Europe
BBC Business

Paddy Power-owner cuts 1,400 jobs and blames betting tax rises

Image source, Getty ImagesPublished4 minutes agoPaddy Power-owner Flutter has announced plans to cut up to 1,400 jobs as its boss claimed the company "cannot fully absorb" tax rises imposed on the gambling industry last year. Staff based in the UK and Ireland, as well as British and Irish workers at Flutter's sites in Portugal and Romania will be affected, but what roles are at risk has not been disclosed. The government increased taxes on online casino and sports betting, with an exemption for horse racing, in the Budget last November. Flutter boschief executive Kevin Harrington said the rise had "fundamentally changed" the economic model of the UK betting and gaming industry, arguing it had helped "fuel the unlicensed, unregulated market".

Paddy Power-owner cuts 1,400 jobs and blames betting tax rises
Asia-Pacific
The Straits Times

Even China’s wealthy are cutting back, deepening slump for Hermes and Cartier

Chinese consumers are tightening their belts and pivoting to “pre-owned” Western brands or upstart new Chinese ones. BEIJING – Hermes, Cartier and other luxury powerhouses are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. Sales at both brands in mainland China fell by as much as double digits in August and September compared with the year-ago period, according to two research firms surveyed by Bloomberg that track industry data. The drop is significant, as Hermes International and Cie Financiere Richemont’s Cartier had been relatively unaffected in the country, the firms’ data show, as a broader slowdown in luxury consumption took hold in June. Mainland sales for the 25 largest luxury labels, including Louis Vuitton and Gucci, have also contracted further, plunging by double digits in August and September, according to the firms. Business remained weak during China’s National Day holiday, a seven-day break in early October dubbed the golden week, even as consumers spent more on travel, according to people familiar with the matter who asked not to be identified because they are not authorised to speak publicly. Some executives at major luxury houses now fear the slump could become more widespread and persist until 2027, the people said. Concerns are mounting as Beijing’s widening scrutiny of offshore wealth and a cooling artificial intelligence stock rally rattle private fortunes, testing the long-held belief that the luxury industry’s wealthiest clients are largely recession-proof. Global brands had long banked on these top-tier spenders as China’s middle class retreated during a prolonged property-market slump and wider economic slowdown. Now, they are facing the possibility that both their key customers and aspirational shoppers are spending less at the same time. “The recurring message from our annual Asia consumer and luxury trip over the past three years was that conditions were difficult, but that ‘next year would be better’,” HSBC Holdings analyst Anne-Laure Bismuth wrote in a note. “This time, however, meetings in Hong Kong, Xiamen and Shanghai provided no timeline or evidence of a recovery in Chinese luxury consumption.”

Even China’s wealthy are cutting back, deepening slump for Hermes and Cartier
Europe
BBC Business

US bans DeepSeek AI from government use as tech tension with China continues

Image source, CFOTO/Future Publishing via Getty ImagesByKali HaysTechnology reporterPublished9 hours agoThe US has ordered all artificial intelligence (AI) technology from the Chinese firm DeepSeek to be removed from most government systems. The Department of Homeland Security (DHS) has banned all use of DeepSeek within civilian government agencies, and any technology built with the aid of its AI models. As a powerful AI model that is open source - meaning it is free to access and less expensive to use - DeepSeek has been seen as a disruptive force in the ongoing AI technology race. While the DHS notice did not detail the exact security concerns surrounding DeepSeek, the White House has this year criticised AI firms from China. The DHS, DeepSeek, and the Chinese embassy in Washington DC have been contacted for comment. The DHS made the order public on Monday, but the ban took effect from the end of July. The order is specific to civilian agencies, including the Department of the Treasury, the Department of State and the Department of Justice. However, agencies within the Department of Defense are excluded. The ban follows criticism of Chinese AI from the Trump administration, and from American firms. White House tech lead Michael Kratsios wrote earlier this year in an internal memo that "malicious exploitation" of American AI firms had been occurring, mainly by rival firms in China. Anthropic and OpenAI, both of which are poised to list on the public stock market in the coming months, have also claimed to have had their AI models essentially copied by some Chinese AI firms, including DeepSeek. US president Donald Trump has made clear that he sees China as the key US rival when it comes to development of AI, something he sees as crucial to the future of the country. DeepSeek has grown in popularity since its initial public release in 2025, with models being in such demand that the company's servers have gone down at times.

US bans DeepSeek AI from government use as tech tension with China continues
Europe
The Guardian

Christiane Amanpour announces she’s leaving CNN after 43 years

Christiane Amanpour in Bayeux, France, in 2018. Photograph: Charly Triballeau/AFP/Getty ImagesView image in fullscreenChristiane Amanpour in Bayeux, France, in 2018. Photograph: Charly Triballeau/AFP/Getty ImagesCNNChristiane Amanpour announces she’s leaving CNN after 43 yearsAnchor’s departure not thought to be linked to company’s recent acquisition by David Ellison’s Skydance Media Christiane Amanpour, one of CNN’s most decorated and venerated journalists, is leaving the network after 43 years, she said in a statement on Monday. Amanpour, who began working for the then-fledging network as an assistant on the international assignment desk in 1983 and is now its chief international anchor, will end her show Amanpour in May and leave the network at the end of June. She also hosts a show for PBS, Amanpour and Company, that will conclude at the end of this year. In the statement, Amanpour said she came to the decision to “separate” from the network “after many months of thought and a few sleepless nights”. “From my very first big exciting assignment covering the first Gulf war, to the horrors of the Bosnian war, Rwanda, Afghanistan, Ukraine and Iran and all the points in between, it’s the teams and the camaraderie that counted so much, as we together battled to seek the facts, the evidence and the humanity, so that CNN could always broadcast the truth about the world and to the world, without fear nor favor,” she wrote. She ended her statement by encouraging her CNN colleagues: “Remember: always be truthful, not neutral.” Amanpour, 68, has been open about her ongoing treatment for ovarian cancer, which she was diagnosed with in 2021. Her decision comes at a notable time for the network, which is now part of a larger media conglomerate called Skydance that is run by David Ellison, with heavy backing from Larry Ellison, his Trump-donor father and Oracle co-founder. Her exit is not thought to be specifically tied to the network’s new ownership, which is viewed skeptically by some CNN journalists because of its perceived closeness to the Trump administration. But, in her statement, Amanpour seemed to nod to concerns about the network’s future, saying that she “will always be rooting for CNN and maintaining its history of independent journalism”. She expanded on that commitment to independence in a taped message to viewers of her CNN International show on Monday afternoon. “You know that I’ve always been fiercely independent, and I will continue to be that for you for as long as I am here and beyond,” she said. “That’s especially important today as we face unprecedented pressures from all sides – political, financial, and also from the rising dangers in the field.” In his own memo, CNN’s CEO, Mark Thompson, who announced earlier this month that he will be remaining with the merged company, thanked Amanpour “for 43 extraordinary years of remarkable journalism, loyalty and friendship”.

Christiane Amanpour announces she’s leaving CNN after 43 years
North America
CNBC Finance

Here's who Netflix just brought in to run content — and what it means for the streamer

On Thursday, the streaming giant announced that former Disney executive Peter Rice will take over as the company's chief content officer, overseeing global content organization, including scripted and unscripted series, film and live events. Rice is replacing 10-year Netflix veteran Bela Bajaria, who most recently led the company's global content team with a focus on its live sports strategy. Bajaria was initially hired in 2016 to help the streamer launch an unscripted division as well as licensing and studio co-productions. She later transitioned to the top creative role, spearheading Netflix's $20 billion content budget. She oversaw popular TV series like "Stranger Things," "Wednesday," "Bridgerton," "Squid Game," "Adolescence" and "Beef," as well as Netflix films like "Frankenstein" and "KPop Demon Hunters." Bajaria also helped push Netflix into live sports and events, including deals with the WWE and the NFL as well as programs like "The Roast of Tom Brady." Prior to his stint at Disney, Rice was president of 21st Century Fox and CEO of Fox Networks Group as well as Fox's lead executive on the Hulu board. He was also the president of Fox Searchlight Pictures and helped release "Slumdog Millionaire," "Juno," "Little Miss Sunshine" and "Sideways." The executive change follows a tumultuous period for Netflix as it faces stagnating viewership and explores avenues for growth. It comes just days after the streaming giant laid off roughly 1,000 employees, or 6% of its workforce. The last time Netflix made cuts of this size was in 2022 when it reported its first quarterly subscriber loss in more than 10 years. "We believe this round of layoffs reflects more structural changes to the cost base than a reaction to near-term subscriber dynamics," wrote Brian Pitz, managing director and head of internet and interactive entertainment equity research at BMO Capital Markets, in a research note published Friday. In July, Netflix reported viewership increased just 2% in the first half of the year as the streamer suffers from a lack of shows with water-cooler-level hype. Co-CEO Ted Sarandos admitted last month during the Bloomberg Screentime conference that the company is "not growing as fast as I want us to." Those warnings, and now Bajaria's exit, have Wall Street bracing for more turbulence ahead. "The sudden departure of Bajaria likely signals to us that user engagement may have remained soft throughout [the third quarter]," Pitz wrote. In July, Nielsen reported that Netflix had generated 7.8% of TV viewership, while YouTube accounted for nearly double that, at 14.2%.

Here's who Netflix just brought in to run content — and what it means for the streamer
Europe
BBC Business

Vinted blocks French looters listing stolen goods for sale

Image source, Getty ImagesByMichael RaceBusiness reporterPublished19 October 2026Vinted says it has removed listings of items believed to have been looted from shops during the ongoing riots in France. The second hand re-selling platform said following the weekend's disorder it had "taken immediate action to identify and remove listings linked to looting". Shops across several French cities were broken into and ransacked during the outbreak of riots over the weekend. "The sale of stolen goods, or soliciting them, is strictly prohibited on Vinted, and we have zero tolerance for it," a spokesperson for the company said. Widespread looting was reported across Paris, Marseille and Lille, as well as other areas after protests against the cost of living and public spending turned into riots, leading to the arrests of at least 1,200 people. More than 2,000 businesses were directly impacted by the weekend's violence, according to the head of the Chambers of Commerce and Industry (CCI). Alain Di Crescenzo told France's broadcaster RTL that the riots led to hundreds of millions of euros worth of damage. Groups of rioters, some wearing masks and balaclavas, were seen setting fire to cars and buildings as well as looting businesses. "Since this weekend, our teams have taken immediate action to identify and remove listings linked to the looting, and we have stepped up monitoring of suspicious listings," Vinted told the BBC. "When our rules are breached, we act against the accounts involved, up to permanent bans." The company said it was working with French authorities and the police, and was adapting its "processes to detect and counter emerging risks and malicious behaviour". eBay has not noted any increase in listings linked to the looting in France, but said it works with law enforcement to investigate suspected stolen goods and takes appropriate action, including removing listings and taking action against sellers, when authorities confirm an item is stolen.

Vinted blocks French looters listing stolen goods for sale
Europe
The Guardian

Hollywood AI-listers: is the technology ready to rival flesh-and-blood film stars?

‘Really, really scary’ … AI actor Tilly Norwood. Computer-generated: Particle6View image in fullscreen‘Really, really scary’ … AI actor Tilly Norwood. Computer-generated: Particle6Guardian journalism is independent. We earn a commission if you buy something through an affiliate link. Learn more. ‘Don’t fear the dead – and don’t fear me.” An exact facsimile of a young Val Kilmer, not quite dead and not quite alive, utters that baiting line in the trailer for the new western As Deep as the Grave. Director Coerte Voorhees knows exactly what he is doing – this is an AI-created version of the late actor, approved by his family but bringing with it a heap of controversy about whether such technology could make flesh-and-blood thespians redundant. Not just yet, judging by the extended glimpse of the film released earlier this year: it looks like a thirtysomething Kilmer, if a robot version had been sent back to the 1920s American wilderness by Skynet and, as well as being strangely rigid, had forgotten to download his voice, let alone his signature air of spacey shrewdness. Kilmer’s estate signed off on it, citing his enthusiasm for new technology that expands storytelling, but surely he would have been dismayed by this freaky doppelganger. Many reacted with revulsion to last year’s unveiling of AI “starlet” Tilly Norwood. After her appearance in an introductory “comedy” sketch, Emily Blunt described her as “really, really scary” – underscoring the depth of feeling around the idea of synthetic performers supplanting real ones. What you might call the Norwood injunction – the feeling of a tech-driven agenda imposing something no one asked for – deepened with the announcement the AI-lister will be soon appear in feature-length film Misaligned. Tim Webber, the chief creative officer at British VFX powerhouse Framestore, is sceptical about whether fully AI-generated actors can ever capture the complexity of our inner lives. “AI models are trained on the surface of things – the pixels of internet images, if they’re image models. To get to the level where it’s a human performance, where there’s genuine emotion involved, is a long way further down,” he says. So AI acting, scraping the external texture of past performances, would seem to be the inverse of something like method acting – whose acolytes excavate their internal psyche and emotions in the interests of authenticity. But AI acting is undeniably becoming more realistic. Higgsfield AI – one of many companies currently pushing the possibilities of AI video – recently claimed to have “eliminated” the uncanny valley: that nagging phoneysimilitude effect that has plagued even sophisticated recent CGI reincarnations, such as the de-aged Indiana Jones in The Dial of Destiny. Having released two full-length, entirely AI-generated features this year, Higgsfield’s content lead Adil Alimzhanov is bullish. This new frontier of completely AI-generated films is liberating for artists, he says, and shortcuts laborious Hollywood production structures. The two online-only releases – Hell Grind, a 95-minute action fantasy, and The Cully Hill Boys, a 115-minute Guy Ritchie-esque caper comedy – completed the equivalent of shooting and post-production in a fortnight and a month respectively (not counting time spent on the scripts). Despite actors’ qualms, the future can’t be resisted, says Alimzhanov, 23, who used his own face for Hell Grind’s protagonist. “We can’t fight new tools simply because they transform industries. If you draw a parallel with when cars first came out, if we’d fought that, everybody would still be riding horses today.” Hell Grind and The Cully Hill Boys are essentially extended ads for Higgsfield’s suite of AI content-creation tools. But they show swift progression on the AI acting front. In Hell Grind, released in May, the skate-rat characters only seem to be able to crank out a single emotion per 15-second shot (the limit of the Chinese video-AI model used, Seedance 2.0). The Cully Hill Boys, which came out three months later, is far more engaging, with enough convincing repartee and comic timing to qualify it as quite funny. Its lead trio of grime rappers on the lam are AI-generated likenesses of real-life streetball player Matt Kiatipis, MMA fighter Israel Adesanya and livestreamer N3on – testament to the gen Z, AI-native short-form creators Higgsfield aims to attract. Though there is something quaint about the idea of an “actor” in the age of AI. If bespoke characters can be generated for every film, why have an intermediary play a “role”? Written by a human being, Tim Planagan, The Cully Hill Boys was assembled in 30-second chunks, made possible by this summer’s release of Seedance 2.5. But prompting your way towards something dramatically convincing is labour-intensive. First, visual “assets” are created of the characters – detailed body-length shots and facial closeups that are used to establish continuity when fed into video-generation prompts. Then, using the assets as an anchor point, each 30-second segment is defined in a 4,000-word prompt (itself partly generated by an LLM) defining the key parameters: action, camera movement, lighting and, of course, the emotions on display. The prompts are revised and the scene regenerated until the uncanny valley is hopefully bridged. Where, say, Klaus Kinski could summon torrents of rage by tapping into his personal demons, an AI programmer has to achieve the same effect in much more approximate ways. “An AI is not an actor, so how do you communicate the internal state of a character?” says Zack London, who as Gossip Goblin makes highly baroque AI-generated sci-fi shorts. “You can say: they look confused, or they say this in jest, or they say this sternly. But it’s such a broad stroke. The model will probably come out with a very over-the-top telenovela-type performance, or will just not understand.” At that point, it becomes a case of treating the model like a “marionette doll” and tweaking individual strings. “You could say: there’s a slight quiver on the left side of their lip, and then their gaze diverts slightly downwards, and they look up again and blink.” London chooses to keep a human ghost in the machine by first recording dialogue with real actors, around which he retro-fits the animation. He is candid about the shortcomings of the current prompting process, saying the results suit a certain type of film: “The acting is not going to be particularly subtle, like some grand Anthony Hopkins or Olivia Colman performance. It’s more like an old-school Terry Gilliam or Guy Ritchie performance, where the characters are larger than life.” But maybe that’s where the danger lies for actors: many blockbuster performances, meting out simple beats of easily comprehensible emotion, have a cut-and-paste quality – and are therefore susceptible to AI. Then again, a mundane magic still happens even on blockbuster sets. “Sometimes the most brilliant moment happens in the fraction of a second. And you can’t put your finger on why an actor gives a certain look,” says Tye Sheridan, the co-founder (in 2016) of Wonder Dynamics, who developed the AI production tool Flow Studio. He should know: he was the star of Steven Spielberg’s 2018 film Ready Player One, which itself patrolled the frontier between real and digital.

Hollywood AI-listers: is the technology ready to rival flesh-and-blood film stars?
Asia
The Hindu BusinessLine

Q2 Results Today Live: L&T, Maruti Suzuki, Bajaj Auto, Tata Steel, Cipla, Vedanta Iron, Waaree Energies, Mazagon Dock, ACC, SAIL, SBI Life, Tata Capital, Star Health, Honeywell Automation, ABDL to announce Q2 results, Tata Consumer surge, Paytm flat, Sona BLW, ITC Hotels, BOM, KFin Tech, Ather gain after Q2 results, Dalmia, Sumitomo, Aequs shares tank

Two investors are working together with analyzing the stock data graphs in the paper and viewing the data on the laptop screen. | Photo Credit: wutwhanfoto Paytm Q2 FY27: PAT up 10x to ₹225 crore, revenue up 28% to ₹2,648 crore, EBITDA at a quarterly high with double-digit margin. The Pune-headquartered public sector bank, which reported a net profit of ₹1,633 crore in the year ago quarter, logged a robust growth in advances amid improvement in asset quality. 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.

Q2 Results Today Live: L&T, Maruti Suzuki, Bajaj Auto, Tata Steel, Cipla, Vedanta Iron, Waaree Energies, Mazagon Dock, ACC, SAIL, SBI Life, Tata Capital, Star Health, Honeywell Automation, ABDL to announce Q2 results, Tata Consumer surge, Paytm flat, Sona BLW, ITC Hotels, BOM, KFin Tech, Ather gain after Q2 results, Dalmia, Sumitomo, Aequs shares tank
Asia
The Hindu BusinessLine

BPCL expects Russian crude purchases to fall in November as freight costs rise

Bharat Petroleum Corporation Ltd expects lower Russian crude purchases in November as higher freight costs improve the relative economics of Middle Eastern supplies. Bharat Petroleum Corporation Ltd (BPCL) expects Russian crude purchases to decline in November as higher freight costs erode the grades' price advantage, while Middle Eastern grades have become more commercially viable, a senior company executive said Monday. "We are getting the full volume, but there are challenges," Director (Finance) Vetsa Ramakrishna Gupta told analysts on an earnings call, adding Russian cargoes were "significantly reduced" for November ​because of higher freight costs. BPCL, which sourced about 37 per cent of its crude from Russia in the July-September quarter, has continued to diversify its procurement as geopolitical tensions disrupt shipping routes and push up freight and insurance costs. The company has nevertheless secured sufficient crude to sustain refinery operations, he said. Russian crude prices, which carried a premium of USD 12-13 a barrel in October, have more recently narrowed to a premium of about USD 1-2, he said. The economics could therefore improve for Russian supplies in December, depending on freight costs and the offers available when purchases are finalised. Gupta said supplies from the Middle East had become more commercially viable than Russian supplies and had increased compared with the first quarter. Going forward, higher volumes from the region are expected ​in October and November. "Certain cargoes are available at a discount, at times crude is available at a premium. So it's a mix," Gupta said, describing the market as volatile and noting that procurement economics vary by cargo, freight, insurance and delivery terms. BPCL's average landed crude cost was about USD 10-12 a barrel above its benchmark, depending on the source and delivery route, he said. Freight costs for crude have risen without a commensurate increase in product freight, putting pressure on refining margins. The company has expanded sourcing from the Middle East as Saudi Arabian supplies improved during the quarter. Shipments from Iraq and Kuwait, however, had yet to return fully to normal levels, Gupta said. BPCL expects Middle Eastern volumes to remain relatively strong in October and November. The company also said its Singapore-based international crude desk, which began operations in September, had helped it access new sourcing opportunities, including a cargo from the Caspian region at a discount. BPCL expects to take its proposed Andhra Pradesh refinery and petrochemical complex to its board for a final investment decision in the coming weeks, subject to financing arrangements and regulatory approvals. The company is evaluating a refinery with a capacity of 10 million tonne a year and petrochemical intensity of about 32-33 per cent, Gupta said. The detailed feasibility report is in its final stages, with cost estimates undergoing review.

BPCL expects Russian crude purchases to fall in November as freight costs rise