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Europe
BBC Business

British American Tobacco to cut 9,000 jobs

Image source, ReutersByEmer MoreauBusiness reporterPublished29 June 2026, 10:53 BSTUpdated 55 minutes agoBritish American Tobacco (BAT) is to cut nearly a fifth of its global workforce as part of a major cost-cutting drive. The tobacco giant, which makes Lucky Strike and Dunhill cigarettes, is cutting 5,500 roles and outsourcing 3,500 more. The company had said earlier this year that it was planning savings to make it "more digital and AI-focused". BAT did not say which locations would be hit by the job cuts, but said the US was not affected. The company currently employs about 47,000 people globally. It says the cost cuts are expected to save about £600m a year by 2028. Traditional cigarette sales are shrinking as smokers increasingly switch to vapes and nicotine pouches. BAT is shifting its focus to smoking alternatives such as its Vuse vapes and Velo nicotine pouches to drive growth, but its sales and profit margins have been sluggish in recent years. Sales in the US — its biggest market — have also been hit by the cost of living, as smokers swap for cheaper brands. Additionally, the company is battling rising duties and stricter regulations in some markets. American regulators have taken a tough stance on approving licences for new products such as vapes, delaying launches. BAT says this has fuelled an influx of illegal Chinese products, weighing on its sales and market share. BAT said the job cuts, which have already started, are set to be completed by the end of this year. Chief executive Tadeu Marroco said the cuts would make the company "more agile, cost disciplined and technology enabled".

British American Tobacco to cut 9,000 jobs
Europe
The Guardian

British American Tobacco to slash 9,000 jobs as it turns to AI

There will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PAView image in fullscreenThere will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PABritish American TobaccoBritish American Tobacco to slash 9,000 jobs as it turns to AIDunhill maker to cut about a fifth of workforce, aiming to reduce costs and become more ‘technology enabled’ British American Tobacco (BAT) will cut about a fifth of its 47,000-strong workforce this year, as the cigarette-maker looks for ways to push down costs and become more “technology enabled”. BAT, which is one of the biggest tobacco groups in the world, has announced it will cut 5,500 jobs by the end of the year and outsource a further 3,500, affecting a ⁠total of 9,000 employees. The FTSE 100 company is grappling with falling demand for traditional cigarettes and pressure to invest in nicotine alternatives. The company said the cuts were part of a “transformation programme” expected to create £600m of annual cost savings by the end of 2028. The BAT chief executive, Tadeu Marroco, said the company was “building a future-ready organisation” that was “more agile, cost disciplined and technology enabled”. He added: “These changes affect many of our colleagues, and we are focused on supporting them through this transition with care and respect, as we position the business for the future.” There will be no cuts in its business in the US, where it operates under its subsidiary Reynolds American. Last year, BAT partnered with the technology consultancy Accenture to outsource some of its work, which Marroco said at the time would give the tobacco company access to its “advanced AI solutions”. Some jobs in the UK, Poland, Romania, Costa Rica, Mexico, Singapore and Malaysia have been absorbed by Accenture since the deal, BAT said. In February, the BAT interim finance chief, Javed Iqbal, told the Financial Times that plans to simplify the company would make it “more digital and AI-focused”. BAT, which makes Dunhill and Peter Stuyvesant cigarettes, has also been shutting down some of its traditional cigarette manufacturing. In January, it announced it would close its eighth largest factory, located in South Africa, because of competition from illicit trade. The group has predicted that global cigarette industry volumes will fall by about 2.5% this year.

British American Tobacco to slash 9,000 jobs as it turns to AI
Asia
The Hindu BusinessLine

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI

TVS Motor Company is steadily stepping up its research and development (R&D) investment, which has risen from ₹645 crore in FY24 to ₹1,025 crore in FY25 and further to ₹1,254 crore in FY26. “We are investing ₹1,254 crore annually in R&D, with more than 2,000 engineers working at the intersection of electrification, connected platforms and AI-driven design,” Chairman and Managing Director Sudarshan Venu said in his remarks as part of the company’s 2025-26 annual report. The R&D push has helped TVS Motor’s expansion into new product categories, advancing its ambitions in electrification and premiumisation, and has also helped reduce carbon footprint. “As energy price shocks cause uncertainty, EV adoption will likely rise. The companies that understand how electric vehicles will define mobility in the future will lead that shift. Your Company is already there,” Venu said. During FY26, the company launched the Apache RTX 300 adventure motorcycle, the Orbiter electric scooter, the NTorQ 150 hyper-scooter and refreshed versions of the Apache and iQube range. In commercial mobility, it introduced the King Kargo HD EV and CNG variants to strengthen urban cargo and logistics. More than 97 per cent of energy across TVS Motor’s Indian operations came from renewable sources this year, Venu said, adding that they avoided over 76,000 tonnes of carbon emissions. TVS’ global R&D network now spans centres in Hosur, Bologna, Jakarta and Solihull. The acquisition of Italy-based Engines Engineering S.p.A. during the year has further strengthened its capabilities in premium motorcycle engineering and vehicle design. The company reported record sales of 5.89 million vehicles in FY26, with revenue rising to ₹47,270 crore and EBITDA increasing to ₹6,079 crore, cementing its position as the world’s third-largest two-wheeler manufacturer. The company is cautiously outlook about future demand as India remains as one of the fastest‑growing major economies with GDP growth projected in the range of 6.0-6.5 per cent, while navigating macroeconomic challenges. The possibility of an El Niño event could weigh on monsoon patterns and may have broader implications for India’s economy, the company noted. FY27 is also likely to be the year TVS Motor gets closer to positioning Norton as a globally competitive premium motorcycle brand. Norton is gearing up to introduce a differentiated product portfolio in FY 2026-27, comprising the all-new Manx, Manx R, Atlas and Atlas GT, marking a new phase in the brand’s product renaissance and global repositioning.

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI
Europe
BBC Business

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote

A heartbroken couple lost more than £30,000 to a rogue builder who left their new extension unfinished, with water pouring into their home. Alarms bells had been raised earlier when Shelley Sawkins, 75, called the tradesman, and realised he was in Lanzarote spending money she had given him. The builder, Christian Williams, 54, is currently serving a two-year prison sentence after admitting theft and three counts of fraud by false representation involving four families. In a Proceeds of Crime Act, external hearing earlier this month, Mold Crown Court heard Williams, trading as Chris Williams Construction, benefitted to £163,051.70 from his offending, but his assets meant he could only pay back £1. Williams had been posting photos on Facebook of holidays and days out at the races, while one of his victims, a dad of three, had to finish his two-storey extension himself. Shelley and husband Barry, 63, spent £50,000 getting the botched job at their bungalow in Buckley, Flintshire, fixed, almost £30,000 more than the initial quote of £21,000. About £30,000 went to Williams, and £20,000 to other builders fixing the mess he had left. But there are still major problems, including uneven flooring, and they are now desperate to move out of their home and into sheltered accommodation. "We paid the first instalment. The work started, and then just stopped," Shelley said. They had hoped work from Williams would make their lives easier, providing a spacious kitchen area. The first sign the job was not up to scratch was when one of the walls started to wobble when pushed. Then one night, after the roof had been worked on, rainwater began pouring into the house.

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote
North America
CNBC Finance

Seniors in Medicare are about to get landmark obesity drug coverage — but many may not know it yet

Millions of older Americans in Medicare are about to gain access to obesity drugs for the first time — but that landmark shift may be flying under the radar for many of them. Starting Wednesday, eligible beneficiaries can get obesity drugs through Medicare's new Bridge demonstration program for a monthly copay of just $50. The coverage marks a long-sought victory for patients, physicians and obesity advocates who have pushed for broader access to the blockbuster treatments from Novo Nordisk and Eli Lilly, which have remained out of reach for many Americans. But a staggering 82% of all older Americans — including 79% of Republicans and 84% of Democrats — say they are unaware that Medicare is about to begin covering obesity drugs, according to a survey released in early June by the Obesity Care Advocacy Network. The survey, conducted in late March among more than 2,100 adults ages 65 and older, was completed weeks before the government announced it would extend the Bridge program through 2027. That data may not come as a surprise: While the government has done robust outreach to healthcare providers and pharmacists, some physicians and other experts told CNBC that they have noticed limited advertising of the new coverage to the general public from the Centers for Medicare & Medicaid Services or Novo and Lilly. There may be good reasons for it. CMS has done limited public outreach on the program ahead of July 1 because beneficiaries are "most moved to take action" when a benefit is actually available to them, an agency official told reporters on Thursday. They added that CMS will put out more promotions after the launch, "in the interest of being good stewards of our taxpayer dollars." Other experts also told CNBC that it may come down to making sure providers and pharmacies are prepared and resources are in place before pursuing broad public outreach. Still, some experts say the lack of awareness may delay some eligible adults from taking advantage of the new coverage and getting on the treatments immediately. "I have not seen a lot of information out there for the public, and I think there are going to be plenty of people who have zero knowledge of the Bridge program," said Dr. Shauna Levy, medical director of the Tulane Bariatric and Weight Loss Center. "And I think for patients, it's just going to take even longer for them to find out about it, and then see if they're eligible." Unlike traditional Medicare drug coverage, enrollment in the Bridge program is not automatic. Patients must meet eligibility requirements, obtain a prescription and receive prior authorization approval through CMS before coverage begins. The relatively quiet lead-up to the rollout stands in contrast to the marketing campaigns Novo and Lilly have historically deployed for their obesity and diabetes medicines, which have appeared everywhere from television commercials to subway advertisements. Novo spent nearly $500 million on U.S. advertising for its obesity drug Wegovy and its diabetes counterpart Ozempic in the first 9 months of 2025, more than double the just over $200 million Lilly spent promoting its rival injections, Zepbound and Mounjaro, Reuters reported, citing data from the ad-tracking firm MediaRadar. "I was a little surprised that there hasn't been more advertising by Lilly and Novo for seniors to be ready to get their prescription," said Leerink Partners analyst David Risinger, adding that it takes time to book an appointment with a provider to obtain one.

Seniors in Medicare are about to get landmark obesity drug coverage — but many may not know it yet
North America
CNBC Finance

A 'perfect storm' points to a much smaller U.S. auto market by 2040

Ten years ago, a record 17.6 million cars, trucks and SUVs were sold in the U.S. Some forecasts say the country might not come close to that number again. Analysts at consulting firm Bain & Company said several signs indicate the market is about to shrink even more. Falling birth rates, behavioral changes, high car prices and a growing array of alternatives could drive sales down by more than 2 million units by 2040, according to their analysis. These indications point to a future where automakers fiercely compete for a shrinking number of customers, said Mark Gottfredson, a partner at Bain & Company. The auto industry has historically depended on an annual 1% growth rate that tracks the increase of the overall population, Gottfredson said. But all over the world, government statistics show population growth has slowed, and some countries are already seeing declines. "It is the perfect storm, isn't it," Gottfredson said. "It starts with the population declines. You're no longer a growth industry. You're a declining industry. You're a declining industry at a time when the technology is disrupting everything." The U.S. fertility rate in 2025 was about 1.6 births per woman. While not as low as some countries in Europe or Asia, it's considered below the replacement rate of 2.1, according to the Centers for Disease Control. Bain said that has been offset by relatively high immigration — about a million people coming to the U.S., according to the historical average it cited. But the firm said it expects restrictive immigration policies will last for the next 15 years, cutting historical net migration rates of the past 20 years in half, which means it could again reach low levels seen in 2019. That remaining population's behavior has changed — in part due to high prices and affordable alternatives, according to Bain. Half of 16-year-olds today don't have a driver's license, compared with nearly 70% of 16-year-olds between the years of 1966 and 1984, Gottfredson said. The stat might reflect a mere delay rather than a total refusal — Bain's research suggests most people still get licenses by age 25. Still, the share of new vehicle registrations among people aged 18 to 34 fell from 12% in the first quarter of 2021 to under 10% by mid-2025, according to S&P Global Mobility. Buyers 55 and older account for nearly half of all new registrations and have held the largest share for eight straight quarters, the firm said. "The engine behind it is affordability," said Craig Daitch, founder and president of Telemetry, a firm that does market research for the auto industry. New vehicle monthly payments are up 30% over four years, and nearly one in five new vehicles now carries a payment over $1,000 a month, he added. AutoForecast Solutions, a forecasting firm, expects U.S. new car sales to stay relatively flat at around 16 million through 2033, the furthest year in the future for which the company issues estimates. "When you look into the future, younger people are more likely to use Uber or Lyft when they're going somewhere," Sam Fiorani, vice president of global vehicle forecasting for the company. "We're still seeing groups of young people who enjoy driving and want a new car, but fewer can afford it."

A 'perfect storm' points to a much smaller U.S. auto market by 2040
Asia
The Hindu BusinessLine

MSMEs must grow from being producers of ‘me-too’ products to making ‘I-first’ products: ELGI MD

Micro, small and medium enterprises (MSMEs) should not aspire to remain small forever. Once they achieve stable profitability, they must shift their focus from merely making money to building larger, purpose-driven enterprises, said Jairam Varadaraj, Managing Director of Elgi Equipments. Further, MSMEs must grow from producers of “me too” products to those who make ”I first “ products, he said, speaking at the MSME Growth Conclave, organised by businessline at Coimbatore. Varadaraj argued that being categorised as an MSME should be viewed as a starting point rather than a destination. 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.

MSMEs must grow from being producers of ‘me-too’ products to making ‘I-first’ products: ELGI MD
Asia
The Hindu BusinessLine

Broker’s call: Aptus Value (Buy)

We open a 30D positive CW on Aptus, expecting sharp acceleration in disbursement growth, contained stress pool, and stable spreads. Disbursement growth is estimated to re-accelerate sharply to 34 per cent y-o-y (vs. 18/11/3 per cent in Q4/Q3/Q2). Q-o-Q AUM growth is expected to breach 4.5 per cent, driven by higher ATS, accelerated branch rollouts, and strengthening network productivity. YoY AUM growth is anticipated to step up to 21.5 per cent, improving line-of-sight to the guided corridor of 22–24 per cent. Despite seasonality, GS3/1+ DPD are expected to edge up 13–15bps/40–45bps Q-o-Q to 1.65/6.65 per cent. Credit costs are expected to remain firmly within the guided band of 0.5 per cent (plus or minus 10bps. With yields and cost of borrowing holding up, spreads are expected to remain relatively stable. With its niche segment focus and strong internal processes, Aptus has delivered strong, profitable growth for a long period. It has among the highest ROA/ROE (despite low leverage) in the AHFC space driven by high NIM and a lowcost operating model. Credit cost has also been low across market cycles. However, incrementally it is facing increased competition in its core geographies, which could impact margins and consequently return ratios going forward. Key risks: Franchise expansion, salary increments/incentive provisioning in Q1 expected to keep opex/assets elevated. 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: Aptus Value (Buy)
Asia
The Hindu BusinessLine

Tech Mahindra collaborates with Perplexity to boost sales with AI

The initiative is aimed at strengthening sales effectiveness, enabling informed decision-making and delivering more personalised customer experiences. | Photo Credit: Dado Ruvic Technology consulting and digital solutions provider Tech Mahindra has partnered with global AI company Perplexity to integrate AI-powered intelligence into its sales operations, according to a company statement. Under the partnership, Tech Mahindra will deploy Perplexity Enterprise Pro to provide its sales teams with faster access to trusted, source-backed insights, enabling them to better understand customer needs, improve engagement and deliver greater business value. According to the release, the AI-powered platform will help sales teams quickly access reliable information, reduce research time, improve productivity and enhance customer interactions throughout the sales cycle. "By equipping sales teams with intelligent tools that support faster decision-making and deeper customer understanding, Tech Mahindra will improve sales performance while delivering more personalised and meaningful experiences for customers," the release added. The initiative is aimed at strengthening sales effectiveness, enabling informed decision-making and delivering more personalised customer experiences. Mohit Joshi, CEO & MD, Tech Mahindra, said, "AI is transforming how enterprises engage with customers, make decisions, and create value. By integrating Perplexity Enterprise Pro into our sales processes, we are empowering our teams with trusted, real-time intelligence that helps them better understand customer priorities, engage with greater context, and deliver more impactful solutions. Tech Mahindra's partnership with Perplexity reinforces our commitment to leveraging AI across the enterprise to enhance customer experiences, improve sales effectiveness, and accelerate business transformation." By integrating AI into its sales and customer engagement processes, the company aims to become more agile, data-driven and customer-focused, while helping clients accelerate their digital transformation, the release said. On the other hand, Aravind Srinivas, CEO and Co-founder, Perplexity, said, "Tech Mahindra brings deep enterprise expertise and a strong delivery presence across the world. Putting Perplexity Enterprise Pro in their sales teams' hands gives them fast, source-backed answers when it matters most to clients." 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.

Tech Mahindra collaborates with Perplexity to boost sales with AI