minute collapse this weekend of a potential deal to lower tariffs on automobiles and other materials. After Trump imposed another 50% tariff on $20bn worth of Canadian exports, including hockey equipment and electronics, Carney, rejected the latest deal between the two nations on Saturday. Carney said that the US “asked too much and they offered too little”, and he has vowed to match the American tariffs “dollar for dollar”. Canada and the US have been longtime partners, trading roughly $909bn, according to the office of the US trade representative. But Trump’s second presidential term and his aggressive trade policies have brought the era of “deep ties” between the two nations to a close, Carney said last year, vowing to fight Trump’s sweeping tariffs.

Trump announces new 50% tariff on Canadian cars, trucks and steel
North America
CNBC Finance

Goldman Sachs partner warns of 'huge danger' in letting AI replace bankers' reasoning skills

A Goldman Sachs partner leading one of the bank's flagship artificial intelligence projects warned that AI's spread across Wall Street risks hobbling the thinking capabilities of the next generation of financiers. "There's a huge danger here that in the era of AI, we outsource our reasoning to these models, and we have cognitive atrophy that stops us being able to reason from first principles ourselves," said Chris Churchman, who leads Goldman's digital platform for institutional clients called Marquee. The comments came during the latest episode of the firm's "Exchanges" podcast, according to a transcript provided exclusively to CNBC. Just as people lost navigation and memorization skills with modern inventions, bankers risk losing analytical abilities if algorithms handle all the heavy lifting, Churchman said. "Reasoning is still important," he said. "You still need to reason about [problems] and structure it into an argument, and now we're delegating reasoning." Wall Street's push to enmesh AI into all of its trading and banking processes could be a kind of devil's bargain: It will make the industry more profitable today while potentially eroding the talent it needs for tomorrow. With AI taking over more of the routine work that has traditionally taught young bankers and traders how to think and make decisions, firms risk sacrificing the culture that turns junior employees into seasoned Wall Street talent. It could even reduce the need for junior bankers in the first place. Last year, CNBC reported that Wall Street firms were examining ways of using AI to lower the ratio of junior bankers to senior employees. Banks need to find a balance between using AI and preserving Wall Street's apprenticeship culture, said Churchman, who ran currency trading at UBS before joining Goldman in 2021. "You learn by doing, and a lot of knowledge is tacit, it was never written down," he said. Goldman needs "to make sure we don't lose that tacit and intuitive knowledge that some of our best people have today [and] to ensure the next generation have it too," Churchman said. For instance, junior traders learn by fielding client pricing requests under supervision of experienced risk takers, Churchman said. "We can absolutely automate that," he said, "but then do we get the senior traders that fully understand?"

Goldman Sachs partner warns of 'huge danger' in letting AI replace bankers' reasoning skills
Asia
The Hindu BusinessLine

Swiggy enters travel segment with premium concierge offering CREW

Swiggy has entered the travel segment with CREW, a premium concierge offering available on the CREW app exclusively to paid members and invited travellers. Food delivery and quick commerce firm Swiggy, which owns Instamart, on Thursday announced its foray into the travel segment with CREW, a premium concierge offering. The offering is now live on the CREW app, exclusively for paid members and invited travellers. Announcing the foray into travel with CREW, Swiggy stated, "This builds on a year of learnings since CREW's debut as a broader personal concierge service. Those learnings consistently pointed to travel as the category with the strongest demand for seamless, end-to-end convenience, making it the natural next step in CREW's evolution." Sharing the update on LinkedIn, Rohit Kapoor, CEO, Swiggy Food Marketplace, said, "The problem was never the destination. It was always the gap between the booking and the experience. That's what we built CREW for. A personal travel concierge that stays with you before the trip, through the trip, and when the plan inevitably needs a new plan." 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.

Swiggy enters travel segment with premium concierge offering CREW
Asia
The Hindu BusinessLine

‘Zydex Paints lines up product pipeline for the mass market’

The home-grown Zydex Group, a speciality chemicals company, entered into an exclusive licensed manufacturer-and-distributor partnership with Germany’s mineral paint pioneer, KEIMFARBEN GmbH, last year to pioneer silicate technology in India. The Gujarat-based company aims to shift the decorative paint market’s focus from periodic repainting to a minimum 20-year warranty against colour fading and film failure. Dr Moulik Ranka, Managing Director, Zydex Group, shares his views with businessline on silicate mineral paints, retail expansion and the company’s ambition to build a meaningful share in India’s paints and coatings market. Excerpt: How would you define Zydex Paints’ current position in India’s paints and coatings market? Zydex is a technology-driven building materials company using advanced material science to solve long-standing challenges associated with conventional acrylic paints. Consumers are increasingly seeking long-lasting, aesthetically pleasing, safer and more eco-friendly solutions. Our key differentiator is our silicate mineral paint technology. Unlike conventional acrylic or polymer-based paints that form a film on the surface, silicate mineral paints use potassium water glass, an inorganic binder. The silicate binder forms a microporous structure that does not allow wind-driven rain to enter but allows moisture vapour to escape. This creates a one-way barrier for water and prevents problems such as dampness, blistering and fungal growth. The binder penetrates and chemically bonds with the masonry substrate, becoming inseparable from the wall and reducing common problems such as peeling. Our use of mineral-based pigments enables fading warranties of up to 20 years. Our products use ultra-low-VOC formulations, supporting healthier indoor air quality and an odour-free painting experience. Fire safety is also becoming increasingly important. The inorganic nature of silicate paints does not add fuel to a fire. One of the strongest indicators of our growth is that nearly 90 per cent of our business comes from repeat customers across real estate, infrastructure and industrial projects, covering both waterproofing and mineral paint solutions. Project business will remain important, but our next phase of growth is focused strongly on retail. We are expanding our dealer and contractor network, increasing market awareness and investing in brand building to bring the benefits of mineral paint technology directly to homeowners. Our focus is on building a strong national presence with silicate mineral paints and nanotechnology waterproofing solutions as key differentiators. Our objective is not simply to increase geographic reach, but to make high-performance mineral paint and waterproofing solutions more accessible across India. We see established players as important contributors to the growth and evolution of the paints industry. Zydex’s focus is on creating a differentiated space through material science, long-term surface performance and lifecycle value. As customer preferences evolve towards durability and sustainable solutions, we believe silicate mineral paints can complement the broader market and emerge as a strong growth segment. The company expects revenue to increase to about Rs 150 crore in the current financial year against Rs 90 crore last fiscal and targets Rs 300 crore in revenue over the next two years, representing more than a three-fold increase from last year’s level. Over the longer term, we expect the segment to grow at an annual rate of 25-50 per cent over the next 10-15 years. How is Zydex converting its eco-friendly technologies into practical value for customers? The true measure of sustainability is lifecycle cost. Conventional paints are largely plastic-based coatings that form a film on the surface. Over time, this film can deteriorate, leading to peeling, fading, cracking and fungal growth, resulting in repeated repainting. Our mineral-based paint technologies work differently. They chemically bond with the substrate, creating a durable, breathable and long-lasting surface. When durability and lower maintenance are combined, the result is a significantly lower lifecycle cost. We have focused on addressing persistent challenges such as poor durability, peeling, dampness, fungal growth, indoor air quality and repainting costs. We have an exciting pipeline of products planned for launch this year. These innovations are aimed at the mass market and are designed to make the benefits of silicate mineral technology accessible to a much wider consumer base. Our priorities are centred on strengthening our position in waterproofing and paints through innovation, market expansion and strategic partnerships. On the product side, we will expand our portfolio by introducing differentiated façade solutions based on silicate binders, including renders and specialty finishes for concrete. This will enable us to offer more comprehensive solutions to customers. Partnerships will remain a critical pillar of our growth strategy. Revenue-wise, we continue to grow at 50-70 per cent year-on-year and aim to have a meaningful market share over the next few years. Our solutions have been adopted by leading real estate developers, including M3M and Lodha. How is Zydex strengthening manufacturing and supply-chain capabilities as the business scales? Zydex has invested in modern manufacturing facilities designed for rapid scale-up. The current site can support our growth for at least the next five to seven years. We have the capability to maintain meaningful inventory to absorb supply-chain shocks. India continues to invest heavily in infrastructure, and these assets will require significant maintenance to operate efficiently over the next several decades. Silicate mineral paints can potentially generate substantial savings for the exchequer over the lifetime of a project. Zydex has recently introduced these paints in India and is positioned to benefit as increasingly durable specifications are adopted for infrastructure projects.

‘Zydex Paints lines up product pipeline for the mass market’
Europe
The Guardian

CEOs earn 614 times more than workers at US’s 100 lowest-paying corporations

The wealth of at least 36 billionaires is linked to these low-wage 100 corporations, including Jeff Bezos. Photograph: Miguel J Rodriguez Carrillo/AFP/Getty ImagesView image in fullscreenThe wealth of at least 36 billionaires is linked to these low-wage 100 corporations, including Jeff Bezos. Photograph: Miguel J Rodriguez Carrillo/AFP/Getty ImagesUS income inequalityCEOs earn 614 times more than workers at US’s 100 lowest-paying corporationsAnalysis by Institute for Policy Studies found that between 2019 and 2025, CEO compensation increased 41.4% The average CEO of the US’s 100 largest, lowest-paying corporations earned 614 times more than their average worker last year, according to an analysis by the Institute for Policy Studies (IPS). IPS’s latest executive excess report analyzed compensation at the 100 S&P 500 corporations with the lowest median worker pay. Between 2019 and 2025, CEO compensation increased 41.4%, unadjusted for inflation, twice as much as the median worker pay increased at these firms during the same period, at 20.7%. The CEO-to-worker pay ratio at the low-wage 100 firms increased 8.4% between 2019 and 2025. The average CEO compensation among low-wage 100 corporations was $17.5m in 2025, compared with median worker pay of $36,571. The wealth of at least 36 billionaires is linked to these low-wage 100 corporations, including Walmart’s eight Walton family members, Amazon’s Jeff Bezos and Mackenzie Scott, and Carvana co-founders Ernie Garcia II and Ernie Garcia III. “This is really a big problem for society, that we have such extremes,” said Sarah Anderson, lead author of the report and director of the Global Economy Project at the Institute for Policy Studies. “To me, it seems like these CEOs are just living on a remote economic planet from the one that their employees are living on, and it makes it really hard for them to fathom what it’s like to have to worry about putting food on your family’s table or even coming home at night if you are at risk of being detained by ICE.” The report notes that the low-wage 100 corporations have a combined force of 1,282 registered federal lobbyists and that many of these companies did not denounce aggressive immigration enforcement actions toward their workforce or on their property. “Low-wage workers are now facing the biggest cuts to Medicaid and Snap [food benefits] in history. Many of the employees at these companies have to rely on those programs, and then so many of them have also been terrorized and detained by ICE agents,” added Anderson. “So it’s really astounding that the leaders of these companies have turned a blind eye to this surge of threats against many of their workers, and instead they’ve just continue to be fixated on enriching themselves.” Stock buybacks among these firms increased in 2025, to $108.6bn from $105bn in 2024. Between 2019 and 2025, the low-wage 100 firms spent $718bn on stock buybacks. Among the 100 low-wage firms, Walmart spent the most on stock buybacks, at $8.1bn, equivalent to a $3,851 bonus to each of the company’s 2.1 million workers. Walmart’s CEO, Doug McMillan, who stepped down in January 2026, received $29.2m in compensation in 2025, 958 times more than the median worker pay at Walmart of $30,520.

CEOs earn 614 times more than workers at US’s 100 lowest-paying corporations
Europe
BBC Business

Overcooked? Why robotic pizza makers are failing

The "dough feeder". The sauce and cheese modules – even the pepperoni-sprinkler. All lay still. A now defunct duo of robots were supposed to be churning out pizzas at a Moto Pizza restaurant in Seattle. However, in May the pair were rendered "basically useless" when their supplier, Picnic, abruptly shut down., external Technical support for the robots evaporated at that moment, says Lee Kindell, founder and chief executive of Moto Pizza. He was left wondering what to do with the $160,000 (£118,000), cabinet-like machines and whether buying in pizza bots was really worth it. "I don't know if I want to do a partnership again because of the failures," he says. The robot pizza-making business has, it's true, been littered with sorry tales of overcooked promises and melting fortunes. Besides Picnic, other companies that have come and gone include Zume, external and Pazzi, which used, external robot arms to assemble pizzas, as well as Basil Street, external, a purveyor of pizza vending machines. Although so-called fast food might seem an easy target for automation, it's proved harder than many expected. Plus, bringing robots into pizza restaurants could take away entry-level jobs in the hospitality sector. Is the future really filled with robotic pizza? "We haven't yet seen any of the success stories materialise the way some people thought they would," admits Sara Senatore, senior restaurants analyst at Bank of America. Her employer has financial interests in multiple high street pizza chains including Papa Johns and Domino's. Food preparation bots are sometimes clumsy – dropping ingredients in the wrong places at times, she explains. Conversely, "Humans are very efficient at making pizza." But Kindell, despite his frustrations with Picnic, is surprisingly undeterred. He is a fan of full automation. "I want to be able to walk up to, let's say, a type of kiosk, put in your order, and it makes a fresh pizza," he tells the BBC. Kindell, who once made all his dough by hand – until an elbow tendon injury forced him to investigate using machines instead, is now working on his own version of a pizza-making robot. He declines to share details but the contraption will make square pan-style pies and that the machine is inspired by the way 3D printers work. If things go well, he says he could have a fully operational version of the device by the summer of 2027.

Overcooked? Why robotic pizza makers are failing
Europe
BBC Business

Military veterans told they owe thousands of pounds over clerical error

Hundreds of former members of the military have had their pensions slashed after receiving letters telling them to repay thousands of pounds because of a clerical error. The Ministry of Defence (MoD) confirmed to the BBC that more than 1000 retired service personnel are being pursued for debts. The majority, 335 veterans, were overpaid a total of £5.1m as a result of incorrect National Insurance calculations. The Forces Pension Society said it is aware of a small number of veterans whose debts were wiped after raising a formal complaint. Ray Lawton, 70, was told in July he owed £8,000 following six years of overpayments. Days later, his monthly military pension was cut from £550 to £365. "I haven't got £8,000 to pay out," said Lawton, who served 16 years in the Royal Artillery. The Portsmouth-based veteran told the BBC: "I've trusted the army all my life even when I left and I trusted my pension would be right. Then this letter comes and it's just blown it all out." Lawton's letter was sent from a company called Equiniti, which administers the pension scheme on behalf of the MoD. Lawton is one of many veterans from across the UK who contacted BBC Your Voice after receiving letters out of the blue seeking money they didn't know they owed. The Forces Pension Society, a not-for-profit which supports military retirees, said it is aware of many overpayment cases running into the tens of thousands of pounds. The MoD confirmed errors relating to National Insurance adjustments, Pension Sharing Orders (PSO), Early Departure Payments (EDP) and State Pension Age (SPA). It says it is investigating issues on a case-by-case basis. It added that of the 335 veterans affected by National Insurance errors, a third have paid off their debt in full and 52 have an agreed repayment plan in place. So far, of the £5.1m, £304,000 has been paid back. Veterans said they want more clarity about the debt and how it has been calculated. Some have called for it to be wiped.

Military veterans told they owe thousands of pounds over clerical error
Europe
BBC Business

I was spending £700 a month: How I beat my late-night shopping addiction

You may well have been there. It's late, you're scrolling on your phone and suddenly feel a strong urge to buy something - only to wake up the next day and regret it. One global study suggests 7% of adults, external experience shopping addiction, external - an uncontrollable urge to spend despite the financial consequences - and younger women are more susceptible. Ella Hewitt, from Liverpool, says her shopping addiction got so bad in 2021 that she was spending up to £700 a month on fast fashion she couldn't afford and sometimes never even wore. "I didn't grow up with much money, so when I got a job I would spend my wages as soon as they hit my account," says the 24-year-old. "That dopamine hit kept me shopping and in the world of social media there is just so much encouragement to do that." She says she would often make purchases on TikTok or Instagram when she was "tired" or "bored", lured by the latest trends on her feeds. She was working as an HR assistant in a school at the time and her spending meant she couldn't afford to move out of her family home. "Horrified" by how much she was buying, she began using diversionary tactics to control her spending. "If I still wanted it, I would buy it, but more often than not I'd find the urge had gone," she says. Ella gave herself an imaginary budget of £1,000 each day to spend on imaginary purchases, which "scratched the itch" of shopping without the cost. And she vowed only to buy something if she could afford to "buy it three times". "Overall, I cut my spending by about 60%," says Ella, who now works as an ethical fashion influencer and plans to launch her own clothing brand.

I was spending £700 a month: How I beat my late-night shopping addiction
North America
CNBC Finance

UPS is investing $2 billion in international, healthcare and supply chain businesses

United Parcel Service is investing more than $2 billion into its business across its international, healthcare and supply chain solutions businesses, the company told CNBC exclusively on Monday. The ongoing investments began in 2024 and will continue through 2028, but UPS said it had not previously disclosed the total investment. The shipping giant said the aim is to help businesses move faster and stay adaptable to changing macroeconomic pressures and global supply chain disruptions. "These investments are really aligned to one of our big strategic areas of focus, which is creating capabilities to enable our customers, particularly in complex industries, to more effectively run their global supply chains," Scott Szwast, vice president of international strategy, told CNBC. Some of the projects under the investment include a new hub in the Philippines this year, a new Canadian facility opening next year in Ontario and a new air hub at Hong Kong International Airport in 2028. UPS has launched a tech-enabled logistics center in Taiwan and a supply chain solutions facility in Amsterdam that combines freight, brokerage and cold-chain solutions. Szwast said the new logistics center in Taiwan has been able to leverage automation and robotics to increase the total supply chain speed by a day. The logistics company also said it now has flights running five times a week between Paris and Hong Kong and between Shenzhen, China, and Sydney to meet growing demand. Szwast said as global supply chains get more complicated, certain global markets, like those across Asia, are becoming more important for companies than they were before. "What they find in a lot of cases is that their supply chains look more like their histories than their strategies," he said. "They need very agile, very effective solutions to connect these new parts of their businesses. They need a lot of optionality and a lot of flexibility, and that's what we're investing in." UPS also recently announced a $48 million investment into 27 temperature-controlled facilities across its network to supplement its healthcare initiatives, including the shipment of temperature-sensitive medications like GLP-1 drugs. That announcement came as logistics companies around the globe are racing to stay ahead of growing demand in niche areas like cold-chain storage. Especially as macroeconomic pressures disrupt global supply chains, Szwast said, businesses have been increasingly trying to ensure they don't have "all their operational eggs in one basket." At the same time, those companies are also innovating new products with new shipping needs at rates not seen before, he added. Szwast said the investments will help UPS differentiate its end-to-end logistics offerings, ensuring the logistics company can equip businesses from the first step to the last step of the shipping process. "We're investing to give them tailored capabilities aligned to the needs of their specific industries that cover the markets they're increasingly sourcing from and distributing to, and do it in a way that they can make commitments to their customers," Szwast said.

UPS is investing $2 billion in international, healthcare and supply chain businesses