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Virtus SGA International Growth Portfolio Q2 2026 Portfolio Activity

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Whale's Insight: A Macro-Driven Market With No Safe Haven, And No End To Volatility

Virtus Investment Partners provides investment management products and services to individuals and institutions. We operate a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. We clearly understand the responsibility we have to our clients and we are committed to their success as investors.
For important disclaimers, go to https://www.virtus.com/social-media-guidelines. Note: This account is not managed or monitored by Virtus, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the firm’s official channels.

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Virtus SGA U.S. Large Cap Growth Q2 2026 Commentary

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Virtus Large Cap Growth SMA Q2 2026 Portfolio Update

Virtus Investment Partners provides investment management products and services to individuals and institutions. We operate a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. We clearly understand the responsibility we have to our clients and we are committed to their success as investors.
For important disclaimers, go to https://www.virtus.com/social-media-guidelines. Note: This account is not managed or monitored by Virtus, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the firm’s official channels.

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M&S, New Look and Sainsbury’s join textile recycling project

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M&S, New Look, Sainsbury’s and Oxfam have partnered with Circle-8 on The Circuit, a textile recycling project aiming to develop pathways to recover and sort non-reusable textiles for conversion into fibres for new clothes.

A clothing rack of colourful coats

A clothing rack of colourful coats(Image: Grant Thornton)

M&S, New Look, Sainsbury’s and Oxfam have joined forces to create a system that transforms discarded clothing into new raw materials.

The retailers and charity have announced a partnership with Circle-8, a start-up that has developed a model bringing together retailers, recovery organisations, recyclers, manufacturers and digital innovators to recycle end-of-life garments. The initiative, named The Circuit, will seek to establish pathways where old textiles can be sorted and pre-processed into future raw materials.

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The goal is to forge new routes through which non-reusable textiles can be recovered, sorted and ultimately converted into new or emerging fibres for making fresh clothing. The scheme’s first phase, due to commence in January, will unite retailers and partners at Oxfam’s facility in Batley, West Yorkshire.

There they will explore automated textile sorting, develop reporting frameworks to enhance traceability, identify circular material opportunities and forge relationships with recyclers. The consortium will also develop the operational frameworks required to scale up the system so it can function on a large scale.

Additionally, it will seek to support the advancement of both mechanical and chemical recycling processes to recover materials for regional and global textile manufacturing.

As part of the scheme, Oxfam will play a crucial role in separating reusable and non-reusable textiles as well as operating the automated textile sorting equipment, the partners said. This follows findings from waste campaign group Wrap, which discovered that 1.4m tonnes of textiles were thrown away across the UK in 2024, with approximately half estimated to consist of non-reusable materials.

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A report from Parliament’s Environmental Audit Committee also estimates that 30% of worn clothes are resold in the UK while the remainder are sent overseas, often ending up in massive waste dumps in countries such as Ghana and Pakistan.

Rachel Cosgrove-Pearce, retail director at Oxfam, said: “Oxfam has been giving clothes a second life for almost 80 years, and our experience tells us that keeping clothing in use for as long as possible is one of the most effective ways to reduce fashion’s impact on our planet. But we also urgently need better solutions for textiles that can no longer be worn or reused.

“Developing the infrastructure to recover valuable fibres from end-of-use textiles is an important part of building a fashion system that uses fewer virgin resources and creates less environmental harm, and The Circuit brings together the expertise and investment needed to move this forward at scale.”

More broadly, the group stated that the project would seek to bolster the wider UK economy through job creation and manufacturing opportunities. The retailers also stressed that developing a more circular fashion industry would demand greater collaboration across the sector.

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Ben Smith, managing director of Sainsbury’s Tu Clothing, said: “Creating a more circular future for textiles will take collaboration and innovation across the whole industry.

“The Circuit is an exciting opportunity to work alongside partners from across the value chain to explore how post-consumer textiles generated here in the UK can be given a new life as valuable raw materials.”

Katharine Beacham, head of sustainability and materials in fashion at M&S, said: “(We) believe the most sustainable clothing is clothing that is worn and loved for longer. However, when textiles reach the end of their usable life, we need better solutions to recover and recycle the materials they contain.”

Cyndi Rhoades, chief executive of Circle-8 Textile Ecosystems, said: “The retailers who help build circular textile value chains today will be best positioned to influence and benefit from them tomorrow. Through The Circuit, we’re powering the relationships, infrastructure and commercial frameworks needed to make that possible.”

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Rocket League Down? Players Report Server Issues as #RocketLeagueDown Trends Wednesday on Social Media

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Rocket League Down? Players Report Server Issues as #RocketLeagueDown Trends

Players of “Rocket League,” the vehicular soccer game developed by Psyonix and published by Epic Games, began reporting connectivity problems Wednesday, with outage-tracking service Downdetector logging a spike in user complaints starting at 11:37 a.m. Eastern time and the hashtag #RocketLeagueDown trending on social platform X as affected players compared notes on the disruption.

Downdetector’s official account posted an alert shortly after the spike began, asking users how the outage was affecting them and directing them to submit detailed reports through the platform. As of the alert, the scope, cause and expected duration of the disruption had not been detailed in any official statement from Psyonix or Epic Games.

“Rocket League,” first released in July 2015, has remained one of the most consistently popular multiplayer games in the years since its debut, combining elements of soccer with rocket-powered vehicle combat across competitive online matches. The game transitioned to a free-to-play model in September 2020, a shift that coincided with a notable server outage of its own at the time, when the game’s servers went down within roughly an hour of the free-to-play version going live, an incident that drew widespread criticism from the gaming community at the time given Epic Games’ scale and resources.

Server reliability has remained a recurring point of frustration among segments of the Rocket League player base in the years since. Complaints about inconsistent ping times, packet loss and general server performance have circulated periodically on platforms including Steam’s community discussion boards, with some longtime players describing persistent connectivity issues that predate Wednesday’s reported outage by several years.

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Not every reported connectivity issue necessarily reflects a problem on Psyonix’s own servers. Independent outage-tracking services that monitor Rocket League’s status have noted that isolated reports can sometimes stem from a player’s own internet connection, device or local network configuration rather than a broader, service-wide outage affecting all users simultaneously. Multiple monitoring services checked in the days leading up to Wednesday’s reported spike had shown no significant ongoing issues with the game, with one service reporting typical volumes of fewer than one outage report per day over the prior month, suggesting Wednesday’s spike in complaints represented a departure from the game’s recent baseline level of reported problems.

Players experiencing issues are typically advised by these same monitoring services to first rule out problems on their own end before assuming a broader outage is underway, including checking their internet connection speed, restarting their gaming device or console, and confirming that both the Rocket League client and the underlying Epic Games Launcher, which the game continues to run through even after its transition away from Steam-exclusive distribution in past years, are fully updated to their latest versions. For players seeking to confirm whether a reported issue reflects a broader outage rather than a problem isolated to their own setup, official channels, including the Epic Games status page and Psyonix’s own social media accounts, are generally considered more authoritative sources than crowdsourced outage trackers alone, which can occasionally lag behind or imprecisely characterize the true scope of a still-developing technical issue.

Epic Games, which acquired Psyonix in 2019, operates a broader ecosystem of connected services, including the Epic Games Launcher and Epic Games Store, that can occasionally experience their own independent technical issues separate from any specific game built on top of that infrastructure. Because Rocket League relies on Epic’s underlying account and launcher systems even for players accessing the game through other storefronts, disruptions to Epic’s broader account services have, in some past incidents, produced symptoms that affected Rocket League access even when the game’s own dedicated servers remained functional.

Downdetector, the platform that first flagged Wednesday’s disruption, aggregates user-submitted problem reports alongside automated monitoring signals to identify spikes in complaints for a given online service, generating alerts when reports exceed typical baseline levels for that platform and time of day. The service has become a widely used first stop for gamers and other internet users seeking to quickly confirm whether a disruption they are personally experiencing reflects a broader, service-wide issue rather than a problem confined to their own device or connection.

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As of the most recent available information, neither Psyonix nor Epic Games had issued a detailed public statement specifying the root cause of Wednesday’s reported disruption, and it remained unclear whether the issue was affecting all platforms and regions equally or was concentrated among a specific subset of players. Given Rocket League’s continued popularity and its large, active online player base years after its original release, even a relatively brief service disruption tends to generate significant attention on social media, as reflected in Wednesday’s trending hashtag, with affected players likely to continue monitoring both Downdetector and official Psyonix and Epic Games channels for updates on when normal service is expected to be fully restored.

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(VIDEO) Two RAF Pilots Eject With Minor Injuries After Hawk T2 Crashes Near Valley on Anglesey

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Two RAF Pilots Eject With Minor Injuries After Hawk T2

ANGLESEY, Wales — Two Royal Air Force pilots ejected from a Hawk T2 training jet that crashed shortly after takeoff from RAF Valley on Wednesday, police and the air force said.

North Wales Police said the crew of the T2 Hawk were being treated for what were thought to be minor injuries after the aircraft came down in the Pencarnisiog area of Anglesey. The force said there were no reports of wider damage or other injuries and asked the public to stay away. Helicopters from the Coastguard and the Wales Air Ambulance were sent to the scene near the base. BBC Wales reported the pilots were taken to Birmingham for treatment, where two air ambulances later landed at Queen Elizabeth Hospital, home of the Royal Centre for Defence Medicine.

A Royal Air Force spokesperson said: “An incident involving an RAF T2 Hawk aircraft, flying out of RAF Valley, occurred near Anglesey. An investigation is underway and we will not comment further at this time.”

Video circulated on social media, including a clip posted by Breaking911, showed a training jet in trouble after leaving the runway. Eyewitnesses described fire on takeoff, two bangs consistent with ejection seats, and orange parachutes.

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Pete Bennett told North Wales Live he watched the aircraft leave the ground. “I knew straight away that it was in trouble – right on take-off there was an orange flame and as it accelerated it was basically on fire,” he said. “As it gained altitude the flame disappeared but it was clearly in trouble. It climbed at an aggressive pitch… It pitched twice violently in the air and then there were two clear loud bangs. The pilots ejected and both parachutes opened.”

In a longer account carried by The Aviationist, Bennett said the jet “rolled to starboard and then slowly descended and crashed maybe a mile, hopefully in a field. There was a huge wall of fire and black smoke. The aircrew came down around half way between the runway and where the plane crashed, which I’m guessing was around a mile inland from RAF Valley.”

A North Wales Police spokesman said: “Local officers are currently in attendance to reports of an incident involving an RAF training aircraft in the Pencarnisiog area of Anglesey, alongside colleagues from the Royal Air Force, North Wales Fire and Rescue Services, Welsh Ambulance Service University Health Trust and Helimed. Two pilots are being treated for what are thought to be minor injuries and at this stage there are no reports of any wider damage or injuries. Please avoid the area until further notice.”

BBC Wales quoted Defence Secretary Wes Streeting on X: “An investigation is under way. My thoughts are first and foremost with the pilots. We will provide further updates in due course.”

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RAF Valley, on the west coast of Anglesey, is the home of No. 4 Flying Training School and the Hawk T2 fleet used to train fast-jet pilots before they move to types such as the Typhoon and F-35. The Prince of Wales was based there as a search-and-rescue pilot from 2010 to 2013. The Hawk T2 is a two-seat advanced trainer built by BAE Systems.

Police and the RAF have not named the crew or said whether they were instructors, students or a mixed pair. Liverpool Echo cited The Telegraph as reporting the jet was believed to have been flown by trainee crew. Official statements did not confirm that.

Cause was not announced. Investigators typically examine engines, flight data, maintenance records and the takeoff path. Witnesses described flame on the roll and a violent pitch before ejection. Those observations are not findings.

The wreckage burned in a field. Images showed a smoke column. Aviation outlets said a Jupiter HT1 helicopter from Valley was airborne after the crash, consistent with search-and-rescue practice at the station. Fire crews worked the site. Police kept roads clear.

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Hawk T2 ejections are uncommon enough that they trigger a formal inquiry. The seats did what they are designed to do: get two people out before the airframe hit. Police described the injuries as thought to be minor. Transfer to Birmingham puts them at the military medicine center used for service personnel.

RAF Valley sits close to villages and the coast. A crash a mile inland still puts metal and fire near homes. Officers said no one on the ground was reported hurt. That is the first public measure of how the afternoon ended, not a final accident report.

The air force limited its comment to the type, the base and the fact of an investigation. Until that inquiry reports, the public record is a Hawk T2 out of Valley, two parachutes, a field fire, and two pilots under care.

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Snack flavor fusion | Food Business News

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Mars launches dippable Pringles | Food Business News

KANSAS CITY — Consumers want more sensory impact from every bite they take. Many are leaning into flavor to tantalize their tastebuds. It’s not about making flavor extreme, rather it’s about making flavor more interesting. A familiar flavor invites. An unexpected twist gives consumers a reason to keep eating and talking about it.

“Snacks may be small, but consumer expectations for them are anything but,” said Anna Lada, senior marketing specialist at Flavor Producers, a Glanbia company. “People increasingly want a snack to deliver a full experience, whether that means comfort, excitement, discovery or simply a moment of indulgence in the middle of the day. Flavor is one of the most immediate ways to create that experience.”

People are gravitating toward flavors with more dimension. Many want a characterizing flavor balanced with one or more of the five basic tastes of bitter, salty, sour, sweet or umami.

“They do not just want chocolate, for example,” Lada said. “They want chocolate layered with sea salt, espresso, toasted nuts, warm spice or chili. Even familiar flavors are being asked to work harder.”

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Ryan Kukuruzovic, director of culinary and executive chef, Wixon Inc., said, “Consumers no longer judge a snack by a single flavor note. They expect the experience to unfold. The most successful products today build layers of flavor and begin with the familiar. This may be followed by brightness, heat, cooling notes and texture to keep each bite interesting.”

Mars Inc., Chicago, is offering that layering of flavor in its new Pringles Dippers, a line of potato crisps intended for scooping dip. The company described the seasoning as “bold” cheddar cheese flavor with “smoky” bacon notes.

The Dippers line also includes a savory french onion offering, a blend of sweet, caramelized onion notes reminiscent of the classic sour cream chip dip.

Leaning on memory and emotion

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Nostalgic flavors continue to trend in both sweet and salty snacks. Classic Americana resonates because the flavors are connected to memory and emotion.

“Nostalgia is less about recreating the past and more about reconnecting consumers with positive memories,” Kukuruzovic said. “The opportunity today is taking those familiar flavors and presenting them in a way that feels contemporary. Whether that’s through premium ingredients, global culinary influences or unexpected pairings, consumers want the comfort of recognition with enough innovation to make the experience feel new.

“Peanut butter and jelly, s’mores, birthday cake, orange cream, banana pudding, cookies and cream, and root beer remain incredibly relevant across snack categories. On the savory side, ranch, buffalo, dill pickle, honey butter, cinnamon sugar and cheddar continue to evolve through premium seasonings, regional inspirations and more sophisticated flavor layering.”

planters fall flavors.jpg

Hormel Foods is leaning into nostalgia with its seasonal Planters maple brown sugar almonds and apple cider donut cashews.

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| Photo: Hormel Foods Corp.

The flavors aren’t simply returning. They’re being reimagined for today’s consumer.

“Lean into comfort classics to appeal to the emotional factor that snacking provides, but rediscover and redefine these flavors with a new twist,” said Rachael Jarzembowski, marketing manager at Wixon Inc. “Consumers are interested in familiar but new to the category flavors. Cross-category flavor borrowing delivers novelty with familiarity.”

Lada added, “The most successful nostalgic concepts preserve the recognizable heart of the flavor, then update it through a more sophisticated ingredient, a global influence, a contrasting taste or an unexpected texture.”

Nostalgia gets consumers to take the first bite. A fresh twist gives them a reason to take the second.

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“This is particularly relevant for younger consumers,” Lada said. “We also are seeing renewed interest in flavors that feel homemade or rooted in traditional comfort, including brown butter, toasted marshmallow, maple, caramelized sugar, warm cinnamon, vanilla and roasted nuts. These flavors can feel familiar without feeling childish, which gives them broad generational appeal.”

Hormel Foods Corp. took the approach with its new seasonal Planters products. The line includes apple cider donut cashews and maple brown sugar almonds.

Fusing flavors

Consumers also are interested in familiar flavors put into a different context. Borrowing tastes and experiences from other categories can offer innovation that feels fresh yet comfortable.

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“Snacks are showcasing a variety of flavors inspired by soda, desserts, comfort foods, etc.,” Jarzembowski said. “Think cherry cola, root beer, churro, tres leches or even cheese pizza.”

Kukuruzovic added, “The most compelling flavor fusions today aren’t built around novelty for novelty’s sake. They’re built around contrast.”

The contrasts can include sweet balanced with heat, bright citrus against rich umami and creamy notes layered with fermentation or smoke.

“Some combinations generating strong interest include mango serrano, yuzu chili crisp, blackberry chipotle, brown butter miso, black garlic honey, pineapple gochujang, tamarind chile lime, hot honey mustard and salted tahini chocolate,” Kukuruzovic said. “These combinations create a familiar starting point while giving consumers an experience they haven’t had before.”

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Mission Foods is offering its new protein tortilla-style chips in chile limón and jalapeño flavors. The grain-free tortilla-style chips come in sea salt and hint of lime flavors.

“Our better-for-you line has always been about giving people trend-setting options that fit their lifestyle and taste great,” said Sathish Mohanraju, vice president of sales and marketing for Mission Foods. “We’re always listening to our customers. Protein and fiber are two things people are trying to get more of, and snacks are a great place to do it.”

pringles mingles.jpg

Pringles is highlighting the “swalty” trend with its new Sweet & Salty Pringles Mingles snack puffs.

| Photo: Mars, Inc.

Jarzembowski said, “When it comes to spicy flavors, innovators are moving beyond chili to introduce greater flavor complexity. As consumers seek more intense, layered taste experiences, brands are experimenting with different heat profiles, often paired with sweetness. Expect more intricate and layered flavor combinations designed to intrigue the taste buds, including sweet heat combinations complemented by salty, sour or smoky notes.”

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Global flavors continue to be a strong source for innovation. They offer opportunities for exploring more adventurous tastes by pairing them with a more familiar flavor profile or format.

“Snack brands are fusing complementary flavor profiles from different cultures or providing a popular global flavor in an unusual application typically associated with another global cuisine,” said Sydney Byrne, marketing manager, Sensient Flavors & Extracts. “Think crab Rangoon empanada bites or churro chips.

“A growing flavor trend within the snack category is the sweeter side of snacking. In fact, many traditional bakery items are looking at bite-size formats to provide a snack-style sweet option. This snack-sized approach implies a more permissible indulgence, enabling snackers to enjoy just a few bites without canceling their commitment to larger health goals.”

Bimbo Bakeries USA has long been committed to the mini approach, particularly with seasonal and limited-time offerings. For example, this fall the company introduced Entenmann’s apple cider donut holes.

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Apple with a twist has been showing up in new applications. Graeter’s Ice Cream introduced apple strudel ice cream. It was inspired by the traditional southern Bavarian dessert and hit the market just in time for Oktoberfest. It features cinnamon ice cream with baked apples, icing drizzle and cinnamon pastry pieces.

“Remember that flavor does not operate in isolation,” Lada said. “Texture, aroma, color, format and even the name of the flavor all shape the experience. A seasoning described simply as spicy creates a very different expectation than one described as tangy mango with smoky chili and lime. Specificity helps consumers imagine the bite before they ever taste it.”

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Trump reveals millions of dollars’ worth of share deals in big tech and AI

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Donald Trump gestures to someone off camera. He is wearing a navy blue suit jacket, white shirt and a reddish-striped tie.

US President Donald Trump has disclosed millions of dollars’ worth of stock market trades made during July, including in firms from Elon Musk’s SpaceX to tech and AI giants such as Microsoft.

According to official documents, between $6.5m (£4.8m) and $31m worth of stock in Microsoft was sold on behalf of Trump, while they show purchases of between $165,000 and $400,000.

Across more than 1,000 trades, shares were bought and sold in AI company Nvidia and software firm Palantir, a contractor with the US defence department and Immigration and Customs Enforcement (ICE), the filing shows.

A White House spokesperson said Trump’s stock and bond portfolio is independently managed by third parties.

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The spokesperson told the BBC: “Neither President Trump nor any member of his family has any ability to direct, influence or provide input regarding how the portfolio is invested or when investments are bought or sold.

“There are no conflicts of interest.”

According to the filing, thousands of dollars’ worth of stock was also bought and sold in SpaceX, the rocket, satellite and AI company led by Musk – who was once in charge of the US Department of Government Efficiency.

SpaceX listed its shares on the US-based Nasdaq stock market in June.

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Its share price has fluctuated since then, sharply declining in July and August, but it is currently trading 14% higher than its stock market debut.

Shares were also bought and sold in Tesla, Musk’s electric vehicle-maker, on behalf of Trump.

Trump has previously publicly disclosed thousands of stock market trades since he returned to the White House in January last year.

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Bernie Sanders introduces bill to ban ‘superintelligence’ and create federal AI department

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Bernie Sanders introduces bill to ban 'superintelligence' and create federal AI department

Sen. Bernie Sanders, I-Vt., and Rep. Greg Casar, D-Texas, are introducing sweeping legislation Wednesday that would permanently ban artificial “superintelligence” and temporarily halt advanced AI development, an effort that has garnered support from several tech industry insiders.

The formal rollout of the legislation and an accompanying statement of support from employees at leading AI firms were first reported by The Associated Press.

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The lawmakers’ proposal would establish a new Cabinet-level agency, the Department of Artificial Intelligence, to oversee advanced AI systems. Under the bill, advanced AI development would be paused until the new agency establishes federal safety rules and a model review process, after which advanced systems would be subject to federal approval before deployment.

The legislation would permanently prohibit the development and deployment of artificial superintelligence and impose penalties on people or companies that attempt to violate or circumvent its restrictions. Individuals could face up to 20 years in prison, according to a legislative framework released by Sanders’ office.

TRUMP REBRANDS AI, REJECTS ‘GLOBALIST SCHEME’ TO CONTROL TECH

Max Tegmark and Bernie Sanders

Sen. Bernie Sanders, I-Vt., walks with Geoffrey Hinton and Max Tegmark before an AI briefing for senators on Sept. 16, 2026 at the U.S. Capitol in Washington, D.C. (Roberto Schmidt/Getty Images / Getty Images)

The bill defines artificial superintelligence as systems that surpass human intelligence or possess certain dangerous capabilities, including the ability to subvert shutdown commands.

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Multiple employees at leading AI companies, including OpenAI and Google DeepMind, signed a statement supporting the legislation, the AP reported.

“Superintelligence could either go extremely right or extremely wrong,” OpenAI Safety Systems researcher Juan Felipe Cerón Uribe said in a statement supporting the bill obtained by the AP, adding that society “shouldn’t be playing such games.”

“It doesn’t take a genius to say, ‘slow it down,’” Sanders told the AP in an interview.

FOX Business has reached out to Sanders’ and Casar’s office for comment, as well as OpenAI and Google DeepMind. 

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The legislation comes amid a broader debate in Washington over whether rapid advances in AI require stronger federal safeguards. While some tech leaders have warned about potentially catastrophic risks, President Donald Trump has resisted calls for additional AI regulation and emphasized maintaining U.S. leadership in the rapidly developing sector.

U.S. Rep. Greg Casar

U.S. Rep. Greg Casar (D-TX) speaks during the Pro-Human Assembly at the Marriott Marquis Washington on September 15, 2026, in Washington, D.C. Industry leaders, politicians, and community members gathered for a day of discussion around the topic of A (Finn Gomez/Getty Images / Getty Images)

Trump reiterated his opposition to new AI regulations during an address to the United Nations General Assembly on Tuesday, while saying the Justice Department could step in if necessary to rein in the industry.

The prospect of slowing American AI development while China continues advancing has emerged as a central concern among opponents of sweeping restrictions as the two countries compete for technological dominance.

Sanders has argued that avoiding the most dangerous forms of AI will ultimately require international cooperation. His legislation would make it U.S. policy to pursue international agreements, coordination with allies and other measures aimed at preventing the development of artificial superintelligence around the world.

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In this photo illustration, a woman browses the OpenAI website on her laptop. (Serene Lee/SOPA Images/LightRocket via Getty Images / Getty Images)

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The Vermont senator has repeatedly compared the challenge to nuclear arms control during the Cold War. In public remarks last week, Sanders called for binding international AI safety rules and urged Trump to negotiate with Chinese President Xi Jinping on a potential pause in advanced AI development and a ban on superintelligence.

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Former WA premier Mark McGowan to join Southern Cross Media

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Former WA premier Mark McGowan to join Southern Cross Media

Former WA premier Mark McGowan has joined Ryan Stokes-chaired Southern Cross Media as a non-executive director.

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1,000 roles to go by mid-2027

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1,000 roles to go by mid-2027

Legal & General is to cut about 1,000 jobs by the middle of next year, around 10 per cent of its workforce, as the FTSE 100 life insurer continues efforts to simplify its operations.

António Simões, the chief executive, told staff in an email that the group remained “more complex” than it needed to be and required further simplification to “deliver our strategy successfully”. The email was first reported by Bloomberg.

In the UK, the next phase of simplification will begin with voluntary redundancies. The asset management unit will be spared any role reductions, having already merged the separate operations within that part of the business.

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Shares in L&G, which have risen 24 per cent over the past year, dipped 1½p, or 0.5 per cent, to 295p.

During almost three years in charge, Simões has slimmed down L&G to focus on three divisions: institutional, retail and asset management. The restructuring reduced the group from four divisions to three.

The effort has seen the group exit non-core assets, including Cala Homes, the housebuilder it sold to a group of private equity firms for £1.35bn. According to L&G’s announcement of the Cala sale, the buyer was Ferguson Bidco, an entity owned by funds managed by Sixth Street Partners and Patron Capital, and the deal was expected to generate cash proceeds of £1.16bn after adjusting for net debt.

In his email to employees, Simões said: “Over the past two and a half years, we have made significant progress executing our strategy, simplifying L&G, establishing three core businesses, and creating a more focused business.”

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He added: “However, over the last decade, different structures, processes and ways of working have developed across L&G, making us more complex than we need to be. To deliver our strategy successfully, we now need to make sure the way we work reflects the business we are becoming. Across L&G, we need to change how we work today and, through this, become a leaner organisation.”

The job cuts follow half-year results in August that exceeded City forecasts. L&G reported a rise in core operating profit across all three of its units, with total core operating profit up 7 per cent to £918m.

The company’s half-year results statement also showed core operating earnings per share up 11 per cent over the period.

L&G said it had bought back shares worth £450m by the end of July, having announced a £1.2bn buyback programme earlier this year.

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The announcement follows headcount reductions at other financial and professional services firms this year. Last week, KPMG said it would cut about 200 UK advisory roles, citing low staff turnover and weaker corporate spending on consultancy.

In March, Octopus Investments said it would cut 20 per cent of its staff, about 130 roles, mainly in back-office functions, as it expanded its use of artificial intelligence to automate routine tasks.

The same month, Business Matters reported that HSBC could cut up to 20,000 jobs as it explored automation of back and middle-office roles across its global workforce of about 210,000 people.

Amy Ingham
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Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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Slideshow: Pumpkin spice still powering fall menu innovation

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Slideshow: Pumpkin spice still powering fall menu innovation













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Slideshow: Pumpkin spice still powering fall menu innovation | Food Business News

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