Why Big Tech cannot agree on artificial general intelligence
On the front cover of their initial business plan for DeepMind, the AI lab they set up in 2010, Sir Demis Hassabis, Mustafa Suleyman and
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Yahoo
12 minutes ago
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Pound treads water as Bank of England holds interest rates
The pound was little changed against the dollar ahead of the Bank of England's (BoE) interest rate decision, trading at $1.3418. Zara Nokes, analyst at JP Morgan Asset Management, warned the escalating tensions and the 'upward pressure this is putting on oil prices, will only add to the Bank of England's concern about easing rates too quickly'. She said: 'The Monetary Policy Committee (MPC) will face a tougher choice when meeting again in August, given the combination of still-sticky inflation and evidence that the labour market is quite clearly cooling. 'A deterioration in the labour market should, in theory, put downward pressure on inflation, but until there are clear signs of this in the hard data, the Bank should be careful not to claim victory over inflation quite yet, not least because of the uncertain geopolitical climate.' The dollar has strengthened in recent days amid a surge in demand for safe havens over the conflict between Israel and Iran. The US dollar index ( which tracks the greenback against a basket of six major currencies, rose 0.1% to $98.99. Read more: Bank of England expected to hold interest rates as inflation comes in above target Crucially, the US Federal Reserve left its outlook for interest rates this year unchanged, with its 'dot plot' indicating there will be another two cuts. Meanwhile, in other currency moves, the pound was slightly higher against the euro, trading at €1.1700 at the time of writing. Oil prices surged in early European trading amid reports that Israel had attacked Iranian nuclear sites overnight, fuelling market fears of a broader conflict that could disrupt crude supplies. Brent crude futures rose 0.4% to $77.04 a barrel, at the time of writing, while West Texas Intermediate futures climbed 0.8% to trade at $75.72 a barrel. Yael Selfin, chief economist at KPMG UK, said: 'Energy prices have emerged as a key risk to the inflation outlook following the escalation in the Middle East. 'Oil prices have increased by more than 13% since the start of last week. The immediate impact of this will likely see prices at the fuel pumps rise, reversing the fall in petrol prices motorists were benefitting from recently.' She added: 'The recent movements in energy prices add further uncertainty to an already volatile global economic backdrop. Read more: FTSE 100 LIVE: Stocks slip as Bank of England set to hold interest rates amid inflation fears Goldman Sachs on Wednesday said a geopolitical risk premium of about $10 a barrel is justified given lower Iranian supply and risk of wider disruption that could push Brent crude above $90. There is still a 'healthy risk premium baked into the price as traders await to see whether the next stage of the Israel-Iran conflict is a US strike or peace talks,' Tony Sycamore, market analyst at IG, said in a client note. Energy markets are weighing the likelihood of direct US involvement in the conflict, as well as the potential for major supply disruptions, particularly worst-case scenarios, such as Iran blocking the strategic Strait of Hormuz. Gold prices fell on Thursday amid a resurgent dollar and a more hawkish outlook from the Federal Reserve that capped gains stemming from the Middle East tensions. Gold futures retreated 0.8% to trade at $3,381.30 per ounce at the time of writing, while the spot gold price lost 0.6% to $3,364.81 per ounce. The dollar, another traditional safe haven, is in high demand after the US Federal Reserve's decision to keep interest rates unchanged and forecasting only two rate cuts this year. This has made it more difficult for gold buyers to gain momentum. Stocks: Create your watchlist and portfolio In a note, Citigroup (C) lowered its price target for gold, expecting it to fall below the $3,000 level by late 2025 or early 2026. The bank cited declining investment demand and an improving global growth outlook. "We see investment demand for gold abating in late 2025 and 2026, as ultimately, we see the President Trump popularity and US growth 'put' kicking in, especially as the US mid-terms come into focus," Citi analysts wrote. More broadly, the FTSE 100 (^FTSE) was lower, down 0.6% to trade at 8,793 points at time of writing. For more details, check our live coverage here. Read more: UK inflation slows to 3.4% in May as transport costs ease Why the UK's AIM is struggling 30 years on Why UK can leapfrog EU and US on crypto, according to Coinbase execSign in to access your portfolio
Yahoo
12 minutes ago
- Yahoo
Trending tickers: The latest investor updates on Alphabet, Amazon, Circle, Shell and Whitbread
Shares in Amazon (AMZN) dipped 1% in Wednesday's session, after CEO Andy Jassy warned that the rollout of artificial intelligence (AI) across the tech company would likely result in jobs cuts in the coming years. Jassy said in a memo to employees on Tuesday that this "should change the way our work is done. We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs. Read more: FTSE 100 LIVE: Stocks slip as Bank of England set to hold interest rates amid inflation fears "It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company." Meanwhile, Amazon's autonomous driving subsidiary, Zoox, announced on Wednesday that it has opened the first-ever production facility for purpose built robotaxis in the US. The site in California spans 220,000 square feet — the equivalent of three and a half American football fields. In other autonomous vehicle news, Alphabet-owned (GOOG, GOOGL) Waymo is looking to bring its robotaxi service to New York. In a post on social media platform X on Wednesday, Waymo said: "We've applied for a @NYC_DOT permit to drive autonomously with a specialist behind the wheel while we're in the city — a key step to one day serving New Yorkers." Read more: Pound treads water ahead of interest rate decision The company said it was advocating for changes to state law to allow it to bring fully autonomous ride-hailing service the city in the future. Waymo currently operates in parts of San Francisco, Pheonix, Los Angeles and Austin, and has just announced that it is expanding its service in greater Los Angeles and the San Francisco Bay Area. Shares in stablecoin issuer Circle (CRCL) surged nearly 34% on Wednesday and were up a further 6% in after-hours trading, at the time of writing, though US markets are closed on Thursday for Juneteenth. The jump in shares came after the US Senate passed a bill on Tuesday that would establish a federal framework for stablecoins, which are dollar-backed cryptocurrencies. Shares in crypto exchange platform Coinbase (COIN) — which co-founded the USDC (USDC-USD) stablecoin — also rallied on the news, closing Wednesday's session up more than 16%. Read more: Stocks that are trending today In addition, Coinbase announced on Wednesday the launch of its stablecoin payment stack for commerce platform. It said that the system offers instant, 24/7 USDC stablecoin payments to merchants "globally, securely, and without blockchain complexity". Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "Coinbase (COIN) is riding the wave of stablecoin momentum with the launch of a new payment stack aimed at making it easier for shoppers to buy and pay using US dollar-backed crypto. "It's a bold move that puts pressure on traditional payment giants like Visa (V) and Mastercard (MA), whose dominance in the card space is starting to look a little less certain. For crypto enthusiasts, this marks one of the first real-world applications of blockchain tech that could genuinely scale with consumer use." On the London market, rising oil prices continued to drive up the shares of Shell (SHEL.L) and BP (BP.L), as the conflict between Iran and Israel entered its seventh day. According to a Reuters report, Shell CEO Wael Sawan said at a conference in Tokyo on Thursday that the "escalation in tensions over the last few days, in essence, has added to what has already been significant uncertainty in the region." "We're being very careful with, for example, our shipping in the region, just to make sure that we do not take any unnecessary risks," he said. Stocks: Create your watchlist and portfolio Concerns about disruption to supply as a result of the conflict have pushed oil prices higher, with brent crude futures (BZ=F) up 0.4% at $76.97 (£57.33) a barrel on Thursday morning, their highest point since February. Hargreaves Lansdown's Britzman said: "Oil prices are in a holding pattern as markets wait for clarity on possible US involvement in the Israel-Iran conflict. While the White House stayed vague after president Trump met with advisers, any direct action could escalate tensions and threaten vital energy routes like the Strait of Hormuz." Shell shares were up nearly 1% on Thursday morning, while BP rose 1.6%. Shares in Premier Inn-owner Whitbread dipped 2.4% on Thursday morning, following the release of its first quarter results. The hospitality business warned that total sales were down 1% like-for-like in the first quarter. The weakness came from the company's UK accommodation and food and beverage segments, though it saw stronger sales growth in its Germany business. Even so, Whitbread said its five-year plan was on track to deliver incremental profit of at least £300m ($403m) by its 2030 fiscal year, which would generate more than £2bn in shareholder returns. Read more: Bank of England expected to hold interest rates as inflation comes in above target Chris Beauchamp, chief market analyst at IG, said: "Normally-reliable Whitbread provided an unpleasant surprise for investors with their poorer update this morning. "Always a useful bellwether of the UK consumer, Whitbread suggests that the economy is still in a tough patch, though the better Germany performance was at least some comfort for investors. "Hopefully the longer-term turnaround will bear fruit in due course; once a star performer, Whitbread's shares have lost direction over the last decade, although the dividend helps to boost their attractiveness." Read more: Bank of England expected to hold interest rates as inflation comes in above target Bitcoin price steady above $105k as Trump mulls Iran strike Eurozone inflation falls below ECB target to 1.9%Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14 minutes ago
- Yahoo
Cotswolds named among UK million-pound property hotspots
The Cotswolds has been named among the UK's million-pound property hotspots. Around one in every 20 homes for sale in Britain is now priced at £1 million-plus, according to a property website. Rightmove said the number of homes for sale at a seven-figure price point has doubled in the past six years. It recorded a 103 per cent increase in homes at this price point between January and April 2025, compared with the same period in 2019. READ MORE: Beyonce 'takes helicopter trip to view Cotswolds mansion with Jay-Z' David and Victoria Beckham live in the Cotswolds. (Image: Ben Birchall / PA) Just over five per cent of homes for sale across Britain are now priced at a million pounds or more, compared with just under three per cent in 2019, Rightmove said. The Cotswolds has been named among the areas with the biggest increases in the proportion of million-pound properties for sale. This is according to Rightmove and considers the proportion for sale at this level in 2025 compared with 2019. The area has seen a rise from six per cent to 14 per cent during that period, seeing it rank alongside the likes of Richmond in London, Tunbridge Wells and St Albans. READ MORE: Jeremy Clarkson's Ferrari up for sale and here's how to buy it Experience the pulse of Oxford at your fingertips 🗞️ With our flash sale, Oxford Mail keeps you updated for less: only £4 for 4 months or save 40 per cent on an annual subscription. Don't miss out on what's happening locally #DigitalDeal #LocalJournalismhttps:// — Oxford Mail (@TheOxfordMail) June 16, 2025 Colleen Babcock, a property expert at Rightmove, said: 'The surge in million-pound homes for sale across Great Britain is substantial. 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5% of the market now priced at a million pounds or more. 'This isn't just happening in London; places like Cornwall, Uttlesford, and Somerset are also seeing big jumps in the number of high-value properties. 'Mole Valley is a standout, with 22% of its homes for sale now in the million-pound bracket.'
