Business
Oracle cuts 21,000 jobs as AI reshapes its workforce
Oracle has cut around 21,000 roles worldwide over the past year, a stark sign of how quickly artificial intelligence is reshaping the cost base of the world’s largest technology firms, the US software and cloud computing giant’s latest annual report shows.
The company employed roughly 141,000 full-time staff as of 31 May 2026, down from about 162,000 a year earlier, according to Reuters. The reduction amounts to roughly 13 per cent of its global workforce.
In unusually candid language, Oracle told investors that the “deployment of AI technologies across our operations have resulted, and may continue to result, in reductions to our workforce”. The admission, buried in the firm’s annual filing, makes Oracle one of the few blue-chip employers to explicitly link headcount cuts to automation rather than the usual corporate shorthand of “efficiency” or “streamlining”.
The cuts have not come cheap. Oracle said it booked about $1.8bn (£1.36bn) in severance and other restructuring costs over the year, nearly five times the $374m it spent the year before. The figures are set out in the company’s annual report filed with the US Securities and Exchange Commission.
The bulk of the reductions appear to have landed in April, when senior employees began posting online about “significant” job losses, though the full scale only became clear once the annual report was published.
Oracle was careful to flag the risks. It acknowledged that the reorganisation “can be disruptive” and warned that thinning out certain teams could leave it short of skilled workers in particular roles, denting productivity and, ultimately, earnings.
The pattern at Oracle, cutting people while pouring money into machines, is becoming the defining trade-off of the AI era. The company has been racing to build data centres for the likes of OpenAI and Meta, and plans to spend at least $50bn on infrastructure this year alone. Co-founder Larry Ellison, one of the world’s richest people and the group’s chief technology officer, has staked Oracle’s future on becoming the plumbing behind the AI boom.
For a sector where staff are typically the single biggest expense, the maths is increasingly hard to ignore. Across the industry, more than 100,000 technology workers have lost their jobs in the past year, according to employment trackers, even as the giants commit eye-watering sums to the technology. Google, Amazon and Meta alone plan to invest some $650bn between them this year.
Oracle is far from alone. Facebook-owner Meta has been cutting roles while ramping up its AI budget, as Business Matters reported when Meta moved to axe 8,000 jobs to fund its $145bn AI push. Amazon, meanwhile, has signalled the deepest cuts of all, with plans to shed around 30,000 corporate roles in several rounds, detailed when the retailer axed 16,000 jobs to “remove bureaucracy”. Amazon, which employs more than 1.5 million people globally, intends to spend $200bn on AI over the next year, the largest commitment of any big technology company.
A senior Amazon executive captured the prevailing mood in an internal note last October, arguing that the company needed to be organised “more leanly” because AI was “enabling companies to innovate much faster than ever before”.
For all the talk of innovation, the human cost is mounting, and it is being felt well beyond Silicon Valley boardrooms. The squeeze is now reaching the bottom of the career ladder too, with entry-level vacancies in the UK down by almost a third since ChatGPT launched. Oracle’s frank acknowledgement that AI is directly displacing workers may prove a watershed: where one of the world’s most powerful software firms leads in its disclosures, others may feel obliged to follow.
The question for businesses watching from the sidelines is no longer whether AI will reshape their workforces, but how openly they are prepared to say so.
Business
Rinehart buys ‘Ben Roberts-Smith Beach Houses’
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Business
$25,000 bare-bones EV pickup truck will be profitable

LOS ANGELES — Electric vehicle startup Slate Auto expects to defy challenging market conditions and avoid the losses its peers have seen by profitably selling a highly customizable EV that starts at just under $25,000.
Slate CEO Peter Faricy said every vehicle produced by the Michigan-based EV startup — which is backed by Amazon founder Jeff Bezos and Los Angeles Dodgers controlling owner Mark Walter — will be gross margin positive. That will lead the company to positive free cash flow and earnings before taxes, depreciation, and amortization by 2027, he said.
“It’s an ambitious goal,” Faricy told CNBC during an interview at the company’s new design studio outside of Los Angeles. “No other automotive company has been able to do that before. So it’s ambitious. It’s going to take a lot of work. Nothing’s guaranteed in life, but you have to have ambitious goals if you want to achieve big things. That’s the big goal we’re shooting for.”
Other recent EV startups have struggled financially. Automakers such as Lordstown Motors and Fisker Automotive went bankrupt, while Rivian Automotive and Lucid Motors have reported billions of dollars in annual losses and both recently announced layoffs.
Faricy, former vice president of Amazon Marketplace who was appointed to lead the automaker in March, said the company can succeed where others have failed because of its simplistic product, customer-focused business strategy and break-even point of roughly 80,000 vehicles a year.
The break-even point is just over half of the 150,000-unit production capacity the company plans to have at its assembly plant in Warsaw, Indiana. Slate is continuing to build out that facility while also producing prototype vehicles.
A Slate Auto-customized SUV on display during a media event June 22, 2026, at the company’s new design studio in Gardena, California. Slate is offering more than 100 standard wrap colors for under $500 during the vehicle’s launch this year.
Michael Wayland | CNBC
“We have a different cost structure and a different business model than other automakers have,” he said, citing the simplicity of Slate’s vehicle and manufacturing process as well as the ability to customize the EVs.
Slate’s flagship product is a two-seat, $24,950 bare-bones electric pickup truck that’s so basic the speakers are optional and it has crank windows. The truck can be converted into a five-passenger sport utility vehicle for an additional $5,000. The vehicles will feature a Slate-estimated EV range of 205 miles, 181 horsepower and 195 foot-pounds of torque.
Its performance pales compared with much pricier electric pickups and SUVs but is in line with similarly priced vehicles.
Slate CEO on going public
Slate Auto CEO Peter Faricy, right, speaks during a media event June 22, 2026, at the company’s new design studio in Gardena, California, ahead of the EV startup announcing official pricing for its flagship vehicle.
Michael Wayland | CNBC
Slate was in stealth mode until the company revealed its flagship EV in April 2025. It said then that its initial starting price would be under $20,000, but that included up to $7,500 in federal tax incentives that were available at the time for purchasing an EV and have since been discontinued.
The startup has raised more than $1.3 billion in capital through three financing rounds, two of which were led by Walter’s TWG Global investment holding company after a Bezos-affiliated lead round.
Faricy declined to discuss Slate’s capital runway but confirmed the company is continuing to opportunistically raise funding as it prepares to produce vehicles for consumers later this year and ramp up production, with deliveries expected during the fourth quarter.
He didn’t rule out the possibility of Slate going public, but said it would likely be too early to do that before the company ramps up production next year.
“We’re going to constantly take a look at what our options are. Certainly going public will be one,” said Faricy, who was recruited to the company by Slate co-founder and fellow Amazon executive Jeff Wilke. “2027 is probably too soon, in my book. I think we’ll want to really make sure that we’re launching and scaling the business well.”
Slate has received more than 180,000 reservations for its vehicles and is officially opening up preorders on Wednesday. The reservations required refundable $50 deposits, but the orders will come with $300 nonrefundable down payments.
Slate President of Vehicles Chris Barman, who was the company’s second employee and initial CEO, said current expectations are for the SUV to represent 60% of sales, despite the pickup being the base model at roughly $25,000. The starting price is roughly half the cost of a new vehicle sold, according to Cox Automotive data.
Faricy commended Barman for her leadership as a “world-class automotive executive,” and confirmed he’s there to use his background in consumer retail and in the automotive industry before Amazon to take the company to its next step.
“Companies have different life stages, and we’re now at the stage as we launch production where we’re sort of going into the next phase of our life,” he said. “I’m thrilled to join because a lot of the skills that I bring are complementary to the team that exists.”
Modular vehicle
A wall of accessories for Slate Auto’s vehicles on display at the company’s design studio near Los Angeles. The EV startup plans to initially offer more than 175 accessories, with over 80 under $500, including roof racks, stereos and light covers.
Michael Wayland | CNBC
When Slate revealed its vehicle as “a radically simple, radically affordable, radically personalizable car” in April 2025, more than three years had passed since Barman and Eric Keipper, an auto veteran and Slate’s head of engineering, first developed the road map for the EV’s development.
The vehicles have injection-molded composite exteriors and a litany of do-it-yourself options. The plan is for every vehicle coming off the line to be the same to reduce complexity, before the addition of any features or different covers/tops such as fastback or squared-off to look similar to a Jeep Wrangler SUV.
Auto executives have tossed around the idea for such a modular, stripped-down vehicle as the industry has seen a rise of connectivity and affordability concerns, but so far the challenges have outweighed the potential opportunities, or companies have struggled to keep prices low.
Slate’s vehicle does not feature any “connectivity” such as a modem or large screens, just a small driver information screen for range, speed and other standard gauges and warnings. Instead of a center infotainment system, drivers can use their own devices, such as a smartphone or tablet, for navigation and music.
The exteriors of the Slate vehicles won’t be painted. The company said they were engineered to be wrapped with a vinyl film, eliminating the need for a costly paint shop — a massive investment for automakers.
Slate is offering more than 100 standard wrap colors for under $500, but customers also can essentially pick any color or design they can imagine. The vehicle also will launch with more than 175 accessories, with over 80% of those priced under $500, including roof racks, stereos and light covers.
“Whoever you are and whatever you like in life, you can now express that through your SUV or through your truck,” said Faricy, who added that the Slate vehicle he wants is a metallic black fastback SUV. “I can’t wait to create that vehicle.”
The company continues to build the vehicles by hand, along with some factory automation, according to Dan Tasiemski, Slate’s head of manufacturing engineering. Slate is aiming to begin operating the factory through its normal production processes by August, he said.
Slate, which Tasiemski said is building about three vehicles a day, still needs to go through required federal vehicle validation and certification for things such as range, safety and other aspects.
Challenges
Slate Auto CEO Peter Faricy stands next to the EV startup’s barebones electric pickup truck at the company’s design studio near Los Angeles on June 22, 2026.
Michael Wayland | CNBC
In addition to challenging market conditions for EVs, Slate’s product is a unicorn — for better or worse.
The modularity of the vehicle is unique and so is its two-door body style. It will be the only pickup truck or SUV on sale in the U.S. to exclusively offer such a variant without also offering four-door models.
Ford reports only 10% of its Bronco SUV models sold last year were two-door variants. Many small pickup trucks such as the Ford Maverick and Hyundai Santa Cruz exclusively offer four-door models.
Slate has not ruled out the addition of four-door models, but its sole focus is on the two-door pickup and SUVs, according to executives.
It’s also exclusively a rear-wheel drive vehicle compared with four-by-four capability or all-wheel drive.
Slate is expected to compete against a growing segment of small gas-powered and electric pickup trucks. Most notably, Ford has bet its future EVs on a new affordable platform, beginning next year with a pickup truck. Stellantis’ Ram brand also plans to launch new compact and midsize pickup trucks in the coming years.
Slate plans to deliver its vehicle directly to customers rather than through franchised dealers, which also presents challenges and opportunities for the company, based on similar experiences from U.S. EV leader Tesla, Rivian and others.
“I think it’s an important part,” Faricy said, adding that he thinks it will lead to lower costs and better control over the customer experience. “We’re definitely going to be a direct-to-consumer company.”
Business
SNAP waivers in five states blocked by court

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Business
EES Chaos: Europe’s Airports Chief Warns of ‘Complete Collapse’
The head of Europe’s airports trade body has urged politicians to “stop pretending” that the European Union’s new digital border system is working, warning that the chaos now unfolding at passport control is keeping industry bosses awake at night.
Earlier this year the EU completed the roll-out of its Entry-Exit System (EES), which requires travellers from outside the bloc to register biometric information, including facial scans and fingerprints, when they enter most European countries. That data is then checked each time they cross the borders of the Schengen free-travel zone. For Britain’s roughly four million summer holidaymakers heading to the continent, it has become the most consequential change to cross-Channel travel since Brexit.
While the system has bedded in smoothly in some countries, it has been blamed for significant delays at a number of airports, with some passengers missing flights altogether.
Stefan Schulte, president of ACI Europe and chief executive of the company that owns Frankfurt Airport, did not mince his words at an industry gathering in Prague. Politicians, he said, should “stop pretending that EES is working just fine. It is not.” He added: “Passengers are queueing for hours at peak traffic times and I just do not know how we will be able to cope in the coming weeks with the expected increase in traffic.”
The warning lands at the worst possible moment for the travel industry, with the summer peak now under way and passenger volumes climbing week on week.
The disruption is no longer hypothetical. Earlier this month, dozens of Ryanair passengers were left stranded in Athens after their flight to London Luton departed without them. Ryanair blamed border delays, while the airport pointed to congestion linked to “additional processing requirements”. Neither party stated directly that EES was the culprit, but the episode fits a now familiar pattern.
In April, passengers due to fly from Milan Bergamo and Milan Linate to Manchester also missed their flights because of problems at passport control. Wizz Air, meanwhile, has gone as far as advising British holidaymakers to arrive at European airports three hours before their return flights to absorb the lengthening queues.
The friction is a direct consequence of the new requirement for most travellers from outside the European Economic Area to register biometric data on entry, a process that takes considerably longer than the old practice of stamping a passport. As Business Matters has reported, the Port of Dover has warned that the EU border system carries lasting “negative impacts” for cross-Channel traffic, and UK officials had already feared port chaos well before the scheme went live.
Schulte is pressing for the system to be made far more flexible. “We urgently need full flexibility for border control authorities to suspend the EES whenever needed to avoid further chaos, along with a rethink of those processes,” he said. “This is about showing respect and decency for those who chose to travel to the EU, and safeguarding our reputation as a welcoming and efficient destination.”
The European Commission is permitting EES to be suspended in certain circumstances until September. But Schulte told the BBC’s World at One that the decision to suspend rests with individual governments rather than airports, and that queues simply grow longer while those decisions are being weighed. He cautioned that the summer peak runs well beyond early September, after which the industry could be staring at the “complete collapse of the system”.
The official UK government guidance confirms that British travellers should expect biometric checks under the EU’s Entry-Exit System, with the requirements rolling out in phases across member states. The House of Commons Library has set out in detail how EES interacts with the forthcoming travel authorisation scheme, underlining how much remains in flux.
For travellers, part of the frustration is the inconsistency between countries. Earlier this year Greece’s tourism minister, Olga Kefalogianni, said she did not want visitors “burdened” by bureaucratic procedures, and promised British passengers would not face biometric checks when travelling to Greece this summer. The picture was muddied when the Greek Foreign Ministry subsequently disputed that any exemption existed.
There were also reports that Portugal and Italy were weighing exemptions for British nationals at their airports, only for the European Commission to insist no such plans were in place.
The confusion is unlikely to reassure an industry already braced for a difficult summer, and it comes ahead of a further layer of bureaucracy: from next year, British holidaymakers will also need to pay for an EU visa waiver under the ETIAS scheme. For now, the message from Europe’s airport bosses is blunt. The system, as it stands, is not coping, and pretending otherwise will not make the queues any shorter.
Business
Fortune 500: 5 Ideal Dividend Buys With 2 “Safer” Industry Leaders
Fredrik Arnold is a former quality service analyst. He is now reporting investment ideas with a primary focus on dividend yields by utilizing free cash flow and one-year total returns as trading indicators. He is the leader of the investing group The Dividend Dog Catcher, where he shares a minimum of one new dividend stock idea per week with focus on yield or extraordinary financial circumstances. All ideas are archived and available after weekly announcement. Learn more.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Business Daily – Founders: Duolingo’s billionaire boss on rejecting Bill Gates
Available for over a year
We hear how a childhood in Guatemala, a fascination with computers and a belief that education should be accessible to everyone helped inspire the world’s most popular learning apps. Luis von Ahn tells us how he went from creating CAPTCHA and selling reCAPTCHA to Google, to building Duolingo into a multi-billion-dollar education technology company used by millions around the world.
He reflects on his mother’s sacrifices to fund his education, the lessons he learned as an entrepreneur, and why he struggles with conflict in his life as a tech CEO.
Presenter: Leanna Byrne
Producer: Amber Mehmood
If you’d like to get in touch with the team, our email address is businessdaily@bbc.co.uk
Business
Were Key Clues Missed in Nancy Guthrie’s Ransom Notes? Investigators Still Divided
Nancy Guthrie has been missing since February, and investigators are still trying to determine whether a series of ransom notes offered real clues or misleading messages.
The case has drawn renewed attention after reports of conflicting ransom notes, including one saying the 84-year-old was alive and another claiming she had died and was “buried with nature.”
On NBC’s “Today,” Savannah Guthrie made an emotional plea for information. “Somebody knows something,” she said. “We are in agony. We cannot be at peace … please do the right thing.”
Which Notes Investigators Believe Are Real
On “CUOMO,” NewsNation correspondent Brian Entin said investigators believed at least some of the early ransom notes were authentic and taken seriously by both law enforcement and the Guthrie family.
“Those are the ones that I’m told the FBI believes are real, that Savannah Guthrie believes are real,” Entin said, referring to two notes sent to local TV stations shortly after Guthrie went missing.
Entin also pointed to separate emails sent to TMZ founder Harvey Levin from an unknown source claiming to have information about the case in exchange for money. “The FBI took it seriously,” Levin said. “They felt that this person might indeed know.”
Former FBI special agent in charge Andrew Black acknowledged criticism of the early investigation, saying there were “a number of missteps,” while also defending the bureau’s overall approach.
“I do trust the FBI’s judgment on how to utilize resources,” Black said.
Questioning the Motive Behind the Notes
Entin said he still believes the case fits a kidnapping scenario but questioned whether the person behind the notes acted out of panic or guilt rather than planning. “Does the person really feel bad?” he said, pointing to language in the second note.
Guthrie’s disappearance from her home in the Catalina Foothills near Tucson, Arizona, in early February has now stretched well beyond four months without a confirmed suspect, despite the extensive efforts of investigators and the wide range of leads — from the ransom notes to surveillance footage of a masked individual at her home — that have emerged throughout the case. The conflicting nature of the notes themselves, with one suggesting she remained alive and another claiming she had died, has only deepened the uncertainty surrounding her fate and complicated investigators’ efforts to determine which pieces of evidence reflect genuine knowledge of what happened to her.
The Ongoing Question of Authenticity
At the center of the renewed scrutiny is a basic but unresolved question: which, if any, of the various ransom communications received by media outlets and family members actually originated from someone with real knowledge of Guthrie’s whereabouts or fate. While the FBI and Savannah Guthrie reportedly believe the earliest two notes sent to local television stations carry some degree of authenticity, the broader pattern of messages — including the more recent, unconfirmed claim that she was “buried with nature” — has left investigators and outside experts divided on how much weight to give the communications overall.
A Family Still Seeking Answers
Savannah Guthrie’s continued public appeals, including her recent comments on “Today,” reflect the family’s ongoing struggle to find closure nearly five months into the investigation. Her description of the family being “in agony” and unable “to be at peace” underscores the emotional toll the prolonged uncertainty has taken, even as investigators continue working through the various leads generated by the ransom notes and other evidence gathered since her mother’s disappearance.
With investigators continuing to assess the credibility and significance of the various ransom communications received throughout the case, the question of whether key leads were overlooked in the early stages of the investigation remains a point of ongoing scrutiny, even as former officials like Black defend the bureau’s overall handling of its resources. Given the continued disagreement among investigators, family members, and outside experts about which notes deserve serious weight, the path toward determining Nancy Guthrie’s fate appears likely to remain unresolved for the foreseeable future, with the FBI and Pima County Sheriff’s Department continuing to seek public assistance in identifying those responsible for her disappearance.
Business
Lucid Capital Markets initiates Palmer Square Capital BDC stock at neutral

Lucid Capital Markets initiates Palmer Square Capital BDC stock at neutral
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