The British Business Bank has committed $20m to Ineffable Intelligence, the London-headquartered artificial intelligence venture, as part of a landmark $1.1bn seed round that ranks as the largest in European history.

In a move that signals a sharpening of the Government’s industrial strategy around frontier technology, the state-owned development bank has co-invested alongside the Sovereign AI Fund, the Treasury-backed vehicle established to keep strategically significant AI businesses anchored on these shores. The Sovereign AI Fund has put in further capital on top of the Bank’s contribution, although the precise figure has not been disclosed.

The British cheques sit within a syndicate that reads like a who’s who of Silicon Valley capital. Sequoia, Lightspeed, NVIDIA, Index Ventures, Google, EQT, Evantic, Flying Fish, DST Global and BOND have all joined the round, lending weight to the argument that Britain remains capable of attracting deep-pocketed foreign investors to its homegrown technology champions despite persistent concerns about the country’s appetite for risk.

Ineffable Intelligence is the brainchild of David Silver, the University College London professor widely regarded as one of the most influential reinforcement learning researchers of his generation. Silver previously ran the reinforcement learning team at Google DeepMind and is credited with pivotal work on AlphaGo, AlphaZero, AlphaFold and AlphaProof, the systems that successively rewrote what machines were thought capable of in domains ranging from board games to protein folding and mathematical reasoning.

His new venture has set itself a deliberately audacious mission: to build what Silver calls a “superlearner”, a system capable of discovering knowledge from its own experience rather than relying on the data humans feed it. If realised, the technology would represent a step change beyond today’s large language models, which remain heavily dependent on training material drawn from the internet.

For the British Business Bank, the investment marks the latest in a steady cadence of AI commitments. The lender has now made nine AI deals over the past twelve months, with recent backing for autonomous driving outfit Wayve and conversational AI specialist PolyAI. The Bank has also been a quietly significant force behind the commercialisation of British academic research, supporting almost a quarter of all university spinout deals struck between 2022 and 2024.

Charlotte Lawrence, managing director of direct equity at the British Business Bank, described Silver as “a generational talent who has consistently been on the cutting edge of AI development“. She added: “Ineffable Intelligence has the potential to produce a paradigm shift in our scientific and technology landscape, and we are incredibly excited to be supporting him and his team in this endeavour.”

George Mills, the Bank’s investment director, said the company was tackling “one of the most significant opportunities within AI”, citing potential applications spanning advanced problem solving and new product development. “The UK produces world-class AI talent, and we are pleased to back strategically important businesses to scale and stay in the UK,” he said, in remarks that will be read as a pointed reminder of the Government’s determination to stem the flow of British intellectual property to American owners.

Josephine Kant, head of ventures at Sovereign AI, was equally bullish. “Very few founders in the world could credibly set out to build a superlearner, a system that discovers new knowledge from its own experience rather than ours. David is one of them,” she said. “From AlphaGo to AlphaZero to AlphaProof, he has spent nearly two decades turning reinforcement learning from a research idea into the results the rest of the field builds on. Ineffable is being built in the UK, and that matters.”

The deal arrives at a delicate moment for British technology policy. Ministers have repeatedly stressed their ambition to position the country as a global hub for safe, sovereign AI development, but they have faced criticism for the relative scarcity of late-stage growth capital available to scaling deep-tech businesses. A seed round of this magnitude, anchored by domestic public capital and topped up by the world’s most prolific venture investors, will be cited by Whitehall as evidence that the strategy is beginning to bear fruit.

For SME founders watching from the sidelines, the headline figures may feel a world away from their own funding realities. Yet the structural shift is significant: the British Business Bank’s growing willingness to write meaningful equity cheques into frontier technology businesses, in concert with private capital, suggests a more interventionist posture that could in time filter down to a broader cohort of high-growth British companies.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to TFI International’s 2026 Annual Meeting of Shareholders. [Operator Instructions] I’d like to remind everyone that this call is being recorded on Monday, April 27, 2026. I would now like to turn over the call to Mr. Alain Bedard, Chairman of the Board, the President and Chief Executive Officer of TFI International. Please go ahead, sir.

Alain Bedard
President, CEO & Chairman

Well, thank you, and good afternoon, ladies and gentlemen. Welcome to the 2026 Annual Meeting of the shareholders of TFI International. Participation at this meeting by myself, the scrutineers and certain proxyholders is being done remotely. So we are making this meeting available by phone. We have, therefore, asked all shareholders to vote by proxy prior to the meeting, which many of you have done and we thank you for doing so. At the conclusion of the official business shareholders will be able to ask questions by following the instruction from the operator.

So I will act as Chairman of the meeting. And with the consent of the meeting, I’ll ask Josiane Langlois, who is President of TFI’s Head Office in Montreal to act as Secretary. Also, with the consent of the meeting, I’ll now ask Steve Gilbert and [ Vlad Tilibassa ], our Computershare Trust Company of Canada to act as scrutineers for the meeting, tabulate the number of shareholders and the number of shares represented at this meeting in person or by proxy and report to me as Chairman of the meeting. There are several routine matters to

A gourmet chocolate maker is recalling select bonbon collections sold nationwide after a labeling error failed to disclose the presence of walnuts, posing a potentially life-threatening risk to some consumers.

French Broad Chocolates PBC is recalling its Bette’s Bake Sale Bonbon Collection in six-piece, 12-piece and 24-piece boxes due to the potential presence of undeclared walnuts, according to a company announcement published by the Food and Drug Administration.

The recall applies to products with batch numbers 260414 and 260417.

DOZENS OF ICE CREAM PRODUCTS RECALLED OVER UNDECLARED ALLERGENS POSING ‘LIFE-THREATENING’ RISK

“People who have an allergy or severe sensitivity to walnuts run the risk of serious or life-threatening allergic reaction if they consume these products,” the company said.

Correct tasting notes insert for French Broad Chocolates’ Bette’s Bake Sale Bonbon Collection, as provided in the company’s recall notice posted by the FDA. (FDA)

The products were distributed between April 14, 2026, and April 20, 2026, and were sold in French Broad Chocolates retail stores in Asheville, North Carolina, and online to customers in multiple states.

CANTALOUPES RECALLED NATIONWIDE OVER SALMONELLA FEARS — WHAT SHOPPERS NEED TO KNOW

Packaging for French Broad Chocolates’ Bette’s Bake Sale Bonbon Collection, which is subject to a recall due to undeclared walnuts. (FDA)

Affected products include Bette’s Bake Sale Bonbon Collection in six-piece (2.5 oz.), 12-piece (5 oz.) and 24-piece (10 oz.) boxes, with “best by” dates ranging from June 22, 2026, to June 30, 2026, depending on the batch.

According to the company, the issue stems from a labeling error in the tasting notes insert that failed to identify walnuts as a tree nut allergen. The Walnut Fudge bonbon, which contains walnuts, was incorrectly identified in the printed tasting notes and was switched with the Peach Cobbler bonbon in the guide.

GENERAC RECALLS PORTABLE GENERATORS SOLD AT COSTCO OVER FIRE RISK

Incorrect tasting notes insert showing the labeling error that misidentified bonbons containing walnuts, according to the FDA-posted recall notice. (FDA)

The company said it was notified of the issue on April 20, 2026, by a team member. No illnesses have been reported to date, according to the company.

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Consumers with a tree nut allergy who purchased the products are urged to return them to the place of purchase for a full refund or discard them. Customers with questions can contact French Broad Chocolates customer service.

The United States is ramping up pressure on Iran by targeting the economic lifelines that help keep its oil flowing, with a particular focus on China’s role in facilitating those exports.

Gatestone Institute senior fellow Gordon Chang joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss how Washington’s latest sanctions strategy is designed to disrupt the networks moving Iranian crude, including Chinese refineries and vessels tied to Tehran’s so-called “shadow fleet.”

President Donald Trump and China’s President Xi Jinping (Andrew Caballero-Reynolds/AFP via Getty Images / Getty Images)

Those measures come as U.S. officials expand beyond traditional sanctions, warning foreign entities that continued business with Iran could jeopardize access to the American financial system. The approach reflects a broader shift toward what analysts describe as economic warfare, aimed at cutting off revenue streams that sustain Iran’s government.

“It’s important for the United States to start imposing secondary sanctions,” Chang said. “You should start, as the Treasury has done, with China because China is the main criminal here.”

Chang pointed to a recurring challenge in enforcing sanctions, noting that targeted entities often adapt quickly by shifting operations to avoid penalties.

WHITE HOUSE ACCUSES CHINA OF ‘INDUSTRIAL-SCALE’ AI TECHNOLOGY THEFT WEEKS AHEAD OF TRUMP-XI SUMMIT

“We have seen in the past that when we impose sanctions on Chinese entities… it moves the sanctioned activity to non-sanctioned entities and starts all over,” he said. “This is sanctions whack-a-mole.”

To counter that, Chang argued, the U.S. must broaden its approach to include entire networks rather than individual actors.

“The important thing here is for the United States to sanction all refiners, for instance, all vessels. We do that, we really cut off the China support for Iran,” he said.

CHINA COULD TARGET US HOMELAND IF IRAN CONFLICT ESCALATES, EXPERT WARNS

The push comes ahead of anticipated high-level talks between U.S. and Chinese leaders, raising the stakes for how aggressively Washington enforces its sanctions.

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Elon Musk’s lawsuit claiming that OpenAI violated its mission as a nonprofit organization moves to trial on Monday as jury selection gets underway in a federal court in Oakland, California.

Musk was a co-founder of OpenAI in 2015, but left the artificial intelligence (AI) startup in 2018 after he was unable to persuade its other leaders to have OpenAI merge with Tesla or create a for-profit entity led by him to attract the investment needed to meet the company’s technological needs.

Musk’s lawsuit against OpenAI claims that the company violated its founding mission as a nonprofit to develop AI for the benefit of humanity by creating a for-profit entity in 2019.

Elon Musk’s lawsuit against OpenAI is heading to trial this week, as he seeks over $150 billion in damages as well as the removal of Sam Altman. (Fabrice Coffrini/AFP via Getty Images)

His suit seeks the removal of OpenAI CEO Sam Altman and President Greg Brockman, as well as more than $150 billion in damages from OpenAI and Microsoft, which Musk has said he would provide to OpenAI’s nonprofit entity. Altman and Brockman were among OpenAI’s co-founders.

OpenAI is countering Musk’s claims by noting that the Tesla CEO pursued a merger with OpenAI and was involved with discussions about creating a for-profit entity for the company before his departure from its board of directors. They also view the suit as a tactic to boost his own AI startup, xAI, as a competitor to OpenAI.

OPENAI’S NONPROFIT PARENT COMPANY SECURES $100B EQUITY STAKE WHILE RETAINING CONTROL OF AI GIANT

The company’s 2019 creation of a for-profit entity governed by OpenAI’s nonprofit arm allowed the company to raise money from investors to scale up its computing capacity to facilitate AI research, which helped spur the launch of ChatGPT in late 2022.

OpenAI restructured again last fall, transitioning into a public benefit corporation in which its nonprofit arm as well as its other investors, including Microsoft, hold stakes. The nonprofit arm has a 26% stake with additional warrants if OpenAI’s valuation hits certain targets.

Musk’s legal team arrived at its estimate of damages owed to him by OpenAI by multiplying its valuation and a portion of the nonprofit’s stake that could be attributed to his contributions, claiming that between 50% and 75% of the OpenAI nonprofit’s stake can be attributed to him.

“Never before has a corporation gone from tax-exempt charity to a $157 billion for-profit, market-paralyzing gorgon – and in just eight years. Never before has it happened, because doing so violates almost every principle of law governing economic activity,” Musk’s suit claims.

ALTMAN CALLS MUSK’S SPACE DATA CENTER PLANS ‘RIDICULOUS’ FOR CURRENT AI COMPUTING NEEDS

OpenAI CEO Sam Altman has restructured the company to attract outside investment. (Nathan Laine/Bloomberg via Getty Images)

Court documents show that Musk gave about $38 million of seed money to OpenAI between 2016 and 2020, mostly before he left the board.

Microsoft is also a defendant in the lawsuit and denies colluding with OpenAI, arguing that its partnership with OpenAI began after Musk’s departure.

OpenAI has insisted that Musk is motivated by revenge and competitive concerns, with the company writing on X that, “His lawsuit remains nothing more than a harassment campaign that’s driven by ego, jealousy and a desire to slow down a competitor.”

Both Musk and Altman signaled their eagerness for the trial to proceed earlier this year.

JUDGE STRUGGLES TO SEAT JURY IN ELON MUSK INVESTOR TRIAL AMID ‘HATE’ FOR TECH BILLIONAIRE: REPORT

Musk launched xAI as a competitor to OpenAI following the release of ChatGPT. (Saul Loeb/AFP via Getty Images)

“Can’t wait to start the trial. The discovery and testimony will blow your mind,” Musk said in a January post on X.

Altman countered in a February post on the X platform that he is, “Really excited to get Elon under oath in a few months, Christmas in April!”

The jury selection pool is about three times larger than a typical civil case due to concerns about possible difficulties in finding impartial jurors, given that Musk and Altman have become celebrities.

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The judge determined that the jury won’t decide the specific repercussions in the case, and will instead work in an “advisory” role to determine how much OpenAI would need to pay in disgorgement if it loses the case.

FOX Business’ Kelly Saberi and Reuters contributed to this report.

This article was written by

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After months of campaigning for a first-of-its-kind retroactive wealth tax in California, the union-led effort is now taking its next step.

The Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it has collected more than 1.55 million signatures, according to a press release, nearly double the 875,000-signature requirement — to put a one-time tax on billionaire assets on the California ballot.

The California Billionaire Tax Act would target the net worth of roughly 200 residents and would impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with interest, according to the Legislative Analyst’s Office.

If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal. In practical terms, a resident with $20 billion in net worth on that date would owe a one-time tax of $1 billion, payable over five years.

THE $1,600 LETTUCE: CALIFORNIA GROWERS WARN OF ‘MASTER PLAN’ STRANGLING FAMILY FARMS

Supporters argue the tax is a direct response to “cuts to Medicaid and other federal health insurance programs by the Trump administration last year.”

Attendees cheer during the speech of Sen. Bernie Sanders, I-Vt., during the campaign kickoff for the California Billionaire Tax Act in Los Angeles, Feb. 18, 2026. (Getty Images)

“Most Californians and most billionaires recognize how reasonable and necessary this proposal is — both to keep emergency rooms open and to save California businesses from closing,” SEIU-UHW chief of staff Suzanne Jimenez said in a press release.

“A very small group of the most controversial billionaires on the planet tried to stop Californians from being able to save their local emergency rooms and hospitals — but our current signature tally proves frontline healthcare workers will prevail in bringing this commonsense proposal to voters,” she continued. “When our growing coalition files these signatures, David will have won the first round against Goliath, but healthcare workers and our allies won’t quit until we fully protect our patients from the looming healthcare disaster that will be caused by $100 billion in cuts to California healthcare.”

The SEIU-UHW did not immediately respond to Fox News Digital’s request for comment.

Opponents of the measure have warned the tax could kill an estimated 108,000 high-paying jobs over the next 20 years, The New York Times reported Sunday. Democratic Gov. Gavin Newsom even acknowledged that the state’s proposed wealth tax is bad economics, previously saying he feels vindicated in opposing the proposal after reports showed some of California’s wealthiest residents moving money and businesses out of the state, warning the measure would damage the economy and drive away investment.

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While the Legislative Analyst’s Office predicts a temporary surge in cash, it warned of an “ongoing decrease in state income tax revenues of hundreds of millions of dollars or more annually” as billionaires flee the state in response.

Some of those public figures who moved their residencies or businesses out of California before the Jan. 1 retroactive tax deadline include Google co-founders Larry Page and Sergey Brin, Meta’s Mark Zuckerberg, Peter Thiel, Steven Spielberg, Uber’s Travis Kalanick and car loan magnate Don Hankey.

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The bank’s operating profit stood at Rs 522 crore, 29% higher than last time’s Rs 404 crore on 16% higher total income at Rs 1792 crore against Rs 1542 crore.

Its net interest margin for the quarter rose to 4.18% from 3.91% seen in the year-ago quarter.

The net profit for FY26 stood at Rs 1338 crore as compared with Rs 1183 crore in FY25. The bank board proposed a final dividend of Rs 12.50 per equity share of the face value Rs 10 each, which is 125% dividend for FY26.

Managing director Salee S Nair said that the bank’s business growth in both the assets and liability sides has been the highest in the past 10 years

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Its advances grew 20.3% year-on-year to Rs 53,379 crore white deposits rose 14.9% to Rs 61,712 crore. The lender’s asset quality improved with gross non-performing assets ratio declining to 0.73% at the end of March from 1.25% a year prior.