Burberry in Focus as UK Dominates European M&A Targets in Survey
London stocks account for about 60% of companies mentioned in an informal survey of 44 risk-arbitrage desks, traders and analysts conducted by Bloomberg News in July. The trenchcoat maker was the most popular, picked seven times.
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2 hours ago
Trump admin live updates: Trump, Schumer trade barbs over Senate nominations
The Senate voted on some of Trump's nominations before the August recess. 2:17 The Senate on Saturday considered some of President Donald Trump's nominations before the August recess. Earlier this week, Trump issued an executive order slapping tariffs on many of America's trading partners but the new duties are set to go into effect in seven days. Trump also continues to face questions over his administration's handling of the Jeffrey Epstein files and his relationship with the accused sex trafficker. Latest headlines: 3 minutes ago Johnson makes last-minute visit to Israel 57 minutes ago Greer suggests Aug. 12 tariff deadline for China could slide 1 hour and 37 minutes ago Texas state House set to consider new congressional maps on Monday Here's how the news is developing. 46 Updates Jul 28, 2025, 10:00 AM EDT Trump says he is 'allowed' to pardon Ghislaine Maxwell, but it's 'inappropriate' to discuss When asked by reporters if he would pardon Ghislaine Maxwell -- the convicted associate of deceased sex offender Jeffrey Epstein -- President Donald Trump said he is "allowed to give her a pardon" but "nobody's approached me with it." "Nobody's asked me about it. Right now, it would be inappropriate to talk about it," Trump said on Monday. He said he hasn't been "overly interested" in the Epstein files, and called the 'whole thing a hoax' in regard to whether his name is in the files. Jul 28, 2025, 9:56 AM EDT Starmer says he has a 'very good relationship' with Trump British Prime Minister Keir Starmer said he has a "very good personal relationship" with President Donald Trump, emphasizing that the United Kingdom and the United States have "always stood together." In terms of best interests for the two countries, Starmer added that he and Trump have a "huge amount of common ground." Trump says he is 'not interested in talking' to Putin President Donald Trump said he has "always gotten along" with Russian President Vladimir Putin, but on Monday, he said he is "not interested in talking" to him. "Russia could be so rich right now. But instead, they spend everything on war. I really thought this was going to end. Every time I think it's going to end, he kills people," Trump said. Earlier on Monday, Trump said he would reduce the 50-day window for Russia to agree to a peace deal with Ukraine. Jul 28, 2025, 9:37 AM EDT Trump says Powell 'has to' cut interest rates While meeting British Prime Minister Keir Starmer, President Donald Trump said Fed Chair Jerome Powell "has to" cut interest rates. "He should cut. A smart person should cut," Trump said. This comes after Trump visited the Federal Reserve on Thursday, repeating calls for lower interest rates while standing alongside Powell.
CNBC
8 hours ago
- CNBC
Robotaxis are becoming a reality. Who's poised to win in China and beyond
After years of testing, robotaxis are starting to become a normal part of transportation in certain parts of the U.S. and China, where a handful of companies are competing to become market leaders. In the U.S., Alphabet's Waymo has pulled ahead of its rivals and says it has more than 1,500 robotaxis on the road conducting more than 250,000 paid weekly trips in cities including San Francisco, Los Angeles, Phoenix and Austin, Texas. Tesla has just gotten started in Austin . In China, there are proibably about 2,000 robotaxis, primarily operated by a few local companies across the country's larger cities, according to Barclays estimates published last week. The British bank forecasts at least 300,000 robotaxis will be deployed in China by 2030, accounting for at least 5% of on-demand transportation in larger cities. China's capital Beijing has allowed robotaxi operators to charge fares for rides in a suburb since late 2021 . Shanghai in late July became the latest region to allow fully autonomous taxis to charge fares in parts of the city . Pony AI unique U.S.-listed Chinese startup Pony AI is so far the only robotaxi operator in the country that can charge the public for fares in parts of all four of China's largest cities: Beijing, Shanghai, Guangzhou and Shenzhen. The company hasn't disclosed how many cars it has running, but claims each car receives an average of 15 orders a day. "We believe this milestone [in Shanghai] demonstrates Pony's technological and operational readiness in [the] robotaxi business," Bank Of America analysts said in a report last week. "Pony will scale up its Robotaxi fleet size and see improving profitability, given better economies of scale and unit profitability," the analysts said. Bank of America rates the stock a buy, and gives the American depositary receipts a price target of $21, or more than 60% upside from Friday's close. Improving safety Pony AI Chief Technology Officer Tiancheng Lou said in a late July interview that his focus now is on improving safety, speeding up the ability to hail a robotaxi and cutting costs. The company has started testing its latest-generation robotaxi vehicles in Beijing, claiming to have slashed the cost of the parts needed to build its autonomous driving kit by 70% . Pony AI is set to report its next quarterly results on Aug. 12. Pony's U.S.-listed rival WeRide last Thursday said that its robotaxi revenue in the second quarter rose to a a record $6.4 million . Morgan Stanley rates WeRide a buy, but expects shares to "remain event-driven and show more volatility" subject to robotaxi developments in China and overseas. The bank does not cover "We believe progress in global development of robotaxis will expedite the pace of China's development/rollout of L4 AD/robotaxis," the Morgan Stanley analysts said, adding they do not think legacy global automakers and legislators in major economies "will risk missing out on the transition to vehicle autonomy, particularly after losing ground to China on EVs." Waymo expansion While Waymo has only just begun expanding internationally, entering the Japanese market, Chinese robotaxi operators are already pushing into Europe and the Middle East. WeRide claims it's the only company with autonomous driving permits in Saudi Arabia, China, the UAE, Singapore, France and the U.S. Outside China, WeRide said it has already started pilot operations in Riyadh with Uber Technologies . In mid-July, Chinese internet tech company Baidu reached a deal to offer its Apollo Go self-driving vehicles on the Uber ride-hailing platform, aiming for the Middle East and Asia later this year. The U.S. and mainland China, where ride-hailing app Didi acquired Uber's business, are not part of the deal. Apollo Go's pricing on Uber will likely compare to that of human drivers on Uber, Bank of America analysts said in a separate report last month. "Therefore, we think value in [the] overseas market could be multiple times higher than China, hence its profitability overseas could have much larger room." Bank of America rated Baidu a buy, with a $100 price target. Baidu is set to report results on Aug. 20. Baidu breakeven Barclays estimates that Baidu is probably already breaking even on its robotaxis in the Chinese city of Wuhan, excluding research and investment costs. Most Chinese robotaxi operators are also close to breaking even, the analysts said. "Being able to design and build cheap robotaxi models is the single largest reason why we think Chinese players are likely to reach [unit economics] breakeven (excluding R & D and other headquarters costs) by the end of 2025," the Barclays analysts said. The bank estimates each Waymo car currently costs $200,000, Baidu's Apollo RT6 costs about $37,000, newest vehicle runs at about $42,000 and WeRide slightly more. —CNBC's Michael Bloom contributed to this report.
CNBC
8 hours ago
- CNBC
The AI 'algorithmic audit' could be coming to hotel room checkout
Artificial intelligence can lead to surprises in all sorts of places where a bill once would have been considered settled. The use of AI by Hertz (and European car rental company Sixt) to scan for damage on cars, which is then charged to the customer, is a new application of the technology that is creeping into consumer life unnoticed. But it won't be the last unexpected adjustment to the travel experience courtesy of AI. Experts say consumers should expect to see businesses across the service industry deploying similar technology in the future, if they aren't already. "As businesses seek to automate loss prevention and operational efficiency, we're witnessing the emergence of what I call 'algorithmic auditing' – the systematic deployment of AI to identify, classify, and monetize previously overlooked inefficiencies or losses," said Shannon McKeen, professor of the practice and executive director for the Center for Analytics Impact at Wake Forest University School of Business. The Hertz program, recently reported on by the New York Times, is the beginning of what McKeen describes as a broader transformation, and new fault line, in the service economy. "The implementation of these systems reveals a fundamental tension between operational efficiency and customer satisfaction and equity," McKeen said. The question isn't simply whether AI can detect a scratch on a rental car bumper. "It's whether businesses should charge customers for every microscopic imperfection that algorithms can identify but human judgment might reasonably overlook as normal wear and tear," he said. McKeen says the dialogue between service agent and customer over costs will increasingly include a new term: "the machine says." Hotels are working their way through these changes, according to Jordan Hollander, cofounder of a research platform that helps hotels find new digital and AI products to improve efficiency. "I've been seeing more hotels experiment with AI across operations, but not quite in the same way Hertz is using it for automated damage detection and billing. That said, we're not far off," Hollander said. Some hotels, for instance, are already using AI-powered sensors to monitor air quality and trigger fines for smoking or vaping in rooms. But Hollander warns that sometimes the sensors trigger false positives. "Like someone using a hairdryer or aerosol spray — and guests get hit with $500 charges without ever lighting up. It's not hard to imagine how that could go south quickly," Hollander said. But unlike the car rental example, most hotels haven't automated the billing step yet. "They're using AI more to flag potential issues — like a room that smells off, linens that don't meet standards, or maintenance problems — and then looping in a human for the final call," Hollander said. For now, the AI is acting more like a very observant assistant than a judge and jury. "But it's clear that hotels are heading in the same direction," he said. "Between computer vision that can detect damage or wear in a room, and AI that analyzes guest behavior or room conditions in real time, the tech is already there." In a hospitality industry where trust is everything, there are reasons for hotels to move with caution. To date, many hotel operators are using AI to improve things like housekeeping efficiency, energy usage, and guest messaging — but they're being cautious about when and how it impacts the guest directly in a way that can be perceived to hurt the experience. "There's a risk of backlash if hotels start billing guests based solely on what an algorithm says. The moment a guest gets a charge and can't get a straight answer about why or how it was verified, you're in dangerous territory," Hollander said. "If guests feel like they're being watched or nickel-and-dimed by a machine, it undermines the relationship completely," he added. Recent experience in the hotel industry provides at least one cautionary tale, according to Hollander, referring to a custom-modified Alexa for hotels. "Years ago, the hot thing was voice devices, and that never really took off for this reason," he said. A Hertz spokeswoman told CNBC that AI brings uniformity and consistency to the checkout process. "For years, vehicle damage inspections have caused confusion and frustration. The process was manual, subjective, and inconsistent, and that isn't good enough for our customers or our business," she said. She added that with digital vehicle inspections, Hertz is introducing "much-needed precision, objectivity, and transparency to the process – giving our customers greater confidence that they won't be charged for damage that didn't occur during their rental, and a more efficient resolution process when damage does occur." Of the 500,000 rentals scanned so far, more than 97% showed no billable damage, according to Hertz, and damage incidents are declining at scanner-equipped locations. The Hertz spokeswoman acknowledged that the new system is still a work in progress. "We know change of this scale takes time, and we're listening, learning, and improving every day. As we said from the start, our goal through this initiative is to enhance the safety, quality, and reliability of our fleet and to create a more consistent rental experience for our customers." AI excels at pattern recognition, but where it may fall short is with the nuanced decision-making that has historically characterized good customer service, according to McKeen. "What makes these systems particularly problematic is the erosion of contextual judgment," McKeen said. Traditionally, business relationships relied on human discretion to navigate gray areas like "when does a scuffed tire represent normal use versus chargeable damage? When does a hearty portion in a restaurant satisfy a hungry customer versus being wasteful?" Other companies will be watching Hertz closely to see how the AI experiment works out, he said, and then jump right in on the profit opportunity if it is determined that use of the technology won't drive customers away. The use of AI for cost recouping isn't widespread yet because companies have not figured out the balance between customer trust and implementing AI, and the benefit, so far, doesn't outweigh the potential loss in loyalty, said Chuck Reynolds, managing director at L.E.K Consulting and a member of the firm's digital practice. The key for companies to implement these cost recouping tools is transparency. "While the opportunity for AI is huge, organizations need to be thoughtful about embedding it as a copilot, not police or enforcer," Reynolds said. Sustomers will accept AI as part of the experience, he added, if companies are fair, visible, and design the AI experience with empathy. "AI has to have customer-centricity built into its core," Reynolds said, and companies have to keep a role for humans in the process to oversee and override the AI if necessary. "Organizations that do so without thinking through the entire process will have challenges with internal adoption and customer adoption," Reynolds said. Customers should expect to see more of the technology Hertz is deploying in different settings, according to David Rivera, professor of hospitality and tourism at Flagler College. In addition to hotels, the future could include restaurants using AI to itemize plates to ensure accurate billing. But Rivera says all of this is being done with the goal of operational efficiency rather than to punish the customer. Use of AI in hospitality is evolving from passive data collection to active use of real-time decision-making tools, Rivera said, and that includes things like monitoring your rental car or how much you are raiding the mini-bar in your hotel room. "The common thread is increased operational efficiency, enhanced guest satisfaction, and automation of traditionally manual tasks, with a layer of accountability and transparency for both guest and provider," Rivera said. Not everyone is on board with that view, however. "This trend is absolute overkill with AI solution capabilities," said Daniel Keller, CEO of cloud infrastructure company Influx Technologies, which provides data collection and data analysis tools. "This particular use of AI doesn't increase efficiency; it scrutinizes customers of small-margin service businesses looking to suck extra money out of guest experiences."
