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Amazon axes 16,000 more jobs worldwide to ‘remove bureaucracy’

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OVER £2M INVESTED INTO UK NICHE VEHICLE PROJECTS Over two million has been awarded to six innovative UK niche vehicle technology projects by the Niche Vehicle Network, including one million pounds worth of government funding. The Niche Vehicle Network Production Readiness and Proof of Concept Competitions, funded by the Department of Business and Trade, via The Advanced Propulsion Centre UK (APC), provide a platform for collaborative R&D of zero tailpipe emission vehicle technologies within the UK niche vehicle sector. Today, the Network has announced that over £2m has been distributed amongst the six winning projects, including over £1m in government grant funding. Two projects have been funded through the NVN Production Readiness Competition. The Production Readiness Competition winners comprised projects led by Carbon Threesixty and Muon Tech. The Hi-DEN Gen2 project, led by Carbon Threesixty, in partnership with Antich & Sons, ULEMCO, and Riversimple Movement, will develop the design, manufacturing, integration, and testing of a conformable hydrogen storage solution to meet the growing demand for Fuel Cell Electric Vehicles and help the UK reach its net zero targets by 2050. The Hi-DEN Gen2 system targets enhanced volumetric efficiency by approaching the storage of hydrogen through arrays of “micro” hydrogen vessels that enables huge increases in storage capacity, efficiency, and vehicle range. The Hi-DEN Gen2 project will build, test and integrate on a vehicle demonstrator a functional full scale hydrogen storage system. Muon Tech will partner with Rock Engineering Limited and Househam Sprayers Limited to bring to market the VXM-35, an integrated electric drive and vehicle control unit. The VXM-35 is designed to fit tight packaging volumes, with high levels of functional safety, reliability & functionality, and will be offered to niche-vehicle OEMs with a co-engineered 35-kW PMAC motor. The plug-and-play solution is ideal for traction applications on-board light vehicles and electric power take-off (ePTO) applications on-board industrial & agricultural vehicles. The HIVED Project will aim to prepare the VXM-35 for production and demonstrate it on-board the world’s first electric crop-sprayer. A further four projects have been funded through the NVN Proof of Concept Competition. One project awarded funding was Bo Mobility, in partnership with Neave Research, with the Boped proof of concept seeking to create a fully functional demonstrator vehicle for a new and innovative omni-category lightweight e-motorcycle. Aiming to enable the niche production of highly optimised vehicles for specific use-cases: the Boped project is a response to the new era of e-mobility tearing apart the rulebook on vehicle categories and capabilities. FR8 Technology, along with FPW Axles and Volta Commercial Vehicles, will produce a demonstrator 16 Tonne rigid delivery vehicle with a low-floor, providing direct access for unloading from the truck to the footpath. Reducing the access height to the load space from a typical 1200mm to just 300mm will be achieved using a radical patent-protected drive system with an e-motor mounted remote from the wheel, driving a gear train in the suspension arm and a double epicyclic reduction at the wheelhead. Quattro Plant, in partnership with Evparts UK and Inetic, are developing a technical demonstrator of an up-cycled off-highway vehicle converting to battery electric powertrain. These vehicles will directly match their ICE equivalents in performance and duty cycle, but have zero tailpipe emissions. The fourth and final Proof of Concept project is led by Raeon, in partnership with Eclipse Performance Vehicles. The project will demonstrate a high-performance application-specific near-production-intent prototype battery, with integrated thermal management, in a high performance L5e vehicle platform. Scott Thompson, Programme Director for the Niche Vehicle Network, said: “We’re delighted to have such an exciting variety of Production Readiness and Proof of Concept projects this year, and the funding being provided to these 17 different SME businesses will be key to enabling them to advance their technology concepts and accelerate their market introduction. The range of vehicle types and technologies being funded demonstrates how important the niche vehicle sector is within the UK automotive sector, supporting the transition to net zero. We’ve got projects developing new powered light vehicles, new architectures for commercial vehicles, EV conversions of existing off-highway vehicles, systems supporting EV agricultural vehicles zero emission, battery systems and novel hydrogen storage solutions suitable for a range of vehicle types. All the projects are focussed on advancing their technology and manufacturing readiness levels, and will help to not only expand the UK low volume EV supply chain, but also creating opportunities for wider adoption in higher volume and adjacent market sectors.” Josh Denne, Head of SME Programmes, APC, said: “APC is delighted to support another cohort of Niche Vehicle Network Production Readiness Competition. This crucial competition provides grants from UK SMEs and their supply chains to take existing low carbon vehicle technologies from demonstration through to production readiness in a compressed timescale, leading to significant economic benefits whilst reducing CO2 emissions. The journey to net-zero must span the whole automotive sector, and these cutting-edge, highly innovative niche vehicle technologies will help the UK reach its climate targets.”

Amazon has announced a further 16,000 job cuts worldwide as it presses ahead with plans to slim down management layers and “remove bureaucracy”, putting an unspecified number of UK roles at risk.

The latest round of layoffs follows the elimination of 14,000 white-collar jobs in October and forms part of Amazon’s broader ambition to shed around 30,000 corporate roles. While the majority of the new cuts will fall in the United States, teams in the UK and India are also affected. Amazon employs around 75,000 people in Britain but has not disclosed how many UK positions could be lost.

The cuts are expected to hit white-collar roles across Amazon Web Services, Prime Video, retail operations and human resources, also known internally as people experience and technology.

In a blog post to staff, Beth Galetti, Amazon’s senior vice president of people experience and technology, said the company was continuing a restructuring programme first outlined last autumn.

“As I shared in October, we’ve been working to strengthen our organisation by reducing layers, increasing ownership and removing bureaucracy,” she said.

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US-based employees affected by the cuts will generally be given 90 days to seek alternative roles within the business, while the timing for staff in other countries will depend on local employment rules, Galetti added.

Amazon has previously linked job reductions to the growing use of artificial intelligence, describing the current wave of AI as the most transformative technology since the internet. However, Andy Jassy has downplayed the role of AI in the decision, telling analysts that the layoffs were primarily cultural rather than financial.

“You end up with a lot more people than what you had before, and you end up with a lot more layers,” Jassy said during a recent earnings call.

The company dramatically expanded its workforce during the Covid-19 pandemic to cope with surging demand for online shopping and digital services. Amazon now employs around 1.58 million people globally, the vast majority of whom work in warehouses and fulfilment centres rather than corporate roles.

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The current round of cuts is the largest in Amazon’s three-decade history, surpassing the 27,000 jobs eliminated in 2022. Amazon was founded in 1994 by Jeff Bezos, who remains executive chairman and the company’s largest individual shareholder.

The announcement has drawn criticism from trade unions. Rachel Fagan, organiser at the GMB, said the decision would have serious consequences for workers and communities.

“Amazon is showing itself for what it is — a company that cannot be trusted to do the right thing by working people in the UK,” she said. “Thousands of job losses will cause huge damage in towns and cities across the country.

“Decision-makers must recognise Amazon as a business fixated on eye-watering profits at the expense of workers and local people.”

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The latest layoffs underline the growing pressure on big tech companies to balance efficiency, automation and cost-cutting with mounting scrutiny over their impact on employment and local economies.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Barclays reiterates Overweight on BridgeBio stock, cites Attruby strength

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14-Year Singleton to Heartbreaking Split

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Rachel Gilmore

SYDNEY — Rachel Gilmore emerged as one of the most relatable and emotionally resonant brides on the 13th season of “Married at First Sight Australia,” captivating viewers with her warmth, vulnerability and journey from a self-described long-time singleton to a participant willing to marry a stranger on national television.

Rachel Gilmore
Rachel Gilmore

The 35-year-old recruitment team leader from Victoria brought heart and honesty to the Channel 9 experiment, which filmed in 2025 and aired into April 2026. While her on-screen romance with groom Steven Danyluk offered moments of hope and growth, post-experiment realities proved more complicated. Here are 10 essential things to know about Rachel Gilmore’s MAFS 2026 experience, drawn from the show, her own words and latest updates.

  1. Rachel was single for 14 years before MAFS. Entering the experiment, Gilmore openly shared that she had not been in a committed relationship for over a decade, relying instead on occasional “situationships” that left her emotionally drained. In her audition tape, she revealed a dating “game plan” born from repeated rejection and heartbreak. “It is extreme,” she told interviewers, explaining how one or two bad dates could leave her devastated for months. Her decision to join MAFS marked a bold step to break the cycle.
  2. She nearly didn’t apply due to crippling insecurities. Gilmore has spoken candidly about years of feeling unworthy after repeated romantic disappointments. In pre-show interviews, she admitted the idea of marrying a stranger felt overwhelming, yet she pushed through, hoping experts could help her find genuine connection. Her vulnerability resonated with many viewers who saw their own struggles reflected in her story.
  3. Matched with Steven Danyluk in the first wedding. Rachel was paired with Steven, another long-time singleton, in one of the season’s earliest ceremonies aboard a Sydney Harbour superyacht. The wedding had awkward moments — Steven initially struggled with compliments and a kiss — but Rachel’s bubbly personality and “maternal energy” helped ease tensions. She described him as bringing laughter and light into her life despite early hurdles.
  4. Intimacy Week delivered one of her toughest moments. The couple faced significant challenges during intimacy-focused tasks. Steven’s reluctance to be physically affectionate, including pulling away from a kiss, left Rachel feeling rejected and exposed. She later recounted becoming “emotionally raw” and needing space. Viewers reacted strongly, with many criticizing Steven’s handling of the situation while praising Rachel’s openness.
  5. A crude joke scandal tested their bond. Unseen footage from a dinner party showed Steven joking explicitly with fellow bride Bec Zacharia about his intimacy with Rachel. The clip surfaced during “After the Dinner Party,” leaving Rachel mortified and questioning whether Steven had her back. She articulated feeling unsupported, highlighting communication gaps that plagued the pair throughout the experiment.
  6. They reached Final Vows and committed to trying. Despite setbacks, Rachel and Steven attended Final Vows in early April 2026 episodes. Both delivered emotional speeches affirming growth and commitment. Rachel expressed finding something “rare” in Steven, while he spoke of diving in “headfirst, fearless.” They left the experiment intending to date in the real world, with Rachel discussing moving in together and Steven considering relocation.
  7. The relationship did not survive post-filming. Although they departed Final Vows as a couple, multiple insiders report the romance ended shortly afterward. Sources told outlets that Steven got “cold feet” about plans to visit Rachel in Melbourne or relocate from Sydney. Long-distance issues proved insurmountable, and Steven reportedly failed to follow through on commitments. No joint social media tributes appeared, adding to speculation.
  8. Rachel has been spotted moving on with a Big Brother star. In late March 2026, photos emerged of Gilmore looking cosy with “Big Brother” contestant Bruce Dunne. The sighting fueled rumors she was exploring new connections after the split. While details remain limited, the outing suggested Rachel was focusing on her own happiness following the MAFS whirlwind.
  9. She works as a recruitment team leader and values personality over looks. Outside the spotlight, Gilmore holds a professional role as a team leader in recruitment. On the show, she emphasized seeking deep emotional compatibility rather than superficial attraction. Her “heart of gold” and vibrant personality earned praise from experts John Aiken and Mel Schilling, who highlighted her maternal warmth and willingness to grow.
  10. Rachel’s Instagram and post-MAFS life reflect resilience. With the handle @rachlea_x, Gilmore shares glimpses of her journey, including MAFS highlights and personal reflections. Following the reunion special airing April 13, she is expected to address the split and any new developments. Fans continue to root for her, viewing her as a standout for authenticity in a drama-filled season. She has expressed gratitude for the experience while acknowledging its emotional toll.

Rachel Gilmore’s arc on MAFS Australia 2026 encapsulated the experiment’s core promise and pitfalls: the hope of expert-matched connection colliding with real-world complexities like distance, differing commitment levels and unresolved insecurities. Her openness about past dating struggles and on-screen emotional honesty made her a fan favorite, even as the relationship with Steven ultimately faltered.

Filmed months before airing, the season allowed post-experiment developments to leak gradually, heightening viewer engagement. While only a few couples, such as Stella and Filip, appear positioned for lasting success, Rachel’s story stood out for its relatability. Many viewers saw echoes of their own romantic challenges in her 14-year single streak and determination to try something radical.

The upcoming reunion promises further insight into Rachel’s perspective on the breakup and any lingering feelings toward Steven. Past reunions have featured raw confrontations and reflections; this year’s is anticipated to address long-distance failures and personal growth among participants.

Gilmore’s participation also sparked broader conversations about modern dating, body image, self-worth and the pressures of reality television. She addressed size and body image discussions on the show, pushing back against superficial judgments and advocating for personality-driven connections.

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As the season concludes, Rachel joins a long list of MAFS alumni who gained public profiles while navigating intense scrutiny. Her resilience — choosing vulnerability on camera despite deep fears of rejection — has inspired messages of support across social media.

Experts note that MAFS success rates remain low overall, with most couples parting ways after the cameras stop. Rachel’s experience underscores the gap between the controlled experiment environment and everyday realities, particularly when geography and differing readiness levels come into play.

For fans, Rachel represented hope that even after years alone, openness to love could yield meaningful growth. Though her MAFS romance did not endure, her journey highlighted courage, self-reflection and the importance of clear communication — lessons that extend far beyond the show.

As the April 13 reunion approaches, attention will turn to how Rachel processes the outcome and what comes next in her personal life. Whether through new relationships, career focus or continued advocacy for authentic connections, her story remains one of the season’s most compelling.

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In the competitive reality television landscape, participants like Rachel bring humanity to high-drama formats. Her willingness to share insecurities and celebrate small victories provided balance amid the season’s more explosive moments.

Rachel Gilmore may not have found her forever match on MAFS Australia 2026, but she gained national attention, personal insights and a platform to inspire others facing similar romantic hurdles. As she steps forward post-reunion, many will watch to see the next chapter in her journey toward the lasting connection she sought.

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Ex-Rio Tinto CEO’s deep-sea mining firm to merge with Odyssey in $1 billion deal

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Ex-Rio Tinto CEO’s deep-sea mining firm to merge with Odyssey in $1 billion deal


Ex-Rio Tinto CEO’s deep-sea mining firm to merge with Odyssey in $1 billion deal

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How Iran plans to tax oil tankers passing through Strait of Hormuz

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How Iran plans to tax oil tankers passing through Strait of Hormuz
Iran is reportedly planning to increase its oversight of the Strait of Hormuz during the current two-week ceasefire. The proposal includes a system where oil tankers would pay transit fees in cryptocurrency and undergo detailed checks.

Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, stated that authorities intend to monitor all vessels passing through the waterway. “Iran needs to monitor what enters and exits the strait to ensure the ceasefire period is not used to move weapons,” Hosseini said. He added that while passage will remain open, inspections may slow transit times.

Under the proposed plan, ships would email their cargo information to receive a transit fee assessment, reportedly set at $1 per barrel. Payments would then be made using digital currencies. Hosseini noted that after the review, vessels would have a limited time to pay in bitcoin, a method designed to prevent tracing or seizure under sanctions.

This proposal indicates Tehran’s effort to maintain influence over a critical oil route while ceasefire talks continue. Reports also suggest Iran is encouraging vessels to sail closer to its coast, causing concern among Western and Gulf-linked operators.

Access through the Strait of Hormuz has become a central issue in efforts to extend the temporary ceasefire. Iran is pushing for tighter control, while Gulf nations and Western allies are opposing the move. U.S. President Donald Trump has stated that the ceasefire depends on Iran ensuring the “complete, immediate, and safe” reopening of the strait. Iran, however, has indicated that any reopening would follow a new security protocol coordinated with its military.

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The uncertainty has led to hundreds of ships being stranded in the region. Estimates suggest between 300 and 400 vessels are waiting to leave the Gulf, with one industry executive comparing the buildup to a “traffic jam at sea.” Major shipping companies remain cautious. Maersk stated it is urgently assessing the evolving situation but warned that the ceasefire has not yet guaranteed safe passage. Experts believe that even under regulated conditions, only 10 to 15 ships may pass through daily, a significant reduction from the usual average of around 135, meaning delays could continue.
Any move granting Iran greater control over the strait is considered unacceptable by Gulf countries like Saudi Arabia, Qatar, and the UAE, given the route’s importance to global oil supplies. Ali Shihabi, a commentator with close ties to Saudi leadership, said uninterrupted access to the waterway must remain the priority. With negotiations ongoing and tensions persisting, the Strait of Hormuz remains at the center of a complex standoff involving security, diplomacy, and global energy flows.

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Energy Transfer: 7.1% Yield And Potential Export Tailwinds Support Buy Case

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Energy Transfer: 7.1% Yield And Potential Export Tailwinds Support Buy Case

Energy Transfer: 7.1% Yield And Potential Export Tailwinds Support Buy Case

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Cleveland Fed president warns rate hike possible if inflation stays high

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Cleveland Fed president warns rate hike possible if inflation stays high

A Federal Reserve policymaker is warning that it could make sense to raise interest rates if inflation remains elevated above the Fed’s 2% target amid uncertainty over the duration of the oil and gas price shock.

Federal Reserve Bank of Cleveland President Beth Hammack said in an interview with The Associated Press that she sees the central bank leaving the benchmark federal funds rate at its current level of 3.5% to 3.75% “for quite some time.”

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Hammack also cautioned that while the Fed’s next rate move could be a cut due to labor market concerns, there is a possibility that it could be to hike rates to curb stubborn inflation.

Cleveland Fed President Beth Hammack speaks

Cleveland Fed President Beth Hammack said that the Fed may need to hike rates to tame inflation, or may be compelled to cut rates to support the labor market. (Victor J. Blue/Bloomberg via Getty Images)

“I can foresee scenarios where we would need to reduce rates… if the labor market deteriorates significantly,” Hammack told the AP. “Or I could see where we might need to raise rates if inflation stays persistently above our target.”

NY FED PRESIDENT JOHN WILLIAMS WARNS IRAN-DRIVEN OIL SPIKE COULD RIPPLE THROUGH ECONOMY

Hammack noted that the Cleveland Fed’s estimates of inflation show that it could increase to 3.5% in April. That would amount to the highest inflation reading since 2024 and a significant increase from the consumer price index’s most recent reading of 2.4% in February.

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“Inflation has been running above our target for more than five years now,” Hammack said in the interview, adding that a further increase would mean inflation is “moving in the wrong direction, away from our 2% objective.”

Hammack said that the surge in gas prices caused by the Iran war is “the No. 1 thing” she hears about when talking to people within her district, adding that she and other policymakers “know that causes a lot of pain personally, as it eats up a bigger and bigger share of people’s paychecks. So it’s important for us to stay focused on it.”

POWELL WARNS OF NEW ENERGY SUPPLY SHOCK AS GAS PRICES SURGE: ‘NO ONE KNOWS HOW BIG IT WILL BE’

The Cleveland Fed president – who is also a voting member of the central bank’s Federal Open Market Committee (FOMC) that makes interest rate decisions – said that the Iran war’s economic impact will depend on how long it lasts.

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If higher energy costs prompt consumers to pull back on their spending, it could slow economic growth and cause businesses to conduct layoffs, prompting the Fed to cut interest rates to support the labor market.

IRAN WAR COULD PUSH INFLATION HIGHER THIS YEAR, GOLDMAN SACHS SAYS

Jerome Powell speaks at an event in Washington, DC.

Federal Reserve Chair Jerome Powell said last month that it was uncertain how the Iran war would impact the economy. (Amanda Andrade-Rhoades/Reuters)

Fed policymakers will get two sets of fresh inflation data this week, starting with the Commerce Department’s personal consumption expenditures (PCE) index for February which will be released on Thursday. The PCE index is the Fed’s preferred inflation gauge and the February edition of the report was delayed by the government shutdown.

Additionally, the Labor Department will release the consumer price index (CPI) inflation report for March on Friday.

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The FOMC will hold its next monetary policy meeting on April 28–29, when it will announce whether the benchmark interest rate will be held steady, increased or reduced.

Policymakers left interest rates unchanged at their most recent meeting in March, after doing the same at the previous FOMC meeting in January.

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Morgan Stanley predicts bull market for Indian stocks

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Morgan Stanley predicts bull market for Indian stocks

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Indian migrant workers hit by cooking gas cylinder shortages leave cities

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Indian migrant workers hit by cooking gas cylinder shortages leave cities

“But if this [reverse migration] continues, it will have [a] significant impact, especially on micro, small and medium enterprises, particularly in labour-intensive sectors such as construction, textiles and manufacturing,” says Arvind Goel, co-chairman of the industrial relations committee of the Confederation of Indian Industry.

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Ford reportedly seeks aluminum tariff relief after factory fires

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Ford reportedly seeks aluminum tariff relief after factory fires

Ford Motor and other U.S. automakers have asked for relief from aluminum tariffs after fires at a major American factory created supply bottlenecks for vehicles, though the Trump administration so far has rejected the requests, according to a report.

The Wall Street Journal first reported that Ford petitioned the Trump administration for assistance, citing people with knowledge of the conversations.

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The requests have come in recent weeks, according to the report, with the carmaker asking the government for relief from duties at least until Novelis’ aluminum rolling plant in Oswego, New York, returns to full service following two fires last year.

The Oswego facility, which is the largest domestic supplier of aluminum sheets for the U.S. automotive industry, is likely to remain offline until this June.

DEM SENATOR PUTS TRUMP ON NOTICE OVER ‘UNLAWFULLY COLLECTED’ TARIFF FUNDS AFTER SCOTUS LOSS

Ford logo on a Ford F-150

A Ford logo on a Ford F-150 pickup truck for sale in Encinitas, California, on Oct. 20, 2025. (Reuters/Mike Blake/File Photo / Reuters Photos)

The government has so far not budged, the report said, adding that the discussions are part of ongoing talks about the impact of President Donald Trump’s tariffs.

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Trump officials told the companies they had already received some relief from national security tariffs last year, when major automakers were allowed to recoup part of the 25% duties on auto parts, the report said.

Ford logo on the Ford Motor World headquarters

A Ford logo is seen on the Ford Motor World headquarters in Dearborn, Michigan, on March 12, 2025. (Reuters/Rebecca Cook/File Photo / Reuters Photos)

ONE YEAR LATER, TRUMP TARIFFS GENERATED BILLIONS AS REFUNDS TAKE SHAPE

A White House official told FOX Business via email that “the Administration is committed to a nimble and nuanced approach to reshoring manufacturing that’s critical to our national and economic security. While Ford and other automakers have raised supply concerns in light of the Novelis incident, they have not requested tariff relief on this matter in a particularly pronounced way.”

FOX Business has also reached out to Ford Motor.

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"Novelis" can be read on the facade of the factory building of the company's recycling center.

“Novelis” can be read on the facade of the factory building of the company’s recycling center. Novelis is a manufacturer of rolled aluminum products. ( Klaus-Dietmar Gabbert/picture alliance via Getty Images / Getty Images)

Novelis has offset lost production by sourcing aluminum from its plants in South Korea and Europe, though those imports now face a 50% tariff under the Trump administration.

Ticker Security Last Change Change %
F FORD MOTOR CO. 12.14 +0.60 +5.24%
STLA STELLANTIS NV 7.83 +0.41 +5.45%
GM GENERAL MOTORS CO. 76.10 +3.33 +4.58%

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The plant also supplies Stellantis and General Motors, but Ford is its largest customer, as its trucks, such as the F-150, rely heavily on aluminum bodies.

Reuters contributed to this report.

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AXTI Stock Explodes 19% to $54.10 on AI-Driven InP Demand and Earnings Optimism

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

Shares of AXT Inc. (NASDAQ: AXTI) skyrocketed more than 19% midday Wednesday, climbing to $54.10 as investors piled into the semiconductor materials maker on renewed optimism over its role in supplying critical substrates for artificial intelligence infrastructure and data center expansion.

FTSE 100 Surges 0.8% Today as Oil Eases and Markets
AXTI Stock Explodes 19% to $54.10 on AI-Driven InP Demand and Earnings Optimism

The stock, which manufactures compound semiconductor wafers including indium phosphide (InP), gallium arsenide (GaAs) and germanium substrates, jumped $8.64 or 19.01% from the previous close by late morning trading on April 8, 2026. Volume surged well above average, reflecting intense retail and institutional interest in small-cap AI plays amid a broader technology sector recovery.

AXT, based in Fremont, California, specializes in substrates essential for high-speed optical networking, 5G/6G communications, photonics and advanced AI chips. Indium phosphide, in particular, has emerged as a key material for high-performance lasers and transceivers used in hyperscale data centers powering generative AI workloads. Management has repeatedly highlighted strong InP demand tied directly to the AI build-out, with the company positioning itself to capture growth as cloud giants scale infrastructure.

The dramatic intraday move extended a highly volatile period for AXTI. The stock has experienced wild swings in recent weeks, including multiple double-digit percentage gains and sharp pullbacks. Earlier in March and late February, shares rallied on positive commentary around export permit improvements from China and expectations for sequential revenue growth in the first quarter. A notable dip followed an earnings-related reaction in early April, but bargain hunters quickly re-entered, driving the latest surge.

On April 7, AXT announced it would release first-quarter 2026 financial results after market close on April 30, followed by a conference call at 1:30 p.m. PT. The timing fueled speculation that investors are positioning ahead of potentially strong guidance or upbeat commentary on InP demand. In prior updates, CEO Morris Young noted improving export permit receipts in early 2026 and the company’s efforts to double indium phosphide production capacity to meet customer needs.

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Analysts and market observers pointed to AXT’s niche but strategically important position in the semiconductor supply chain. While the company remains unprofitable — posting net losses in recent quarters — its products support technologies at the heart of the AI revolution. InP substrates enable faster data transmission with lower power consumption, critical for optical interconnects in AI servers and networking gear from companies like Broadcom, Cisco and others ramping up AI infrastructure.

“Demand for indium phosphide continues to be driven by AI infrastructure build-out,” Young said in earlier remarks, citing a substantial backlog and expectations for sequential growth. Some reports indicated the company’s backlog exceeded $60 million in recent periods, with particular strength in InP for photonics applications.

The company’s challenges include heavy reliance on operations in China through its Tongmei subsidiary, subject to U.S.-China trade tensions and export licensing requirements for certain materials. Earlier in 2026, AXT adjusted its fourth-quarter 2025 revenue guidance downward due to slower-than-expected indium phosphide export permits, contributing to volatility. However, management signaled improvement in early 2026, helping restore investor confidence.

AXT reported fourth-quarter 2025 revenue of approximately $23 million, with full-year revenue around $88 million. Gross margins remained under pressure, and the company continued to report net losses, reflecting investments in capacity expansion and ongoing operational costs. Analysts project continued losses in Q1 2026, with consensus estimates around a loss of $0.05 per share on revenue near $26-27 million, though beats on guidance could catalyze further upside.

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Wall Street opinions remain mixed. Some firms maintain Buy ratings, citing long-term potential in AI photonics, while others have expressed caution over valuation after the stock’s massive run and persistent unprofitability. Consensus price targets have varied widely, with some significantly below recent trading levels, highlighting the speculative nature of the name. The stock has seen extraordinary gains over the past year, at times multiplying several-fold on AI enthusiasm, but also enduring sharp corrections.

Insider activity added another layer of intrigue. In March, CEO Morris Young sold shares worth approximately $1.4 million, and other executives and directors executed planned sales. Such transactions often occur for diversification or liquidity reasons and do not necessarily signal negative outlooks, though they draw attention in a high-volatility stock.

The broader market context supported the rally. Technology stocks rebounded Wednesday as investors rotated toward growth-oriented names with AI exposure. Smaller semiconductor and materials plays like AXT often amplify moves in the sector due to lower float and high retail interest.

For AXT, the path forward hinges on execution. The company continues efforts to expand capacity while navigating geopolitical risks. Its STAR Market IPO process for the Tongmei subsidiary in China remains under regulatory review, a development that could eventually provide additional capital or strategic flexibility if approved.

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Investors will watch the April 30 earnings closely for updates on revenue trends, InP shipment volumes, margin improvement and any color on full-year 2026 outlook. Positive surprises on demand or permit progress could sustain momentum, while any softening in guidance or renewed export hurdles might trigger profit-taking.

AXT’s products serve diverse end markets beyond AI, including wireless communications, solar cells, LEDs and aerospace. However, the current narrative centers almost entirely on its potential role in the data center AI boom. As hyperscalers and networking firms accelerate deployments of 800G and 1.6T optical transceivers, demand for high-quality InP substrates is expected to grow substantially.

Critics note that AXT faces competition from larger, more diversified players such as Sumitomo Electric and others with stronger balance sheets. Achieving consistent profitability remains a key hurdle, with negative gross margins in some recent periods underscoring the need for scale and operational efficiencies.

Despite the risks, the stock’s performance illustrates the market’s appetite for pure-play exposure to emerging technologies. Retail traders have driven much of the recent volatility, with social media and trading forums buzzing about AXTI as an “AI sleeper” stock.

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As trading continued Wednesday, attention turned to whether the surge would hold into the close or face resistance near recent highs. Technical analysts noted key support and resistance levels shifting rapidly amid the momentum.

For long-term investors, AXT represents a high-risk, high-reward bet on the semiconductor materials supply chain. The company’s ability to scale production, secure stable export permissions and improve financial metrics will determine whether the current enthusiasm translates into sustainable value creation.

In the near term, the buildup to Q1 earnings on April 30 provides the next major catalyst. With shares already reflecting significant optimism, any disappointment could lead to a sharp reversal, consistent with the stock’s history of dramatic swings.

AXT Inc. employs hundreds worldwide and operates manufacturing facilities in the U.S. and China. Its substrates are foundational components in compound semiconductors that enable faster, more efficient electronics critical to modern connectivity and computing.

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As the AI infrastructure supercycle unfolds, niche suppliers like AXT find themselves in the spotlight. Wednesday’s 19% surge served as the latest reminder of how quickly sentiment can shift in this volatile corner of the market.

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