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Europe
BBC Business

The Chinese robot army transforming the UK's retail industry

Every time you click "buy" on an online order, the chances are that your purchase starts getting processed within minutes. Increasingly, the journey starts with a squat silver floor robot gliding beneath a storage rack, lifting a shelf and carrying it across a warehouse to a waiting worker. At Geek+'s factory in the eastern Chinese city of Hefei, which the BBC visited, fleets of the robots are built and tested before being shipped to warehouses around the world. Some of Britain's biggest retailers - including Tesco, Asda and Next - now use the company's technology. By automating these repetitive journeys, Geek+ says retailers can increase picking speeds, store more goods in spaces that are hard to reach for humans, and reduce errors. Unlike traditional warehouse automation, which relies on fixed conveyor systems and permanent infrastructure, autonomous mobile robots can be deployed simply using QR code floor markers and safety fencing. Geek+, which listed in Hong Kong last year in one of the biggest robotics share sales of 2025, has become the world's largest supplier of autonomous mobile robots. The UK has struggled with weak productivity growth for more than a decade, and economists say wider adoption of robotics will be essential if businesses are to become more efficient. In its 2026 report SME Technology Adoption in the United Kingdom, the Organisation for Economic Co-operation and Development (OECD) said technologies like robotics would be key to improving productivity. According to the OECD, Britain's low adoption of robotics is "surprising" given its manufacturing heritage, noting that while UK firms have embraced mature digital technologies, they lag behind in robotics and automation. That presents an opportunity for companies such as Geek+. The UK has one of Europe's largest e-commerce and logistics sectors, but many warehouses are still in the early stages of automation. Britain has already become Geek+'s biggest European market, with UK partner MotionTech deploying more than 2,000 robots across 10 warehouse sites.

The Chinese robot army transforming the UK's retail industry
Europe
The Guardian

South Korean stock market at three-month low as AI sell-off intensifies

Analysts attributed the sell-off to renewed worries over AI investment spending. Photograph: Ying Tang/NurPhoto/ShutterstockView image in fullscreenAnalysts attributed the sell-off to renewed worries over AI investment spending. Photograph: Ying Tang/NurPhoto/ShutterstockStock marketsSouth Korean stock market at three-month low as AI sell-off intensifiesSamsung and SK Hynix fall by more than 10% amid renewed fears over AI spending and Chinese competition The sell-off in AI stocks has intensified, driving South Korea’s stock market down to its lowest level in three months. Investors continued to ditch chip stocks on Tuesday, amid rising concerns about the huge amount of borrowing among AI companies to fund their datacentre expansion plans. The South Korean semiconductor companies SK Hynix and Samsung Electronics fell by more than 10%, dragging the country’s Kospi share index down by 11.5% to its lowest point since mid-April. US chip stocks extended their recent losses when Wall Street opened on Tuesday, with Intel, Advanced Micro Devices, Sandisk, Western Digital Corp and Seagate Technology all down by more than 4%. The Nasdaq 100 index of leading tech stocks fell by as much as 1.8% at one point, briefly taken into market correction territory with stocks more than 10% below their early June record high. They later rebounded to settle roughly flat on the day. Apple bucked the trend, rising to briefly become the second ever company to pass the $5tn (£3.76tn) valuation mark as investors losing confidence in AI stocks sought a safe haven. Analysts attributed the tech sell-off to renewed worries over AI investment spending, and competition from cheaper Chinese companies, after a report by The Information that China had begun mass production of homegrown deep ultraviolet (DUV) chip-making tools. “We believe the market was likely spooked by the progress of China’s chip-making equipment capabilities, and was worried that this progress would threaten the competitive position of global chip making and chip equipment leaders,” said Jing Jie Yu, an equity analyst at Morningstar, adding that the sell-off was “largely a kneejerk reaction and overdone”. On Monday, shares in the Chinese memory chip maker CXMT rose by 466% when it floated on the Shanghai stock exchange, underlining China’s drive to create its own AI supply chain. Investors may also be growing jittery about the “circular funding” at the heart of the AI industry, through which artificial intelligence firms finance one another. On Monday, the Wall Street Journal reported that Nvidia was in discussions with OpenAI about providing $250bn (£188bn) for a massive datacentre project in Ohio. Backing from Nvidia, which has an investment grade credit rating, could make it less expensive to raise funding for the project.

South Korean stock market at three-month low as AI sell-off intensifies
Europe
BBC Business

Virtual interviews don't show bosses your personality, says Burnham

Image source, Getty ImagesByJennifer MeierhansBusiness reporterPublished30 July 2026, 09:47 BSTUpdated 2 hours agoBosses should not rely so heavily on virtual job interviews when hiring as they don't capture candidates' personality and passion, Andy Burnham has said. "One thing I really don't like is this culture now of interviewing via Zoom or Teams," the prime minister told a careers podcast, adding: "How does a young person shine in that situation?" With more than one million 16 to 25-year-olds not in work or education, and vacancies at a five-year low, firms are increasingly turning to AI to sift through applications and choosing online interviews over in-person. But some young people have told the BBC the experience of applying for hundreds of jobs and never hearing back is "robotic and brutal". It comes as some 89% of UK recruiters say they are planning to use more AI in the hiring process this year, according to data from Linked In. Speaking to former political adviser Jimmy McLoughlin on his podcast Jimmy's Jobs of the Future, Burnham said he was concerned that the use of technology was not making recruitment processes "fairer". "How do you get over some of your personality, your passion?" he asked, referring to virtual interviews. "It seems to me to then work against people who have that side to their character and work for those who are just giving the more formulaic answer. "I do worry about that and I've seen that in relation to my kids and their situation." More than one million 16-25-year-olds are not in education, employment or training - the highest level in more than 12 years, official figures show. A major review by former minister Alan Milburn found job and career opportunities for young people are "not growing, they're shrinking" with one in six set to be out of work, education or training in five years unless action is taken. "We are at risk of a lost generation" with young adults facing a "perfect storm" of challenges, Milburn warned in May. Burnham also told the podcast that companies who provide six-week work placements for teenagers could be prioritised for government contracts.

Virtual interviews don't show bosses your personality, says Burnham
North America
Yahoo Finance

Here Are Monday’s Top Wall Street Analyst Research Calls: Alphabet, Clean Harbors, Ford, Huntington Bancshares, Rivian, Rocket Lab, Terawulf, Vale, Warner Bros. Discovery, and More

Pre-Market Stock Futures: Futures are trading higher as we head into the busiest week of the second quarter earnings season. More than 30% (over 150 companies) of the S&P 500 are scheduled to report earnings this week. Key highlights include reports from four of the Magnificent 7 companies. The major indices closed split on Friday, ... Here Are Monday’s Top Wall Street Analyst Research Calls: Alphabet, Clean Harbors, Ford, Huntington Bancshares, Rivian, Rocket Lab, Terawulf, Vale, Warner Bros. D

Here Are Monday’s Top Wall Street Analyst Research Calls: Alphabet, Clean Harbors, Ford, Huntington Bancshares, Rivian, Rocket Lab, Terawulf, Vale, Warner Bros. Discovery, and More
Asia-Pacific
The Straits Times

Japan to announce Tokyo, Washington took joint action on yen, sources say

Market sources earlier reported rounds of yen-buying in the market by both nations, the first such joint intervention since 2011. TOKYO – Japanese Finance Minister Satsuki Katayama will announce on Aug 3 that Tokyo and Washington took joint action in the currency market to arrest the yen’s slide to 40-year lows, two Japanese government officials told Reuters. Katayama is likely to stress the two countries’ determination to combat what they consider excessive yen declines, said the sources familiar with the matter, on condition of anonymity due to the sensitivity of the matter. One source, asked if Katayama would announce “joint action”, said yes, adding, “the operation is still ongoing.” The Ministry of Finance (MOF) could not immediately be reached for comment on Aug 2. US Treasury officials did not immediately respond to requests for comment. The expected announcement follows what market sources say were rounds of yen-buying in the market by the Japanese and US authorities, the first such joint intervention since 2011, seeking to boost the Japanese currency from its lowest levels against the dollar since 1986. The Japanese government bought yen for dollars in New York trading hours on July 30, a market source told Reuters, with Bank of Japan (BOJ) data suggesting it sold as much as US$58.97 billion (S$75.6 billion) to support the yen. Tokyo’s initial intervention came hours before the BOJ decided on July 31 to keep monetary policy steady while signalling a strong chance it would raise interest rates soon. A widening rate differential with the US, where the Federal Reserve has dramatically shifted to a more hawkish stance, has been a key factor in the dollar’s rise against the yen. Shortly after BOJ Governor Kazuo Ueda held a press conference on the central bank’s decision, the yen spiked in what markets suspect may have been another bout of yen-buying intervention by Tokyo. “Going forward, as the official responsible for currency policy, I would like to respond in close coordination with monetary policy,” Katayama’s top currency diplomat, Atsushi Mimura, told reporters after the yen’s spike on July 31, suggesting the MOF and BOJ were working hand in hand to combat the weak yen. Also on July 31, the US Treasury informed a number of banks that it might intervene in the yen market and that they should “stand ready for future action”, a source familiar with the matter told Reuters.

Japan to announce Tokyo, Washington took joint action on yen, sources say
Europe
BBC Business

Burnham says nuclear sub investment will protect UK and boost jobs

Speaking ahead of a visit to Barrow-in-Furness, where four new Dreadnought-class submarines are being built, the prime minister said: "Security is not only about what we build, it is about who builds it, and who benefits from it." The project to replace existing nuclear submarines will receive £8.4bn to support progress towards getting the new vessels ready for service. Conservative shadow defence secretary James Cartlidge welcomed progress on the submarine programme but accused Burnham of "failing to commit" to fully funding defence. Burnham has said he wants to honour the UK's commitments on defence spending - including meeting a Nato target of spending 3.5% of national income by 2035. Both he and his new Chancellor, John Healey, face the tricky task of finding the extra money needed to fulfil the pledge. The Dreadnought-class submarines will replace the UK's four Vanguard-class vessels that have been in operation since 1992, carrying Trident missiles to provide a nuclear deterrent. Those Vanguard submarines are due to be retired in the 2030s, with the Dreadnoughts entering service at the same time. The project has taken 20 years to get to this stage and was first announced in 2006 by the then Labour Prime Minister, Tony Blair. A decade later, in 2016, MPs formally approved building the new submarines. Thursday's announcement of £8.4bn marks the start of what has been called the fourth phase of the project. The spending was already planned, and was included in the Defence Investment Plan, published in the final days of Sir Keir Starmer's government. The plan set out £63.6bn over the next four years for what is called the Defence Nuclear Enterprise. The bulk of the money (£47bn) will go on keeping the nuclear submarines in operation, continuing with the Dreadnoughts, starting work on what might replace them in 30 years' time, and constructing several other new submarines and upgrading the UK's naval docks and manufacturing facilities.

Burnham says nuclear sub investment will protect UK and boost jobs
North America
CNBC Finance

Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge

Paramount Skydance has agreed to delay its proposed acquisition of Warner Bros. Discovery to as late as June 2027 — a multi-month delay that will ultimately raise the deal price — as the tie-up faces a legal challenge. Last week, a group of state attorneys general led by California's Rob Bonta sued to block the deal over antitrust concerns. On Monday, a judge reviewing the case issued a temporary restraining order, delivering a near-term delay. Paramount had repeatedly said it intended to complete the transaction by the end of September. The agreement announced Friday says Paramount won't complete its acquisition until the court rules on the states' claims or until June 1, 2027, whichever comes first. "The result is exactly what we have sought from the outset: a direct path to a trial based on the evidence. This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached," the company said. "Plaintiffs' market definitions bear no relationship to the realities of today's marketplace and cannot withstand scrutiny. We look forward to proving our case at trial." Under the terms of its agreement, Paramount will owe Warner Bros. Discovery shareholders a "ticking fee" the longer the deal is delayed, starting Sept. 30. The fee, an additional 25 cents per share, per quarter until closing, could amount to roughly $650 million in cash value every quarter. A delay as long as June 2027 could add roughly $1.7 billion to the deal price. Should the deal fall apart entirely, Paramount would owe WBD a $7 billion breakup fee. Paramount and WBD agreed to combine in February after the David Ellison-led company outbid Netflix. The $110 billion deal would bring together two major Hollywood studios, two popular streaming services and a host of TV networks. In June, the antitrust division of the U.S. Department of Justice cleared the proposed merger. Earlier this week, European antitrust regulators likewise granted their approval for the deal. But U.S. state officials have raised concerns that the tie-up would reduce competition and result in job losses in the film industry. "Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse," Bonta said in a statement Friday. "Today's agreement is great news for audiences, movie theaters, and the many people who write, build, and create the art, news, and entertainment so many of us enjoy. We are eager to continue to make our case in court and celebrate another tremendous win in our effort to ensure this unlawful merger never sees the light of day." Get this delivered to your inbox, and more info about our products and services.

Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge
Europe
The Guardian

BMW to cut ‘as many as 8,000 jobs’ under pressure from Chinese rivals

BMW’s headquarters in Munich. The company has started a voluntary redundancy programme agreed with employee representatives, it said. Photograph: travelstock44/AlamyView image in fullscreenBMW’s headquarters in Munich. The company has started a voluntary redundancy programme agreed with employee representatives, it said. Photograph: travelstock44/AlamyAutomotive industryBMW to cut ‘as many as 8,000 jobs’ under pressure from Chinese rivalsLayoffs will come in admin and development divisions in Germany, with production operations unaffected BMW is planning to cut as many as 8,000 jobs in Germany, according to reports, in the latest sign of Europe’s largest carmakers reducing costs under pressure from Chinese rivals. The Munich-headquartered company has started a voluntary redundancy programme agreed with employee representatives, a BMW spokesperson said on Wednesday. The company and its ​works council had agreed a severance ⁠programme targeting the administration and development ​divisions, the spokesperson said. Production operations are excluded. Germany’s carmakers have come under intense pressure in recent years with the rise of Chinese competitors that have quickly come to dominate in the electric vehicle market. Chinese manufacturers have also launched a fierce price war in their home market, which had previously been a lucrative source of export earnings for European brands including BMW. Europe’s carmakers have also had to find cash for their own transition from petrol to electric, and cope with the impact of US tariffs. Several manufacturers – including Volkswagen, Stellantis and Ford – have turned to partnerships with Chinese rivals to help them build and sell in Europe. BMW’s cuts come after Milan Nedeljković, who was previously head of production, took over as chief executive in May. A spokesperson said: “The BMW Group is proactively shaping the profound changes taking place in its operating environment. These include the technological transformation of the automotive industry, geopolitical uncertainties, changing market conditions and developments in China.” View image in fullscreenPorsche is also undergoing restructuring, with 9,000 redundancies – a fifth of its workforce – planned by 2035. Photograph: Ralph Orlowski/ReutersVolkswagen, Germany’s largest carmaker by volume, confirmed on Friday that it would cut as many as 100,000 jobs from its total workforce of 650,000. The plans include closing four factories and halving the number of models produced. Porsche, the sports car brand part-owned by Volkswagen, is also undergoing a severe restructuring. Another 5,000 job cuts were agreed this week, taking total planned redundancies to 9,000 – a fifth of its workforce – by 2035. The Stuttgart-based company reported a €1.4bn (£1.2bn) profit before tax on Wednesday, up from €1.1bn a year earlier. Porsche’s sales in China slumped by 30% to 14,500 in the first half of 2026, faster than the 17% decline across the group as a whole. Donald Trump’s withdrawal of subsidies for electric cars such as Porsche’s Taycan also hit North American sales. View image in fullscreenAston Martin reported a loss before tax of £89m in the second quarter of 2026. Photograph: Ben Birchall/PAAston Martin has also struggled in China and the US. The Warwickshire-based company’s losses grew in the first half of the year despite it saying that its turnaround efforts had improved sales.

BMW to cut ‘as many as 8,000 jobs’ under pressure from Chinese rivals
Europe
BBC Business

Andy Burnham wants to fix social care - what are the options?

ByBen ChuPolicy and analysis correspondent, BBC VerifyPublished27 July 2026Updated 1 hour agoPrime Minister Andy Burnham has said he wants major reform of the social care system in England, calling the current situation "bad for everybody". In a speech at a care home on Wednesday he announced that cross-party talks involving the Conservatives and Liberal Democrats would start later. Burnham also said he had asked Baroness Casey - who is carrying out a review of social care - to bring forward her report by a year. She will now set out her recommendations in 2027. He confirmed that her review will also look at the question of how to pay for any reforms. BBC Verify has looked at four options for approaching reform and how much they could cost. It has been estimated that around one in seven people aged 65 and over face lifetime care costs of more than £100,000. One proposal is to cap these costs with the government picking up the bill above a certain cash threshold. In 2011 a commission headed by the economist Andrew Dilnot proposed a lifetime cap of £35,000. Dilnot estimated his proposed reforms would cost between £1.3bn and £2.2bn a year. The cost today would be higher due to inflation and the ageing population. The Conservative-Liberal Democrat coalition government, led by David Cameron, accepted Dilnot's recommendations. But after the 2015 general election, which delivered a Conservative majority, Cameron delayed the implementation of the cap to 2020 over what he said were pressures on the public finances. Image source, Getty ImagesIn 2017, when Theresa May was in No 10, the Conservatives' general election manifesto proposed a different way to reform social care.

Andy Burnham wants to fix social care - what are the options?